Authored by Mike Shedlock via MishTalk.com,
A global financial crisis is brewing. The easy scapegoat is Putin. The biggest problem is policy everywhere you look...
Inept Climate Policy
Germany's decision to scrap its nuclear reactors before having replacement energy is in play.
In April, then UK Prime Minister Boris Johnson bragged his Energy Security Strategy would "bring clean, affordable, secure power to the people for generations to come."
In the US, California marches on with the blessing of president Biden, preposterous targets for electric cars without having the faintest idea where the minerals and mining for those batteries will come from.
Global Crisis of Climate Policy
The Wall Street Journal comments on the Coming Global Crisis of Climate Policy.
A crisis isn't coming, it's already here, and obviously so.
The Federal Reserve, Bank of England and European Central Bank, among others, want to know how global temperature variations a century hence might weigh on Citi’s or Barclays’ or Deutsche Bank’s capital and risk weightings today. The fad is for quantifying, with preposterous faux-precision, the costs of reinsuring flood risks, or fire, or the depressed corporate profits of a dystopian hotter future.
Well, if you seek “climate risk” to financial stability, look around you. It has arrived, although in exactly the opposite manner to what our current crop of eco-financiers predicted. Europe’s plight tells a tale that could become all too familiar in the U.S. soon.
The U.K. may be facing a wave of business bankruptcies exceeding anything witnessed during the post-2008 panic and recession. Some 100,000 firms could be forced into insolvency in coming months, bankruptcy consultancy Red Flag Alert warned this week. These are otherwise healthy firms with at least £1 million in annual revenue. Business failures on this scale would dwarf the roughly 65,000 firms of any size that went under from 2008-10.
Matters are probably worse in Germany, the eurozone’s largest economy. Some 73% of small and medium-sized enterprises in one survey reported feeling heavy pressure from energy prices, and 10% of those say they believe they face “existential” threats to their businesses over the next six months. And that poll, from the small-business association BMD, is the optimistic one. A separate survey published this week by the BDI, a major industry association, found 34% of respondents describing energy prices as an “existential challenge.” Business failures will ripple up and down supply chains and quickly into the banks.
Does anyone know what exactly any of this will mean for the financial system? Of course not. No one has seriously bothered to “stress test” catastrophic increases in energy prices, even though the Bank of England claims to have modeled the economic impact of allowing global temperatures to rise by 3.3 degrees Celsius over the next few decades. By the way, the BOE also predicted the economic impact of the transition to a net-zero-CO2-emissions future would be modest.
Inflationary Madness
Policy decisions by clueless heads of state bow down to Saint Gretta, AOC, and president Biden.
They have put in place an inflationary inferno that central bankers do not know how to stop.
Even more ridiculous, President Biden, Elizabeth Warren and others want the Fed to take on a third mandate and stress test the economic impact of continued rise in temperature.
What needs to be stress tested is the reverse, the inflationary impact of a push for clean energy before battery storage technology exists, grid improvements exist, and whether or not physical metals for all the batteries that will be needed are even available.
RELATED:
"Revolution Has Begun": 75,000 Brits Plan To Stop Paying Power Bills In Protest At Energy Rip Off
Resistance is growing to spiralling domestic energy costs in Britain as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again.
If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK," an anonymous group spearheading the effort to have more than one million Brits boycott paying their power bill by Oct. 1.
Panama Papers: British Elite Linked to Corruption, yet Media Only Focuses on Putin It is clear (and very easy to research) that many Amerocan elitists, including prominent political figures are involved in the Panama tax haven scandal. So why are British news organisations focusin on David Cameeron, the Conservatives and Vladimir Putin? Could it be the Gerge Soros funded group behaind the leaks have another agenda besides exposing (perfectly legal) tax avoidance?
How To Help The Poor - A look at how mainstream politics talks of fairness but penalises poverty
All three mainstream parties in the May 2015 General Election are focusing, as they did last time, on fairness, equality and helping 'the poor'. As their senior spokesmen piously pontificate there will be no trace of irony from either Conservative, Labour or Liberal Democrat while the spout such bollocks, even though they know their economic policies will penalise the poor.Things That Make You Boggle ... Like The Misplaced Confidence Of Academics
Why are economics academics always so sure that their predictions are correct. Given the abysmal record on economists on calling the economic trends correctly even after they have happened let alone ahead of the trend, you would think exponsents of the dismal science would be a little more cautious in proclaiming their gusses as evidence backed facts. They never seen to learn however.Do We Have A Winter Of Civil Disobedience Ahead?
We are in the grip of an energy crisis at the height of summer, due in part at least to the loss of gas imports from Russia. Six months into the war in Ukraine, UK and EU policymakers are finally realising the potentially catastrophic implications of their gung-ho attitude in sanctioning Russia and supplying the neo Nazi nutters in Kiev with unlimited armaments and ammunition having backfired as The Kremlin retaliated by sanctioning gas exports to European states that depend on Russian gas. ... Continue reading >>>
Net Zero Is A Dangerous Fantasy, But Scientists Believe In Fairies It Seems
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With oil and gas prices rocketing and the highly propted sustainable energy sources performing way befow expectations the energy crisis currently gripping Europe (with worse to come as food shortages start to bite, polticians still seem more intent on pandering to the green lobby and chasing the dream of a fossil fuel free world rather securing the energy and food supplies needed by the people they serve. ... Continue reading >>>*
The Truth About Coal And The Lies Of The Elite
COAL IS THE NEW BLACK
So much for all the COP 26 banter late last year. Let me remind you. The elites all flew in on their private jets and promptly told us we’re all (royal we) getting off fossil fuels and killing coal.
So how’s that turning out?
The usage of coal is now at record highs: ... Continue reading >>>
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Britain is Breaking Down; The Economy Is Struggling, Living Standards Are Falling, Institutions Are Failing
In spite of being rich in energy resources Britain is now in an energy crisis, our leaders have sacrificed prosperity on the altar of Net Zero, committing the nation to our reducing our 1% contribution to harmful emissions still further while India, China, Brazil, Nigeria, Indonesia and all the other huge population nations of the third world carry on with business as usual (usual being the transfer of manufacturing industry from the rest to nations that are not so squeamish about a bit of Carbon Dioxide.) ... Continue reading >>>
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Climate Scientists' Mathematical Models Of Reality Wrong Again…New Study Shows Jet Stream Strengthening, Not Weakening
But recent research by Samantha Hallam et al published in the journal Climate Dynamics looks at the seasonal variations over decades in Northern Hemisphere jet stream latitude and speed over land for the period 1871–2011. The authors report that they found no evidence of weakening of the sort climate alarmists have been warning about for the past three decades.
Conversely the research found that the winter jet stream over the North Atlantic and Eurasia has increased in average speed by 8% to 132 mph. ... Continue reading >>>
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Official Advice - Prepare For Blackouts This Winter
The UK government is putting plans together for days of organised blackouts this winter according to reports in manstream media. Naturally they are blaming this on the embargo on importing gas from Russia but Britain has never imported any more than a small amount of its gas from Russia. The real reason politicians and energy company CEOs are panicking is entirely due to their obession with obtaining all our energy from intermittent sources like wind and sunshine. The logic is so simple even a retard could follow it on days when the wind does not blow a wind turbine generates no current and for on average 12 hours a day (more in summer, less in winter,) solar panels generate nothing. ... Continue reading >>>
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UK Households Are Paying Wind Turbine Owners To Not Generate Electricity
On another near windless day here in the United Kingdom, Boggart Blog came across a very interesting piece if news. According to figures published by the business and management consultancy LCP, british taxpayers have been paying operators of wind turbines farms for the time their windmills were NOT generating electricity increased to record levels last year as the UK’s cable network and storage capacity struggled to keep up with the amount of electricity generated at times of optimum wind conditions. ... Continue reading >>>*The lights are going out across Europe
The EU’s plan for mandatory gas rationing is utterly terrifying.
The EU’s 27 member states – all modern, advanced industrialised economies, some among the richest in the world – are about to start rationing their energy supplies. This week, at an extraordinary summit, EU members agreed to a European Commission proposal to slash their gas use by a punishing 15 per cent over the next eight months. From August 2022 to March 2023, the lamps will, quite literally, be going out all over Europe. ... Continue reading >>>
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How The West's Sanctions On Russia Backfired
We Boggart Bloggers don't like to say, "We Told You So," ............ we absolutely LOVE it.
The strategy adopted by the collectively demented Biden administration in the USA and supported by its allies in NATO and the European Union against Russia in Ukraine is fast proving a total fiasco, sanctioning Russia has backfired on the EU with Germany and several other nations now so short of natural gas for industry and domestic use they are having to introduce rationing. There have also been unintended consequences for international food and fertiliser which will inevitably worsen in the coming months. ... Continue reading >>>
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Has Putin Has Pushed Europe Into Economic Depression, Hyperrinflation and Currency Collapse?
Though it was entirely predictable and indeed had been expected for some time, the news over the weekend that the Nord Stream 1 pipeline which feeds gas from Russia to northern Europe via The Baltic route had been shut down completely by The Kremlin in retaliation for the continued financial and military support given by NATO and EU member states to Ukraine in the conflict with Russia. The European Commission, governing body of the EU, immediately put the community on something close to a war footing, ...
Continue reading >>>The True Cost Of The Green Energy Boom Is Now Being Realized
For four decades we have been fed a constant stream of propaganda assuring us that green energy was the only way forward if we wanted to secure supplies of the energy essential to a modern society while preventing the environmental catastrophes that would be the inevitable consequence of climate change caused by the Carbon Dioxide (CO2) emitted by human industrial, commercial and social activity. ... Continue reading >>>Do We Have A Winter Of Civil Disobedience Ahead?
As many people in Britain slap on the apres sun gloop in the wake of what passes for a heatwave in these cool cloudy climes, our inept politicians caught with their pants down by unusual weather as usual have heard that that winter is coming and are making plans for a coldwave. We are in the grip of an energy crisis at the height of summer. Last week, it was reported that the UK government is laying down plans for a “reasonable worst-case scenario” including blackouts for industry and even households. And this is as energy prices spiral out of control to new records every day.The Truth About Coal And The Lies Of The Elite
So much for all the COP 26 banter late last year. Let me remind you. The elites all flew in on their private jets and promptly told us we’re all (royal we) getting off fossil fuels and killing coal.So how’s that turning out? The usage of coal is now at record highs:Britain is Breaking Down; The Economy Is Struggling, Living Standards Are Falling, Institutions Are Failing
Official Advice - Prepare For Blackouts This Winter
Successive governments have brought Britain to its knees.This article will focus on Britain as representative of the general malaise that is afflicting almost all the developed world. Our current crop of politicians have discarded the resources that brought the country out of the post war decline ... In spite of being rich in energy resources Britain is now in an energy crisis, our leaders have sacrificed prosperity on the altar of Net Zero, committing the nation to our reducing our 1% contribution to harmful emissions still further ...
The UK government is putting plans together for days of organised blackouts this winter, in what they call a "reasonable worst-case scenario" for energy shortages, according to reports in manstream media. Naturally they are blaming this on the embargo on importing gas from Russia but in reality Britain has never imported any more than a small amout of its gas from Russia. The real reason politicians and energy company CEOs are panicking is entirely due to their obession with obtaining all our energy from intermittent sources like wind and sunshine ..."Revolution Has Begun": 75,000 Brits Plan To Stop Paying Power Bills In Protest At Energy Rip Off
Resistance is growing to spiralling domestic energy costs in Britain as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again.If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK," an anonymous group spearheading the effort to have more than one million Brits boycott paying their power bill by Oct. 1.
Is Russia Selling Its Oil To The World Through An Obscure Egyptian Port?
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As this blog predicted when NATO and EU member states shot themselves in the foot by reacting to Russia's invasion of Ukraine with sanctions that prevented Russia from selling oil, gas and vital raw materials to the countries that needed them most, the NATO and EU member states, the Russians have had no problems finding alternative customers for their gas and oil and no problem getting oil into the world's commodity markets through the back door.
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