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by Jo Nova Banks suddenly threaten to abandon the Glasgow GFANZ “climate action” group
It was the massive miracle-funding coalition of Glasgow but it is already starting to unravel as the banks figure out that conspiring to force “climate action” puts them at risk of antitrust suits.
A month ago I wrote that 19 US States were pointing out that it’s not OK for asset managers like BlackRock and co to join together in cartels to block investment in fossil fuels. These corporations bragged about belonging to groups like GFANZ (the Glasgow Financial Alliance for Net Zero) as if it made them into saintly environmentalists. But belonging to the group meant they are also effectively restraining trade, reducing competition and acting against the interests of their clients and against the wishes of voters.
Don’t underestimate how important this is or how ugly these monster cartels are: GFANZ has attracted some 500 members which control $130 trillion in assets. But the carbon targets they are told to aim for are set by the UN through something called the Race-To-Zero campaign. So this is a quasi World Government in cahoots with world bankers. Like a Great White Shark meets a pod […]
The rise of the tech giant billionaires, the crime, corruption, wokery, war, inflation, climate witchcraft, and the Big-Pharma reckless experiment — is all made possible by the same thing, and it’s been coming for fifty years.
Everyone under 40 has lived their entire lives in the fairy-land-of-plenty borrowed from the future. But all bubbles come to an end.
The rot started with a corrupted currency, and now infects every corner of the world — weakening markets and minds and concentrating power obscenely. When our medium of exchange is undisciplined, everything else is too. There is injustice built right in to Fake IOU’s made from thin air — especially when some can borrow big and early and at low cost, while others have to wait to earn them slowly an hour at a time. In the inflation race, speed is everything. They devalue the incentives that drive people to make things better, faster, and stronger. It punishes the prudent hardworking savers, and feeds speculative greed.
This is what BlackRock’s influence came from, and Gates, Zuckerberg, Dorsey, and the WEF. All of them rode the wave of easy money and easy loans. Through predatory purchases on credit, they were able to buy […]
Finally 19 US States are hitting back at BlackRock the financial behemoth, and not a day too soon.
A light in the tunnel…
Americasroof
By a pure dollar reckoning, BlackRock is the third largest “foreign entity” in the world, after the USA and China, but its core business, its reason for existing is a contradiction: it claims to be an asset manager but acts like a political power. With neither citizens, land nor an army, it’s a kind of toxic financial bubble on a roll — part illusion, but still swallowing economies, minds and electricity grids.
BlackRock is supposedly investing funds on behalf of its customers while using those same funds to promote Woke political agendas that its management may like, but that its own customers may disagree with. It’s a totalitarian force that consumes democratic choices by force of money. Finally some state legislators are calling out the contradiction. Does BlackRock serve its customers or “the management of BlackRock”?
BlackRock is enormous, but it’s not untouchable, and if retirees and State pension plans pulled their money and filed writs for breaches of law, the activist-agency could vanish overnight. BlackRock has $10 trillion in assets to wield […]
Starving for any attention, the carbon-haters need to find a reason to get into the inflation debate. CO2 keeps rising but crops are up, forests are greener, tropical islands are growing, mangroves are expanding, and the world is in more danger of being overrun with cheap soy and corn than by rising seas. Whatever. The disaster-bus will find a way to blame fossil fuels for everything that’s bad, as if through some miracle EV’s and windmills will make pork cheaper.
It’s a cult:
Climate crisis is ‘battering our economy’ and driving inflation, new book says
Edward Helmore, The Guardian
Forget Ukraine, coronavirus, corporate greed and “supply chain issues”, when it comes to inflation the climate crisis is the real, lasting, worry, according to a new book, and one that’s only likely to get worse. Climatenomics lays out how ‘supply chain disruptions’ has become a euphemism for the effects of climate change
“I don’t think people have realized that climate change is an economic issue now because it’s always been seen as an environmental, health or social issue,” says Keefe. “The fact of the matter is climate change is battering our economy.”
Any long term […]
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.
[…]
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 […]
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 […]
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 […]
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 […]
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 […]
Hands Up: It’s Net Zero now or a 1.5% interest rate hike?
So Australia is adopting Net Zero because the Global Financiers, who only want to save the world, would have refused to lend us money without jacking up our interest rates by 1.5%. The banker punishment would have meant a “17% investor exodus”. Fancy a stock market collapse?
This remarkable admission comes in the modeling released today by the Morrison government. No one is even trying to hide it.
At least we can stop pretending this has anything to do with science or the voters. Just cut out the IPCC and go straight for the BlackRock Temperature Tax, eh?
Note the “penalties” are imposed by global financiers:
Modelling shows real cost of no net-zero carbon emissions
Greg Brown and Geoff Chambers, The Australian
Businesses and households would have faced interest rate hikes of up to 1.5 per cent under expected penalties imposed by global financiers if the government had failed to adopt net zero emissions by 2050, modelling for the Glasgow climate package shows.
The penalty regime would have sparked a 17 per cent investment collapse by the middle of the next decade, […]
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 […]
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 […]
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 […]
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 […]
Who voted for Superannuation funds to decide energy policy?
And you thought we elected a government to manage our National energy policy?
Businesses must adopt Paris emissions targets even if the government fails to do so, big investors say.
The Guardian
So even if voters don’t want “climate action”, by default, it’s sneaking in the back door, unless they pay attention.
The “big investors” in this case being a small team of activists running a club that some Superannuation corporates have joined, though it’s not clear why. Perhaps they joined to “look Woke” or perhaps they are feeding the crocodile for fear of being targeted?
The Australian Council of Superannuation Investors (ACSI) is not trying to persuade funds or investors to go Green with reason, instead they seem to operate by Cancel Culture principles on a corporate scale. Their aim, apparently, is to bully Directors of your Superfund into themselves bullying the companies they invest in. In a Saul Alinsky fashion they effectively threaten Directors that they might be personally isolated and targeted if they are not seen to be supportive enough of the Woke religion (ie, climate, slavery, femo-glass-ceiling stuff). Somehow ACSI may “recommend members […]
China has become the Wild West of bio-research
…
The ZMan spots a repeat cycle of knowledge-hauls as China siphons off Western intellectual property, often with the help of the West.
First China hauled (and we gave) the factories, then it was the hi tech industry, now it’s biomedical ingenuity. The pattern repeats. China offered cheap labor for manufacturers and the tech industry with few annoying environmental burdens. Now China offers money and freedom from ethical quandaries for researchers who want to clone, create bioweapons, or hybrid human-animal cells.
The question for the West is, if environmental or ethical standards matter at home, shouldn’t they matter overseas too? If we aren’t happy to buy shirts made by slaves at home, why are foreign slave shirts OK? If we aren’t keen to fund bioweapons research in our own lands, why was it OK to help do that in China? (Thank Anthony Fauci).
Chinese Ethics, The ZMan
China makes it so easy for Western Scientists to collaborate:
There is no doubt that most Western governments operate biological research facilities. The fact that China is doing the same is no surprise. The difference is Western governments have to […]
And so the mask comes off. After forty years of cheating in a “forced technology transfer” the game is up. Trump called China for the theft of intellectual property, then launched a trade war, but the CCP already had stolen much of the information it needed.
This is not just an economic war, this is a big wet blanket on some kinds of scientific research. With one big bad player in the game breaking the rules, there is less incentive for people to announce and share discoveries. Royalties can’t be enforced, and a competitor might copy and compete against you. Are we entering a new era cold war of secrecy?
Back to Zang: Now that there is no need to hide the theft, nor pander in the hope of taking more, another Chinese Professor openly bragged about the situation last week:
China ‘Copied Its Way’ to Economic Success, Chinese Professor Boasts
Nicole Hao and Cathy He, Epoch Times
For the past 40 years, the Chinese regime only did one thing: plagiarize, Zang Qichao, a prominent marketing expert and visiting professor of Beijing’s Tsinghua University, told a group of Chinese entrepreneurs recently.
“We plagiarized wildly, […]
The latest academic voodoo doll tossed at Fossil Fuels is a study claiming that the industry gets $65 billion in “implicit” subsidies in the US.
The authors of the latest paper assume the broken climate models work, and then guesstimate what the cost of all that theoretical warming would be with economic models that aren’t much better. It’s a paywalled paper, but they don’t appear to account for all the net benefits of coal, oil and gas which include, keeping people alive and fertilizing forests and fields around the world for free. These aren’t guesstimates from the future but known good and great gifts from the last century or two.
Greening the Earth. Zaichun Zhu, (2016)
Send them the bill: the fossil fuel companies are subsidizing taxpayers
How much is a hundred years of free fertilizer worth?
If only academic institutions were more than Big Gov advertising agencies they might also have considered that fossil fuel companies are never paid for their part in boosting agricultural yields, nor in greening the forests. Some 18 million square kilometers of Earths surface has more biomass. Arid regions of the world are 11% greener, mostly thanks to CO2 and deserts are […]
The USA might just unify despite Joe Biden. There are not many things that can bring the Occupy and Antifa crowd together with Proud Boys but sticking it to the overlords of Wall Street is just the ticket.
The Gamestop monster battle between the ruling class and the peasants
The naked short sellers of Wall Street were never a healthy part of a free market — they were selling shares they didn’t own. Their predatory behaviour could create the very destruction they profited from, ruining potentially productive assets in the process. In a bonfire of gambling greed, the Predators could effectively sell more shares than even existed — betting they could drive the price lower and buy back for a bargain. But the little-guy-punters in the reddit/Wallstreetbets crowd got organized and called the bluff. They pushed the $4 stock to $400, busting the Smarty-pants players and reveling in it. There are estimates that hedge funds have already lost nearly $20 billion. One group of short-selling gurus have been burnt so badly they’ve abandoned publishing short selling research. The wake from this is just beginning.
The problem for the Democrats is that this wave is a form of Draining The Swamp. […]
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