By Fareed Zakaria
“The nature of a crisis is its unpredictability. And as we all witnessed during the financial crisis, a chain reaction of cascading failures ensued from one intertwined part of the system to the next,” writes Henry Paulson for the New York Times. “It’s easy to see a single part in motion. It’s not so easy to calculate the resulting domino effect. That sort of contagion nearly took down the global financial system.”
“With that experience indelibly affecting my perspective, viewing climate change in terms of risk assessment and risk management makes clear to me that taking a cautiously conservative stance – that is, waiting for more information before acting – is actually taking a very radical risk. We’ll never know enough to resolve all of the uncertainties. But we know enough to recognize that we must act now.”
“While the gap between the wealthy and everyone else is widening in much of the industrialized world, a large chunk of Danes remain firmly middle class. Forty-two percent of the working population of 4.6 million have annual disposable incomes between 200,000 and 400,000 kroner ($36,700-$73,300). Just 2.6 percent earn more than 500,000 kroner a year ($91,383),” write Jan Olsen and Malin Rising for AP.
“According to the OECD, the top 20 percent of Danes earn on average four times as much as the bottom 20 percent. In the United States, by contrast, the top 20 percent earn about eight times as much as the bottom 20 percent. The idea of a generous government-provided cushion for ordinary people is deeply rooted in a nation with few outward signs of a pampered elite.”