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To deal with climate change we need a new financial system
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)


The Guardian (One of the UK's leading newspapers), November 5, 2016
Posted: November 14th, 2016
https://www.theguardian.com/global-development-professionals...

When it comes to global warming, we know that the real problem is not just fossil fuels it is the logic of endless growth. If we dont keep the global economy growing by at least 3% per year, it plunges into crisis. This ... makes little sense given the limits of our finite planet. Climate change is the most obvious symptom of this contradiction, but were also seeing it in the form of deforestation, desertification and mass extinction. Our economic system is incompatible with life on this planet. Debt is the reason the economy has to grow in the first place. Because debt always comes with interest, it grows exponentially. Without growth, debt piles up and eventually triggers an economic crisis. The global economic system runs on money that is itself debt. Instead of letting commercial banks create money by lending it into existence, we could have the state create the money and then spend it into existence. [In] the 1930s ... a group of economists in Chicago proposed [this] as a way of curbing the reckless lending that led to the Great Depression. The Chicago Plan, as it was called, made headlines again in 2012 when progressive IMF economists put it forward as a strategy for preventing the global financial crisis from recurring. This idea is already beginning to gain traction: in the UK, the campaigning group Positive Money has generated momentum around it. The idea has its enemies, of course. If we shift to a positive money system, big banks will no longer have the power to literally make money out of nothing.

Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and global warming.


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