A massive banking collapse is coming — and the cause isn’t speculation this time. It’s climate change.
Uninsurable homes mean worthless mortgages, and worthless mortgages mean broken banks. Unless governments act now with public banking and sustainable cost accounting, society itself is at risk.
00:00 Introduction – Climate change and the coming banking collapse
01:02 Why banks hate risk and rely on property as security
03:10 The critical role of insurance in banking
05:05 Climate change making properties uninsurable worldwide
07:18 Examples: Los Angeles, Sydney, Southern Europe, London, UK wildfires
09:15 Systemic banking risk and parallels with 2008
10:40 The cascading effects of bank collapse on society
11:42 What must be done – sustainable cost accounting and public banking
12:20 Conclusion – building resilient financial systems
Credit to : Richard J Murphy