Saturday, March 02, 2019

The market speaks. But the deniers can't hear!

One can be in denial forever.  But, eventually, one has to face the truth, and accept it.  Such a day of reckoning for the deniers of climate change, aka tRump's toadies, might arrive sooner than they think.

This reckoning will not happen because they will voluntarily admit to the reality.  Nor will the message be delivered to them by their churches.

Instead, their almighty dollar will beat the crap out of them.
If the coming climate-related business crises will have one positive side effect, it’s that acute financial losses are likely to force policy changes in a way that environmental damage on its own has not. As one commenter on a recent Wall Street Journal article about PG & E. put it: “When capitalists decide the scientists are right, then the free market will adjust accordingly.”
They can complain all they want about science and government and Europeans, but the market will make them see Jesus!

California's PG&E is already suffering from the consequences and "would be filing for bankruptcy protection as a result of costs related to recent wildfires in the state."  It is the mere beginning.  The reality of climate change is also reflected in the real estate industry:
“The market is already reacting,” First Street Executive Director Matthew Eby said. “There’s no longer a conversation of what sea-level rise will do in 2050 or 2100.”
How is it reacting?
Sea-level rise has cost homeowners on the East and Gulf coasts nearly $16 billion in property value as floods and the threat of flooding drive some buyers away, according to a study released this week.
Analysts at the nonprofit First Street Foundation in Brooklyn studied millions of residential home sales in 17 states from Maine to Alabama and found that coastal property values were rising at a slower rate in flood-prone areas than in areas that did not flood.
What is holding the market back from a full-fledged reaction to climate change and, therefore, from delivering a blow to denialism? A "focus by policymakers in Washington on making changes that could actually turn things around."
“People in this field say, ‘We know what the problem is, and we know how to solve the problem,’ ” Usher said. Our politicians, however, “don’t have the willingness to do something. That’s where we are.”
There are a few politicians willing to do something; cue the Green New Deal!

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