| John Fullerton, the founder and president of the Capital Institute, sees the global economy heading for a crash that would dwarf the subprime crisis and the Great Depression. He also envisions a future where the economy is based not on consumption and competition for resources but on personal well-being. An essential finding that drives his work is what he calls the "stranded asset problem." Fullerton explains the extraordinary challenge of the $20 trillion carbon bubble. Randy Wray has described the current state of the commodities market as the biggest speculative bubble of all time, but the carbon bubble is even greater. In order to avoid catastrophic global warming, the Carbon Tracker Initiative found, we need to keep 80 percent of known carbon reserves buried in the ground.By Fullerton's estimates, this unburnable carbon is valued at $20 trillion... |
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At thinkprogress.org
At thinkprogress.org
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