“Most conferences are hungry for attendance; Jackson Hole is by invitation only, and in recent years those invitations have become scarcer. Vincent Reinhart, a former Fed staffer who is now with Morgan Stanley, reckons that market participants such as Wall Street economists have gone from 27% of attendees in 1982 to just 3% in 2013. Their spots have been taken by foreign central bankers, who went from 3% of attendees to 31%, and reporters, who have grown from 6% to 12%. To maintain the relaxed atmosphere, reporters must observe what are now known as “Jackson Hole rules”: the proceedings are all on the record but all other remarks during the conference, such as mealtime conversations, are off the record.
Well, the fact that politicians, churches, religions, and economists are not significant in presence is a good point. Now it remains to explain why central bankers have not acknowledged that ‘monetary efficiency’ as defined by economists voodoo, and ‘growth demand’ as intended by politicians and religions, in terms of unlimited procreation at rabbits/rats level, is taking us human on the path of extinction.
Further a bridge between the ‘monetary efficiency’ idiocy of economists and an ‘energy value accounting’ system, IOW a one world unified energy base trade unit, thermodynamically efficient, requires some sort of an economy capable of 100% or near occupation, in so the reduction of net energy and industrial output on the downhill of the scavenger age curve, must be compensated somehow by a lower amount of working hours per position, unless we want to go back to 1929 employment (better lack thereof,) numbers.
It is a fact of history that the 72 hours a week your average roman farmer worked (probably slaves even more,) became 40 hours a week after the industrial revolution, it should be acknowledged that looking backwards, that the historical trend is towards working less for better conditions, and most of all, to avoid civil wars planet-wise.
Also it should be acknowledged that value at risk is affected by weather, oceans and atmosphere changes, and the prospective of a planet with 500 fukushima, and who knows of how many billions deaths, from flooding, from the standpoint of insurances may not look too rosy. The carbon quotes won’t cut it, is just kicking the can to another place, but is really the same planet and the same atmosphere, a useless non-solution, here what it takes is another Manhattan project, planning for energy and move to 500M MSL planet-wise, while developing at accelerated schedule a sustainable bridge energy source, which IMVHO is thorium MSR SMR in industrial scale, preapproved blueprints, for use in utilities, maritime transport, railroads and space, hopefully getting to better renewables results in the century.