📉No Way Out: The Liberal Illusion of Capitalism

There is no hope that capitalism can be constrained from destroying civilisation.

📉No Way Out: The Liberal Illusion of Capitalism
Capitalism by Luke Barosky

This article on a recent JP Morgan report makes clear why there is no hope for the liberal illusion that capitalism can be constrained from destroying civilisation.

JPMorgan warns of need for ‘reality check’ on phasing out fossil fuels
US bank says higher interest rates, inflation and global conflict have dented outlook for energy transition

The pathological corporate class thinks that in order to provide “higher living standards” there will be no foreseeable reduction in fossil fuel use even after 2030. And if the government tries to go too fast then they will create “social unrest”. The idea of stopping investing in oil and gas would be “the road to hell for America”. 

The statistics support the realist Right-wing position - rather than that of wishful-thinking liberals. Emissions continue to rise and the backlash on “climate policies” is evident everywhere - the farmer's protests, Labour and the Scottish government abandoning climate commitments, and oil companies' backtracking on decarbonisation. There is overwhelming evidence that contemporary international capitalism cannot be brought to heel by reformist liberal politics. It cannot. The realists are right.

Except of course the “realists” are subject to the greatest delusion of all - that physics is subject to economics. What they literally cannot see is that the “climate crisis” will create the greatest fiscal crisis of the state - meaning “social unrest” leading to “hell”. There is no way out. There can be no stability at 2C plus and there is no way to stop passing 2C within the present carbon political regime. 

Nothing unusual there. All regimes collapse because they get to a point where whatever they do they are doomed. It's called history. 

What comes after the collapse? That is the question. Fascism or Democratic Revolution.

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