#UN

This can only end in tears

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As Sweden’s economy slows to the worst economic growth rate in 5 years under a negative interest rate policy, one would think the Swedish Central Bank (Riksbank) would be seeking to prudently manage its asset book on the basis of appropriate risk/reward as opposed to lecturing Australia and Canada on their respective carbon footprints. What we are witnessing is yet another discrete move by authorities to manipulate markets based on fantasy rather than fact.  The hypocrisy is extreme as we shall discover.

While the Riksbank should have complete freedom in how it wishes to deploy capital, we should view this is a pathetic sop to the cabal at the European Central Bank (ECB). Since when did central bankers become experts on climate change? The RBA is no better. Deputy Governor, Guy Debelle, gave a speech in March 2019 on the risks posed by climate change which based prophecies on the data accident-prone IPCC and Bureau of Meteorology. Why not seek balance? Easier to fold to group think so as not to be outed as a pariah. Utterly gutless. Our own APRA is also pushing this ridiculous agenda on climate change reporting. It is willful negligence.

While it is true that on a per capita basis, Australia and Canada’s emissions are higher than the global average, why doesn’t the Riksbank give us credit for lowering that amount 11.4% since 2000? Even Canada has reduced its carbon emissions by 7.3% over the last 18 years. Admittedly Sweden’s emissions per capita have fallen 21.9% according to the IEA. Greta will be happy.

Why hasn’t the Riksbank taken China or India to task for their 169.9% or 94.7% growth in CO2 emissions respectively? There are plenty of oil-producing nations – Qatar, UAE, Bahrain, Saudi Arabia and Oman that have worse per capita outcomes than Australia or Canada. Do these countries get special dispensation from the wrath of the Riksbank? Clearly.

The US has pulled out of the Paris Climate Accord. If the US has marginally lower emissions per capita (15.74t/CO2-e) than Australia (16.45t/CO2-e), isn’t a double standard to write,

The conditions for active climate consideration are slightly better in our work with the foreign exchange reserves. To ensure that the foreign exchange reserves fulfil their purpose, they need to consist of assets that can be rapidly converted to money even when the markets are not functioning properly. Our assessment is that the foreign exchange reserves best correspond to this need if they consist of 75 per cent US government bonds, 20 per cent German and 5 per cent British, Danish and Norwegian government bonds.

Essentially Riksbank commitment to climate change is conditional. The US which is responsible for 13.8% of global emissions can be 75% of holdings. Australia at 1.3% can’t. No doubt sacrificing Queensland Treasury Corp, WA Treasury Corp and Albertan bonds from a Riksbank balance sheet perspective will have little impact on the total. In short, it looks to be pure tokenism. The Riksbank has invested around 8% of its foreign exchange reserves in Australian and Canadian central and federal government bonds. So perhaps at the moment, it is nothing but substitution from state to federal. Why not punish NSW TCorp for being part of a state that has 85%+ coal-fired power generation?

At the very least the Riksbank admits its own hypocrisy.

The Riksbank needs to develop its work on how to take climate change into consideration in asset management. For instance, we need a broader and deeper analysis of the issuers’ climate footprint. At the same time, one must remember that the foreign exchange reserves are unavoidably dominated by US and German government bonds. The Riksbank’s contribution to a better development of the climate will, therefore, remain small. This is entirely natural. The important decisions on how climate change should be counteracted in Sweden are political and should be taken by the government and the Riksdag (parliament).

Still, what hope have we got when Benoît Cœuré, member of the Executive Board of the ECB, lecturing those on “Scaling up Green Finance: The Role of Central Banks.” He noted,

2018 has seen one of the hottest summers in Europe since weather records began. Increasing weather extremes, rising sea levels and the Arctic melting are now clearly visible consequences of human-induced warming. Climate change is not a theory. It is a fact.

Reading more of this report only confirms the commitment of the ECB to follow the UN’s lead and deliberately look to misallocate capital based on unfounded claims of falling crop yields and rising prices (the opposite is occurring) and rising hurricane and drought activity (claims that even the IPCC has admitted there is little or no evidence by climate change). Sweden is merely being a well-behaved schoolboy.

Cœuré made the explicit claim, “The ECB, together with other national central banks of the Eurosystem, is actively supporting the European Commission’s sustainable finance agenda.

CM thinks the biggest problem with this “agenda” is that it risks even further misallocation of capital within global markets already drowning in poorly directed investment. It isn’t hard to see what is going on here. It is nothing short of deliberate market manipulation by trying to increase the cost of funding to conventional energy using farcical concocted “climate risks” to regulate them out of existence.

Cœuré made this clear in his speech,

once markets and credit risk agencies price climate risks properly, the amount of collateralised borrowing counterparties can obtain from the ECB will be adjusted accordingly.

What do you know? On cue, Seeking Alpha notes,

Cutting €2bn of yearly investments, the European Union will stop funding oil, natural gas and coal projects at the end of 2021 as it aims to become the first climate-neutral continent.

All CM will say is best of luck with this decision. Just watch how this kneeling at the altar of the pagan god of climate change will completely ruin the EU economy. The long term ramifications are already being felt. The EU can’t escape the fact that 118mn of its citizens (up from 78m in 2007) are below the poverty line. That is 22% of the population. So why then does Cœuré mention, in spite of such alarming poverty, that taking actions (that will likely increase unemployment) will be helped by “migration [which] has contributed to dampening wage growth…in recent years, thereby further complicating our efforts to bring inflation back to levels closer to 2%.

Closer to home, the National Australia Bank (NAB) has joined in the groupthink by looking to phase out lending to thermal coal companies by 2035. The $760 million exposure will be cut in half by 2028. If climate change is such a huge issue why not look to end it ASAP? This is terrible governance.

Why not assess thermal coal companies on the merits of the industry’s future rather than have the acting-CEO Philip Chronican make a limp-wristed excuse that it is merely getting in line with the government commitment to Paris? If lending to thermal coal is good for shareholders in 2036, who cares what our emissions targets are (which continue to fall per capita)? Maybe this is industry and regulator working hand-in-hand?

The market has always been the best weighing mechanism for risk. Unfortunately, for the last two decades, global central bank policy has gone out of its way to prevent the market from clearing. Now it seems that the authorities are taking actions that look like collusion to bully the ratings agencies into marking down legitimate businesses that are being punished for heresy.

This will ironically only make them even better investments down the track when reality dawns, just as CM pointed out with anti-ESG stocks. Just expect the entry points to these stocks to be exceedingly cheap. Buy what the market hates. It looks as though the bureaucrats are set to make fossil fuel companies penny stocks.

Spectacular own goal scored by our elitist academics

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The beauty of those that wrote this open letter supporting the Extinction Rebellion throws up some very enlightening facts. Read it and weep. Not the letter – the stats.

Perhaps the most hilarious signatory to the letter is Matthew Flinders of Flinders University. Unless the university website has another Matthew Flinders listed as an active member, our esteemed explorer seems to have navigated his way back to life…simply adding to the total lack of credibility of the cabal of 268 academics who believe they have some sort of intellectual superiority over us. If one ever wanted proof of our judiciary leaning hard left, 12% of the people that signed this document were in law-related fields.

Yet, why couldn’t they sign up a majority of scientists in the profession of the very climate change emergency they wish to sanctimoniously lecture us on? And we are paying billions to these schools to educate us? Hmmm.

Many of the woke academia come from fields such as stand up comedy, poetry, arts/education, sports management, archaeology, LatAm studies, sex, health and society, social services, veterinary biology, culture, gender, racism…are you catching the drift of those supporting XR? Even Monash University’s Campus Operations Manager and Telephony Application Administrator signed it! Wonderful individuals but should we hold our educators to such high standards when anyone’s opinion will do?

Eerily, over 90% of the signatories do not appear to be renowned experts in teaching science, much less climate science. Which means, why weren’t the scientists in these universities willing to commit their names to a cause that fits their ideology? Who needs them when one faculty member from Monash University deals with ‘Imaginative Education‘?

61% of the signatories were from universities situated in the Democratic People’s Republic of Victoria. Within that, 65 (more than all those that signed from NSW universities = 63) of those 164 names from Victoria were from RMIT, the school where the lecturer offered bonus points for sending selfies from the school climate strike. Precious little free thought one imagines.  Monash had 44. So two universities in Melbourne made up 109 of the 268 Add La Trobe University and half of the signatories are from Victoria. Premier Dan Andrews must be proud.

Tinonee Pym, a research assistant at the Swinburne University of Technology in NSW helped pen,

C’mon, no one wants a dick pic’: exploring the cultural framings of the ‘dick pic’ in contemporary online publics

Undoubtedly this research has only certified climate science credentials at Swinburne University to convince sceptics of the validity of XR.

Southern Cross University was the only group of signatories where the majority had a connection to a faculty related to climate science.

On reflection we should be exceptionally happy these woke academics have opened themselves up to how empty their rhetoric is. The overwhelming majority of signatories are from liberal arts backgrounds. Surely with the aggregate IQ of 268 people they could have realized the flaw in pushing a cause where the qualified people that can prosecute the argument for them are conspicuously absent.

We need a Royal Commission on our education system. The gaping holes in standards are self-evident. This is an unmitigated clown show.

Albo moves from dumb to dumber

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Oh boy! Here we go again. Adjusting targets to a pointless exercise to an even more irrelevant one, albeit at a massive net cost to all Aussies.
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This is the trend of Australian energy price inflation and manufacturing jobs over the last two decades. Notice anything? A correlation of about 90%. Energy prices go up, manufacturing comes down. We have shed 250,000 manufacturing jobs in the last two decades. Green jobs have not replaced them. Not even 1/10th of the jobs lost as this chart from the ABS shows.
The trend is the same in Denmark, which is an even big renewables user. The correlation is even higher. Denmark has shed 200,000+ jobs following green madness. No green jobs haven’t offset this either.
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Is it a surprise that prices, where more renewable energy is used, are higher than those places that don’t? If it weren’t for the weak $A, these numbers would look even worse.
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Labor leader Anthony Albanese thinks that shifting the focus away from 45% renewable by 2030 to net zero emissions by 2050 is a game-changer. Why can’t these politicians count or look at the experience at home and abroad? What is this obsession to take Australia’s 0.00001345% CO2 contribution to the atmosphere to zero? How many billions more should we spend for absolutely no return? Does he not realise that Australia has the third-highest clean energy spending per capita already? Why all the self-flagellation?

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Our per capita emissions are going down relative to many neighbours. Don’t be fooled by the Europeans either. Biomass (which is as dirty as lignite (brown coal)) gets special dispensation from the EU hacks if a tree is planted for every one burned. So even though the tree that is planted will take at least 50 years to be able to replace what was burnt, fear not, creative stats are ok in Brussels.
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Ahh, but Germany is the country we should all aspire to be, no? Well actually, no. In 2007 Germany forecast that 2020 residential electricity prices would be approximately 16 Eurocents. Today they trade at c.31 Eurocents. Merkel’s policies to phase out all nuke power after the Fukushima disaster. Der Spiegel, a normally left-leaning journal wrote in a two-part series. 

Part 1 – Germany Failure on the Road to a Renewable Future

“But the sweeping idea has become bogged down in the details of German reality. The so-called Energiewende, the shift away from nuclear in favour of renewables, the greatest political project undertaken here since Germany’s reunification, is facing failure. In the eight years since Fukushima, none of Germany’s leaders in Berlin have fully thrown themselves into the project, not least the chancellor. Lawmakers have introduced laws, decrees and guidelines, but there is nobody to coordinate the Energiewende, much less speed it up. And all of them are terrified of resistance from the voters, whenever a wind turbine needs to be erected or a new high-voltage transmission line needs to be laid out.”

Germany’s Federal Court of Auditors is even more forthright about the failures. The shift to renewables, the federal auditors say, has cost at least 160 billion euros in the last five years. Meanwhile, the expenditures “are in extreme disproportion to the results, Federal Court of Auditors President Kay Scheller said last fall, although his assessment went largely unheard in the political arena. Scheller is even concerned that voters could soon lose all faith in the government because of this massive failure.

There is also such an irony when these mad green schemes encounter scourge from animal rights groups. Former Green’s leader Bob Brown knows the feeling,

“The bird of prey [red kite], with its elegantly forked tail, enjoys strict protection in Germany…Red kites are migratory, returning from the south in the spring, but they don’t return reliably every year. The mayor would have been happy if the bird had shown up quickly so its flight patterns could be analyzed and plans for the wind park adjusted accordingly. It would have been expensive, but at least construction of the project could finally get underway.

But if the bird doesn’t return, the project must be suspended. Spies has to wait a minimum of five years to see if the creature has plans for the nest after all. Which means the wind park could finally be built in 2024, fully 12 years after the project got underway.”

Part 2 – German Failure on the Road to a Renewable Future

An additional factor exacerbating the renewables crisis is the fact that two decades after the enactment of the Renewable Energy Sources Act (EEG), 20-year guaranteed feed-in tariffs will begin expiring next year for the first wind, solar and biomass facilities. Some of those who installed solar panels back then — often farmers and homeowners — are still receiving 50 cents for every kilowatt-hour they feed into the grid. Today, larger facilities receive just 5 cents per kilowatt-hour.

The state has redistributed gigantic sums of money, with the EEG directing more than 25 billion euros each year to the operators of renewable energy facilities. But without the subsidies, operating wind turbines and solar parks will hardly be worth it anymore. As is so often the case with such subsidies: They trigger an artificial boom that burns fast and leaves nothing but scorched earth in their wake.

That doesn’t include the 360,000 German households in energy poverty.

As Australia continues to expand the renewables portion of our power grid, the lessons from the Germans couldn’t be clearer – market distortions and misguided investments only lead to marginal results on the back of massive investment to stop something that can’t be controlled. German taxpayers have been swindled and Aussies are sleepwalking down the same path.

So Albo, the solution is simple. Do the math. Read about Germany’s beta testing of renewables and stop this crusade to prevent something that no matter what target you pick, zero will be the output. Just look at the price of energy relative to core CPI since we went renewables mad in 2000. That chart is not a vote winner.

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The only hot air Albo needs to worry about is that emanating from the Labor Party policy room. Drop all of this group think.

Brain dead award the brainwashed

GQ Magazine has awarded Greta Thunberg with its Game Changer Of The Year award. Can we cynically argue that GQ is hijacking the stardom of the 16yo for their own commercial success?

CM has said for the longest time that she is indeed brave to do what she does and absolutely no criticism lies at her feet. What a shame she is the product of brainwashing from activist teachers and parents. The way political leaders fawn over her. Probably speaks volumes that so many of today’s world leaders have no progeny (France’s Macron – no kids. Former UK PM Theresa May – no kids. The Netherlands PM Mark Rutte – no kids. Swedish PM Kjell Stefan Löfven- no biological kids. Luxembourg PM Xavier Bettel – no kids. Scotland’s Nicola Sturgeon – no kids. Former EC President Jean-Claude Juncker – no kids, Japan’s PM Abe also has no children) meaning they don’t share the feelings experienced by an overwhelming majority of parents who eye roll whenever their 16yo pretend to be experts on any subject.

At least she channelled Melania Trump for her photoshoot. The ultimate form of irony.

As she sails across the Atlantic to the Americas in a boat part-owned by someone who owns a large chunk of a private helicopter transport fleet, we already knew her impact on a scheduled flight would have given her more face time. Note CM calculated her footprint would amount to 0.0000000000007314% of CO2.

Will organizers be waiting at the docks with a fleet of fossil fuel charged Teslas to whisk her away? As long as she uses the Aland Index to calculate the carbon footprint of her hotel stay to minimize her impact on the environment. If the hotel comps her bill the Aland Index will output zero emissions. For the sake of the planet let’s hope they do.

You’ll never guess how we can Save the Planet

Here is a credit card business model bound to fail. Johan Pihl, one of the founders of Doconomy, is launching a new credit card in collaboration with the UN Climate Change Secretariat and Mastercard. It cuts your ability to spend when you’ve hit your “carbon” limit, not your financial one. Now we will be able to stop our rampant plastic use with, you guessed it, plastic!  Although Doconomy claims the card will be made from bio-sourced material. Sadly the silicon chip will require high energy intensity to make. At least air pollution is good for something as it will be the main source of the ink.

Pihl said, “we realized that putting a limit that blocks your ability to complete the transaction is radical…but it’s the clearest way to illustrate the severity of the situation we’re in...Imagine if the consumer would pick up our app and actually look at their footprint and that’s the basis for whether they buy something or not,”

Perhaps we should ask all UN staffers to use it as their business credit card. If Doconomy lived up to its promises, most would have their carbon limit triggered when paying for flights to the next COP summit halfway around the globe. That would be a plus!

It uses the Åland Index to identify the CO2 of every transaction. CM encourages everyone to have a play with the carbon calculator.

For instance, if one spends 100 euro in a supermarket, the carbon footprint is almost the same as spending 100 euro in a department store. So regardless of whether one buys 100 euro of fruit or 100 euro of plastic-packaged flash-fried instant noodles, the impact of 4,902g of CO2 footprint is the same. Buy a 100 euro bottle of perfume or 100 euro of cuff links at a department store, the impact is still 4,293g. What you probably didn’t know is that smoking has a lower carbon footprint than buying groceries on a euro for euro basis. If smokers ever wanted an excuse to repeal these oppressively high taxes on tobacco, surely we should be getting Extinction Rebellion to add it to the list of demands because of the lower carbon footprint that can be achieved.

Whatever you do, don’t buy your loved one flowers! 100 euros of flowers has a 4,696g impact. That 200 euro Valentine’s dinner will add 15,928g. However, will the app calculate the 200 euro bottle of wine to celebrate an anniversary at 2x the 100 euro bottle? Yes it will.

If you do online gambling, 100 euro will cost 38,066g. You guessed it, if you spent 1,000 euro (exactly the same transaction time and keystrokes) it will cost 380,660g. Just shows how woefully inaccurate these carbon calculators are. To save the planet, instead of fuelling a gambling addiction,  you can cut your impact on the social fabric of society and save 90% by filling your car (118,600g of CO2) with 100 euro of fuel and enjoy a spiritual country drive to avoid regular attendance at Gamblers Anonymous.

Hotels – same thing. 100 euro on a hotel has 1/4 the emissions of a 400 euro hotel. Presumably if one is a master of Trivago or Hotels Combined website one can cut the emissions on exactly the same hotel room by the level of the discount. Who knew being environmental was so simple?

Doconomy states,

With DO, you get actual refunds from connected DO stores, based on the carbon impact of your purchase. We call it DO credits…The refunds can be used to compensate for the carbon footprint of your purchase. You can direct it to UN-certified carbon offset projects, or invest in sustainable funds. If you choose to invest in a fund, you must add the same amount as the value of your DO credit. You choose.”

Damn. How much will one have to spend to get enough DO credits to make an impact on a sustainable investment fund?

What a joke. As soon as the UN is involved in any such project we can absolutely guarantee the outcome will be a farce.

Iran & the media vs Trump

So Iran has yanked the chain of the British. While a British ship prevented an Iranian tanker headed to Syria from reaching its destination in violation of sanctions, the Iranians returned the favour, albeit without legal pretense.

It is easy for Iran to take advantage of the political malaise in Britain but it would be unwise to risk antagonizing Trump beyond this because there will be no red lines with invisible ink unlike his predecessor.

To Iran’s benefit is the Trump hating media. No doubt they’ll make much noise saying that the ayatollahs are paragons of peace and defenseless against American might. If a saber is rattled then it’s nothing more than chest beating and Trump will only look to whack a ‘shithole’ country to please his base.

Pretend for a second it was Obama. If an ally had a civilian ship boarded by armed Iranian Revolutionary Guard troops in violation of international law, would we protest if Obama stood up and warned Iran to step off or face military intervention? The media would embrace it.

Iran is itching to push Trump’s resolve. It’s deep involvement in Yemen, Syria, Lebanon and Iraq is not lost on anyone with their eyes open. This proxy war has been ongoing for decades.

Don’t be surprised if the Russians start shipping some more S-400 Triumf SAM systems to Iran in order to level the playing field a bit. The Iranians already have the upgraded P-270 Moskits and P-800 Oniks anti ship missiles. If you see America attack Iran, these batteries will be first on this list to be take out as they are virtually unstoppable once launched. Can one imagine the implications of a US carrier sunk in the Gulf? That would cause a massive reprisal which would move this beyond a skirmish. Buy Gold.

Don’t forget Iran is Rosoborenexport’s second largest export client. That will be proper collusion, not the nonsense dreamed up by the Dems at election time which even if true would wilt in the shadow of Google’s meddling.

This has the potential to turn very ugly. It all rests on Iran’s shoulders. It’s not the Iranian people who are a problem. It’s the regime.

One of The Guardian’s best pieces of bias

The Guardian, in the interests of ‘inviting’ harsh criticism and serving up some major league curve ball questions for teenager Greta Thunberg, it summoned the following experts on climate change to challenge her:

1) Maisie Williams – actress

2) Jeremy Corbyn MP – Opposition Leader

3) Jameela Jamil – actress and activist

4) Simon Armitage – Poet laureate

5) Lily Cole – model and campaigner

6) Sigrid – singer and songwriter

7) David Lammy – Labour MP

8) Stewart Lee – comedian

9) Rutger Bregman- historian and author

10) Jane Goodall – UN messenger of peace

Of course no one wants to be seen bullying a child but how can anyone take this as anything other than junk journalism? No wonder it needs to fund raise its existence because its audience can’t be bothered to pay. Why would they?

Of course it was only in late May that  The Guardian editorial department encouraged the use of sensationalist language. Instead of climate change, “climate emergency, climate crisis and climate breakdown” should be used in its place to describe the situation. “Global heating” is also considered the new norm as it sounds racier than warming.

CM doesn’t question or criticize Thunberg’s enthusiasm and energy but has often questioned the left’s brazen use of her to push the climate agenda. It is utterly embarrassing and disgusting to see politicians and others bow and scrape to a teenager who has been brainwashed by activist teachers. It’s nothing to do with Thunberg. If her preaching is so prophetic, perhaps we should shut down our universities as there is clearly nothing to learn after 16 years of age.