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Jeremy Grantham photo and quote from Investing Prophet Jeremy Grantham Takes Aim at Climate Change at https://www.bloomberg.com/news/articles/2019-01-17/jeremy-grantham-s-1-billion-plan-to-fight-climate-change
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My humble apologies, Ruth, I read the Grantham article and forgot that you introduced it to us. I overdid quotes from the piece, but I am so encouraged by what I read, I just plowed in as though I were the finder of this valuable piece.
Realizing that the quote ought to be googleable from this page, so I'll repeat it here: "Capitalism has a severe problem with the very long term because of the tyranny of the discount rate, anything that happens to a corporation over 25 years out doesn't exist for them. Therefore, grandchildren have no value."
Some "free" marketeers, like the current occupant of the White House, might not even care much about their own family!
Related: The Myth of the ‘Free Market’ and How to Make the Economy Work for Us (Robert Reich at Alternet)
Thanks, Ruth, for the Grantham article. It tells readers he has warned us.
“You must not expect unnecessary good behavior from capitalists,” he says. The answer, he adds, is strong regulations: “I’m sorry, libertarians, it is the only way.”
He has probably paraphrased von Clausowitz with An unregulated free market is war by another means.
More than grandchildren are in danger; so are all those outside a free marketeer’s family.
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