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getting well-said</title></head><body>
<div><font face="Geneva" size="-1"><b>Bloomberg View</b> : October 1,
2015</font><font face="Geneva"><b> What Does a Central Banker Know
About Climate Change?</b></font><br>
<font face="Geneva" size="-1"><b></b></font></div>
<div><font face="Geneva" size="-1"><b>By Editorial
Board</b></font></div>
<div><font face="Geneva"
size="-1"
>http://www.bloombergview.com/articles/2015-10-01/what-does-boe-s-mar<span
></span>k-carney-know-about-climate-change-</font></div>
<div><font face="Geneva" size="-1"><br></font></div>
<div><font face="Geneva" size="-1"><b>Excerpts</b></font></div>
<div><font face="Geneva" size="-1"><br>
Bank of England Governor Mark Carney startled some people this week,
when he gave a speech drawing attention to the risks that climate
change poses to financial stability. This isn't a connection
central-bank governors often make.</font></div>
<div><font face="Geneva" size="-1"><br>
More's the pity, because the connection is real.</font></div>
<div><font face="Geneva" size="-1"><br>
Climate change implicates assets worth billions if not trillions of
dollars. If governments fail to address the problem effectively,
economic losses will steadily mount. For instance, owners of mortgaged
houses in danger of flooding will face increasing financial stress; so
will their lenders and insurers.</font></div>
<div><font face="Geneva" size="-1"><br></font></div>
<div><font face="Geneva" size="-1">If, on the other hand, stronger
action is taken to curb such risks, the value of fossil-fuel resources
will fall -- imposing a different kind of financial stress on energy
companies and their creditors.</font></div>
<div><font face="Geneva" size="-1"><br>
U.K. investors, Carney said, would be greatly exposed: "Nineteen
percent of FTSE 100 companies are in natural resource and extraction
sectors; and a further 11 percent by value are in power utilities,
chemicals, construction and industrial goods sectors." In this
way, an environmental emergency would also be a financial
catastrophe.</font></div>
<div><font face="Geneva" size="-1"><br>
It's yet one more argument for acting gradually and
methodically</font><font face="Geneva" size="-2">
<<http://www.bloombergview.com/articles/2014-10-02/doubt-climat<span
></span>e-change-then-support-carbon-taxes>></font></div>
<div><font face="Geneva" size="-1">to address climate change -- rather
than wait until the problem becomes impossible to manage. And this one
you can take to the bank.</font><br>
<font face="Geneva" size="-1"></font></div>
<div><font face="Geneva" size="-1"><b>End of excerpts, full article
here:</b></font></div>
<div><font face="Geneva"
size="-1"
>http://www.bloombergview.com/articles/2015-10-01/what-does-boe-s-mar<span
></span>k-carney-know-about-climate-change-</font></div>
<div><br></div>
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<div><font face="Bookman Old Style"
color="#000000">=====================================================<br
>
"Š the serious meaning in a concept lies in the difference it will
make to someone if it is true."<br>
<br>
William James (1842 -1910)</font></div>
<div><font face="Bookman Old Style" color="#000000"><i>Pragmatism</i>.
Meridian Books, 1955</font></div>
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color="#000000"><br></font></div>
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>=============================================================<br>
" Š the main dangers to the success of capitalism are the very
people who would consider themselves its most ardent advocates : the
bosses of companies, the owners of companies, and the politicians who
tirelessly insist that they are 'pro-business'."<br>
<br>
"Many of the corporate scandals that America, especially, has
endured in recent years reflect outright criminality. A lawful order
knows what to do with criminals, and pro-business politicians are in
truth militantly anti-capitalist if they flinch from cracking down on
bosses' crimes."<br>
<br>
"Š widespread and quite outrageous abuse, by capitalists, of
capitalism Š The danger exists everywhere in the world, but it
matters most in the United States."<br>
<br>
<i>The Economist</i>, Special 160th Anniversary Issue, A Survey of
Capitalism and Democracy, June 26-July 4, 2003</font></div>
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