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States and financial bodies using modelling that ignores shocks from extreme weather and climate tipping points

Progress of artificial general intelligence could stall, which may lead to a financial crash, says Yoshua Bengio, one of the ‘godfathers’ of modern AI

“I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail.” Thus wrote the famous psychologist Abraham Maslow in 1966.

“We’re losing 120 calories per person, per day, for every degree of global warming.” That stark data point from a 2025 Nature study signals more than a threat to food security, it points to a growing risk to global financial security. Food system instability exposes markets to cascading shocks: inflation, trade disruption, insurance losses and sovereign credit stress. Yet these risks remain largely unaccounted for in core financial systems.

Oil in the North Sea is expected to be net-energy negative by 2031. This means that in 2031, it’ll cost more energy to extract the fossil fuels than we would gain by using them, rendering extraction unfeasibly expensive. Yet, rather than use our remaining years of access to these fuels to turbo-charge new energy infrastructure, fossil fuels are being extracted and burned for business as usual: quick cash. Around the world, the lights will go off in nations that don’t have back-up renewables. That’s most of them.

Two of the UK’s leading hospitals have had to cancel operations, postpone appointments and divert seriously ill patients to other centres for the past three weeks after their computers crashed at the height of last month’s heatwave.

Capitalism isn’t what it used to be. Since 2008, critics of the world’s dominant economic system have been lamenting its imperviousness to change. And for good reason. In earlier epochs, financial crises and pandemics wrought economic transformation. In our own, they seem to have yielded more of the same. Before the 2008 crash, global capitalism was characterized by organized labor’s weakness, rising inequality within nations, and a growth model that offset mediocre wage gains with asset-price appreciation. All of these have remained features of the world’s economic order.

Earth scientist David Hughes—who is out with a new skeptical report on the future of U.S. shale oil and gas—has two very important things in common with Michael Burry. Burry is the investor made famous by The Big Short, the book that was later turned into a movie of the same name about the 2008 housing crash.