The Monday Morning Teaser

I think you’ll be pleased to learn that this week’s Sift is not entirely about impeachment. I’ll pay attention to the Senate trial, of course, because how can you not? But the featured article is about a much longer-term situation: I’ll explain some of what’s in a fascinating report from the Bank of International Settlements, The Green Swan: Central banking and financial stability in the age of climate change.

OK, maybe that didn’t sound as fascinating to you as it did to me, but give me another sentence or two. The report represents an important shift: the world’s central bankers are starting to get religion about climate change. They could become allies instead of enemies, at least on some issues. The report contains this line, which is (on the one hand) obvious to environmentalists, but (on the other) revolutionary in central-banking circles: “The stability of the Earth system is a prerequisite for financial and price stability.”

I’m running a little late this morning, so that article probably won’t be out until 11 or so EST. The weekly summary has a lot to cover and will run long: the impeachment trial, the drip-drip of new evidence against Trump, the Chinese coronavirus, Mike Pompeo’s outrageous attack on an NPR reporter, the sports-medicine significance of Zion Williamson’s knee, and a number of other things. I’ll predict that to appear around 1.

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