After a decade-long, worldwide corporate debt binge, the bill has come due: huge swaths of the corporate world are now at risk of default, with only governments able to save them. This time, any bailouts must place corporate investment under public control.
Dante Dallavalle is an adjunct professor of economics at John Jay College, City University of New York.
For more than a decade, the US government has been taking over ever larger portions of the financial system to prop up shaky markets. It hasn’t worked. We need a real socialization of finance — for the majority, not the banks.
While most of the world bakes, burns, and floods, the US East Coast, the cockpit of American capitalism, has largely avoided extreme weather events, lulling many into a false sense of security. Confronting the climate crisis requires thinking beyond our everyday experiences.