JoNova

A science presenter, writer, speaker & former TV host; author of The Skeptic's Handbook (over 200,000 copies distributed & available in 15 languages).


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A speech so good he was sacked: HSBC head says investors don’t need to worry about “Climate Risk”

Hopefully Elon Musk will give him a job.

Stuart Kirk, head of “responsible investing” for HSBC let rip at the doommongers of finance with a speech called “Why investors need not worry about climate risk”. He was speaking at A Moral Money Europe Summit, held by the Financial Times and is clearly fed up with listening to hyperbole and being told to analyze and worry about trivial long term future events. “Last night Target fell 25% — twentyfive!” … but I’m being told to worry about something coming 20 – 30 years down the track.” Other speakers were unceremoniously dispatched. He complained climate risk has become so hyperbolic no one knows how to outdo it. “Sharon [a speaker from Deloittes] said “we’re not going to survive!” But no one even looked up and ran from the room.”

Dangerously (for him) he also explained how the central banker models bury massive GDP and interest rate shocks in their economic forecasts of climate risk, otherwise they can’t generate bad news and headlines. Apparently, it’s all in the fine print that nobody mentions. They’re sounding more and more like climate models all the time.

That was last week. This week he’s been suspended.

[…]

Quick tell the investors: Twitter is a kindergarten for communists, not there to make profits

Another Project Veritas operation exposes what’s going on behind the lines at Twitter and the most astonishing thing is not the political censorship but how Twitter is run like a Day Care centre for student activists. It’s not a profit making business, so much as a university club with salaries for people who may only work 4 hours a week and brag about being “left left left” and as “commie as f**k”. If they need days off, they just don’t turn up to work. Sometimes they take months off. “Mental health is everything”.

No wonder Twitter employees hate Musk and are stress eating — They have jobs where they get paid to take a month off, and no one cares how efficient they are, or what their sales figures or expenses were. Nice work if you can get it.

Which begs the pointed question of who is paying for all this?

If Twitter isn’t there to make money, who is pouring the dollars in, and is the political censorship the whole point? And if that’s the case, and it sure looks like it is, TWTR is a listed trading stock and the words fraud and fiduciary duty seem apropos. If […]

A corrupt invasion ruined by Corruption

Character is destiny Daniel Hannan explains that Putin was undone by corruption

Bribery is no way to build an empire. Putin’s intelligence and military bureaucrats didn’t believe in the Russian Empire, and they kept the cash they were supposed to use for bribes in Ukraine. Then lied about the bribes and ultimately left Putin in a precarious position. But they too are vulnerable. Indeed Ukrainians are suffering. Russians are suffering. There are few winners and many losers.

Great civilizations are built on trust. Millions of people work most efficiently when they all know the rules, and everyone has a voice. We used to have that.

Comments here by David Evans on the article by Daniel Hannan

The details are only now emerging, and they help explain why Russia is losing in Ukraine and, indeed, why autocracies are often terrible at fighting wars.

By annexing Crimea and taking Donbass, in 2014 Putin tipped Ukraine into becoming majority western-oriented:

Until 2014, Ukraine was fairly evenly split between, to borrow 19th century Russian terminology, Westernizers and Slavophiles. Some Ukrainians wanted to join the institutions of the free world, including NATO. Others preferred, if not a merger with Russia, at least a special […]

Money-world splits into two: Is this the end of an era of US dollar as reserve currency?

The ante was upped

Just like that: The US froze Russian bank accounts. It broke all the rules. In return, Russia is freezing gas deliveries unless people pay in roubles. The US played a very big wildcard, and Joe Biden and the USA may lose in a big way. The World’s Reserve currency is the US Dollar, and it’s a powerful tool for the US. But if the dollar were weakened, by say 50 years of inflation, and the trust it is based on was blown, the bluff may be up.

One thing leads to another. Who will blink first?

Does Russia need the money more than Europe needs the gas?

Europe Is Facing Supply Disruptions As Russia’s Gas-For-Rubles Deadline Looms

OilPrice:

Russia’s insistence that its “unfriendly” nations pay in rubles for Russian natural gas risks disrupting European supplies as soon as this week as the deadline set by Putin for moving to ruble payments is drawing closer.

Europe, which depends on Russian natural gas for more than one-third of its demand—with some countries, including the biggest economy Germany, depending on Russia for half of its consumption—has rejected the gas-for-rubles idea, saying it […]

2022: The Year of Inflation

The most dangerous Big-Government Qango of all may well be the Central Banks (not the NIH). Money drives all the incentives across national economies, but one small unelected group decides the price of money, and all corruption flows downstream from there. Ponder how they set the temperature that drives the global currents of goods, resources and opportunity. They feed Big Government, Big Pharma and Big Tech.

Saddle Up: There is no hiding inflation. Despite the global economy grinding to a halt in a pandemic, house prices set surging records and paradoxically the Dow hit all times highs.

It is just supply and demand. As more dollars are printed, a bigger supply of money competes for the same number of goods. And boy, have they been printing money.

It’s a temporary spike they say:

This is the money base of USD, a rough measure of “how many dollars there are”.

US St Louis Federal Reserve, Money Base graph 1918-2008 | Source

For perspective, below is the history of the growth in US Dollars since 1918 up until the GFC. The US left the Gold Standard in stages between 1913 and 1971, and the growth in money supply since then […]

The Charity Industrial Complex

Easy Money Begats Easy Billionaires, who build Easy Foundations, which are easily captured. And before you know it, the apolitical becomes political, and the political becomes a lobbying machine. Big Money becomes Huge Money and Huge Money wields power.

And a perfectly good civilization goes to waste.

h/t Scott of the Pacific

How Charity Foundations Damage Western Societies

by John Smoke, im1776

by Freestocks-photos

Charities are as large as the entire University sector.

Charitable foundations, and the specific charities they fund, are the single most important force in modern Western societies. They complete a triumvirate of the “journalism plus academia” shorthand of the Cathedral as Curtis Yarvin sees it. The amount of money sloshing around these organisations is simply mind-boggling. The latter is hard to reliably quantify, but in the UK, the charity ‘industry’ apparently registered £45 billion in revenues in 2021 alone. Compare this to the £40.5 billion total income in the UK higher education sector a couple of years ago and you get the idea.

John Smoke adroitly connects the dots and draws the spiral vortex that draws most charities in.

It starts so gently:

Imagine a billionaire. He’s an […]

A Dutch Court says Shell is causing storms and floods. And Exxon shareholders vote to lose money

Who knew?

It doesn’t matter how much a company panders to the Religion.

The Pagan Chieftan hath spoken and decided that Shell not only has to cut its own emissions nearly in half, it improbably, somehow, is responsible for its customers emissions too. Will Shell put photos of heatwave casualties with warning labels on oil cans: “This product may cause Tornadoes”?

Shell is reaping the rewards of playing the “climate” game. They didn’t stand up against the climate witchery when it came for the coal industry, and now its come for them.

Oil Giants Are Dealt Major Defeats on Climate Change as Pressures Intensify

By Sarah McFarlane and Christopher M. Matthews, Wall Street Journal

In a first-of-its-kind ruling, a Dutch court found that Shell is partially responsible for climate change, and ordered the company to sharply reduce its carbon emissions. Hours later in the U.S., an activist investor won at least two seats on Exxon’s board, a historic defeat for the oil giant that will likely require it to alter its fossil-fuel focused strategy.

The Shell ruling, issued by the district court in The Hague, found that Shell must curb its carbon […]

If an adversary wanted to destroy manufacturing they could hardly have done a better job

UPDATED: See below

The Western World has mostly succeeded in reducing emissions by shifting their emissions to factories in developing nations. In industries like Steel, Cement and Plastic as much as 20 – 50% of all production has gone overseas.

All this was achieved in just 20 years or so…

In the game of emissions reductions the West will become irrelevant (and in so many other ways too):

…The even more important and larger question: even if the US succeeds, what about everyone else? Over the last 25 years, the developed world shifted much of its carbon-intensive manufacturing of steel, cement, ammonia and plastics to the developing world. As a result, developing world adoption of wind, solar, storage and nuclear power may end up being the primary determinant of future global emissions outcomes. That has certainly been the case over the last decade: Europe and Japan reduced primary energy use by 4%-6% but developing world increases were 6x higher than their reductions

–Michael Cembalist, JP Morgan Annual Energy Paper

 

UPDATE: David Wojick makes the good point that some of shift is due to an increase in China for China’s own use, as […]

Ruled by Big Tech Predators — how did it come to this?

I knew they were bad, but this was blistering:

Big Tech’s Monopoly Creep

by Napolean Linarthatos, The AmericanConservative

… generations that come after us will have the opportunity to wonder how on earth we had been duped for so long and so pathetically by a few Big Tech monopolists, how it was possible to have such a grand accumulation of power and wealth preserved by a system so bluntly corrupt in its modus operandi.

In October 2020, the House Antitrust Subcommittee issued a damning report of steamrolling corruption. It was so brazen, Amazon even sold counterfeit copies of products until the targets gave in — even big names, like Nike. The supergiant went into business against smaller companies, dumping product on the market in impossibly good offers, until it beat them, and stole their customers, and then bought them anyway. (After that customers discovered the deals were not so sweet.) Employees of Amazon even admitted they used private customer data to find market opportunities for Amazon to exploit. The situation is so rapacious now that little companies are not even bought out anymore, they are just cloned and crushed.

And it’s not just Amazon. Smaller partners […]

Be gone all you gas cookers and heaters in Victoria! We need colder weather. Seriously?

Evil weather-destroying equipment will be banished:

Photo Kwon Junho

Victorians building new homes will be denied the choice to pick their preferred heating and cooking appliances in the hope that this will stop storms and droughts for their great grandchildren.

As household prices rise, the money that could have been used for holidays, health, or education will be used to enrich a few corporations and make a small percentage of the population feel important and calmer.

If only the low carbon revolution was clean, green and cheap, no one would have to ban anything.

Suffer the children:

Push to turn off gas to help reach state’s climate goal

Tom Cowie and Nick O’Malley, The Age

Gas appliances including heaters, hot water services and cooktops would be phased out under a proposed moratorium on new gas connections to Victorian households to help the state achieve its 2030 target to cut carbon emissions by up to 50 per cent.

Victorians are the nation’s biggest users of natural gas for heating, hot water and cooking due to the state’s historically cheap and plentiful supply piped in from Bass Strait since the 1970s.

But […]