This past September, news of the economic crisis dominated the headlines. At the exact same time another debt crisis was intensifying, yet was barely noticed.

Earth Overshoot Day, also known as Ecological Debt Day, was September 23.This is the day in 2008 by which humanity had used all the resources that the planet will generate this year. As viewers of The Story of Stuff already know, we currently consume 1.4 planets’ worth of global resources each year. From September 23rd on, we’re eating into the natural capital, undermining its ability to produce for the future. We’re consuming on credit and accumulating ecological debt that we have no way to repay.

Ecology and economics share a common root: the Greek word oikos, meaning “home.” Economics and ecology both are about managing our home. In our current situation, we have messed up both.  Continue reading here.

We’re obsessive over economic indicators. We track indicators hourly, panic at the slightest decline, invest billions when it is shaky. Yet, we have a  huge collective blind spot to the other ecological management, even though it’s a bigger problem, both in terms of survival and even in terms of finances. There is a growing call coming from all over the world, to integrate our understanding of the economic and ecological crises and to ensure that a solution to one is a solution to both.

Crisis and opportunity are often referred to as two sides of the same coin. That is definitely true here. The current economic crisis provides us a much needed opportunity to re-evaluate the priorities of our economy, to develop new metrics for measuring real progress, for reducing superfluous consumption while increasing economic equity and ensuring the integrity of the ecological systems on which life depends.

My friend Rita always says “If you keep doing what you’re doing, you’ll keep getting what you’re getting.” Clearly, what we’re doing isn’t working. As David Korten, author of The Great Turning: From Empire to Earth, suggests, it’s time to try something new.