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house The global economy is facing a ‘triple crunch’. It is a combination of a credit-fuelled financial crisis, accelerating climate change and the looming peak in oil production. These three overlapping events threaten to develop into a perfect storm, the like of which has not been seen since the Great Depression. To help prevent this from happening, and to lay the foundations of the economic systems of the future, we need a Green New Deal.

There is still time. Act now and a positive course of action based on the framwork set out in A Green New Deal can pull the world back from economic and environmental meltdown.

It’s time for Labour to adopt the Green New Deal

This article is co-authored by Richard Murphy and has been re-posted from the Tax Research blog. It was posted there on 12 June 2017:

In July 2008 I was one of the authors of what a group of us called the Green New Deal. It was a plan to revitalise and transform the UK economy in the [...]

An Open Letter to Jeremy Corbyn: Labour needs to act fast

This article is co-authored by Ann Pettifor and Jeremy Smith and has been re-posted from the Prime Economics blog. It was posted there on 10 June 2017:

After an exhausting and successful national campaign, it is hard for campaign strategists to think of next steps. But we are at a critical historical juncture, and a range [...]

Europe needs a Green New Deal

The FT reports this morning that:

The European Central Bank has passed the €1tn mark for its controversial purchases of government bonds, putting pressure on policymakers to address the scarcity of available assets when they meet in Frankfurt this week.
Three thoughts. First, there is no inflation, and that was the desire.
Second, there is no real growth, and [...]

It’s time for a Green New Deal

Larry Elliott wrote this in the Guardian newspaper yesterday:
Hammond has apparently given some licence by the prime minister to be radical with fiscal policy and should use it. Investment by the private sector has been weak since the Great Recession and is likely to be even weaker in the aftermath of Brexit. The government, therefore, needs [...]

The need for climate bonds

This letter appeared in the Guardian today:
The risible inadequacy of the government’s £40m “extra” spending on flood defences (Cameron’s £40m flood money criticised as ‘sticking plaster’, 4 January) means that it’s time to seriously address how to find the countless billions needed to effectively mitigate this inevitable consequence of climate change. One answer is to [...]

QE can help developing countries to tackle their climate change challenges

This letter was published in the Financial Times today:

Sir, It is understandable that Narendra Modi, the prime minister of India, should point out that just because low carbon technology exists to tackle climate change it doesn’t mean it is affordable and accessible (“Do not let the lifestyles of the rich world deny the dreams of [...]

We bailed out the banks: now let’s bail out the planet

This letter appeared in the Guardian today:
Your editorial rightly highlights the serious problem of finding adequate funding to allow developing countries to tackle and cope with climate change (Last chance salon in Paris: there is no planet B, 30 November). It has been estimated that this could cost about $3,500bn, a truly staggering sum at this [...]

Climate QE for Paree

Over the summer of this year the idea of Green Infrastructure Quantitative Easing morphed into People’s Quantitative Easing and was adopted by Jeremy Corbyn in his Labour leadership bid. Much ink was spilt as a result, and the idea found some significant support, as well as some dogmatic opposition. However, the simple fact is that when [...]

It’s fine to print money so long as it’s not for people

This letter was published in the Guardian this morning:
Memo to Lord Adonis in his new role as adviser on infrastructure projects: read Zoe Williams’ article on the use of quantitative easing for green and social investment (It’s fine to print money, so long as it’s not for the people, 5 October). As the dark, deflationary [...]

QE for Europe

The Guardian published this letter today:
Larry Elliott is right to say that rather than crushing Greece’s economy and democracy, there should instead be a massive debt write-off and a return to sustainable economic activity in that cruelly ruined country (Condemned to debtors’ prison, barely a chink of light filtering through its bars, 14 July).

This could [...]