Well, according to analysts at global leading insurance firm Allianz anyway. Their reasoning is that the huge cost of extreme weather events is likely to increase, rendering whole areas of the globe virtually uninsurable. Governments won’t be able to fund bailouts, and climate mitigation or adaptation could become impossible. As assessors of risk, the insurance industry is seen as ‘the canary in the coalmine’ when it comes to systemic breakdown.
But does all that add up to destroying capitalism? Would banks, money, the market and rich elites really disappear? Hardly. They do actually need to disappear, because they are what’s causing the crisis. But it’s only us workers, globally, who can make that happen.