From The Economist just now. We live in the midst of such idiocy in almost every direction that it will be a miracle if we get through this without a major collapse, going well beyond a mere depression. You really have much to fear when it’s Daniel Andrews leading the way. Plus this:
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Our cover this week calls for a global effort to tackle climate change. Covid-19 creates a unique chance to steer the economy away from carbon at a much lower financial, social and political cost than before. Rock-bottom energy prices make it easier to cut subsidies for fossil fuels and to introduce a tax on carbon. The revenues from that tax can help repair battered government finances. The businesses at the heart of the fossil-fuel economy—oil and gas firms, steel producers, carmakers—are already going through the agony of shrinking their long-term capacity and employment. Getting economies back on their feet calls for investment in climate-friendly infrastructure that boosts growth and creates new jobs. Low interest rates make the bill smaller than ever. The world should seize the moment. |
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I stopped reading The Economist about 22 years ago. I see them at Sydney Uni trying to sell subscription for 80% off. I tell them when it is the same price as loo paper then I’ll use it. “New jobs”, yes, at the expense of old. Go read Bastiat re what u don’t see. Such a shallow analysis n distorting magazine.
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