The World Economic Forum is fearful of an imminent risk of major systemic economic failure.
"...high in the rankings of nail-biting concerns were also risks related to
climate change, both rising greenhouse gas emissions and the failure of
governments and businesses to mitigate or adapt to these changes.
"At the report’s launch, John Drzik, the CEO of the risk and insurance
services group Oliver Wyman, said, 'We see two big risks coming
together, one is an environmental storm and the other is an economic
storm, and we see them on a collision course.'
"He pointed out that governments like the US have been acting as insurers
of last resort, bearing an increasing burden of providing relief in the
aftermath of natural disasters.
"'It’s creating rising expectations in the public for government to step
in and provide relief after disasters,' he said, 'but this is where it
hits the economic storm because the government now has less ability to
He is, of course, absolutely right; the United States government has become the insurer of last resort for many Americans who can no longer get private flood or hurricane insurance. Many of these same Americans will furiously denounce socialism but then leap at the chance for what is a purely socialist benefit package. The United States has arrived at a stage of incipient chaos. At least as a nation they're far from alone.
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