13th July 09 - by Steve Keen, of the West Sydney University Australia   Adbusters 

The most important thing that the global financial crisis has done for economic theory is to show that neoclassical economics is not only wrong – it’s dangerous. 

 The second problem is that the total amount of available arable land is substantially less than the amount of land that would be needed to grow both food for our population and crops for ethanol production for our economies and transportation. Even so, politicians are also advocating that the public has an obligation to make these speculative investments in ethanol processing plants “successful.” This in turn implies that additional subsidies will be required from the public to make those investments profitable.