A thread for Democrats Only
POSTED BY: THGRRI
UPDATED: Sunday, September 6, 2026 15:36
VIEWED: 755368
PAGE 654 of 725
Nobody Cares About Biden’s Energy Policy. Great!
The president’s plan shows that a carrots-not-sticks climate strategy is a winner.
Nov. 15, 2022, 3:03 p.m. ET
By Paul Krugman
Democrats had far better midterms this year than they did in 2010. Still, with Republicans on the cusp of winning narrow control of the House, there’s unlikely to be major legislation passed over the next two years. So as was the case for President Barack Obama, President Biden’s legislative high-water mark will probably be a bill he got passed in his first two years. In that sense, the Inflation Reduction Act — which, despite its name, is mainly a climate and health care bill — is this administration’s equivalent of Obamacare.
Unlike Obamacare, however, the I.R.A. was barely mentioned on the campaign trail. In other words, it was a huge political success. And this success vindicated what we might call the new climate policy, which emphasizes carrots rather than sticks.
How so? Well, do you remember when progressives pushed for a Green New Deal? Conservatives bashed their ideas, portraying them as a plot to take away Americans’ pickup trucks and force them to eat soy burgers. Even centrist pundits now tend to talk about the Green New Deal as a leftist fantasy that never had a chance of happening.
But the truth is that Biden has basically passed a Green New Deal. True, he didn’t get the large-scale spending on families, especially children, that was in his original Build Back Better act. But he got most of the climate policy he wanted: Modelers have estimated that the Inflation Reduction Act will achieve about 80 percent of the greenhouse gas reductions that would have been achieved under Build Back Better.
And nobody noticed. Success!
To understand the nature of that success, we need to talk about a long-running debate over how to address climate change.
Pollution in general, including greenhouse gas emissions, is a prime example of what economists call a “negative externality” — a cost that individuals and companies impose on other people without paying the price themselves. When an economic activity like burning coal to produce electricity imposes negative externalities, people tend to do too much of it.
The textbook answer to pollution is for governments to impose a price on polluters, which can be achieved either by imposing a tax on emissions or by establishing a “cap and trade” system in which the private sector can buy or sell a limited number of emissions permits. We actually have a cap and trade system for emissions of sulfur dioxide, which helped contain the threat of acid rain; the House of Representatives passed cap and trade legislation for greenhouse gases back in 2009, only to see the bill die in the Senate. And many economists, including Janet Yellen, the Treasury secretary, have endorsed the idea of a carbon tax as the principal response to climate change.
But the economic case for making a carbon tax the centerpiece of climate policy is dubious, and the politics of tax-centered climate policy are hopeless.
On the economics: The world has changed immensely since the cap and trade bill failed in 2009, mainly thanks to incredible technological progress in renewable energy. Here are changes in the “levelized cost of energy” between 2009 and 2019, from Max Roser of Our World in Data:
The plunging costs of solar and wind power have greatly simplified the problem of getting to a low-emission economy. At this point it no longer appears that drastic reductions in emissions will require major changes in the way we live, which would be hard to achieve without something like a carbon tax. Instead, it’s mainly a matter of electrifying everything we can and generating that electricity from renewables, which means that green energy subsidies, as opposed to taxes, can do the job.
In fact, a carbon tax by itself would be the wrong policy even on purely economic grounds. While pollution is a negative externality, green energy appears to be characterized by positive externalities: an individual’s choice to
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
How one man quietly stitched the American safety net over four decades
Robert Greenstein isn’t a household name. But his career lobbying for the poor has changed the lives of millions of Americans.
https://www.vox.com/the-highlight/23383703/robert-greenstein-center-bu
dget-policy-priorities:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/24165293/u7Pu4_us_safety_net_programs_provide_assistance_to_tens_of_millions_of_people.png)
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/24165296/MtNsW_the_safety_net_raises_incomes_for_poor_americans_much_more_today_than_it_did_40_years_ago.png)
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Quote:
Originally posted by second:
Nobody Cares About Biden’s Energy Policy. Great!
The president’s plan shows that a carrots-not-sticks climate strategy is a winner.
Sticks are coming. Check your mail box.
Quote:
By Paul Krugman
In the history of America, you'd be hard pressed to find somebody who was worse at their job than Paul Krugman.
--------------------------------------------------
Growing up in a Republic was nice... Shame we couldn't keep it.
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Quote:What’s the point of reinventing banks, only worse? by Paul Krugman
Originally posted by 6IXSTRINGJACK:
In the history of America, you'd be hard pressed to find somebody who was worse at their job than Paul Krugman.
The 2008 white paper that started the cryptocurrency movement, published under the pseudonym Satoshi Nakamoto, was titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” That is, the whole idea was that electronic tokens whose validity was established with techniques borrowed from cryptography would make it possible for people to bypass financial institutions. If you wanted to transfer funds to someone else, you could simply send them a number — a key — with no need to trust Citigroup or Santander to record the transaction.
It has never been clear exactly why anyone other than criminals would want to do this. Although crypto advocates often talk about the 2008 financial crisis as a motivation for their work, that crisis never impaired the payments system — the ability of individuals to transfer funds via banks. Still, the idea of a monetary system that wouldn’t require trust in financial institutions was interesting and arguably worth trying.
After 14 years, however, cryptocurrencies have made almost no inroads into the traditional role of money. They’re too awkward to use for ordinary transactions. Their values are too unstable. In fact, relatively few investors can even be bothered to hold their crypto keys themselves — too much risk of losing them by, say, putting them on a hard drive that ends up in a landfill.
Instead, cryptocurrencies are largely purchased through exchanges like Coinbase and, yes, FTX, which take your money and hold crypto tokens in your name.
These exchanges are — wait for it — financial institutions, whose ability to attract investors depends on — wait for it again — those investors’ trust. In other words, the crypto ecosystem has basically evolved into exactly what it was supposed to replace: a system of financial intermediaries whose ability to operate depends on their perceived trustworthiness.
In which case, what is the point? Why should an industry that at best has simply reinvented conventional banking have any fundamental value?
Furthermore, trust in conventional financial institutions rests in part on validation by Uncle Sam: The government supervises banks, regulates the risks they can take and guarantees many deposits, while crypto operates largely without oversight. So investors must rely on the honesty and competence of entrepreneurs; when they offer exceptionally good deals, investors must believe not just in their competence but in their genius.
How has that been working out?
https://www.nytimes.com/2022/11/17/opinion/crypto-banks-regulation-ftx
.html
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Quote:
Originally posted by second:Quote:What’s the point of reinventing banks, only worse? by Paul Krugman
Originally posted by 6IXSTRINGJACK:
In the history of America, you'd be hard pressed to find somebody who was worse at their job than Paul Krugman.
The 2008 white paper that started the cryptocurrency movement, published under the pseudonym Satoshi Nakamoto, was titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” That is, the whole idea was that electronic tokens whose validity was established with techniques borrowed from cryptography would make it possible for people to bypass financial institutions. If you wanted to transfer funds to someone else, you could simply send them a number — a key — with no need to trust Citigroup or Santander to record the transaction.
It has never been clear exactly why anyone other than criminals would want to do this. Although crypto advocates often talk about the 2008 financial crisis as a motivation for their work, that crisis never impaired the payments system — the ability of individuals to transfer funds via banks. Still, the idea of a monetary system that wouldn’t require trust in financial institutions was interesting and arguably worth trying.
After 14 years, however, cryptocurrencies have made almost no inroads into the traditional role of money. They’re too awkward to use for ordinary transactions. Their values are too unstable. In fact, relatively few investors can even be bothered to hold their crypto keys themselves — too much risk of losing them by, say, putting them on a hard drive that ends up in a landfill.
Instead, cryptocurrencies are largely purchased through exchanges like Coinbase and, yes, FTX, which take your money and hold crypto tokens in your name.
These exchanges are — wait for it — financial institutions, whose ability to attract investors depends on — wait for it again — those investors’ trust. In other words, the crypto ecosystem has basically evolved into exactly what it was supposed to replace: a system of financial intermediaries whose ability to operate depends on their perceived trustworthiness.
In which case, what is the point? Why should an industry that at best has simply reinvented conventional banking have any fundamental value?
Furthermore, trust in conventional financial institutions rests in part on validation by Uncle Sam: The government supervises banks, regulates the risks they can take and guarantees many deposits, while crypto operates largely without oversight. So investors must rely on the honesty and competence of entrepreneurs; when they offer exceptionally good deals, investors must believe not just in their competence but in their genius.
How has that been working out?
https://www.nytimes.com/2022/11/17/opinion/crypto-banks-regulation-ftx
.html
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
Even a broken clock is right twice per day.
Hopefully Krugman remembers he wrote this when Biden tries turning USD into Cryptocurrency. I mean, he's already started that process, but I don't see Krugman mentioning that here.
--------------------------------------------------
Growing up in a Republic was nice... Shame we couldn't keep it.
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Quote:Krugman didn't mention "that process" because the dollar is NOT being turned slowly or secretly into cryptocurrency. Do you realize how much electricity crypto wastes a year to accomplish nothing? Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million. Producing that energy emits some 65 megatons of carbon dioxide into the atmosphere annually — comparable to the emissions of Greece.
Originally posted by 6IXSTRINGJACK:
Even a broken clock is right twice per day.
Hopefully Krugman remembers he wrote this when Biden tries turning USD into Cryptocurrency. I mean, he's already started that process, but I don't see Krugman mentioning that here.
https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Quote:
Originally posted by second:Quote:Krugman didn't mention "that process" because the dollar is NOT being turned slowly or secretly into cryptocurrency. Do you realize how much electricity crypto wastes a year to accomplish nothing? Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million. Producing that energy emits some 65 megatons of carbon dioxide into the atmosphere annually — comparable to the emissions of Greece.
Originally posted by 6IXSTRINGJACK:
Even a broken clock is right twice per day.
Hopefully Krugman remembers he wrote this when Biden tries turning USD into Cryptocurrency. I mean, he's already started that process, but I don't see Krugman mentioning that here.
https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
Another good story ruined by a press release.
https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/
09/executive-order-on-ensuring-responsible-development-of-digital-assets/
Archive: https://archive.ph/G7aAo
Forward that on to the Krugman for me, will you?
Maybe you should CC Greta Thunberg on that too... assuming she's still alive.
--------------------------------------------------
Growing up in a Republic was nice... Shame we couldn't keep it.
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Quote:The Federal government wants to start regulating gambling on cryptocurrency as it regulates internet betting. Did the Federal Reserve Bank become the nation's bookie? No. Neither will it be in the cryptocurrency business.
Originally posted by 6IXSTRINGJACK:Quote:
Originally posted by second:Quote:Krugman didn't mention "that process" because the dollar is NOT being turned slowly or secretly into cryptocurrency. Do you realize how much electricity crypto wastes a year to accomplish nothing? Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million. Producing that energy emits some 65 megatons of carbon dioxide into the atmosphere annually — comparable to the emissions of Greece.
Originally posted by 6IXSTRINGJACK:
Even a broken clock is right twice per day.
Hopefully Krugman remembers he wrote this when Biden tries turning USD into Cryptocurrency. I mean, he's already started that process, but I don't see Krugman mentioning that here.
https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
Another good story ruined by a press release.
https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/
09/executive-order-on-ensuring-responsible-development-of-digital-assets/
Archive: https://archive.ph/G7aAo
Forward that on to the Krugman for me, will you?
Maybe you should CC Greta Thunberg on that too... assuming she's still alive.
--------------------------------------------------
Growing up in a Republic was nice... Shame we couldn't keep it.
In the 1990s, when the World Wide Web was growing rapidly in popularity, online gambling appeared to represent an end-run around government control and prohibition. Confronted with this blatant challenge to American policies, the Department of Justice and Congress explored the applicability of current law and the desirability of new regulation for online gambling.
https://www.law.cornell.edu/wex/gambling
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
Quote:
Originally posted by second:Quote:The Federal government wants to start regulating gambling on cryptocurrency as it regulates internet betting. Did the Federal Reserve Bank become the nation's bookie? No. Neither will it be in the cryptocurrency business.
Originally posted by 6IXSTRINGJACK:Quote:
Originally posted by second:Quote:Krugman didn't mention "that process" because the dollar is NOT being turned slowly or secretly into cryptocurrency. Do you realize how much electricity crypto wastes a year to accomplish nothing? Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million. Producing that energy emits some 65 megatons of carbon dioxide into the atmosphere annually — comparable to the emissions of Greece.
Originally posted by 6IXSTRINGJACK:
Even a broken clock is right twice per day.
Hopefully Krugman remembers he wrote this when Biden tries turning USD into Cryptocurrency. I mean, he's already started that process, but I don't see Krugman mentioning that here.
https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
Another good story ruined by a press release.
https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/
09/executive-order-on-ensuring-responsible-development-of-digital-assets/
Archive: https://archive.ph/G7aAo
Forward that on to the Krugman for me, will you?
Maybe you should CC Greta Thunberg on that too... assuming she's still alive.
--------------------------------------------------
Growing up in a Republic was nice... Shame we couldn't keep it.
In the 1990s, when the World Wide Web was growing rapidly in popularity, online gambling appeared to represent an end-run around government control and prohibition. Confronted with this blatant challenge to American policies, the Department of Justice and Congress explored the applicability of current law and the desirability of new regulation for online gambling.
https://www.law.cornell.edu/wex/gambling
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
FAIL
Read it again. You're missing the good part.
Maybe get somebody qualified to read it to you.
--------------------------------------------------
Growing up in a Republic was nice... Shame we couldn't keep it.
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME
There are three parts to crypto currency - coin creation (by "mining"), coin transfer by block chain, and coin valuation/exchange into recognized fiat currency. Its posssible to adopt one aspect - block chain- without adopting everything.
The correct name for what the banks are exploring is called Central Bank Digital Currency (CBDC) and it's a real thing.
New York Fed Partners with US Banks on 3-Month Digital Dollar Project
https://www.financemagnates.com/cryptocurrency/new-york-fed-partners-w
ith-us-banks-on-3-month-digital-dollar-project/
The NY Fed calls this "programmable currency" CBDC. It's not clear to me how this is different from what happens already, since most balances, purchases, and interbank exchanges are digital anyway, except by a different platform (block chain v ACH or SWIFT transfers).
Maybe the differences are
Banks - which charge fees for credit card purchases and money transfers will no longer be able to collect those fees,
Transfers will be potentialky faster, and
Unlike SWIFT and ACH (automated clearing house) which are essentially neutral platforms, the block chain software can be specifically tailored to block or delay certain exchanges... for example, gun sales; transfers to specific (foreign?) banks; purchases of gasoline or food in times of shortage; or block a specific person out altogether.
I noticed that the 800-lb gorilla in the room -JPMC- is not participating.
-----------
Pity would be no more,
If we did not MAKE someone poor - William Blake
NOTIFY: Y | REPLY | REPLY WITH QUOTE | PERMALINK | TOP | HOME