The EU Emission Trading System, the EU’s main mechanism to disincentivise CO2 emissions, seems not to have had the desired results. Major industrial groups, often with the support of their own governments, profit from systemic weaknesses while continuing to produce energy using fossil fuels.
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A banking crisis is often seen as a self-fulfulling prophecy: The expectation of bank failure makes it happen. Picture people lining up to withdraw their money during the Great Depression or customers making a run on Britain’s Northern Rock bank in 2007.
But a new paper co-authored by an MIT professor suggests we have been missing the bigger picture about banking crises. Yes, there are sometimes panics about banks that create self-reinforcing problems. But many banking crises are quieter: Even without customers panicking, banks can suffer losses serious enough to create subsequent economy-wide downturns.
“Panics are not needed for banking crises to have severe economic consequences,” says Emil Verner, the MIT professor who helped lead the study. “But when panics do occur, those tend to be the most severe episodes. Panics are an important amplification mechanism for banking crises, but not a necessary condition.”
Vision Films to Release Economic And Political Tour De Force Hot Money from Susan Kucera, Jeff Bridges, Jim Swift and General Wesley Clark
First Look Debuted At Clean Energy For America Inaugural Ball
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LOS ANGELES, Jan. 25, 2021 /PRNewswire/ Vision Films Inc. ( Vision ) announces that immediately following the Clean Energy for America (CE4B) Inaugural Ball, the documentary
Hot Money will be available on VOD and DVD in the U.S. and Canada. Co-executive producers, Retired General Wesley Clark and Jeff Bridges virtually introduced the preview at the streamed inaugural event.
Hot Money is from director and acclaimed filmmaker Susan Kucera, and co-executive producers Jim Swift, Bridges, and Clark.
Yves here. Keynes was right. He said, more or less, that governments were unwilling to spend enough to pull themselves out of depressions, except to fight wars. We’ve seen that with the near-depression of the financial crisis. Not only was the stimulus too weak to produce anything more than a shallow recovery, but the rescue effort was misdirected, with too much going to the top of the food chain. That exacerbated one of underlying causes, wage stagnation for average workers. And to add insult to injury, Obama orchestrated the second bailout, that of the “get out of jail almost free” card of 2012 mortgage settlement, while doing just about nothing to intervene in 9 million largely preventable foreclosures.