How will Joe Biden marshal the private savings of US citizens to address the climate crisis? The UN thinks half of the $75 trillion required to save the world from climate change must come from private investors. The South China Morning Post thinks China’s authoritarian control of private savings will give China an advantage of the West when it comes to green investments, though they believe Biden could catch up with China by appointing a financial system tsar.
China has taken government control of the economy to a bit of an extreme recently. Although the South China Morning Post is not government owned to my knowledge, SCMP’s parent company Alibaba Group has run into a few regulatory difficulties lately, and has accepted a very recent requirement for placement of government employees into management oversight positions in major private tech companies. So I think it is fair to say the Chinese government likely has a lot more influence over the South China Morning Post than they used to. Read more…..
Chart of the Day
Author and financial blogger JL Collins brings his refreshingly unique and approachable take on investing to Google.