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Credit Crisis Could Devastate Scientific Research

Posted on: Thursday, 9 October 2008, 15:55 CDT

Renowned scientist Richard Leakey warned Wednesday that the global financial crisis could devastate future scientific research, which is typically funded by foundations, wealthy philanthropists and companies that will likely be negatively affected by the credit squeeze and lower interest rates.

"With the investment portfolios being hit as hard as they've been hit in the last few weeks, particularly the last few days, I would have thought there would be a very dramatic reduction in available funds for research in all sorts of countries," Leakey told the Associated Press.

"Unless they bring it under control, I think it's going to spread. I think it's extremely worrying for science.”

Leakey, who formerly served on a government economic team in his native Kenya, became famous for his East African fossil discoveries.  Working in the far northern region of Kenya in 1984, Leakey’s team discovered the bones of the most complete prehistoric human skeleton ever found.

The paleontologist said the impact of the credit crisis on science would begin to be noticed during the 2009 budgeting cycle, in which he predicts donations will be “hugely hit”, hampering research and exploration over the next several years.

"This has spread right across the world and there's quite a lot of science to be supported," said Leakey, who was in Little Rock to speak at the University of Arkansas.

"I think it is just devastating.

"It's more worryful for people who are losing their homes, it's more worryful for people who are losing investments for their children's futures, but we're also very worried as scientists.”

In his new book, Leakey issues an dire warning for the planet, saying global warming could exterminate endangered species living in refuges and national parks across the world.   The extinction of even a few species could ultimately destroy food chains that support many other animals, including humans, he said.

"I think the end of the Ice Age was a quite a massive change and I think this will be ... almost as big of a change in the way we live.”

Source: redOrbit Staff & Wire Reports

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