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Thread: Friends, Climate Change is a Global existential crisis. A threat to the very habitability of human and non-human life on Earth. We simply cannot achieve what is necessary to address this urgency at the scale and speed required with something like "low-interest loans" 1
Lending is not going to mobilize our country to transform and revitalize this economy away from fossil fuels in time to avoid catastrophe and ensure a #justransition. Here in the U.S. only the Federal Government and the power of the purse can make this happen as needed 2
Using Direct spending via #FunctionalFinance on millions of new good-paying union Green jobs, renewable infrastructure, renewable technology, and a #jobsguarantee, we can make the kind of shift necessary to overcome the paradox of economic development and eco-sustainability 3
We can and should also add provisions to said spending that offer alternative ownership models once projects are finished beyond state-owned vs corporate. These can include #Workercoops to operate within markets and community ownership of renewable infrastructure and utilities 4
Lending, whether public banks or credit unions can be a positive complimentary addition to this and an important part of an ongoing Green Economy with a reformed banking and financial sector that does not compete with what needs to happen fast and independent of private credit 5
We can also complement and support the achievements of urgent GND goals by redirecting and holding private finance accountable through something like a #NationalInvestmentAuthority that supports social impact and community investment 6
Ultimately, I want us to have a future and we are running out of time. And an economic bill of rights means that access to basic necessitites we need and deserve including a livable planet, clean water/air, and nondestructive dignified jobs are just that, foundational rights. 7
Lastly, it is time we put to rest the panic and misconceptions about the National debt. As it is just the selling of Treasuries, another form of a gov-issued monied instrument which pays interest - basically a subsidy to bondholders but nothing that will make us "insolvent". 8
I for one, support putting an end to this interest based subsidy and the entire process that ties down deficit spending to selling Treasuries, an outdated legacy of the currently non-existent Gold Standard. 9
So let's do this w/ a permanent zero interest rate policy like the Japanese and be done with it. Nevertheless, none of this is an excuse for inaction or convoluted slow action for ensuring a habitable planet and striving to be good ancestors. We can have the #GND we deserve /end
