Predicting Financial Collapse (and what to do about it)

Many people ask me about how to insulate themselves from a financial collapse of some kind or another. I am not a financial advisor, and my focus has always been on collaborative resilience, whereby collectives of people might cope better. But when pressed by friends on what they could do to protect themselves a bit, what I typically recommend is to lessen one’s dependence on goods and services traded within a corporate market place, participate more in an economy of locally-produced goods, try to own some of the basic necessities like a bicycle, and if having some savings then put some of that into crypto (like Ethereum, which does not require massive amounts of energy), gold or silver (in physical possession), or other items that are likely to maintain their value and utility over time. I also recommend not postponing things like elective surgery or house repairs. Further than that, I suggest people no longer assume that their financial savings will give them spending power in the future and instead that they look to nurture other kinds of ongoing productivity with that money. In my own life, these considerations combined with my wish to promote collaborative resilience, so that I funded the launch of an organic farm and farm school in a country where I could afford to do that without debt. But financial resilience is not my field. Therefore, I asked my colleague Matthew Slater to explore this issue with me. In the following guest essay, Matthew writes as one who has been devouring financial collapse narratives since 2008 and studying the phenomenon of money, as well as building alternative means of exchange. He explains that the quick fixes for financial security through gold and crypto that are often promoted by both the financial press and popular YouTubers are a distraction from substantial efforts towards collaborative resilience. In addition, he reminds us of the oppressiveness of the global monetary system, which invites our resistance. His writing is philosophical and colourful but he also does more concrete work based on his analysis, which you can learn about at matslats.net
Thx, Jem

(World Trade Center, 1995)

Predicting Financial Collapse (and what to do about it) – Also available as an audio narration from Matthew Slater).

The failure of our system of money and debt is inevitable and possibly imminent, according to numerous unofficial narratives likely to be labelled ‘disinformation’. Some financial collapse narratives focus on the danger of leverage, or on possible triggers of the next crisis; others on how neoliberal policies are constructing a system that exacerbates social tensions and will explode in revolution; others on the inherent unsustainability of exponential growth on a finite planet. Are such stories just fake-news-clickbait, agitprop, or even psyops? What can we learn from them?

This essay is not to warn or convince you about the risks to participants in that system: chapters 1 & 2 of Jem’s recent book, Breaking Together, do that well enough. This essay attempts to digest the diverse narratives out there, to share an analysis that is guiding my own decisions, and hint at the direction of possible useful action for others. I am not a financial advisor, and I do not advise you to look to finance to save you.

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Greens will return to freedom and democracy

Most leaders of the Green movement and profession in the West who I talk with, or read from, don’t want to recognize either the validity or significance of a public backlash against senior experts and authorities on matters of public concern. Nor do they want to admit their own role in contributing to that distrust and backlash. Perhaps they don’t want to recognise how they helped to amplify the damaging pharma-defined authoritarian and pseudo-moralizing narratives and policies promoted to us during the early years of the pandemic.

They prefer to regard any concerns about eco-authoritarianism as being fanciful conspiracy theories dreamt up by opportunistic YouTubers. While it is true that some influencers appear to be so out-of-touch and attention-seeking that they ignore the suffering of millions of poor people from climatic change to instead warn, without evidence, that the WHO will initiate ‘climate lockdowns’ [1], that does not mean there are not valid concerns about creeping censorship, propaganda, and authoritarianism. It does not mean some of that anti-democratic creep has been supported by environmental leaders, including those in power in Germany and elsewhere.

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Oath to the Future – by supporting young farmers

Young people must live into the future that is likely, resulting from the damage to our planetary home, not the future that some adults pretend might still be possible. Therefore, one of the reasons I went to the COP climate summit in Egypt was to announce a scholars’ oath to the future. That’s where we committed to give greater attention to helping young people adapt to an increasingly disrupted situation because of environmental degradation and a breakdown of industrial consumer societies. 

That is why I am pleased that at Bekandze Farm we have launched our internship programme for Balinese high school students to learn regenerative farming methods. We have partnered with the State Vocational High School of Petang, which is one of just 2 government schools in Bali that teach agriculture. Together, we are helping to train the next generation of Balinese farmers. Our 12 week internship program gives students from Years 10, 11 and 12 a solid grounding in organics, permaculture and other regenerative farming methods that they would not otherwise receive through their standard curriculum. Our first intern, Ngurah, began last month. In the photo above you see him with our head trainer Pak Edi on the left, himself a graduate of the school. 

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A Year of Breaking Together

Wow, it has been a whole year since my book Breaking Together came out. 

To mark the occasion, I want to share with you an in-depth discussion I had about the book’s themes, with the filmmaker Michael Shaw. 

If you haven’t seen his film yet, I really recommend it. ‘Living in the Time of Dying’ sensitively covers a very difficult topic through discussions with folks far more interesting than myself.  Alternatively, you could watch the Q&A which he hosted with me in Byron Bay, last March (video below). It was a full house, with a lot of resonance amongst people who have already been adversely affected by a destabilised climate. Their experience and expertise is why I expect important international leadership of the collapse-readiness and response agendas to be emerging from Byron Shire. 

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Was this the most expensive degree in the history of Universities?

Ten years ago today, the first payment of public university fees in Bitcoin was processed – and live on stage at a festival in Paris. Bitcoin is currently around 60,000 dollars each. Back then, on May 7th 2014, it was around 430 dollars each. Would that make it the highest fee ever paid for a degree? Is the Bitcoin worth 400 or 60000? That’s a philosophical argument one could debate forever – or at least in a PhD thesis.

The payment of 1 BTC (as an instalment for the full course fee) was made live during a panel on the future of currency. The PhD student was Leander Bindewald (on the right in the picture above) and he went on to complete his thesis on the discourse of money (see below for a close up of the payment screen).

I was Leander’s supervisor, and had arranged for the University of Cumbria to be the first public University in the world to accept cryptocurrency for payment. One can only wonder what might have been if the University had decided to retain the Bitcoin rather than convert it immediately into pounds. At least I’d have met my income target (finally). At 6 BTC for a graduate certificate (see below), that would be 360,000 dollars at current market rates. Wow… although studying with me might have been priceless 😉 Today I am happy to keep teaching a similar course after leaving academia (quick plug: ‘Leading Through Collapse’ happens online in September and in person in California in October).

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Sacred Pessimism – a talk to mark 5 years of a new movement

In March 2019, we launched the Deep Adaptation Forum (DAF) as a mechanism for people to collaborate with each other as their best selves in the face of societal collapse. It was my main response to the explosion of interest in the ‘deep adaptation’ paper. The aim of the new Forum was not only to connect people, but also to catalyse and promote initiatives around the world. We served that goal with a small grant and a team of part time freelancers, with the understanding that ‘deep adaptation’ would be shaped by its participants and take myriad forms around the world. Consistent with that bottom-up ethos, I left the Forum in October 2020 and observed from afar as it evolved – and continues to evolve. Last year I was contacted by one of the many national groups that make this movement real-in-place and we discussed the idea of marking the 5th anniversary of the start of this movement. The group is in Hungary, which had emerged as the largest and most active group in the world.

That is why in April this year I visited Budapest to celebrate the dynamism of ‘Deep Adaptation Hungary’ and launch the Hungarian translation of Breaking Together. The draft text of my talk to open the World Adaptation Forum, which they organised, follows below. I focused on the fact that people are making hugely significant and positive changes in their lives due to their acceptance of societal collapse. That doesn’t mean things won’t be tough, or there aren’t many more things that could be done… rather, it’s time to recognise that many people are becoming their best selves because they are not lying to themselves anymore. It is thanks to Balazs Stumpf-Biro and Krisztina Csapó, since 2019, that Hungarians have been finding each other to explore that.  

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How do I sustain myself in these times?

In recent Q&As, I have been asked how I sustain myself in these times. To understand my reply, you would need to understand my outlook on the future. I think a process of the collapse of modern societies has begun, and that catastrophic loss of life will occur on all populated continents in the years to come. If I live another twenty years, I would be witnessing that disaster unfolding. That is the context for my choices over the past five years.

I think I can’t plan to realistically avoid societal collapse myself but can try to avoid some of the early pain. That involves choices about where and how to live (moving to Indonesia). I also want to help soften the crash in the area I intend to live (through an organic farm school and other projects). I no longer believe I can contribute much to systemic changes that would reduce harm at scale (which was the motivation of my previous career). But I don’t want to give up on that entirely, due both to my sense of responsibility, as well as my relevant skills, experience, professional status, and network (so I wrote a book, and still blog and teach). Aside from these matters of personal security and contribution to society, I have felt a strong desire to live more lovingly and creatively than I did in the past, which has led to me becoming a musician and meditation retreat leader.

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Healing Hearts – new single

My new single is out now on all major platforms. “Healing Hearts” was written after months of experiencing grief, and the lovingness that can arise when anticipating, experiencing and recovering from a great loss.

The single is the first release from the British folk group I formed while living in South East Asia. At one point, I noticed that every step of the creative process was barefoot: I had written the song at the beach, first performed a version at a cacao ceremony, and then once in the studio everyone was barefoot. That’s normal in Bali, but, nevertheless, means we are Barefoot Stars!

The recording features Vasudev playing guitar and mandolin, with myself, Mia and Hara singing, and Adam on bass. He and I produced and mixed the track.

If you like the song, then please share in social media, play it at gatherings, and consider a donation to the Bekandze Farm crowdfund (which ends next week)!

The lyrics and chords follow below.

Healing Hearts by the Barefoot Stars

Let’s (C)hold each other (Am)gently
Each other (Em)gently
In our (C)hearts
Let’s (C)hold each other (Am)gently
Each other (Em)gently
As we (Am)part
As this (Dm)song… is not the (G)last
And new (Dm)love… grows in what’s (G)past
Becoming (Dm)whole… is made of (G)parts
So what (Dm)ends… is the (G)start
Of Healing (C)hearts
Of Healing (G)hearts
Of Healing (Am)hearts
Of Healing (F)hearts
Of Healing (C)hearts
Of Healing (G)hearts
Of Healing (Am)hearts
Of Healing (F)hearts

Make Earth Day Useful – support Bekandze Farm School

Earth Day is coming soon and is an important day for us at Bekandze Farm, as it marks the end of our crowdfund to support Balienze small holders to switch to organic methodz. Already, we are helping them to do that as a basis for re-localising and regenerating the rural economy. But to establish ourselves as a viable training centre, with a lasting impact locally, and to communicate that globally, we would greatly benefit from your help

You can learn more about the daily activities at Bekandze Farm by visiting our Instagram account. That is where we are posting pictures of trees planted as thanks to our supporters. We also produced a couple of short videos to tell you more about the project. The first one below is a summary of why and what we are doing.

Learn about Bekandze Farm School
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Keeping your job at the end of the world (as we know it)

In an era of constant disruption and even collapse, are there any ways back to feeling at peace, or even happy, about one’s current employment? Many people I meet express unease, because their job feels like a distraction from an environment and society that is beginning to break around us. For some, their employer is even making matters worse. Although it is painful to pay attention to a world in crisis and collapse, the pain is clearly made worse by living out-of-step with that awareness. For many people, conforming to the preoccupations and performances of their profession now means living a lie. But feeling out of integrity with who we are and what we know to be unfolding would not be our fault – it’s the result of being trapped in a system and culture that is dying. Stuck in such a way, people are losing crucial time to discover how they might live in greater integrity with their values in this new era. Meanwhile, others are quitting their old work to ‘go wild’ with entirely new ways of using their time on this glorious Earth (as I’ve described before). But many people, perhaps like you, will have responsibilities they want to maintain, at least for now, which requires keeping their current income.

Do you think it reasonable to find a way of earning a living without lying to yourself and others? I do. Because it should not be too much to ask that we can meet each other with greater honesty in our professional lives. In this essay I want to tell you about the variety of ways I have learned that people are integrating their collapse-awareness into their lives while continuing with their existing employment. I hope it might help you to make, or affirm, your own decisions.

I’ve met enough people discussing ‘deep adaptation’ over the last five years to know that the truth can set us free from the pain of pretending. There are options if we need to keep working in the same job or sector for now. In a previous post, I described the new openness in some organisations to begin discussing how to better prepare staff, stakeholders, and the organisation for a new era of polycrisis due to a process of collapse. To support such discussions, I offered an eight-step approach to deep adaptation in organisations. But most people don’t have roles in organisational development, and won’t be working in an organisation that has an enlightened leadership or possibilities for significant change. With that in mind, I reflected on the other ways I know collapse-aware people have been responding when not quitting their job or career altogether. What follows is a summary of what I’ve learned.

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Keep serving (reveal and recommit in post)

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