Climate change is extremely costly. Banks are continuing to invest in fossil fuels. The financial sector must start to incorporate these risks

The financial sector must be at the heart of tackling climate change,Mark Carney, François Villeroy de Galhau and Frank Elderson, The Guardian, April 17, 2018 The NGFS encourages regulators to develop an adequate classification system to identify which economic activities contribute to the transition to a green and low-carbon economy. This will be particularly valuable in supporting financial actors to …

Short book highlights from Concrete Economics, a New Consensus recommendation

Central to Hamilton’s view was protecting America’s infant industries, so up went the tariff, about 25% in 1816  Given the huge costs of shipping in the early 1800s, this was a formidable exercise in protectionism as well as a major source of federal government revenues.  And up it stayed, over the opposition of agriculturalists who were buyers, not producers, of …

‘Coal is on the way out’: study finds fossil fuel now pricier than solar or wind ‘we can move a lot faster to replace coal’

Around three-quarters of US coal production is now more expensive than solar and wind energy in providing electricity to American households, according to a new study.  “Even without major policy shift we will continue to see coal retire pretty rapidly,” said Mike O’Boyle, the co-author of the report for Energy Innovation, a renewables analysis firm. “Our analysis shows that we can move …

How Alexandria Ocasio-Cortez’s Green New Deal is being built

Is it possible to come up with a solution to the climate crisis, the economic crisis, and the global crisis, all at the same time? New Consensus aims to find out.  By Zoya Teirstein, in Grist, on Mar 12, 2019 In the wake of Donald Trump’s 2016 victory, a progressive group called the Justice Democrats jumped into action. If the liberal establishment had …

On Paying for a Green New Deal with Modern Monetary Theory: When MMT works and when it doesn’t (toward full employment)

March 18, 2019 by Dean Baker, Hankyoreh, On Paying for a Green New Deal with Modern Monetary Theory We should perhaps not blame politicians who advocate a GND without telling us how they plan to pay for it. After all, Republican politicians have been getting elected for 40 years by promising big tax cuts without saying how they would pay for them. Still, MMT …

This is how to pay for the Green New Deal

As public banking expert Ellen Brown has highlighted, during the New Deal, the federal government’s Reconstruction Finance Corporation (RFC) lent over $2.5 billion in agricultural loans, backed vast infrastructure investments, and re-stabilized the economy through emergency loans to states and for disaster relief. By Sylvia Chi California Public Banking Alliance, This is how to pay for the Green New Deal, Mar 4, 2019  Dianne Feinstein, our …

San Francisco supervisors consider public banking options for affordable housing and more

Supervisors Endorse ‘Bold’ Public Bank Plan: Momentum builds for a city-run bank as supervisors encourage starry-eyed thinking that could divest $11 billion annual budget away from Wall Street and to local issues. Ida Mojadad, SF Weekly.com,  Dec 13th, 2018 After taking months to come up with public bank models criticized for not living up to the full potential, the Treasurer’s Office has a …

Public Banking Update – March 2019. CA AB857 carves out a special charter for city-owned public banks, San Francisco and LA are pursuing it

“In California, we’re going to get this done!” AB857 carves out a special charter for city-owned public banks In dual press conferences Monday in Los Angeles and San Francisco, California legislators announced the introduction of AB857, a bill that would enable cities and regions to charter their own public banks and create a public banking network in the state.  The announcement …

Wealth and financial transition taxes can help finance the shifts we need

Politicians on the left are thinking big on tax reform: a 70 percent rate on incomes over $10 million, a wealth tax on the super-rich, estate taxes as high as 77 percent.   In December 2018 when the CBO released its list of options for cutting the federal deficit it looked at a financial transactions tax, “FTT” for short. The United States had one from 1914 until 1965; it could …