Heresies in a Time of (Western) Climate Conformity

Awise person told me recently that the Capital Letter tended to be on the bleak side, and, oh yes, was rather long. He wasn't wrong, but ...

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BY ANDREW STUTTAFORD Image December 19, 2021
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BY ANDREW STUTTAFORD December 19, 2021
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Heresies in a Time of (Western) Climate Conformity

Awise person told me recently that the Capital Letter tended to be on the bleak side, and, oh yes, was rather long. He wasn't wrong, but does that mean it can be compared to some of the great works of 19th-century Russian literature? No? The absence of axe murders, I suppose. Oh well, I'll leave the clickbait to Dostoevsky.

So, for a change this week I'll highlight two somewhat (these things are relative) cheerier stories. What's more, neither of them involves the Fed — although the central bank did take a step in the right direction on Wednesday. It cannot get out of the QE business too soon.

However, one of the things that the Fed has been getting wrong of late is the way that it is getting itself involved in climate-related regulation, an example of mission creep that is an abuse of the considerable independence that it has been given. That it is giving itself permission to do so on the basis of the supposed risk posed by a changing climate to the financial system does nothing for the central bank's good name. As economist John Cochrane has argued for Capital Matters (and elsewhere) this notion of financial risk (which should not ...   READ MORE

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