I hope that we never return to the days of Americans just borrowing more and more money to buy more and more stuff with more and more credit fueling more and more Chinese factories or more and more coffee shops powered by more and more coal.
that we have been growing in a way that is not healthy for either our markets or our planet, for either our banks or our forests, for either our retailers or our rivers. The Great Recession was the moment when the Market and Mother Nature got together and said to the world’s major economies, starting with the United States and China: “This cannot continue. Enough is enough.”
the destabilization of both the Market and Mother Nature had the same root causes.
The same recklessness undermined all of them. I am talking about a broad breakdown in individual and institutional responsibility by key actors in both the natural world and the financial world—on top of a broad descent into dishonest accounting, which allowed individuals, banks, and investment firms to systematically conceal or underprice risks, privatize gains, and socialize losses without the