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Comparing Climate Emergency to 2008 Financial Crisis, US Regulator Calls for 'Action From All Segments of Public and Private Sectors'

Originally published at http://www.commondreams.org/news/2019/06/12/comparing-climate-emergency-2008-financial-crisis-us-regulator-calls-action-all

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Why doesn’t the free market just create more earths?

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I don’t believe anything from Wall Street. Surprised they haven’t launched a Climate Change ETF yet.

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Rut roh now you’re talking about the oligarchs money! EMERGENCY!!!

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This has always been nature’s job. Reforming civilizations which are primitive, barbaric, and devoid of human spirit.

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It’s really hard to respond with anything but sarcasm, isn’t it. So here’s mine- I wonder if since this is about financial collapse (as opposed to human species collapse), the Democrats might now consider it worthy of a debate on how the candidates propose to address the issue.

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How appropriate that in the front page headline on the Financial Times this morning reported a similar concern by none other that an economist for energy giant BP…“Extreme weather sparks fears over vicious cycle of rising energy use” in China and the US. He goes on to say “There are grounds for us to be worried, adding there was a growing mismatch between hopes and reality”. Having big oil recognize the science and consequences on political inaction carries far more weight than our anti-science, evangelical bible-thumpers running this country into a potential weather catastrophe for a few quick Benjamin’s.

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They have and they are called Green Bonds and other “sustainable investments”. Having said that, Iran plans on divesting from our “freedom Molecule economy” and, following China, keen on developing their rare earth industry…“Iran is revising its economic policies in order to make its economy independent from oil and fend off the consequences of US sanctions against the Islamic Republic, Foreign Minister Mohammad Javad Zarif has announced”. Damn, this five dimensional chess game going to be fun. Trump and our congress are still stuck at the nuance of checkers. "King Me!

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Wow… at least something about this predicament is getting through… the money stream/golden goose of capitalism, will cease…of course, when conversation is about living beings,… ?..Nothing.

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Behnam sez:
“… we in the U.S. must also demand action from all segments of the public and private sectors …”

Hmmm … based on the 2008 response, that might look like:
Public: Open your wallets.
Private “sector”: Extract contents.

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Behnam’s words are worth consideration. The silencing* of Brooksley Born, the head of the CFTC in the mid-1990s who first blew the whistle on certain new and complicated derivatives, laid the foundation for the Crash of 2008 and the Little Depression that lingers.

And I’m certainly not going to contradict Bill McKibben’s endorsement of them.

But Benham has it backward. It is the global financial system, the human cause of the Crash of 2008, that poses a threat to dealing with the climate emergency, which will have consequences to the economy orders of magnitude greater than those of the 2008 “financial crisis.”

*By Chairman Al (Greenspan), Robert Rubin (former Wall Streeter and Clinton’s first treasury secretary), and others.

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Ah, I see, somebody thinks it might mess with their money games. Now, that’s worth paying attention to. Biocide? Not so much.

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All they’re interested in is their god damn money!

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Maybe “denial and reality” might be more appropriate.

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The planet’s life support system supports the Human Industrial Civilization.
As the planet’s biosphere, natural environment, degrades and begins to collapse so will the Economic system and your job and your community… The two are not separate as our Culture implies… the planet’s life support system would thrive without the Human Industrial Civilization, but the Human System would die with out the planet’s life support system…how can people not see this?

"Everything will become immensely expensive. There will be great competition and a great risk of conflict and war over gaining access to the remaining resources. Certain regions will be devastated. Others will be impaired. Many industries will fail. There will be many people out of work.

There will be the risk of great starvation in many parts of the world, even in parts of the wealthy nations. There will have to be ever-increasing international agreements. Food will have to be distributed where it is needed most. There will be great shortages of medicines and medical care, even in the wealthy nations. There will be tremendously destructive weather events.

The risk of war itself will produce conflict on a scale never seen before in this world. If this conflict can be prevented or minimized, it will make an immense difference in the outcome for humanity. "… from the Teaching: “The Great Waves Prophecy” newmessage.org

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In the face of political “leaders” stupidity and contempt for truth and science, there is Bill Nye.

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“Failing to address financial market risks associated with climate change will impede economic growth, and most likely hit rural communities the hardest.” But ‘economic growth’ is what is and has been driving the whole climate change scenario! Is this guy Benham supposed to be intelligent…?

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From the article:

“‘If climate change causes more volatile frequent and extreme weather events, you’re going to have a scenario where these large providers of financial products—mortgages, home insurance, pensions—cannot shift risk away from their portfolios,’ Behnam told the Times .” (empahsis mine)

We’ve been on a slippery slope ever since somebody—George Orwell’s ghost, maybe, but more likely the allegedly-living Frank Luntz—decided to start calling debt a “product.” But in a way, it makes sense, since it’s about the only thing still being manufactured in large quantities in the US.

In any case, as previous posts point out, if portfolio anxiety causes powerful institutions to act on global warming mitigation, it ain’t all bad.

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What’s an ETF? Executive Transfer Fund? Emergency Trade Funds? Estimated Time we’re F#€K£D?

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So sad. This cuts me to the quick, like a Robinson Jeffers poem.