by Summary:
I would suggest there are three things we know. The first is that climate change is real. The result is that nothing can stay the same.The second is that neoliberalism has reduced most people to living in states of profound insecurity. Ignore that poverty is supposedly being beaten. This is almost for nought if the result is disabling fear for future well-being. This cannot persist because people will not tolerate it. We are seeing that, very widely. Third, our economic and social orders do, then, have to change, and profoundly. This is not an option. It is an absolute necessity. And what we know is private capital has ceased to be available for active investment it is now almost solely directed to rent seeking. In that case it is only state created funding that can create this
Topics:
Mike Norman considers the following as important: green quantitative easing
This could be interesting, too:
I would suggest there are three things we know. The first is that climate change is real. The result is that nothing can stay the same.The second is that neoliberalism has reduced most people to living in states of profound insecurity. Ignore that poverty is supposedly being beaten. This is almost for nought if the result is disabling fear for future well-being. This cannot persist because people will not tolerate it. We are seeing that, very widely. Third, our economic and social orders do, then, have to change, and profoundly. This is not an option. It is an absolute necessity. And what we know is private capital has ceased to be available for active investment it is now almost solely directed to rent seeking. In that case it is only state created funding that can create this
Topics:
Mike Norman considers the following as important: green quantitative easing
This could be interesting, too:
I would suggest there are three things we know.
The first is that climate change is real. The result is that nothing can stay the same.
The second is that neoliberalism has reduced most people to living in states of profound insecurity. Ignore that poverty is supposedly being beaten. This is almost for nought if the result is disabling fear for future well-being. This cannot persist because people will not tolerate it. We are seeing that, very widely.
Third, our economic and social orders do, then, have to change, and profoundly. This is not an option. It is an absolute necessity. And what we know is private capital has ceased to be available for active investment it is now almost solely directed to rent seeking. In that case it is only state created funding that can create this process of change.
To put this another way, what may be the biggest programme of change ever known in human history is required in very short order. We need new energy systems; transformation of our housing stock; new transport infrastructure; radically different approaches to food that might even require rationing if we cannot create change any other way; different ways of working and new ways of using leisure time. As I suggested, everything must change....
How to do all this? Only state created funding can create the finance needed for this change. What we need is not just a Green New Deal but Green Quantitative Easing too to fund it. If this was wartime funding would be found for the crisis we face. It always has been. Well, this may be worse than war. This is life itself we are fighting for, on all fronts. The time for prevarication is over. The time for pussy- footing with new taxes to extract a little more from the rich is yesterday’s news. There is no time for that. This is the time to create money for change. And, if need be, to restrict money creation for other reasons....
How to do all this? Only state created funding can create the finance needed for this change. What we need is not just a Green New Deal but Green Quantitative Easing too to fund it. If this was wartime funding would be found for the crisis we face. It always has been. Well, this may be worse than war. This is life itself we are fighting for, on all fronts...."Green quantitative easing"? When tried, quantitative easing has been a bust. It's a path to nowhere. Prefacing QE with "green" does exactly what?
"Overt money financing"? It's got a nice ring to it. And happens to be the way to get the job done.
Naked Capitalism
The Reality Is Everything Must Change
The Reality Is Everything Must Change
Richard Murphy, a chartered accountant and a political economist, Professor of Practice in International Political Economy at City University, London, Director of Tax Research UK, a non-executive director of Cambridge Econometrics, and a member of the Progressive Economy Forum. Originally published at Tax Research UK