We’re entering a new age for the Earth’s climate and for the way we conceive of finance

“Macrocritical resilience” may be the most mystifying two-word phrase you need to know. Though you may never have heard these two words before, what they describe affects everything you live and strive for. Wonky as it sounds, it is a common sense idea: what generates value is more valuable than what we count in dollars. And yet, it is only in the last few years that we are truly beginning to understand that macrocritical indicators—elements of human experience that shape the health and viability of the overall economy—really do describe how and where value and capability come into being.

On Christmas Eve, 2013, the small island nation of St. Vincent and the Grenadines experienced the most intense rainfall in its history. 15 percent of gross domestic product was wiped out in just a few hours. In 2004, Hurricane Ivan caused $900 million worth of damage in Grenada—more than twice the nation’s GDP. One of the executive directors of the International Monetary Fund noted that when so much value can be lost so suddenly, “you no longer know what the value of a dollar is.”

Continue reading…
Source: Guardian Environment