U.S. Seen as Climate Risk With Two-Thirds of New Oil and Gas

By Alex Nussbaum, Bloomberg, August 20, 2019  ‘Staggering’ forecast makes U.S. climate risk: Global Witness  Surge would be 40 times new Russian output, 20 times Saudi The U.S. will account for for almost two-thirds of the world’s new oil and natural gas output in the decade ahead, making it a critical obstacle to stopping climate pollution, a London-based advocacy group says. …

Financial planners and hedge fund managers don’t want to see the 1-2 percent of wealth they take annually to be usurped by the public

Higher taxes? Billionaire hedge fund kingpin Leon Cooperman says he could personally afford to pay half his income in taxes. But don’t get Cooperman started on taxes on grand private fortunes. The 76-year-old hates the idea of taxing personal wealth over $50 million at a 2 percent annual rate, as White House hopeful Elizabeth Warren has proposed, and he’s been …

De-Dollarizing-the-American-Financial-Empire

Bonnie Faulkner:  I’ve been speaking with Dr. Michael Hudson.  Today’s show has been:  De-Dollarizing the American Financial Empire.  Dr. Hudson is a financial economist and historian.  He is President of the Institute for the Study of Long-Term Economic Trend, a Wall Street Financial Analyst and Distinguished Research Professor of Economics at the University of Missouri, Kansas City.  His 1972 book, Super …

We can’t afford not to decarbonize. Invest 1% of world GDP, the total value of all goods and services in the world = about $85 trillion per year in 2019. 1% of that is $850 billion/yr

From Dr. Scott Denning, Colorado State University, Aug 2019 Economists estimate the total cost of decarbonizing the world economy to be about 1% of global GDP. Academic economists estimate the total cost of saving our descendants from millennia of hellish struggle at 1% of GDP (plus or minus 1% — could actually cost anywhere from nothing to 2%). And yes …

Systemic financial risk

Excerpt “It’s a lot harder to dismiss the idea of systemic risk as ‘some scientist trying to make a buck’ when it’s central bankers who are saying it,” said Jamie Bonham, manager of corporate engagement at NEI Investments, a Toronto firm which manages $7.6 billion for investors. “They’re as conservative a group as you can get, so I do hope …

Now is the time for a World Carbon Bank

The Guardian, July 2019 excerpt It is high time to create a new, focused agency, a World Carbon Bank, that provides a vehicle for advanced economies to coordinate aid and technical transfer, and that is not simultaneously trying to solve every other development problem. Yes, I fully understand that the current US administration is reluctant to fund even existing international …

“THEORETICAL LIES” OF THE WORLD BANK. DEVELOPING COUNTRIES AND THE HIDDEN AGENDA OF THE “WASHINGTON CONSENSUS” What this really meant was that anything which might prove profitable should be handed over to the private sector. On the other hand, providing the infrastructure should fall to the public sector, since the costs needed to be met by society, to help out …

Takers and Makers: Who are the Real Value Creators? Where value meets profit meets economic rent, by Mariana Mazzucato. And deal with power…

The way the word ‘value’ is used in modern economics has made it easier for value-extracting activities to masquerade as value-creating activities. And in the process rents (unearned income) get confused with profits (earned income); inequality rises, and investment in the real economy falls. What’s more, if we cannot differentiate value creation from value extraction, it becomes nearly impossible to …

Public Banks Have Far Greater Financial Capacity Than We Think: We Need to Harness Democratized public banks for a green and just transition. Democratization example from Costa Rica.

By  Thomas Marois, Open DemocracyJuly 6, 2019 | EDUCATE!, STRATEGIZE! Public banks are resurgent, triggered by the failure of private finance to meaningfully confront the green transformation. But will resurgent public banks act in the public or private interest? How can progressives ensure public banks support a just green transformation? Democratization is the key. The turning point for public banks was really the UN’s 2015 Addis Ababa Action …