, 8 tweets, 3 min read Read on Twitter
1/ A decade after the world bailed out finance, it’s time for finance to bail out the world. foreignpolicy.com/2019/07/20/why… // The article argues that the central banks and insurance industry need to step up. Massive, massive investments are needed to transition to sustainable energy
2/ sources given the amount of insurance losses now and into the future.
3/ Losses are growing. The author suggests that losses are manageable to the insurance industry when they are small and isolated. Climate change disasters alter that fundamental calculation.
4/ The carbon-based energy industries want to be the winners until catastrophe strikes. Central banks and national governments are needed to undertake the financial risks.
5/ The alternative to a managed transition is political and economic revolution.
6/
7/ The #GreenNewDeal as ambitious as it is, is not ambitious enough. In other words, the centrist, moderate, Goldilocks approach is destined to FAILURE and we are destined to EXTINCTION on this planet. If not extinction, the idea that a free market capitalism and democracy
8/ are going to survive a catastrophic failure of our ecosystem, is naive at best. For Democrats, go large or go home.
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