{"id":45612,"date":"2019-04-24T08:48:15","date_gmt":"2019-04-24T13:48:15","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45612"},"modified":"2019-04-24T08:48:24","modified_gmt":"2019-04-24T13:48:24","slug":"mark-carney-says-climate-change-will-bring-economic-disaster-will-the-powerful-listen","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45612","title":{"rendered":"Mark Carney Says Climate Change Will Bring Economic Disaster. Will the Powerful Listen?"},"content":{"rendered":"\n

Mark Carney Says Climate Change Will Bring Economic Disaster. Will the Powerful Listen?<\/a><\/h3>\n\n\n\n

Global bank heads say urgent action needed to prevent a \u2018Minsky moment\u2019 collapse in asset prices.<\/strong><\/p>\n\n\n\n

\"extinction-rebellion.jpg\"\/
Politicians and corporate heads might not listen to warnings from Extinction Rebellion protesters. Will they heed Mark Carney and other central bankers? Photo by Takver<\/a>, Creative Commons licensed.<\/figcaption><\/figure>\n\n\n\n

They may find themselves feeling just a little shaky, however, after a recent open letter<\/a> written by Canadian Mark Carney, governor of the Bank of England, with Banque de France governor Fran\u00e7ois Velleroy de Falhau and Frank Elderson, chair of the Network for Greening the Financial Services (NGFS)<\/a>. <\/p>\n\n\n\n

These guys are not shaggy Extinction Rebellion<\/a> protesters being busted in London. And teenage activist Greta Thunberg<\/a> would likely ask why they took so long to admit what\u2019s been obvious since long before she was born in 2003.<\/p>\n\n\n\n

But Carney and his colleagues advise the masters of the universe; they are the consiglieri of the world\u2019s corporate capos, and when they murmur a warning in the capos\u2019 collective ear, wise capos heed them. <\/p>\n\n\n\n

Their open letter announced the first report<\/a> of the Network for Greening the Financial Services, a group that includes central bankers from around the world. That report tells the capos that \u201cclimate-related risks are a source of financial risk.\u201d (Greta Thunberg and billions of other girls would roll their eyes.)<\/p>\n\n\n\n

The report continues with equally obvious warnings: climate change will affect the economy on all levels from households to government; it\u2019s highly certain; it\u2019s irreversible; and it depends on short-term actions (right now, this minute) by \u201cgovernments, central banks and supervisors, financial market participants, firms and households.\u201d<\/p>\n\n\n\n

Back to 1960<\/strong><\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Mark Carney Says Climate Change Will Bring Economic Disaster. Will the Powerful Listen? Global bank heads say urgent action needed to prevent a \u2018Minsky moment\u2019 collapse in asset prices. They may find themselves feeling just a little shaky, however, after a recent open letter written by Canadian Mark Carney, governor of the Bank of England, with Banque […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[1726,122,11528,3018,23884],"class_list":["post-45612","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-asset-prices","tag-central-bank","tag-crawford-kilian","tag-minsky-moment","tag-thetyee-ca"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45612"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45612\/revisions"}],"predecessor-version":[{"id":45613,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45612\/revisions\/45613"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}