Arizona now uses 3% less water than it did in 1957, despite having a population that’s mushroomed more than 555% since then. In some crucial ways, Arizona will actually be better able to adapt to climate change than many coastal areas of the country. For instance, the cost of building sea walls for U.S. coastal regions will be at least $400 billion, according to the Center for Climate Integrity, while squeezing water out of a desert landscape is relatively cheap in comparison. The only necessary ingredient is political willpower.
- Date Posted:
- January 3, 2024
The $47.5tn total debt pile has grown further in 2023, which might mean that China has now finally overtaken the US in debt-to-GDP terms. The surge in Chinese debt is not itself the problem but rather a symptom of the problem. The real problem is the cumulative but unrecognised losses associated with the misallocation of investment over the past decade into excess property, infrastructure, and, increasingly, manufacturing. Resolving China’s debt problem is not just about resolving the liability side of the balance sheet. What matters more to the overall economy is that asset-side losses are distributed quickly and in ways that minimise financial distress costs. That is why restructuring liabilities must be about more than protecting the financial system. It must be designed to minimise additional losses.