10 things I hate about cars

I still associate long car journeys with the excitement of going on holiday as a kid. I remember the fun … More

Year 3 – cherry tree house

Earlier this year, Lucy sent me ‘Metaphysical Animals’ in the post. It profiles the philosophers Iris Murdoch, Philippa Foot, Elizabeth … More

Living in a world of systems

I’ve just finished reading Donella Meadow’s seminal work ‘Thinking in Systems’. It’s excellent. The book goes through systems principles in … More

What holds the swifts

The type of bright sunshine which gives grass an extra sort of lurid dimensionality is the same sort of sunshine … More

The financial system

“Money is the oxygen on which the fire of global warming burns” Bill McKibben (Consider reading The Economy before you … More

The Economy

“The sign of a healthy economy should be a drinkable river.” Li An Phoa We talk about “the economy” as … More

Pink carnations

They filled the chamber with pink carnations that July day in 2013. A fragile splash of colour against the dark … More

8: Finding the way out

The current financial system’s reliance on debt and asset inflation risks economic and housing stability, worsened by climate impacts. To address this, finance must be reimagined to support the real economy through mortgage reform, separating banking functions, focusing on productivity-driven growth, enhancing social safety nets, and reorienting central banking policies toward sustainability.

7: Housing the next crisis

The UK’s housing market faces significant risks from climate change, particularly flooding, which could lead to a permanent devaluation of properties. With full-recourse mortgages, homeowners remain liable for debts despite reduced asset values, triggering potential economic contraction. This crisis could exacerbate intergenerational and regional inequalities, impacting middle- and working-class families most severely.

6: The debt economy of the UK

The UK’s financialization creates a cycle where rising household debt underpins economic growth, yet undermines financial security. With stagnant wages and rising asset prices, many households rely on debt for basic participation, exacerbating inequality and financial precarity. This self-reinforcing trap threatens economic stability, necessitating urgent policy intervention.

5: Trapped in a Debt Economy

Post-2008, low interest rates and debt-driven growth have led to asset inflation without real value creation. Policymakers have avoided necessary changes, risking future financial instability by prolonging an unsustainable debt economy.

4: The absolute limits of finance-led growth

Finance-led growth is fragile and is dependent on increasing debt to sustain economic activity. Mortgages underpin the system, but as households face flooding risks and economic pressures, the reliance on future borrowing can lead to inevitable crashes, as history has shown, underscoring a fundamentally unsustainable model.