Please consider these COP 27 Closing Statements by the Secretary-General.
- COP27 took place not far from Mount Sinai, a site that is central to many faiths and to the story of Moses, or Musa. It’s fitting. Climate chaos is a crisis of biblical proportions.
- Instead of a burning bush, we face a burning planet.
- Justice for those on the frontlines who did so little to cause the crisis – including the victims of the recent floods in Pakistan that inundated one-third of the country.
- I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period.
- But let’s be clear. Our planet is still in the emergency room.
- Unlike the stories from the Sinai peninsula, we cannot wait for a miracle from a mountaintop.
- We can and must win this battle for our lives.
Team Biden in Action
On November 12, president Biden’s climate ambassador, John Kerry, made this statement:
“It’s a well-known fact that the United States and many other countries will not establish…some sort of legal structure that is tied to compensation or liability. That’s just not happening.“
Guess What Happened
In case you are wondering about the Secretary-General’s statement regarding a loss and damage fund, John Kerry signed up for it at the conference.
Please note Biden Signs Up for Climate Reparations
The use of climate policy to soak Americans keeps getting worse, and the United Nation’s climate conference in Egypt ended this weekend with agreement on a new fund to pay reparations to poor countries. Welcome to the latest climate shakedown.
Poor countries have long sought to force wealthy countries to pay for the “loss and damage” they suffer from natural disasters that are supposedly climate-related. This is separate from the $100 billion a year that rich countries have promised to help poor countries reduce emissions and adapt to climate change.
Wealthy countries will now set up a fund to cover climate damage for the least developed countries—i.e., not China or middle-income nations. This will be financed from “a broad donor base” and “mosaic of solutions,” such as international development banks and taxes on aviation, shipping and fossil fuels.
In return for climate reparations, Mr. Kerry tried to force an agreement to phase down “unabated” fossil fuels. Low-income countries understandably refused since doing so would consign their citizens to poverty. The Biden climate agenda has increased energy prices in the U.S., and the climate lobby doesn’t mind if this misery spreads around the world.
Sketchy Details
Details aren’t just sketchy, they’re nonexistent. Amusingly Biden promises no new liabilities for the US.
Somehow this is more magic money from somewhere and no one has to pay a dime.
This is why there are no details now. The magic will be flushed out later after people have long forgotten the promise that it won’t cost anything.
A Comment on the Hypocrisy
https://twitter.com/LynneMcCarthy/status/1594226829673611264
Meanwhile, the WSJ notes that China emits two-thirds more CO2 than Europe and the U.S. combined. Coal accounts for 60% of China’s power generation, and more new coal plants are set for approval through 2025 than the entire existing U.S. fleet. China says it needs more coal power for energy security and, unlike Europe and the U.S., it won’t commit climate suicide.
This post originated at MishTalk.Com.
Thanks for Tuning In!
Please Subscribe to MishTalk Email Alerts.
Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.
If you have subscribed and do not get email alerts, please check your spam folder.
Mish
Proof?” WSJ July 21, 2022
Link: Daniel L. Thornton, Vice President and
Economic Adviser: Research Division, Federal Reserve Bank of St. Louis, Working
Paper Series:
“Monetary
Policy: Why Money Matters and Interest Rates Don’t”
Thornton:
“the interest rate is the price of credit, not the price of money”
“Today “monetary policy” should be more aptly
named “interest rate policy” because policymakers pay virtually no attention to
money.”
reserves to inflation” – DONALD KOHN – former Vice Chairman of the Board
of Governors of the Federal Reserve System
causes inflation and not how the Fed stimulates the economy. It’s a side
effect.” – LAURENCE MEYER – a Federal Reserve System governor
from June 1996 to January 2002
created the S&L crisis. Like the old, thrift-school, now forgotten, saw
goes: “Disintermediation is made in Washington” See: Barron’s: “One Crunch Too
Many”, May 22, 1978
There have been 12 boom/busts in real-estate since WWII
(along with 12 recessions). These BuB originally thought the S&L crisis was
a capital crunch. He has now recanted.
Bernanke, Ben S., and Cara S. Lown (1991). “The Credit
Crunch,” Brookings Papers on Economic Activity, 1991:2, pp. 205-39.
His ignorance (not knowing a credit from a debit), produced
FOMC schizophrenia: Do I stop because inflation is increasing? Or do I go
because R-gDp is falling?
“Matthew O’Brien of the “Washington Post” undertaking a
simple yet illuminating word count in a blog post for the Brussels-based
Bruegel think tank. He found that, in the run-up to the Lehman collapse, the
mentions of “inflation” in the transcripts vastly outnumbered those for
“systemic risks/crises”: 468 versus 35 at the June 2008 FOMC meeting and 322
versus 19 at the August meeting. Even more notable: “At the September 16, 2008
meeting [that is the day after Lehman failed] there were 129 mentions of
inflation…and only 4 of systemic risks/crisis”.
(along with 12 recessions)….”
period is needed to capture business cycle fluctuations, which may be
done by using a random or irregular source as in an econometric or
statistical framework.
“As any unbiased banker should know, all the money
taken in by the money funds goes right back into the banks, in the form of CDs
or bankers acceptances or other money market instruments; there is no net loss
of deposits to the banking system. Complete deregulation of interest rates
would simply allow a further escalation of rates by the banks, all of which
compete against each other for the same total of deposits.”
Written by Louis Stone whom the movie “Wall
Street” was dedicated to – Vice President Shearson/American Express
The FED controls
monetary flows, the volume and velocity of money. Alan Blinder is wrong about
oil (supply shocks).
Thus
my prediction for the bottom in oil was:
are constants but “K” is not. K is the reciprocal of Vt. The bottom isn’t Dec.
but Jan. (like last year)”
troughed in Jan this year as long-term money flows fell by 80 percent from
1/2013 to 1/2016. Oil fell by 70 percent during the same period.
“All analysis is a model” – Nobel Laureate in Economics Dr. Ken
Arrow.
My “unified theory” is based upon American, Yale Professor Irving Fisher –
1920 2nd edition: “The Purchasing Power of Money”:
“If the principles here advocated are correct, the purchasing power of money
— or its reciprocal, the level of prices — depends exclusively on five definite
factors:
…“In my opinion, the branch of economics which treats of these five
regulators of purchasing power ought to be recognized and ultimately will be recognized
as an EXACT SCIENCE, capable of precise formulation, demonstration, and
statistical verification.”
evidence “is
proof, which serves to either support or counter a scientific theory or
hypothesis. Such evidence is expected to be empirical evidence and in
accordance with scientific method” – Wikipedia
Scientific method is “a method or procedure…consisting in
systematic observation, measurement, and experiment, and the formulation,
testing, and modification of hypotheses”
regarding a loss and damage fund, John Kerry signed up for it at the
conference.”