Summary: SUMMARY: Author and finance guru Jeff Rubin "The Carbon Bubble: What Happens To Us When It Bursts". Science journalist Emma Marris on re-crafting the wild. Radio Ecoshock 150610 "Look we recognize that climate change is happening. The dilemma for society is addressing climate change, and balancing it with development. So we have to be realistic. Renewables and alternatives will all play a role, but even if those forms of energy grow by orders of magnitude over say the next fifty years, traditional hydrocarbons - oil and gas - will still make up the majority of the energy mix for at least the next century." - Curtis Smith, Shell Oil. That is Shell Oil spokesman Curtis Smith, speaking on the Platt's Podcast "Capitol Crude" June 1st, 20154. Curtis Smith was explaining why Shell Oil wants to spend $7 billion dollars looking for more oil in the Arctic. In an internal Shell Oil paper, leaked by the Guardian newspaper, the company recognizes that their energy strategy will lead to 4 degrees Centigrade of warming - twice the safe limit, and then to 6 degrees of warming, a level scientists suggest could wreck civilization. So they know. And they want to find more carbon to burn anyway. Before you kiss our chances good-bye, there is some really good news from our feature guest this week. Author and financial expert Jeff Rubin says the carbon bubble is already bursting. Governments and mainstream media will hardly tell you. But the markets are already heading for the exits away from such stranded fossil assets. The stock values of companies in the mega-polluting Canadian Tar Sands have fallen by 70%. Coal company stocks are collapsing, down 90 percent. Stay tuned for a ring-side view of a falling petro state, right here on Radio Ecoshock. Download or listen to this Radio Ecoshock show in CD Quality (56 MB) or Lo-Fi (14 MB). Or listen on Soundcloud right now! JEFF RUBIN: "THE CARBON BUBBLE" With the Tar Sands and the crash in oil prices, Canada went from being a world petro-state to an economy in trouble. Our next guest says the carbon bubble is bursting in Canada, and that may not be a bad thing. Jeff Rubin is no ordinary critic of fossil fuels. He was the Chief Economist for CIBC World Markets, the investment arm of a Canadian mega-bank. Since then he's written the books "The End of Growth" and "Your World is About to Get A Whole Lot Smaller". Now Rubin has a new work out: "The Carbon Bubble: What Happens to Us When it Bursts." The obvious question, which everyone asks: what is a carbon bubble? A bubble is an expansion which is based on a false premise. For example the 2007/8 housing bubble was based on an assumption that American mortgages were reliable, when they were not. In our present case, Rubin says, the false assumption is that we can burn as many fossil fuels as we need or want to. In reality, there is a limit to the amount of carbon dioxide the atmosphere can tolerate, before the climate becomes unsafe. Canada, under the leadership of Conservative Prime Minister Stephen Harper, has bet it's economy on the Tar Sands in Alberta. Most of international and domestic policy is geared to further expansion of Tar Sands production and sales. As a result, the Canadian currency became a "petro-dollar" that went up with Tar Sands production, until it was worth more than the U.S. dollar. Other Canadian sectors, like manufacturing and exports of commodities like lumber, suffered due to the high Canadian dollar. Then when OPEC decided to ramp up production, even as oil prices fell, the Canadian dollar crashed by over 20 percent, going less than 80 cents to the American dollar. Manufacturing in Canada should rebound, but so many companies shrank or went out of business, it may be a slow climb back. TAR SANDS AND COAL: THE ECONOMIC HIT What ever politicians may say or do about climate change, Jeff Rubin says the market has already spoken. The stock value of coal companies in the United States lost an astounding 90 percent of their value. Canad
