Financing the Climate... ? It is the economy, stupid! | Bruno Colmant | TEDxULB



thank you for welcoming me today it's a great honor to speak to speak with you you know what I do think we need a revolution I'm not talking about violent revolution I'm not talking about a state of mind revolution because we have the road almost everything oceans the earth climate everything wastes are piling up everywhere millions of people could die because of that we know that already some islands today are endangered because of climate changes we know that hundreds of millions of people may have to migrate in the coming decades and will be all of us hurt in a concern but these big changes so definitely we need something we need the world to change today we see every week hundreds of thousands if not millions of students and Families you know on the streets skipping school asking for changes demonstrating hoping to get some contact with political leaders and these people do want a change and today fear gives us all in line we need a change we need a change because we thought that capitalism would solve everything but the thing is that if capitalism allows to borrow the future and if we can borrow everything capitalist does not factor in what we call externalities so change is to come in the future when you discount the future this price of discount is in market prices and the thing is that the earth has no voice as no union we thought that we had two production factors capital and labor actually with three capital labor and the earth so the challenges are huge they are huge because we need at some point in time to give a price to this negative future and factor of this in in the way we behave so what do we need to do many things of course no climate change is one of these challenges we need also at some point in time maybe 10 years 20 years from today but it will happen to this Center nuclear plants we need to help migrations we need to manage the waste we create we need to clip to came back clip sorry what we call the six continents so many many things to do and this will cost hundreds of billions of US dollars and or euros so we need to flip the perspective what has happened recently in France was to focus on punitive taxation so to tax people for the climate change and we saw what happened in France we saw the yellow vests you know demonstrating in the streets so meaning that we have to do something different and this big thing will require huge private and public investments let me tell you of story ten years ago 11 years ago I was the CEO of the stock exchange of Belgium so I was one of the guy could look at the crisis when the market collapsed it was a huge market crash you know market prices went down by what eighteen ninety percent this was amazing and never thought it would happen suddenly governments started to borrow money because they had to fight this crisis and what happened is that the central bank's the creating money after some years decided to print money to finance his crisis and do you know how much money has been created since the start of this crisis a decade ago almost twenty six hundreds of billions of euros that's 1/4 of the global wealth being created every year in the eurozone debt would have been totally unthinkable because using the printing machine to fight a crisis you know was something that nobody had done before the war it has been done so how did it work how did we create money to fight this crisis central banks but this happened you know in eurozone and in some other countries they bought public debts and in exchange they created money they increased the money supply so they created you know newly freshly printed money to finance the economy the thing is that we could use this technique to fight global change to you know challenge to address all the big challenges we are facing the future because instead of asking central banks to buy public debt and to create money we could ask governments to identify with the private sector what would be what would be the right investments to be made on the national basis on the international basis at the continent level basis and the idea would be to create a kind of a bank for climate change a bank that would be able to issue you know debt to finance these new productive investments this debt could be transformed like we did ten years ago into newly printed money in order to finance these huge investments so the proposal today is quite easy to route because we did that in the past that would be again too with money but instead of printing money just to refinance government's the idea would be to bring money for specific climate change investments this can be easily done of course some people would say you know if we start to create money for climate change that would increase interest rates interest rates are today at the lowest point since five centuries ago it could create inflation because people are afraid that money printing could simulate real inflation and prices would go up everywhere no inflation is so low that it's not in excess of one percent that would create investments productive investments because many people say no if we invest into climate change no this will destroy wealth this will even decrease the GDP the world recreated real that's the opposite if we make investments we can stimulate demand create jobs and some people in this country make the assumption rightfully so that up to sixty thousand jobs could be created if money would be rightfully invested in to climate change that would be also an opportunity for cross-border investments because we do know that these issues cannot be handled at original level they cannot be handled at national level they need to be considered at EU level European level eurozone level name it and debt and that that's why the solution to twin body-fat that would be the right one of course the question would be why don't we do that it seems so easy to do because because we are in the world of treaties eurozone treaties forcing government today to decrease their debt level so of course if the solution would be to increase debt to finance no climate change and these new transitions that would be contradictions with the EU and eurozone treaties so a change of the treaties will be needed but the reason we need to change the treaties is that since the interest rate is so low at the lowest point since five centuries ago the growth that will be created thanks to these new product of investments will always be higher than the interest rates if we would do that today we would borrow at no 30% of a percent every year while having one of two percent of growth so even if we would do this practice changeover that would stimulate the growth of economies but we need at some point in time to reconsider the treaties and let me share with you one last point everything seems so complex but after the war in this country in many countries there were people able to rebuild an economy in less than 20 years everything was destroyed and starting in 1955 we had almost 30 years of growth thanks to the vision of some politicians who put their own faith at stake in order to make this transition and that's why today we need to think outside at out of the box we need to consider money printing we need to consider European banks for climate change and more important we need to spread the news thank you much [Applause]




Comments
  1. Climate change is the most perfectly designed political scheme in the history of civilization with a specific objective to tax and control the activities of virtually every human on the planet.

  2. I feel it’s important to now recognize that it is no longer in the hands of “regular” people but in the hands of corporations. We can choose what to consume but they make the only options we have.

  3. I use to care about the environment. I recently became a truck driver and threw it all out the window. Every single one of these trucks is on and idling all day. Millions of bugs crash on the windshield. But hey, we need our stuff.

  4. Wow… just… wow. Tie finances to the unpredictable nature of climate change? Punitive taxes for people declared anti-climate when we're not even sure how much impact were having on climate change? Bigger government, bigger central bank… yeah… what could go wrong?

  5. Climate caused immigration (tens of millions of ppl) : Step 1 … Prevent people from being born! How? Education and healthcare! The only solution that works.

  6. Taxes for revenue in the USA, at the federal level, are obsolete. Taxes are what gives our sovereign FIAT dollars value. You can not pay your taxes in the US with anything other than US dollars.

    Why?

  7. Why does it cost "U.S. dollars" We have the strictest carbon emmisson laws on the planet. Really why do we need to tax any country to death to come up with a viable solution? Also i think the fed has enough power and lets not forget that the ocean is still in the same spot as it was before Al Gore and all these fear mongorers started this global warming. After all the lies its hard to "cash sell" anything. Man this guy is annoying.

  8. I think this guy thinks you can borrow your way out of debt. Or borrow to stimulate yourself out of global warming problem. Crazy

  9. Sorry but i didn't understand 75 percent content of the video..may be it was because of my poor english skill or lack of economic knowledge..but A request to TEDx please make video in the principle of simple english English and simple explanation

  10. capitalism is biblical and does work just implement the clearing of debt on the jubilee year.job done

  11. This talk is aimed at the gullible and the young which is most of the students protesting who as usual are sadly the sacrificial pawns of political machinations to introduce wars or taxes. Don't get sucked in to the propaganda

  12. I am a climate science educator. Yes we do need to take immediate action to reduce fossil fuel emissions. But his solution to expand the debt only benefits the wealthy. This is the same scheme we have seen for thirty years– by which physical assets and Earth's resources are transferred into the hands of the wealthiest one-half of 1%.

  13. Climate change isn't to save the planet!
    It's about saving humankind! The planet will be here long after humans are gone!
    So this is why the corporate rightwing in the US keep trying to divert the conversation on this issue!
    Single-use items should be outlawed and quick degradable packaging must be the standard !

  14. When we stop thinking of how to pay fpr these things and just DO IT to survive as humans, it would get done. But I guess the Bilderburgs and the Rockefellers think they are going to survive on Mars, so screw humankind on the earth….

  15. clearly all the green house gasses are coming from smelly pictures that have been posted to Instagram. lets just publicly hang Mark Zuckerburg. Problem Solved. 🙂

  16. Elite parasites are causing climate change. They have destroyed our ozone layer, irradiating us every time we walk out the door, and they know they can easily replace the ozone after many humans are dead…"depopulated". The same ~10,000 people (?) / demoniacs (?) are poisoning us from every direction, irradiating us with directed energy weapons, which turn the cancers on, and Big Med gets a minimum of $300,000 for every diagnosis. Who pays these bills? The middle classes of America, UK, Australia, Canada, New Zealand, all of Europe. They are destroying the middle classes and everyone on social services of any kind because they have always "killed the creditor", and they have always been able to crush serf uprisings. Our middle classes are giving them a run for their…our…money.

  17. Wow, let's tax people penny by penny. In other words lets us pull the value from every dollar you have ever put away.
    Mean while, it cost you $2,500 a month for your daycare you wonder where your money is going.
    PLANT A F%#^ing TREE! and move on……

  18. (This is not with reference to this particular episode)…. Sorry to be off subject but Is it possible to educate your sound engineers to EQ the Mic's so viewers don't have to listen to the most annoying, cringe-worthy amplified sound of one's saliva……

  19. Great !! Let's add to the list.. Print enough money 💵 to re-establish the banks that we built and return the money stolen from us in Detroit Banks. Don't turn a blind eye to that.. Pay up since you've been printing for years now.

  20. currency like us dollar, european euro and british pound are one of the more stable currencies because of its perceived stability. Doesnt matter how many bills there are if most of it isnt accounted for digitally. Only if all money is digital then you can easily crash the economy because people will be aware of how much wealth any one has and how unfair that is. At some point extremely rich people dont lose money. They live off interest and people working under them. One boss reaping the benefits of a thousand people so he can splurge millions freely instead of that money being distributed to the actual worker and improving their lives. Itll go for as long as people can handle it lol.

  21. The sun is driving the climate not co2 but then governments can't the populous to pay climate taxes to "fix the sun". Just look at the ice core samples that tell us how the climate has behaved over thousands of years, it is more in tune with solor activity then co2. So how about we don't waste billions trying to fix the climate, I'm not being funny but they can't even predict the weather accurately for the following week but the weather can be changed, come on. Also if the climate was a problem and it's the 1st world's consumption that is driving it why oh why are our governments allowing mass migration to go unchecked?

  22. Climate change has been happening forever. Look into the Greenland ice core samples and global temperatures over the last 12,000 years. Then point to or post evidence that shows where exactly Humanity has made an impact on global temperatures. In 12,000 years it’s been both warmer and colder. These climate change promoters are nothing but carnival barkers for those that want a Central World government in control of everything.

  23. It's easy .. just print money until it's easier to exchange 1L of gas for 1 kg of meat than to carry 1 million dollars in the wallet to buy it … just like in the hyperinflationary socialist countries… Have you noticed that these opportunist Keyneysians only appear in times of crisis with a miraculous solution that does not hold in the long run?

  24. I post covers,, i recently posted one,,, pls give it a look,, leave your suggestions and if possible,,, also subscribe

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