We are getting confused. It seems that a growing number of government agencies are pushing a climate change agenda, an extension of a remit that is well outside its scope of expertise.
Never mind. The US Federal Reserve is the latest group to announce it is throwing its hat in the ring on climate policy. Perhaps the board of governors felt left out that former Fed chair Janet Yellen was promising to stem the climate emergency via the Treasury. Best keep up.
Never mind that 35% of all M1 money supply has been printed in the last 10 months. It would be one thing if the Fed had a track record to boast about. Sadly, it has such poor predictive powers that getting the core business right maybe a more prudent strategy. God help us if inflation ever hits us. Read Jonathan Rochford’s piece on too much cash here.
The problem with central banks is that they continue to use the only tool they possess – a hammer – which would be great if every problem they encountered was actually a nail.
We aren’t alone. The Reserve Bank of Australia has also joined this climate alarmist bandwagon. Even worse the speech based its assertions on the prophecies of the IPCC and BOM, two of many organizations which have been caught red handed manipulating climate data.
Instead of coordinating monetary policy which has fed a housing bubble of almost 1980s Japan levels in terms of price:income with banks 50% more levered to mortgages on average than Japan’s financial institutions were at the point of collapse.
APRA and ASIC have also told us they plan to get stricter on climate change reporting by corporates even though their own data over the last decade shows the opposite. In order to get the results they want, they plan to legislate to enforce it. That should tell us much.
Forgive us for being cynical, but we all know that government agencies must submit their budgets each year. What better way to get a healthy shot in the arm than add a climate change agenda to it in order to squeeze $10s or $100s of millions in extra funding. Forget if the agency has absolutely zero relation to climate change like the DOJ. Just tick that box and then hire a bunch of activists to write puff pieces warning us of the grave dangers of a future crime wave if we don’t stop rising sea levels as opposed to defunding the police.
What an absolute farce. What tends to happen is that extra funding often finds its way to line the pockets of those who work within these agencies, especially at the senior levels. Note what happened to our own fire services in Australia who rarely spoke about climate change but got masses of funding which didn’t go to replenishing equipment but salary increases.
We guess the 2020 annual reports will be ALL about the impacts of climate change when it was hardly ever mentioned over the previous decade when it should have mattered.
Just watch department and agency around the world line up one after another at the climate change teat. That tells all we need to know. A bunch of amateurs doing what they do best – behaving as professional politicians.
It’s for our own good, you know! Shut up already.