How can we afford it? Ever since Representative Alexandria Ocasio-Cortez released her Green New Deal legislation last month, that’s been the question on the mind of establishment politicians and pundits everywhere. But the real question, of course, is how can we afford not to address the cataclysmic impacts of runaway global warming?

Capitalism is not particularly well suited to weighing long-term benefits against short-term costs. It is inherently unstable, prone to crises. And as the financial crisis ten years ago demonstrated, the sheer size and global interconnectedness of modern financialized capitalism make it increasingly difficult to save capitalism when it veers into crisis.

Capitalism’s structural cracks have been papered over for too long. Only a new model of public finance will allow us to move money quickly and effectively enough to decarbonize our economy. We need to expand public banking and democratize the Federal Reserve — enabling us to accelerate the energy transition with a focus on jobs and equality, through bold moves like nationalizing the fossil fuel industry, taking utilities into public hands, and establishing a national Green Investment Bank.