Some politicians think they’ve found a silver bullet for the impasse over the debt limit, except the bullet is made of platinum: Mint a $1 trillion coin, token of all tokens, and use it to flood the treasury with cash and drive Republicans crazy.
Even its serious proponents — who are not that many — call it a gimmick. They say it is an oddball way out of an oddball accounting problem that will have severe consequences to average people’s pocketbooks and the economy if it is not worked out in coming days.
Source: Token of all tokens: Could a $1T coin fix the debt limit?
The student loan crisis has been in the news for some time now. A recent Wall Street Journal article describes the financial disaster befalling graduate students strapped with debt that they will never be able to repay and the taxpayers who will end up paying for those unpaid loans. However, this is just one example of the many life-altering financial decisions young (and old) people make and the implications of those decisions that extend beyond the decision-makers. That many people make financial decisions with little understanding of their implications is why finance should be mandatory for every high school student.
Now, as a finance professor, I realize that statement sounds terribly self-serving, but it shouldn’t be controversial, and I speak from experience. I took out student loans to support my graduate education with no clue of the future financial burden. I got lucky. My loans were modest in size, and I got a job that allowed me to pay down my loans quickly. What I should have done before taking out the loans was spend an hour or two figuring out my future loan payments and whether I would be able to afford them with my job prospects after graduation.
Source: Why Finance Should Be Mandatory for High School Students (and Their Parents) – Knowledge@Wharton
Wharton Business Daily (WBD): How surprising was it to hear about the People’s Bank of China banning cryptocurrency transactions?
Kevin Werbach: It was not surprising at all. China has been strictly regulating and limiting cryptocurrency activity for a number of years. In 2017, it banned exchanges operating in China. It also banned initial coin offerings where companies were offering tokens and raising large sums of money all around the world. And various regulatory agencies in China have made a series of statements over the years that they are very concerned about cryptocurrencies and digital assets leading to scams and financial manipulation.
Source: Will China’s Ban Hurt Cryptocurrencies? – Knowledge@Wharton
Business groups and corporate interests are quietly weighing whether they should invest their lobbying capital to urge Senate Republicans to end the standoff with Democrats and pass an increase or suspension of the debt limit.
The discussions come as the U.S. Chamber of Commerce — an obvious group to take the lead on such an effort — finds itself on the outs with key congressional Republicans.
Source: Jitters rising, K Street eyes new involvement in debt limit impasse – Roll Call
In 1997, after his longtime Western backers, Belgium and the United States, had abandoned him, Mobutu Sese Seko, the ruler of the country then known as Zaire, turned to mercenaries from Serbia and Ukraine in a desperate bid to beat back an accelerating insurgency.
In the middle of that war, I flew to Kisangani—the famous, centrally located river-port city that is a gateway to the vast country’s west—to watch the mercenaries drill Zairian troops and take up positions to repel an impending attack on the town. The mercenaries looked fearsome and seemed to have everything they needed to defend the city, from mortars and artillery to attack helicopters. The Zairian general in charge of the operation sounded sure of prevailing. “This is where their offensive ends,” he said of the Rwandan-backed rebels.
Source: In Africa, Mercenaries Are Part of the Problem, Not the Solution
Sustainable investment funds need to be scaled up to support a successful transition to a green economy
The transition to net-zero greenhouse gas emissions requires unprecedented change by companies and governments, as well as additional investment of as much as $20 trillion over the next two decades. Strong fiscal policies, complemented by a broad range of regulatory and financial policies, will be necessary to facilitate the green transition.
Source: How Investment Funds Can Drive the Green Transition – IMF Blog
We believe the future of energy is lower carbon. Our goal is to deliver affordable, reliable, ever-cleaner energy that enables human progress and delivers superior stockholder value in any business environment. Our energy transition strategy is to lower the carbon intensity of our operations and to grow lower carbon businesses. We will accomplish our energy transition goals with our strong governance, risk management, business strategy and climate policy principles.
Source: Energy transition — Chevron.com
Google unveiled a suite of sustainability features focused on giving consumers more information so they can choose to cut their greenhouse gas emissions.
Driving the news: The product rollout this morning will immediately be noticeable if you use Google Maps, utilize the company’s flight search tools, search for companies to invest in or simply query the search engine about the causes of global warming.
Details: Google aims to enable a “billion sustainable actions” by 2022, said Kate Brandt, Google’s chief sustainability officer. Several of the steps go into effect across the U.S. today.
Source: Your Google Map just got greener as company implements new features – Axios
Evidence emerged Tuesday that a ship’s anchor snagged and dragged an underwater pipeline that ruptured and spilled tens of thousands of gallons of crude oil off Southern California, an accident the Coast Guard acknowledged it did not investigate for nearly 10 hours after the first call came in about a possible leak.
The pipe was split open and a nearly mile-long section apparently pulled along the ocean floor, possibly by “an anchor that hooked the pipeline, causing a partial tear,” federal transportation investigators said.
Source: Evidence suggests ship anchor snagged, dragged oil pipeline