FT Alphaville has published an exchange between UBS economists on the need for a central infrastructure bank at this time of economic crisis. Extraordinarily the exchange concludes with this comment:
My basic position is that fostering the kind of structural economic transformation and innovation that has been laid bare as essential by the financial crisis is a — maybe the — central public purpose. The private sector cannot make the running here — certainly not yet. We have no choice. A national infrastructure bank that facilitates and channels the excess money in our economies towards, say, new and alternative energy technologies, and the type of infrastructure that might revolutionise manufacturing processes is a worthy pursuit.
What is quite extraordinary about this is that this is, in effect, an endorsement of the whole Green New Deal position.
I'm delighted to welcome them on board. So long as UBS can take part openly, honestly, accountability, transparently, and with full information exchange taking place, they can join the green new deal any time they like.