Is Climate Finance the Next Bubble?
— Arvind Subramanian on Project Syndicate
This is really very simple: Finance makes money when it blows up bubbles, and when the bubbles burst, it’s their customers, and not them, who pay the price.
This is why I oppose things like cap and trade: High finance spoils everything that it touches.
As I frequently note, “There is nothing that the finance industry cannot ruin.”