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IPFS News Link • Central Banks/Banking

Financial Crisis: BIS Warns On 'Green Swan' Climate Event

•, Patrick Wood

Nassim Nicholas Taleb popularized the concept of a Black Swan event in his 2007 book, The Black Swan: The Impact of the Highly Improbable. Taleb laid out three requirements: the event must be unknown and unpredictable, it must cause a massive impact and people then try to rationalize that it really was predictable after all.

Now that the BIS has guzzled the green global warming Kool-Aid, it suggests that a 'Green Swan' event is unpredictable as to when it will occur, but is absolutely certain that it will occur.

Bloomberg reports,

Many central banks already contribute to the effort by monitoring climate-related risks through stress tests, incorporating environmental, social and governance criteria in pension funds, or working with banks on disclosing carbon-intensive exposure to assess potential financial-stability risks. [Bank of France Governor] Villeroy says that's simply not enough however.