The FT has coverage of a leaked copy of this week's Papal Encyclical on climate change. According to that paper (and I make no apology for quoting at length, as they are too):
[The Pope] laments that so far efforts to forge solutions to the “environmental crisis” have been stymied by “the refusal of the powerful, [and] the disinterest of the others”.
“The attitudes that are blocking solutions — even among believers — range from denial to indifference to comfortable resignation or blind faith in technology,” he says.
“Many of those who hold more resources and economic or political power seem to focus mainly on disguising problems and hiding their symptoms, and are merely trying to mitigate the negative impacts of climate change,” Pope Francis writes, adding that “speculation” and the “search for a quick profit” tend to ignore environmental impacts.
“The submission of politics to technology and finance is proven by the failure of global summits on the environment,” he said.
This is a powerful, and I think, correct message.
On the day that the IMF says that policies that help the rich get richer are harming us all the Pope is saying that policies that help the rich get richer in the short term are also harming us all.
I'm sure that's not a conspiracy, but I am equally sure that is not a coincidence.
The message to the planet is clear: it's change the nature of global capitalism and the wealth structures it serves or we will all suffer.
It's easy to say it. Now we need to deliver on it.
Dare I say that Green Infrastructure Quantitative Easing would help deliver on both objectives at this point?