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There’s no bailout for the next crisis

Monday, October 20, 2008 The Oregonian

The recent haggling over how to solve the nation’s economic crisis seems to have done little to ease the anxieties of either Wall Street or Main Street. And with good reason: Intuitively, we know we haven’t seen the worst of it yet.

Watching a lifetime of stock options head south? Worried about where you’ll find the money to pay for college or about the spiraling costs of health care? Certainly nothing could hurt worse than a foreclosure, could it? Well, maybe it could. If $700 billion sounds like a lot, try fathoming $9 trillion — roughly 13 times the cost of today’s hotly debated bailout. That’s the projected cost of letting global climate change go unaddressed within this decade.

The thorough shakeup of today’s economic climate foreshadows an even more disastrous global crisis heading our way. The same belief in unlimited, unchecked growth (some would say outright greed) that fattened our economy on a diet of junk bonds and hollow lending is also strip-mining our planet’s environment of the currency that nature safely invested for us over millions of years, and upon which all life — including our own — depends.

The concept of peak oil is not just some naysayers’ delusion. According to the U.S. Energy Department’s own findings, commonly called the Hirsch report and issued in 2005, it’s an unavoidable reality, one that is hurtling toward us faster than we know what to do about.

But like the blind eye that was turned on the proliferation of high-risk, foolhardy mortgages in the midst of a slowing economy, we’ve bolstered our bravado in the face of such warnings while enthusing about drilling offshore and in the arctic.

While we’ve been busy digging our fossil-fuel foundations out from under us with the same kind of naive bluster and faith in infinite growth that gutted the economy, we’ve also been busy ruining things at the top as our upper atmosphere becomes choked with carbon dioxide, leaving us in an environmental demise of our own doing.

When it comes to the economy, a few sleights of hand and a heavy toll on taxpayers, all partisan bickering aside, can be called upon to help us avert disaster and restore faith in the unlimited expansion model. But when it comes to nature’s bank, cashing out is forever. No amount of midnight meetings, government-ordered buyouts or credit freezes can save a habitat laid fallow by years of unregulated dumping of chemical waste, nor can they lower our thermostats to an inhabitable temperature in the face of global warming.

Sound policy and the pursuit of new technologies might ameliorate some of our excesses, helping to slow down the rate of climate change and postponing the date of disaster. But like the banking and credit crisis that arrived to the surprise of so many experts — despite the many warnings sounded years earlier — environmental failure is going to rear its ugly head someday.

And when mother earth forecloses on us, there will be nowhere else to go.

Lisa Weasel is an associate professor of biology at Portland State University and a board member of The Greenhouse Network.

Every aspect of nature is constantly evolving.