Zero Hedge
Climate Change agenda is one giant con game meant to enrich a handful of kleptocrats today while debt & hyperinflation ruin future generations.
We now live in a world, where bizarro headlines such as the ones below, have become a daily if not hourly occurrence:
- *TREASURY TO STUDY IMPACT OF CLIMATE ON HOUSEHOLDS, COMMUNITIES
- *TREASURY LAUNCHES EFFORT ON CLIMATE-RELATED FINANCIAL RISKS
- *BRAINARD: CLIMATE-SCENARIO ANALYSIS WILL HELP IDENTIFY RISKS
- *BRAINARD: CLIMATE CHANGE COULD HAVE PROFOUND ECONOMIC EFFECTS
- *MESTER: FED LOOKS AT CLIMATE CHANGE FROM VIEW OF RISKS TO BANKS
- *FED IS TAKING THE RIGHT COURSE ON MONITORING CLIMATE CHANGE
- *FED SHOULD CONSIDER CLIMATE-CHANGE RISK TO FINANCIAL SYSTEM
Now, in case someone is still confused, none of these institutions, and not a single of the erudite officials running them, give a rat’s ass about the climate, about climate change risks, or about the fate of future generations of Americans (and certainly not about the rising water level sweeping away their massive waterfront mansions): if they did, total US debt and underfunded liabilities wouldn’t be just shy of $160 trillion.
So what is going on, and why is it that virtually every topic these days has to do with climate change, “net zero”, green energy and ESG?
The reason – as one would correctly suspect – is money. Some $150 trillion of it.
Earlier today, Bank of America published one of its massive “Thematic Research” tomes, this time covering the “Transwarming” World, and serves as a massive primer to today’s Net Zero reality. The report (which is available to all ZH pro subs) is actually a must read, interesting, chock-full of data and charts such as these…
… and handy cheat sheets…
… none of which happen to mention China’s role in the “global climate change” crisis of course (after all, can’t offend Beijing and lose the biggest revenue stream now can we) and comes at a very precarious time for the green cause, just when soaring energy prices around the globe as a result of the escalating global energy crisis, threatens to crush any grass roots support to fight “global warming.” As report author Haim Israel writes:
This is the decade of climate action and COP26 will be the tipping point of the race to reach net zero emissions – the balance of reducing and removing carbon emissions from the atmosphere. To achieve it, a transition to clean technologies in all sectors at an unprecedented pace would be required, with the steering of governments and willingness of society. This is the last decade to act. Absolute water scarcity is likely for 1.8bn people, 100mn face poverty, and 800mn are at risk from rising sea levels by 2025. Climate migration could reach 143mn from emerging markets, driven by extreme weather.
None of that is new, of course – and while it is handy to have a centralized compendium of the data, a 5 minute google search can provide all the answers that are “accepted” dogma by the green lobby.
But while we don’t care about the charts, that cheat sheets, or the propaganda, what we were interested in was the bottom line – how much would this green utopia cost, because if the “net zero”, “ESG”, “green” narrative is pushed so hard 24/7, you know it will cost a lot.
Turns out it does. A lot, lot.
Responding rhetorically to the key question, “how much will it cost?”, BofA cuts to the case and writes $150 trillion over 30 years – some $5 trillion in annual investments – amounting to twice current global GDP!
At this point the report gets good because since it has to be taken seriously, it has to also be at least superficially objective. And here, the details behind the numbers, do we finally learn why the net zero lobby is so intent on pushing this green utopia – simple answer: because it provides an endless stream of taxpayer and debt-funded “investments” which in turn need a just as constant degree of debt monetization by central banks.
Consider this: the covid pandemic has so far led to roughly $30 trillion in fiscal and monetary stimulus across the developed world. And yet, not even two years later, the effect of this $30 trillion is wearing off, yet despite the Biden’s admin to keep the Covid Crisis at bay, threatening to lock down society at a moment’s notice with the help of the complicit press, the population has made it clear that it will no longer comply with what is clear tyranny of the minority.
And so, the establishment needs a new perpetual source (and use) of funding, a crisis of sorts, but one wrapped in a virtuous, noble facade. This is where the crusade against climate change comes in.
Much digital ink has been spilled on the philosophy and debate behind the green movement, and we won’t bore you with the details, but we will instead focus on the very clear, and very tangible financial consequences of a world where the establishment agrees, whether with democratic support or not, to allocate $5 trillion in new capital toward some nebulous cause of “fighting global warming.” Here are the highlights from Bank of America:
- Will it be inflationary? Yes, expect 1-3% pa shock. This is for the next 30 years… over and on top of any already present inflation!
- What are the bottlenecks? Geopolitics, climate wars and EM.
- Do we have the resources? Nickel and Lithium are just two that could be in deficit as soon as 2024.
- Is green technology really green? Not really (see below).
Drilling down on the absolutely staggering costs, at an estimated $150 trillion over 30 years, boosting funding sources to $5tn a year is equivalent to the entire US tax base, or 3x the COVID-19 stimulus this decade. Here are the details:
The energy transition to a net zero greenhouse gas (GHG) economy by 2050 will be a very expensive exercise, estimated by the IEA at $150tn of total investment, over a period of 30 year. At $5tn p.a, the IEA see it costing as much as the entire US tax base every year for 30 years.
Not high enough for you? Hang on then because…
BNEF has a higher estimate that the total investment needed for energy supply and infrastructure could be as high as $173tn through 2050, or up to $5.8tn annually, which is nearly three times the amount invested on an annual basis today.
Next follows the obligatory pitch from BofA which is reminiscent of a stalinist kolhoz pep talk from the 1950s, to wit:
… But it can be done, with technology, economy, markets and ESG joining forces. Exponential cost reductions in wind, solar and batteries technologies have made renewables the cheapest form of energy in areas producing >90% of global electricity. Market appetite is chipping in too. Labelled bonds and loans jumped to > $3tn this year, with $3 in every $10 of flows into global equities going into ESG, which will support climate-friendly investments, as well as funding new ones needed to further decarbonize our planet like green mining, green hydrogen or carbon capture.
We leave the best for last because at the end of the day, this was always about more debt, and more monetization, a process which by now even the shoeshine boy knows makes the rich richer and the poor poorer. Only this time the world’s wealthiest plan on robbing what little is left of the middle class under the guise of a noble crusade to defeat global warming… a crusade which will require over $500 billion in annual debt monetization by central banks each and every year, leading to hyperinflation in either risk assets or the broader economy, or both.
So if it sounds like “the crusade against climate change” is one giant con game meant to enrich a handful of kleptocrats here and now, while the nebulous benefits – and the all too certain debt and hyperinflation – of this revolutionary overhaul of the global economy are inherited by future generations, it’s because that’s precisely what it is.
Here is BofA’s startling admission of the above, as excerpted from the report’s Q&A on the Climate Change Conference (COP 26):
Q: What is the economic impact of net zero?
A: The inflation impact of elevated net zero funding will not be insignificant but the impact looks manageable at 1% to 3% per annum depending on central bank monetization rates, particularly if government spending is targeted and contributes to accelerate the rate of global GDP growth. The IEA also has a productive outlook for their net zero scenario, where the change in the annual growth rate of GDP accelerates by somewhere between 0.3% and 0.5% on a sustained basis over the next 10 years as a result of a shift to a green economy.
So much more QE for the next 30 years, check. What about inflation? Oh, there will be plenty of that too. As BofA admits, “green bond purchases could result in a 1% to 3% inflation p.a. shock”
To answer this question, we look at three separate cases. In our first case, the Fed, ECB and other central banks would subsidize all of the required infrastructure spending to decarbonize (translation: print the money). In a second scenario, we assume that they would absorb only half of the new bond issuance. And in a third case, we assume central banks take up only a fifth of all decarbonization spending onto their balance sheet. What is our key finding? If central banks only have to foot 20% of the bill or less, the impact of decarbonization looks fairly manageable with respect to inflation (Exhibit 108).
And just so readers know what to BofA looks “manageable” here it is: this is inflation on top of whatever inflation is already in the economy. Of course, if central banks have to “foot” 50%, 80%, or more, well… it gets much worse.
And this is where we get to the punchline: as BofA admits, it’s all about greenlighting the biggest QE episode in history!
We just see a peak of <1% additional inflation a year over a three decade horizon. Under more aggressive scenarios where central banks opt to absorb either half or the full decarbonization bills through quantitative easing, the risks of an inflation shock grow. Still, we think our third case is the most likely scenario, as it would be politically difficult to justify a much more expansive monetary impulse. True, while central bankers have expressed a desire to help green the economy, their corporate bond purchases have historically been restricted to crisis time policies through quantitative easing and remain well below purchases of sovereign debt. As such, any purchases of corporate green bonds would likely be limited both by the size of future purchase programs and their proportion relative to the overall corporate bond market, with slightly higher allocations under more progressive purchase policies that highlight environmental concerns
And there you have it: just as covid was one giant smokescreen to “allow” central banks and Treasuries to merge and lead us to Helicopter Money and MMT, creating some $30 trillion in liquidity in the process, the “Net Zero” myth is what will perpetuate this endless printing for the next 30 years, a period during which the only benefits will be bestowed upon those who benefit from QE and money printing. That would be the richest. As for everyone else, well you great grandchildren or their grandchildren may (or may not) live in a cleaner world. We really don’t know, but if we don’t start printing money now it will be too late.
If that sounds scarier and more manipulative than any religion in human history, it’s because it is.
The full 114 page report, which we recommend to anyone who wants to know what is coming, is available to pro subs in the usual place.
Al Gore should have been president instead of Bush. He was head of the senate and refused to vote for himself. Then he became king of climate change.
Attachment
I have your climate change here in the picture. This is the kind of monstrosity cloud created by geo-engineering; playing God. My best information says this has been happening large scale the world over since 1998. The experiments on it go back to world war 2 and perhaps much earlier. There’s over 160 patents on weather modification going back to before 1900. I am amazed that more people still don’t notice this, especially people older than 40.
Attachment
I’m new to this site. I came over from “The Defender” site and created an account just to comment on your post. I’m not sure how I got ahold of it, but in the past decade I came across a digital file that was a gov list for weather engineering in the US. It’s an Excel spreadsheet and it has the names of the corporations paying for weather engineering, the type of engineering they requested, etc. I ski and have been out to Colorado about 6 times, although never to Vail. I noticed on the spreadsheet very clearly the name of 4 ski resorts…their legal entities….they were all paying to have clouds seeded to create snow……I think one of them was called something like Vail Resorts…..It was very clear to me that lucrative corporations were paying for cloud seeding to benefit their business interests. Unfortunately, I’m not sure where I stored that file. I used to have it on an old cell phone, and I can’t remember which phone or where it is now. I remember pulling it up to show it to a few people when they doubted that I was telling them what was going on…..
The LUNATIC Crusade to prevent Climate Change is just part of the ALIEN AGENDA to destroy America and Human Civilization! The DemonicRATS and RINOs are AGENTS [mind-controlled Slaves] of their ALIEN Masters! DO NOT BE DECEIVED by Satanic HHAs [Hybrid Humanoid ALIENS], now INFESTING ALL Public and Private American Institutions.
Attachment
It’s has always been a globalist scam and nothing to do with saving the planet or the biodiversity of certain endangered species.
I was born in one of the most beautiful and third wealthiest country in the Western Hemisphere. And everyone and their dog wants to live or visit The Bahamas . And islands and rocks are still for sale daily. I could get into the geographical dynamics of the Bahamas but I won’t. Hurricanes are natural creations but most of them in the pass 50 years have not been due to geo-engineering. Dean Pena says it best about the banking industry and beach front land ownership in Florida.
https://www.youtube.com/watch?v=Rnlbw6JV0f0
https://www.aoml.noaa.gov/hrd/hrd_sub/sfury.html
https://documents.theblackvault.com/documents/weather/AD0722670.pdf
Oops ! Past 50 years. Sometimes I correct myself. Lol!
I scoff at the climate change narrative because no matter what, their minions never address intentional climate change; climate jacking. Check out this artificially created cloud. I became chemtrail aware November 18, 2007. Yes I’ve told the story before. The day began unseasonably warm with a deep blue cloudless sky over the Vail Ski Area and dead calm. It was in the 50s by nine in the morning. All the sudden a low flying Boeing class airliner appeared flying east. It looked to be less than two miles up. An enormous white trail came out of each wing. They looked electrically charged and pulsating. The trails resembled the shape of lightning if you could freeze it in mid air. These trails just kept expanding and started to resemble spilled milk on a coffee table as they merged.
I said to myself ‘that’s what people are talking about’. Had that been the only jet flying over Vail that day, I could have dismissed it as some strange atmospheric anomaly. Then Boeings appeared from all points of the compass and Vail was their bullseye. A tremendous artificial cloud was created spanning the visible sky. I went in and looked at the live satellite image. No clouds anywhere in the region! But how could that be? I went back outside and two fighter jets appeared flying fast from the Northwest in a close staggered formation. Their trails were charcoal gray in sharp contrast to the off white of the Boeings. These two trails hung like two jagged fangs expanding; they looked wicked.
Suddenly the planes vanished as fast as they appeared. This hideous fake cloud started to drift slowly east and it was clear again. I went inside and looked at the radar picture again… no clouds in the region. I expected to see this abomination again soon and I watched closely for it for weeks and it did not happen. I went down to Crested Butte December 10th for a ski weekend. The jets showed up in the morning and sprayed the sky until late afternoon. You’ve never seen so many Boeings in all your days. It was mind boggling because I felt I was the only one aware of it and it was so in your face.
It was another month before I saw the trails again, but it was nothing like the two previous times. After about 5 years and a terabyte drive filled with photographs I gave up on trying to convince people it was happening. The strange things I photographed up there included a flying hexagram emiting a chemtrail, a white ring shape and trails forming in the sky with no aircraft visible at all. I have come to the conclusion after 14 years watching and researching this… There’s no single purpose, it’s multi-level and there’s different chemical concoctions. That’s why there’s so many different colors: White, Charcoal Gray, Black, Rainbow Colored and binary creme cycle colored with one trail orange and one white. I have photos of B-2 Stealth Bombers doing this in three different places…. there was three of them the first time, two the second time and the third time a single stealth bomber.
My conclusion are it’s indiscriminate chemical and biological warfare targeting mankind. Thats front and center. The drought and flood inducement drive the climate change agenda of controlling mankind with carbon trading and making trillions doing so… for our own good of course
Attachment
This was one of the worst days in my area from a few years ago. The last couple of years have not been as bad:
Attachment
Your picture makes it so in your face. This one is more subtle. Here’s a new cloud type I call strato-handous
Attachment
Here’s another new cloud type I dubbed lollie-popous stratus
forgot to attach lolly-popous stratus cloud type
Attachment
I fly from the US to Europe a lot each year and this is literally what it looks like daily in Amsterdam, Copenhagen, and Rome. I would venture to say that all of Western Europe is getting slammed with this, even more than NYC. When I lived in NYC for a long time, it was only this bad on certain days. In Europe, it seemed to be daily, and they often do it early in the morning at sunrise — I bet a lot of people don’t notice for this reason. How do I know this? I would take trans-Atlantic flights arriving into Brussels and Amsterdam arriving at dawn and you could see the planes spraying and it would look JUST like your photo at the airport!
Same here Dave. I saw the same anomaly as a teenager living in the Bahamas before moving to the USA. And as a surfer and junior sailor I got to know weather patterns like clockwork. Which they were normal for the most part but then my late father told me of cloud seeding which he experienced as a migrant worker in the in Deep South in the mid 1950s. And how they would get random hail storms in the middle of the day in central Florida or southwest Georgia on the farms with clear sunny skies an hour before. About 25 years later he became a fireman/police officer at the Nassau International Airport and witness strange weather anomalies that the air traffic controllers couldn’t explain to small commuter plane pilots or Cay jumper as we called them.
I grew up with many East Indians in the Bahamas who had an agricultural background and one of the older gentleman I knew said he never remembered India having a monsoon season as a child and many of the British youths he went to school with said they loved it there due to the fact that it didn’t rain as much…
Food for thought. https://www.tropmet.res.in/~caipeex/cloud-seeding.php
((Absolute water scarcity is likely for 1.8bn people, 100mn face poverty, and 800mn are at risk from rising sea levels by 2025. Climate migration could reach 143mn from emerging markets, driven by extreme weather.))
1) Water scarcity….is that why we destroyed Qaddafi’s incredible project to supply water to the African continent?
2) 1.8bn people, 100mn face poverty….How many trillions have we wasted on this fake pandemic? How many people would those trillions have saved from poverty?
3) 800mn are at risk from rising sea levels by 2025. Show me the proof of that fantasy.
4) Climate migration could reach 143mn from emerging markets, driven by extreme weather. You mean the extreme weather caused by geo-engineering and weather modification via HAARP and chemtrails?
Years ago I made up a joke. The building inspector told the man you cannot paint the house lime colour. The man said why? He said we are worrried about the “green house” effect. About that time they were saying the sea levels were going to rise. I went for a civil engineering job with a council. It was on the bay. I thought I’d look intelligent and ask if they were worried the sea level might rise and flood the area. They basically laughed me out of the room and I didn’t get the job. Robert F Kennedy Junior is all for the CO2 bulldust, but anti-vax. https://www.youtube.com/watch?v=bXrkIRfkTCM.
So, BilAu, he’s against importing oil to the US…(at least according to this clip). How does that particular stance say he supports the global warming agenda. Now, you may have other evidence, but this is not one that serves your purpose.
If you have other vids re Kennedy’s supporting global warming, I am certainly up to viewing them.
Thanks for sharing the humor of this grand scale joke that have been played on the world Bill. I had a similar experience many years ago while in living in Melbourne with my Aussie lady friend. We met in the Bahamas my birthplace and I was working for the Bahamas National Trust (first land and sea park in the world started by the MI6/CIA and a Russian Zionist.
I made a comment about the Great Barrier Reef and it’s destruction and how we in the Bahamas has the second largest barrier reef and what we did to supposedly saved it. A Bondi beach bloke looked at me and said who bloody cares! the reef was there before us and provides our needs. And they all laughed and swam out on their boards… Moral of the story it’s has always been a scam and about privately owned land acquisition or eminent domain by conservationists. (Eugenics). Because we commoners don’t have the intelligence to manage our own lands.
https://www.youtube.com/watch?v=IjsolpOmvIo
Patrick Moore says it all. The CO2 levels evidently were heading too low before man started putting it back into the atmosphere with the industrial revolution. Evidently the CO2 was drying up because the animal were using it in their bones and shells as calcium carbonate and the volcnoes were less frequent.
He did say he’d drink some glyophosate and backed down, they said it would have kill him.
Climate Change is happening on ALL the planets right now. Its been happening for millions of years in cycles. Only now, criminal cons are turning it into a money making scam.
WHO are they going to tax on Mars….and all the other planets?
Restaurant stoves are a piffle compared to the power of the Sun.