A provocative way to finance the fight against climate change | Michael Metcalfe



Will we do whatever it takes to fight climate change? Back in 2008, following the global financial crisis, governments across the world adopted a “whatever it takes” commitment to monetary recovery, issuing $250 billion worth of international currency to stem the collapse of the economy. In this delightfully wonky talk, financial expert Michael Metcalfe suggests we can use that very same unconventional monetary tool to fund a global commitment to a green future.

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38 thoughts on “A provocative way to finance the fight against climate change | Michael Metcalfe

  1. Stop letting people from low impact countries enter high impact countries. Next, accept the declining birth rates in high impact countries. Nobody left of center likes having both of those items.

  2. The ponzi scheme of printing imaginary money puts even more money into the pockets of the one percenters. They create money with a click of a keyboard, then lend it out at huge profit.

  3. The earth stopped getting hotter more than 10 years ago. Also, remember the hole in the Ozone layer? It's fixed. Look it up. Global warming isn't really a thing at the moment. It's like the diamond thing, ya know how they're not actually rare?

  4. One point that I would like to address, is that this speaker talks about 'mere' hundreds of billions of dollars . . . that is less than one tenth , 1/10th of what bankers / governments ''funnel'' into their pockets yearly ! I don't believe any of this nonsense he is spewing !

  5. So many intelligent comments. TG. Glad most people don't believe. I was thinking just stop spending billions at NOAA and end of problem. Probably end in Nov anyway

  6. A guy more ignorant of how the IMF operates couldn't possibly be giving a talk about it anywhere, let alone TED. Countries do not pay for their external trade in SDRs nor can countries use their SDR reserves at the IMF to pay each other. SDRs can be used only while transacting with the IMF and no country can accumulate SDRs above its quota. The SDR quotas are useful only for determining voting percentage and the loan a country is eligible to from the IMF (not an overdraft, an explicit loan with conditions and a strict repayment schedule) and the loans have to be withdrawn by the member country in one or more of the currencies that form the SDR basket (currently USD, EUR, GBP and JPY and CNY from 1st October 2016). The IMF gets hold of the national/regional currencies that form the basket by swapping the SDRs for those currencies (the Central Banks of the currencies that form the SDR basket hold the SDRs as assets on their balance sheet and create the new currency needed for the swap). So there are no "hundreds of billions" US$ worth SDRs "sitting unused" that can raised by issuing bonds to finance anything. The IMF quotas were increased in 2009 only to allow the member states to borrow more from the IMF. It has no other significance.

  7. So when u work in banking system you are a parasite. You just work for your self and in that process you are killing your on children and mine.

  8. Give the money directly to the people. Charge high fees to industries that emit pollution or extract carbon (or other limited natural resources).

    How to Fix Civilization:
    http://gaiabrain.blogspot.com

  9. Goodness, I can't believe how he is just completely missing the point of Climate Change Policy.
    Printing money does not magically eradicate the world's unwillingness to act upon climate change.
    All the issues would persist, like countries not prioritizing climate change, but rather invest in health and welfare etc. A sudden surplus of money won't make them shift in priorities.
    What Mr Metcalfe seems to completely ignore is the fact that not everyone is necessarily willing to invest into climate change mitigation or adaptation, and this imbalance of prioritization is the root of the problem.
    This is the typical analogy of giving a poor man a fish to eat versus teaching him how to do the fishing by himself.

  10. Funny how a man who works for a bank is pitching the "climate change" bit. The answers to all our problems is to give them our money. lol

  11. The guy comes off as interesting, but his idea could potentially ruin the global economy. Printing money is NOT the solution to climate change.

  12. Sorry to be so blunt, but this man should be shot. His policies, if enacted, would lead to EXACTLY what happened to the Weimar Republic and Zimbabwe and his hand waving of that concern is not just irresponsible, it's deadly. People DIE in economic collapses due to currency creation. This man's plans would KILL PEOPLE.

  13. Haven't watched it yet.
    But there are ethical super funds (retirement funds) being created. If there's enough demand by shareholders to be more social… if there's enough money in catering to the socially conscious as opposed to destroying the environment, this world could pan out fine

  14. This is perhaps the stupidist way to finance anything I have ever heard. Let's just create money out of nothing for however long we want until some arbitrary problem is "solved". Nothing bad could happen…

    With the banking crisis, a large pot of money DISappeared, crippling the the finance system's ability to function. Money had to be returned to the system simply to get the system moving again. There was no other option. Climate Change has other options. We're just unhappy with the results.

    The US went on to print a lot more money than it needed to support massive and needless overspending, which was only reduced when control of first the House and then the Senate changed from liberal to conservative.

    We have yet to see the long-term effects of quantitative easing. The economies of the world have yet to fully recover from the banking crisis, which is why there's a crimp in the whole lofty "$100 billion a year" goal to begin with.

    This kind of monetary gimmickry rarely turns out well and even more rarely avoids serious unintended consequences. Just ask Greece.

    Play with fire, you will get burned.

  15. I really like the idea of "Green Bonds". Printing money is extremely dangerous, whereas you can always find an investor wanting to invest his money on a nice safe bond.

  16. This argument doesn't make sense to me. Not with this guy, and not with Naomi Klein or any of the others I have heard using it.

    The whole point of the financial system is to lend out money. If it is dysfunctional, pumping in money might help since money is at the core of what banks are doing.

    This is not true for any part of the real economy, whether its education, health care, or building green energy infrastructure. For any of these, the essence is not money itself, but whatever product or service is being delivered. This makes the situation completely different, and any historic example where governments print large amounts of money to solve such real-economy issues ends in disaster.

    Saying "the recession was a problem, there we printed money; climate change is a problem, so let's also print money" seems very naive to me.

    If I am missing anything here, please let me know.

  17. Huh? Did I miss something? We need to use fabricated money to throw at a problem but never mention what steps are needed to solve the problem? How can he end with, "Thank you," and how can the audience applaud? All we need now is for the emperor to come out wearing his new clothes.

  18. I paused the video before it started.
    I'm just here to say TED needs to stop with the clickbait titles and sensationalist presentation that made traditional news media a joke.

  19. inc climate deniers without proof, arguments, nor reason that hasn't been disproven 10 times over by people who actually study and investigate the natural world.

  20. The industry this guy belongs, financial, contributes nothing to any real human problems, and our problems are only technical in nature. The problem of environmental degradation is rooted in our global socioeconomic system that inherently incentives people to gain and maintain a differential advantage over others and without consideration for environmental impacts, no love here.

    Of course the debate on degradation of the planet's life support systems is demarcated and changing the socioeconomic system is never considered…

    Please people view the documentaries "Paradise or Oblivion", "Future By Design", "The Choice Is Ours 2016" for what is becoming the best feasible socioeconomic alternative unlike any 'ism's' that have been attempted in the past.

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