theothermy

Ellen Brown, November 5th, 2007

Excerpt:
"During the recent bank credit crisis in August 2007, the central banks of the United States, Europe, Canada, Australia and Japan collectively extended a $315 billion credit line to commercial banks. This credit was created out of nothing – something central banks assume the right to do as "lenders of last resort" – and the sums advanced were huge.6 For comparative purposes, a mere $188 billion would have been enough to repair all of the 74,000 U.S. bridges known to be defective, preventing another disaster like that in Minnesota in July 2007. The Carbon Trust, a well-known UK company dedicated to cutting carbon emissions, is responsible for reducing emissions by nearly 2 million tons per year on a 2007 budget of only £115.9 million (about $240 million U.S.). If central banks can create hundreds of billions of dollars to save floundering private banks, governments can create comparable credits to adapt to climate change, an even more pressing problem."

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