Federal Reserve Governor Thinks Regulators Need to Tell Banks How to Deal with Climate Change

Federal Reserve Governor Lael Brainard believes financial regulators should tell banks how to tackle climate change as a way to monitor threats to the overall financial system, The Wall Street Journal reported.

Brainard outlined in a speech how the central bank should prepare for climate change events like flooding and wildfires, which she thinks could deliver a shock to the markets and economy.

Read More

Commentary: If Larger States Remain Closed, America May Need a Bank Debt Holiday to Avert Another Financial Crisis

Another 5.2 million Americans filed for initial unemployment claims last week, bringing the total number of jobs lost to the Chinese coronavirus and related government closures to anywhere from 21.8 million to 24.8 million jobs lost in about one month, and when added to the 5.8 million who were already jobless, produces an effective unemployment rate of 16.7 to 18.5 percent.

Read More

Eight Industries Venezuela Nationalized (Besides Oil)

Caracas, Venezuela

Venezuela has experienced one of the sharpest economic declines in modern history—rampant inflation, near-famine, and an exodus of millions of asylum seekers. Yet there remains disagreement over what caused it.

Many refuse to blame socialism, instead citing the collapse of oil prices, corruption, its abandonment of democracy, and other factors. If socialism did play a role, it was a small one, says Venezuelan writer Francisco Toro in the Washington Post, citing “a unique mix of circumstances, in which socialism is just one ingredient.”

Read More