New Rule: When Jackasses demand money, they should have to state where the money comes from. 
Secretary of the Treasury Janet Yellen on Climate Change
Please consider Remarks by Secretary of the Treasury Janet Yellen at the Goeldi Museum in Belém, Brazil
Good afternoon. I am very glad to be here at the Goeldi Museum with Inter-American Development Bank President Ilan Goldfajn and Governor Helder Barbalho and to have spent the day engaging with ministers from the region and leaders from the IDB and the private sector. I have seen today and throughout my week in Brazil the value of three key aspects of the Treasury Department’s approach to advance the Biden-Harris Administration’s international climate and nature and biodiversity agenda: strengthening relationships with allies and partners; making the international financial architecture work better for countries; and harnessing the power of markets.
Climate change poses a daily and existential threat to individuals, communities, and countries. It harms human health, damages homes and businesses, and strains government budgets. It poses risks across sectors of our economies, from agriculture to infrastructure. And the harsh reality is that the people and countries with fewer resources to prepare and respond often must bear even greater costs.
In the Amazon and elsewhere, we also see another concerning trend: the unprecedented and accelerating loss of nature and biodiversity. Like climate change, this loss has wide-ranging impacts, from driving migration and fragility to increasing food and water insecurity. And we are in a vicious cycle: Climate change accelerates nature and biodiversity loss, while this loss turns carbon sinks into carbon sources and eliminates natural infrastructure that supports resilience to climate change.
But being so close to the magnificent Amazon is also a reminder that the transition to a lower-carbon global economy is also the single greatest economic opportunity of the twenty-first century. The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050. This can be leveraged to support pathways to sustainable and inclusive growth, including for countries that have historically received less investment.
The Math
$3 Trillion per year * 26 Years = $78 trillion.
Not to worry, the $78 trillion will come from “many sources”.
Uh… like US taxpayers? Printing presses?
Yellen did not say. So, let’s assign the cost as a Percentage of Global GDP per Visual Capitalist.
$78 Trillion Allocated by Global GDP
- US: $78T * 0.263 = $20.51T
- EU: $78T * 0.173 = $13.49T
- China: $78T * 0.169 = $13.18T
- Japan: $78T * 0.038 = $2.96T
- India: $78T * 0.038 = $2.81T
- UK: $78T * 0.032 = $2.50T
- Rest of World: $22.55T
The US share is a mere $20.51 Trillion. That’s only $789 billion per year.
Of course, this assumes the entire rest of the world kicks in their fair share.
In addition, we need to add free universal health care, free college education, free child care, guaranteed living wages, and all the rest of the Progressive nutcase ideas.
And we need open borders too.
The whole world will want to move here. This is how you become a socialist mecca, just like Venezuela.
And who wouldn’t want that?
If You Thought Biden Was Bad, Look at the Promises of Kamala
Meanwhile, on our way to becoming a socialist mecca, please consider If You Thought Biden Was Bad, Look at the Promises of Kamala
Kamala Harris is off and running with a mind meld of the most progressive policies of Biden, AOC, and California governor Gavin Newsom.
Yellen dreams of an Office in Brussels. Best Lunches in the world I hear, and ohhh! – to be on the “A” list. Of course,that takes money, lots and lots of moolah – and where to get it ? Same ‘ole place, those sappy tax layers of course! That’s what we dreamed up this nutty ” Climate Change” scheme for you silly ! We could hardly have named it ” The Fleecing Game”, could we ? Surely $$$$$ 78 Trillion, to start, will get her noticed by “The Admissions Committee” ? And who would they be, you may well ask? Try “Klaus Schwab” and England’s new King …. what’s his name, and their W.E.F. on for size. They would be the ‘ racketeers ” behind” Agenda 2030″, “Open Borders ” scheme, intended to erase sovereign individuals from the Green, Green, Planet 🌿 And all so Janet can “Lunch” with the Varsity Team!! 😳. Or did I just have a bad dream ? 😔 What do you think about ” Agenda 2030″. ?
https://rmx.news/article/the-deindustrialization-of-our-country-germanys-energy-policy-is-crushing-business/
“Job-Wonder Germany” (some personal bankruptcy ticker): “These statistics have been recording the extent of job losses in Germany since September 21, 2019. It lists job cuts that have been announced or implemented since then as well as jobs lost or threatened by insolvencies. The list does not claim to be exhaustive. It goes without saying that we cannot fully track the actual implementation of announced measures and make corrections where necessary. The overriding intention is to give an impression of the extent of the upheavals currently being observed on the German labor market.” Current status: 2,351,080 job losses. https://egon-w-kreutzer.de/jobwunder-deutschland-2
http://itools.com/tool/google-translate-web-page-translator
$3 trillion into the accounts of Klaus Schwab, Rothschilds, Rockefellers, Soros family, Bill Gates etc. While taxpayers get the tiny crumbs of stale bread scavenged from dumpster diving.
stop yellen!
I’m all for it just as soon as we balance budget and start repaying fed debt at rate of $3-5T per year
If Janet wants to help the climate, she can stop eating. That would be best for the climate and the most direct action she could take.
The answer to this is no.
100% no and never. We must stop all this climate insanity and get these crazy people out of power ASAP.
“In addition, we need to add free universal health care, free college education, free child care, guaranteed living wages, and all the rest of the Progressive nutcase ideas.”
Free universal health care doesn’t need to be expensive. It’s only expensive if it includes expensive treatments. It doesn’t have to. People could have the exact same health care on average they have today, and moving a number of money flows around, it would be free at the point of access, which is the idea.
Free college education is a bad idea and there is no reason to include it in the policy agenda.
Free child care has been done in a number of countries and it isn’t particularly expensive. There is already free education, adding a bit of free child care at the beginning doesn’t increase the budget all that much.
The alternative to guaranteed living wages is more or less continuing to live as you do today in the USA, that is, with madness going rampant because you are a banana republic that refuses to even admit you are a banana republic. You could have guaranteed living wages if you devalued the dollar. That would crash the economy quickly, as opposed to painfully slowly. Then you’d have to quickly give up on your silly dreams of being some sort of high-tech superpower (you are not any more). That would focus investors’ minds in actual productive industries of an appropriate technology level for the actual state of your economy, with living wages to match.
Look, if somebody thinks you can get there without crashing the American economy, by all means try. But the way I see things, it’s going to crash anyway, and the only choices are crashing quickly or some sort of bumpy staircase down, and my impression is that the bumpy staircase looks worse. But you may see things differently.
The reason health care is expensive is law suits. MDs order alot more tests to cover their behinds, hence everything is more expensive. My dad was an OBGYN. When he started practice in 1965 his malpractice insurance was $365 a year. When he quit, in 1990, it was $180K a year! And no, he wasn’t a quack. What’s really a hoot is that he could be sued for malpractice 18 years after his last case, at $130K a year. Think about it, he had to have enough *guaranteed* money for retirement to pay $130K for at least 18 years. If a 4% return is guaranteed that works out to 3.25 million before taxes. Probably around 5.5 million with taxes. That’s in 1990. God knows what it is now. As he said, “I don’t pay for insurance, my patients do, dammit”.
The main reason he quit was a completely frivolous lawsuit when younger MDs asked him for advice when they passed in the hallway. They did the opposite of what he said they should do (grab a scalpel right now). He sued the lawyer, successfully, but he was so disgusted with that, and the paperwork the government required, he said the hell with it.
Speaking of banking…
https://www.youtube.com/watch?v=RHJE29oGMOg
“How Banks Discriminate Against Conservatives”
Janet Yellen, propagandist.
Yellen was a central banker and now writes checks for the federal government. Her job description is not that of propaganda minister.
Is that just another way for a payoff? To what companies is this money going?
Want more inflation?
Here it comes
Yellen has repeatedly demonstrated that she is a “Intellectual Yet Idiot.”
Mish: Everyone should do your calculation every time one of these globalist bloodsuckers opens its mouth. I’m going to gag as I vote for Trump-Vance, but the globalists have to be driven out. The question is whether the GOP gang will be different.
During the medieval warm period, England had a warm climate. Agriculture flourished, farmers had vineyards and there was a vibrant British wine-making industry. Fast forward 350 years to the “little ice age” and it was so cold in London that the River Thames froze solid many times. If only the Brits could have borrowed $78 trillion from bankers (who create ALL money digitally with no need for prior reserves or deposits), perhaps the “little ice age” could have been prevented!
Please finish the phrase:
“those whom the gods would destroy…..”
…they first make made.
mad not made
“made” would accurately apply to those in the Mafia.
We are all given a finite time on earth. I am not the so-called climate expert’s slaves. That is exactly what they are trying to reduce people to.
In the book and movie, Ole Yeller caught rabies. Maybe that’s the stage Janet is at.
Yellen wants to spend trillions on French Guiana. The Euro is the Devil’s Island currency. Fresh fruits, vegetable and halal food is the main staple in Devil’s Island. It’s the outermost region of the European Union. Muslim terrorist who misbehave will fly out of space,
Keep in mind Yellen is what the current party in control presents as Normalcy to the electorate.
Yellen, normal as the opening Olympic Ceremony.
Anyone who says anything contrary to that is an extremist.
Perhaps those who believe their vote has no meaning gives these people their podium.
$40B fiber optic. The radical left in France – a new name for muslim terrorists – cut fiber optic cables in several areas 3 days after disrupting the train’s service.
The little Hobbit has officially lost Her mind! Love the New Rule, but would like to add: ,and 51%+ Approval for the theft to the Citizens, By The Citizens, Or NO MONEY!!!
New Rule: When Jackasses demand money, they should have to state where the money comes from.
This so called “Climate Change” Joke of an initiative must end Now! If or until China, India, etc. don’t confirm 100% as well, then it’s uselessly breaking Americans for no reason, but to pad the Political Pockets of those involved with the theft.
It would be the Equivalent of only 1 EV Buyer, for every 10,000 GV’s purchased. A non-starter for the supposed saving of the planet, which is just nonsense anyway, when the rest of the World, including US, is still doing all the other stuff!!! Such BS!
Magical Monetary Theory. Printing press go brrrrrrrrrrrrrrrrr. How much do you want to bet that Ole Yeller can speak Klingon?
The Hooties face Djibuti and Eritrea. Socotra Islands, occupied by Biden, controls the flow in the Gulf of Aden. Abd Al Kuri, a tiny island between Somalia and Socotra, is part of UAE, the Saudis and Egypt and the US cauldron choking the Hooties.
Mocha belongs to the other side of Yemen. In Yemen the desert mountains can reach 12,000 feet. No climate change in Yemen. No snow.
Easy. Make inflation 100% and your liability will be 50% less.
That much Government spending for whatever dubious reason means increased Inflation. This deliberate overspending will push down the purchasing value of the American dollar which will further stress cash strapped consumers. No breath of fresh air will come from this Plan but a lot of hot air is a sure thing to be created.
So what are the real motives for Yellin to tryout this expensive trial balloon?
Dementia is my first guess, and Biden, Pelosi, Powell, etc. are right beside Her… We have a “Senior Moment” each and every day, throughout this entire Administration… yawn…
Global subsidies to fossil fuel industries, i.e. tax payers supporting dirty energy megacorps, is over $7 trillion, US alone close to 1 trillion annually. Problem solved, if you all would just pull your head out of the ass of your blood sucking overlords.
subsidies?? More accurate to replace with “regulations”
Kamala looks like the winner to me. Trump will have to come up with more spending if he is serious about winning. Where the money comes from has never been a question the voters ever consider – as long as some of it comes their way.
The Fed resumes the raids.
Possibly the most insane of all the insane “green” proposals I have heard. The IPCC worst case scenarios using RCP8.5 does not indicate a greater than 50% detectability let alone attribution for most effects of AGW.
BE CLEAR!! America, and so the Rest of all the world as well, that NOT even All the money of the the Whole world can FIX this Climate CHANGE Problem!!! this is the WORST Stupidity Ever, that Only the Real GOD MAKER OF HEAVENS and planet Earth!! Can Fix It. Because The GOD OF HEAVENS, is Bringing IT, and Controlling IT!! and so Will Remain with US, all Permanently so, not even All the entire population of HIS Planet Earth Will be able to change it!! nor FIX IT!! Never, and EVER. and so, We All humans, all around, in ALL the Countries of this world, are just condemned to keep enduring this “beautiful” Climate Change Made, and absolutely Only by the indivisible, But LORD GOD OF HEAVENS And Earth.
We All WILL keep seeing it within the Rest of the planet Earth Years, Period.
Your GOD not only doesn’t care about humans, he doesn’t even exist
Pull the plug on Washington DC and everything in a 50 mile radius. Problem solved, to the applause of 8 billion people.
Let’s talk after homelessness, illegal immigration, and financial system problems are solved
– Close the Border and send all illegals home.
> Homeless problem solved.
– Stop allowing the Government to spend Our Taxpayers money, on anything other than Americans, and America!!!
> Financial problem solved.
Anymore Questions?
Spend enough on climate stuff and it’ll wreck the economy enough that there won’t be as many immigrants.
Not to worry, she won’t be in office by the time the first installment would be due.
This is like saying, if I put 1000 dollars into TIPS, in 100 years will be a billionaire.
After seeing this, Mr. Robot is a few years old and this was in the first ten minutes, I remain as much a hypocrite and as guilty today as then.
Elliot : Oh, I don’t know. Is it that we collectively thought Steve Jobs was a great man, even when we knew he made billions off the backs of children? Or maybe it’s that it feels like all our heroes are counterfeit? The world itself’s just one big hoax. Spamming each other with our running commentary of bullshit, masquerading as insight, our social media faking as intimacy. Or is it that we voted for this? Not with our rigged elections, but with our things, our property, our money. I’m not saying anything new. We all know why we do this, not because Hunger Games books makes us happy, but because we wanna be sedated. Because it’s painful not to pretend, because we’re cowards. Fuck society.
I doubt that 3 trillion per year is enough. The world spent 1.8 trillion on renewables alone in 2023 (China led the way with 676 billion) and 5 trillion over the last decade. And we are still using more fossil fuels each and every year. Though we have reduced their overall share of the energy mix from 81% to 80% in those 10 years.
The problem is its a moving target. We use more energy every year, and the buildout of renewables can’t even satisfy that annual increase, let alone decrease the use of fossil fuels.
And if anything, other than in China, we are seeing signs of a pullback in renewable energy investment in the last year or two.
So I don’t think we will meet Yellen’s target. Private companies are pulling back on renewables and governments don’t have the ability to pick up the slack.
Resources are always applied to more immediate problems. Like cleaning up after wildfires, floods, hurricanes, tornadoes, etc. Which are costing us more every year (as predicted). So there is less available to add even more renewables. Which means we will eventually spend more on mitigation than on renewables.
Meanwhile, we are entering a period of rapidly increasing electricity demand thanks to AI, Crypto, EVs and population growth.
Electric utilities will respond with the quickest, easiest and cheapest method of adding new generating capacity, using mostly natural gas. Fortunately, NG is very cheap right now at around $2, which is equivalent to $12 WTI. And the US has a lot of NG.
My favourite NG stock is Tourmaline.
You’re right but too many words for most folks … let me edit for you.
I doubt that 3 trillion per year is enough.
I like EI/EO (Energy In / Energy Out) … good to be <<1; not sure renewables are even <1.
Remember this:
When governments around the world are pushing a narrative that will
1) give them more control over the people
2) give them an excuse to raise taxes, and
3) give them an excuse to steal land from the people,
they are LYING!
But you vote for them anyway.
These people are delutional idiots.
She’s not good looking, and her voice is weird.
There are 144 million housing units in the US (Statistica). If the average price is $400,000 the value of the housing market is : $58T. The value of the stock market is, whatever…spending a few dollars on reparation, climate change and the $35T gov debt is bs.
Since the average house in the Bay area is over a million dollars and those in the high tech sector own most MAG 7 stocks, they should pay Yellen x3 for reparation and climate change.
Simple solution
” What Is a Trillion-Dollar Coin? The term “trillion-dollar coin” refers to a theoretical concept whereby a government could mint a physical coin out of platinum with a face value of $1 trillion, which could then be used to reduce the national debt.
This conceptual strategy was first proposed in 2011 as a potential alternative to raising the U.S. debt ceiling. Although there were several high-profile proponents of the idea, it was eventually rejected in 2013 by Treasury Department and Federal Reserve officials.
The idea of minting a trillion-dollar coin reentered the national conversation in early 2023 after Republicans regained control of the House of Representatives, setting up another bout of political wrangling over the debt ceiling. Treasury Secretary Janet Yellen, however, rejected the idea.”
Climate Change Cultism is merely an update to the Witch Doctor…Send me gifts ($78 T) and we’ll do a little dance and promise to change the weather.
Nigerian prince? i thought your money was in a trust? Now you want to change the weather?
Absolute correct.
They are indeed all ‘rain makers’ because absolutely none of them can prove that spending that money will help fight climate change. It might, it might not or it might be somewhere in between. Personally I’d prefer we don’t spend anything, recognize it’s coming and just mitigate things as they occur.
Control of birth rate would be a good place to start. Ouch. I just felt my savings lose more value. Maybe I should borrow as much money as possible and live for today only.
CNN had an interesting migration story todau about the Venezuela women working in Cucuta Colombia. Ask your self if you would want that for your mother or aunt or sister or daughter.
I asked a few friends I have down there to confirm and apparently Colombia is overwhelmed by Venezuelans undercutting the low minimal wage for many jobs down there.
Money from Nothing, debt jubilee or societal collapse. Waiting for highly secure compounds for high net worth groups to start spronging up.
Glad I will be dead soon.
Venezuela election Sun July 28 2024. If Maduro “wins” and a ceasefire in Jasa ==> 1M/2M new immigrants in the next 3Y. The labor participation rate to 68%.
And?
HOUSTON/CARACAS, April 18 (Reuters) – The day after the United States announced it would reimpose costly limits on Venezuela’s oil sector, the South American nation braced for the consequences and its president warned that the “grave error” would also hit U.S. interests.
Announced by U.S. officials on Wednesday, Venezuela’s loss of a key U.S. license that allowed it to freely export and increase investment in its oil sector will hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S. deal authorizations.
Washington had warned it would not renew so-called license 44 absent progress by President Nicolas Maduro toward implementing an electoral roadmap agreed with opposition leaders last year that sought to ensure free and fair elections this year.
Speaking at the Caracas headquarters of state oil company PDVSA, Maduro criticized the administration of U.S. President Joe Biden for making good on its “blackmail threat” in an address broadcast on state television.
“While trying to harm us President Biden, you are doing double damage to yourselves because Venezuela will stick with its own path,” he said, flanked by PDVSA workers.
Last October the license eased oil sanctions that had been in place over the previous five years on OPEC-member Venezuela, once Latin America’s top oil producer.
On Wednesday, U.S. officials gave companies 45 days to wind down pending transactions under a more restrictive license called 44A.
Socialism. Taking the wealth of the past and giving it to the present while destroying the future. What ever happened to the work ethic? I’m sure the Colombian state is happy to receive hard currency in the form of dollars and Euros using the imported labor of beauty. The power of the…..
Should Milei in Argentina be so lucky. Money pouring in actually helps buoy the value of the Colombian peso.
Let’s hope Maduro loses. Working in Venezuela doesn’t mean you get paid.
How is Capitalism working out?
Endgame is always monopoly with low wage workers.
Personally I believe a Benevolent despot to be the best form of politics.
If we give 1/2 of the reparations voted in in San Francisco to 1/2 of the African Americans in the US, that will cost roughly $121T. So this $79T would even it out at $200T. Maybe that is where she got that number
Q. So what does a moron economist know about climate?
A. Absolutely nothing
What did Al Gore know about climate?
His book and documentary are banned in the UK.
Nope. In 2007, one judge ruled that the video could not be shown in uk schools. He was overruled a few weeks later by a high court judge who said the material could still be shown in schools, provided that the inaccuracies were clearly identified.
Time for some self reflection Janet! Have you sold your car? Downsized your home? Turned off the heat and air conditioning? Halted all air travel? Do you bike or walk to work?
Talk to me about this existential crises once your action reflect your rhetoric. While you are at it turn off the AC in all Treasury buildings and require all employees to walk or bike to work.
Hmmm….no A/C, like Olympic village?
Offhand just how many decades has AC existed?
You know like before the internet stuff.
Gee, surprising she didn’t say it’ll pay for itself (eventually).
As does free universal health care, free college education, free child care, guaranteed living wages, …
As well as saying the Gospel of Kam: “We have the ability to see what can be, unburdened by what has been, and then to make the possible actually happen.”
NetZero == Mass Murder
If we do wind up spending 3 trillion a year it will be because the Establishment and its oligarch mass murderers have enslaved humanity once again
Please explain why net zero = mass murder.
What none of them mention is the particularly short life span of electric storage batteries, solar panels, wind farms, etc etc. So doe a large amount of that money just roll over every 15-30 years to replace it all?
Yes, it’s big business for the well connected.
Only short term.
Anything biting the poor in the ass will eventually impinge upon them.
Other nations actually riot like Kenya.
Its even worse for shale oil. Decline rates are so fast that the companies must keep spending on new wells just to maintain production. Not every 15-30 years but every 3-4 years. I own some shale companies, but I prefer oil sands companies that have very long life reserves. Like Athabasca. Their Leismer field can produce 40k bpd for 50 years at a sustainable cost of $6/ bbl.
Spending taxpayer money is what politicians do for a living.
Always fun to spend money.
If your spending it, might as well have fun.
Fun fest.
I give up.
I suggest she lead the way and pay $3,000,000 per year to start