mspohr
Well-Known Member
![www.theguardian.com](https://i.guim.co.uk/img/media/cc50d2015f463f05ff125c240191bd77a5753d2f/0_121_4449_2669/master/4449.jpg?width=1200&height=630&quality=85&auto=format&fit=crop&overlay-align=bottom%2Cleft&overlay-width=100p&overlay-base64=L2ltZy9zdGF0aWMvb3ZlcmxheXMvdGctb3BpbmlvbnMucG5n&enable=upscale&s=82dfe051104dec2c162aec0543a06219)
We bailed out the banks but we’re not prepared to bail out the planet
US and UK must use financial firepower of the state to put economies on a saner course
They say he should be declaring a climate emergency, which would allow him to block new fossil fuel projects without congressional approval. As it is, Biden has showed a marked reluctance to take this step. There are clearly limits to what the US government is prepared to do to counter this “existential threat”.
As the rapid responses to the global financial crisis of 2007-09 and the Covid pandemic proved, governments can act speedily, collectively and decisively if the crisis is deemed big enough. When the banks were facing their existential crisis in 2008, money was created to bail them out and prevent a second Great Depression. In 2020, economies were effectively put on a war footing. Should the same approach be adopted in the fight against climate change? Yes. Is there any sign of this happening? Not on the scale required. Effectively, this is like the 1930s, when there was resistance to meeting the threat of fascism. Then, as now, what was needed was rapid rearmament. Then, as now, what we’re getting is a failure to do what needs to be done.