Wbliss10 / CC BY-SA September 8, 2020; New York Times
As we can see, an unregulated economy weakens the infrastructures of our lives on this planet, deepening every form of inequity along the way. This depredation is sufficiently expected that this extraction of wealth and resources causes little alarm even when distressed chaos reigns in a time of crisis.
Consider the commodities market , which buys and sells raw materials like coal, gas, and oil and agricultural products such as corn and sugar. The market takes those basic products into the economy through the complex financial world of futures, derivatives, and risk assessments . The US federal regulators of these markets commissioned a report that delivers the damage to a new address—Wall Street—where it just might make an impression.
The report, “ Managing Climate Risk in the US Financial System ,” appeared last week on the Commodity Futures Trading Commission’s (CFTC) website. It concluded that US markets will be damaged through the pressure that the climate crisis will exert on mortgage markets, insurance companies, and other financial institutions. “A world wracked by frequent and devastating shocks from climate change cannot sustain the fundamental conditions supporting our financial system,” the report plainly […]
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