Climate Disasters Exacerbate Financial Crises

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There's a famous ironic saying by economist Paul Samuelson that the stock market has predicted nine out of five recessions in recent years. This suggests that the fear of recession leads many—strategists, economists, and day traders alike—to exaggerate its likelihood, just as it does in the stock market itself. Few economic phenomena garner as much attention and anxiety as recession. This makes it all the more striking that the world is experien…