The secret of freedom lies in educating people, whereas the secret of tyranny is in keeping them ignorant. - Maximilien Robespierre.

Tuesday, May 02, 2023

Who Is Winning In The New Scramble For Africa

 

As the internecine conflict in Sudan morphs into Africa's latest humanitarian crisis people in the compassion fatigued west heave a weary sigh and get ready to reach into their pockets, wall;ets and bank accounts once more as heart rending stories images of suffering and deprivation flood our media. 

Reports of violence breaking out in Africa rarely raise eyebrows in the West these days. chances are the conflics seem far away both geographically and culturally to us and so we feel it has little to do with us, whatever 'progressives' and the woke brigade may deem the West’s historical responsibilities for the continent’s problems may be. But as the recent events in Sudan demonstrate, this is no longer the case. The turmoil unfolding there is of far more importance to us in a geopolitical sense than most previous ones.

While the fighting in Sudan is, on the face of it, little more than a power struggle between the two rival factions for control of the country, there is also an important international economic dimension to this conflict. At its heart is competition between the great powers for influence over the continent — what has been elsewhere been called the “new scramble for Africa”.

In view of Africa's its vast natural resources, including gold, its agricultural potential and its geopolitically strategic location, Sudan has long attracted regional and international power plays. In recent years, Saudi Arabia, the United Arab Emirates, Egypt and Israel have all been cultivating economic and political ties with the country’s leadership  an,d its two warlords in particular.

Russia, however, stands out for its “special relationship” with Sudan. Putin made sure to cultivate an alliance with the country’s former leader, Omar al-Bashir, deploying the infamous Wagner Group in 2017 to provide him with political and military support. More importantly, that same year, al-Bashir signed a military cooperation agreement with Russia which included allowing the Russians to establish a military base along the Red Sea, ensuring a permanent presence for the Russian Navy in a crucial region and easy access to the Indian Ocean.

Al Bashir was overthrown in 2019 but Putin shrewdly switched his support to Sudan's new military leaders and continue to advance Russia's economic and political interests in the region. When considered in the context of China's expansion of commercial and political influence in Africa and other parts of the developing world, and the efforts of Saudi Arabia and Iran to promote their different brands of Islamism, the current conflict in Ukraine can be seen from a different angle, not so much a local conflict as part of a bigger face off between proponents of a monopolar world led by the USA and a multipolar world with economic and military power centred in the east rather than the west.

Africa, South America and parts of Asia have been the scene of Western (more recently US) political and economic meddling and manipulation for generations and the results haven’t always been pretty for the locals as Washington has systematically used the status of the US$ to crush other economic powers. Awkward questions have often been fobbed off with “He may be a tin-pot dictator but he’s our tin-pot dictator”


Is it surprising or disappointing to see that Russia and China can and do play the same game and have been doing it for years. While westrern governments have been pandering to the wimpish bleatings of extremist left wing minorities and pumping aid into African and other impoverished regions the Russians and Chinese have been making deals that benefitted their own interests as much as the places their investments helped develop. 

 Does anyone still think that nothing happens in Africa unless the US signs off on it? The West is fully engaged in using the cult of climate hysteria to solidify central planning political power. Much of the “science” has been either questioned or de-bunked entirely yet the propaganda and witch-hunts continue apace. It is China and Russia that are securing the supplies of natural resources essential to implement Western eco-diktats like Net-Zero. Are those deals fair and equitable? Probably not. Are they debt traps? Probably. But these deals are getting done and the Belts and Roads are actually being built.
 

Conversely, I invite you to behold Canada’s narcissistic sock model Trudeau. Canada just guaranteed Volkswagen $13B in subsidies for an EV battery plant. That announcement follows the uncharacteristically frank statement by Trudeau that Canada will probably never meet its NATO spending commitment (he’s somewhat less frank about admitting Canada hasn’t met any emissions targets). He was recently in New York crowing about this deal. The deal is secret (of course) but Trudeau claims Canada is such a wonderful place to do business that VW actually turned down more money from the US (Translation: Canada has made concessions that even the US wouldn’t consider). Meanwhile Canada has large lithium deposits that will endure years of regulatory reviews and court challenges before they ever see the light of day.


Clearly, Canada is not a global player but IMO this sort of reality-defying pretzel logic is indicative of Western leadership right now and clearly the BRICS + countries are taking advantage of it.

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Monday, May 01, 2023

Heat pumps epitomise the economic folly of net zero


https://www.telegraph.co.uk/news/2023/04/13/heat-pumps-epitomise-the-economic-folly-of-net-zero/

posted with 325 replies showing

Amid the ballyhoo from scaremongers, sciencevangelists, mathematical model merchants and research grant phishing experts about the need to achieve Net Zero if we are to 'save the planet,' there is little concrete evidence that the climate chaos we are seeing is solely the result of a slight increase in levels of Carbon Doioxide (CO) in the atmospehere (240 parts per million to 405 parts per million,) since the beginning of the industrial revolution. Despite this being a very marginal change a constant barrage of propaganda and the 'cancelling' of any scientist or medua commentator who challenged this 'existential threat from human made climate change narrative has made it almost impossible to have a civilised debate on the topic or to present a dissenting case. It has also rendered impossible  a logical analysis of the wider impact on economic and social activities. 

For all the magical thinking and grandiose pledges about green jobs and technologies, the true benefits of reducing CO2 emissions from human activity appear trivial when compared with the massive scale of costs incurred in replacing electricity distribution  grids in developed nations and increasing generating capacity while simultaneously shutting down all industrial activities involving oil, natural gas and coal. The huge destruction of our existing capital stock, from cars to industrial machinery would impose so great a cost as to make 'net zero' unchhievable without destroying industrial civilisation totally.

A good example of the follies spawned by the 'net zero'v policy is the UK government's plan to force households to replace their efficient and relatively cheap to run gas fired heating systems with expensive, inefficient and unreliable heat pumps. Now heat pumps are not a new technology, they have been around for roughly a hundred years, think of a fridge, freezer or air conditioning system in reverse.

OK, now think of a three-bedroom house currently heated by gas. Official figures suggest that installing an air source heat pump, upgrading radiators and improving insulation could cost £15,000 or more. Even after spending that money, many will find the system inadequate and require a gas or mains electricity system as backup.

But this is only the tip of the iceberg. That heat pump will require green electricity if it’s to help meet net zero. So we must also allow for building and operating the wind farms, backup storage and grid network needed to replace gas heating with electricity. All those costs must be recovered through higher electricity prices, or direct government subsidies. Even if energy costs revert to “normal” pre-2021 levels, my calculations suggest that electricity prices could well double.

Along with the higher demand, and allowing for a reduction in gas use, this could be equivalent to a net increase in bills of £1,000-£1,200 per year for our hypothetical 3-bedroom house. Moreover, we must allow for the higher costs of servicing and eventually replacing heat pumps.

And the heat pump policy is only the start of our Net Zero capital losses. Schools, hospitals, offices, shops and factories will have to be extensively refurbished or replaced to accommodate electric heating, and will then incur higher operating costs. A significant fraction of buildings and other assets could be abandoned as no longer economic because many older houses, apartment blocks and commercial buildings are totally unsuitabe for installation of heat pump technology. That could have the knock on effect of driving up both residential and commercial rents paid by housing tenants and businesses.

Then, there is transport and the hasty replacement of petrol or diesel vehicles by electric vehicles to consider, not that people would be able to travel far when all the roads are being dug up to facilitate the installation of higher capacity electricity cables. Less obviously we must allow for the reorganisation of urban and suburban areas in the name of Net Zero and “15-minute neighbourhoods”. Our whole social infrastructure – shopping, schools, community facilities – has been built over many decades on the assumption of cheap private and public transport. A large part of this may have to be replaced, at as yet unknown, but certainly prohibitive cost.

 Detailed calculations by the Cambridge engineer Professor Michael Kelly suggest that the investment required for the current Net Zero timetable will exceed £3 trillion, or 1.2 times UK GDP. Either other investment must decline or the burden will fall on household spending. You will not find Prof Kelly's research reported anywhere in mainstream media of course.

In summary, in pursuit of Net Zero by 2050, around a quarter of all UK investment will be devoted to replacing existing assets. The knock-on effect means that what’s left of the UK’s original asset base could well get older and more expensive to operate. Prospects for future improvements in productivity or healthcare or education are at risk of shrivelling in the face of endless demands to fund the energy transition.

So far we have only looked at the green dreams of research grant phishing scientists and environmentalist crusties. Let's now turn our attention to more prosaic matters.

 If you look at a weather forecast for five hours hence it makes its predictions in the form of statistical probabilities but often even those turn out to be substantially wrong. So how can there possibly be a 'climate crisis' based on forecasts of what will be happening decades hence?

The whole carbon story treats the world as a simple system where you take a couple of data points and join them up with a straight line. Already it is clear to any sane observer that it doesn't behave like that at all. Based on the predictions of a couple of decades ago the academics who started this bandwaggon were assuring us that Britain would be a flaming desert by now. How can they keep taking their fat grants and live with themselves? 

Any forecasts based on existing facts (and presumably they do and are not pure fiction) exhibit something called variance and this increases the further ahead in time you push your prediction. By the time you get to 20 years hence the range of possible outcomes covers a huge range. So precise predictions are nonsense, however big the computer is which churns them out. The grounds therefore for economically damaging the country are based on the flimsiest basis. The science is not remotely 'settled' although certain charlatans claim that it is. No-one thinks 'pollution' to be a good thing but impoverishing the nation for one relatively unimportant component of it is rank folly.

Those in power, those in technocratic positions, think tanks and advisory panels are as knowledgeable on climate science, electrical power systems, or large scale industrial engineering and economics as a people of an amazonian rain forest trible  would be on developing computer systems. The sooner there is a great purge of eco zealots and Cultural Marxists from government and senior positions in businesses and media the better. 

The most disappointing thing about this allegely Conservative government is the way they have abandoned  all conservative priniciples which are all about spending wisely and conserving things which work and are effective rather that throwing money at that which is novel, fashionable and unproven. Instead they have jumped on the globalist bandwagon and embraced a system most appropriately named by george Orwell in his novel '1984', Oligarchic Collectivism. Gas boilers ,air travel , old houses and petrol cars have to go because they are old. Never mind that they work, and never mind the evidence stacking up that the proposed alternatives don't. Despite the cost and oddly the ultimate lack of benefit to the climate or indeed our homes we must move with the times, change is saxred, science is God..

At the risk of stating the absolutely effing obvious stating the bleeding obvious  Net zero is all cost and near zero benefit .

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Monday, April 24, 2023

MODERNA Vaccine Fraud, People Were Not Injected With mRNA But Something More Dangerous

 Readers of this blog will know that we have always been deeply sceptical of the narratives used to sell people the COVID vaccinations that were developed in not just record time but in an impossibly short time for those vaccines to be developed from scratch and fully tested for safety and efficiency. People who look to alt_media for in depth reporting and commentary are now becoming aware that the vaccines were a scam, they do not confer immunity on recipients nor do they prevent transmission of the disease.

But the news that has emerged in the past few days reveals the psy - op that persuaded whole populations to surrender their rights and liberties in return for an empty promise that only if we complied with 'orders' could the government save us all from a disease that made few people seriously ill and has a lower infection to fatality rate than seasonal 'flu. The narrative built around the mRNA vaccines as they were rushed through the procedures that all medicines should be subjected to was that mRNA (messenger Ribonnucleic acid) would reprogram human immune systems so our bodies could handle the 'deadly' spike protien excreted by the SARS - COV2 virus. It was all bollocks of course.

The mRNA is real enough and according to Britannica "messenger RNA (mRNA), molecule in cells that carries codes from the DNA in the nucleus to the sites of protein synthesis in the cytoplasm (the ribosomes). The molecule that would eventually become known as mRNA was first described in 1956 by scientists Elliot Volkin and Lazarus Astrachan. In addition to mRNA, there are two other major types of RNA: ribosomal RNA (rRNA) and transfer RNA (tRNA).

Because information in DNA cannot be decoded directly into proteins, it is first transcribed, or copied, into mRNA (see transcription). Each molecule of mRNA encodes the information for one protein (or more than one protein in bacteria), with each sequence of three nitrogen-containing bases in the mRNA specifying the incorporation of a particular amino acid within the protein. The mRNA molecules are transported through the nuclear envelope into the cytoplasm, where they are translated by the rRNA of ribosomes."

OK, I didn't understand much of that either, so I contacted a friend who is a research biologist and he explained it in simple terms. And most of it still went over my head, but in short the role of mRNA in this case contained in vaccines,) is to carry protein information from the DNA in a cell’s nucleus to the cell’s soft interior (cytoplasm), where the protein-making machinery reads the mRNA sequence and translates each code element into its corresponding amino acid which are the building blocks of protein.

When humans or animals are infected by a virus in the natural course of events or have received a conventional vaccine, the immune system identifies virus-specific proteins from active or inactivated virus particles, respectively.

The two main types of immune cells, T and B cells then kick in to deal with the alien compound. T cells identify infected cells and carry out apoptosis (the cell-killing process), while B cells produce antibodies that bind to the virus and thus prevent infection of other cells.

There are various “proteins”—called antigens—on the surface of each virus. Your immune system can memorize more than one of them. When the virus mutates and some proteins change, your immune system can still recognize and kill them. This is referred to as cross-immunity.

Particularly in the case of respiratory disease, most pathogens are already prevented by the first natural barrier, the mucous membrane. This barrier, however, is bypassed when an intramuscular injection (such as the COVID-19 shot) is administered.

But that is not what happened with the MODERNA vaccine technology because they did not use mRNA but modRNA, a far more dangerous technique for modifying DNA, which was Moderna's intention (the clue is in their name.)

To protect it against being destroyed by the body's natural defences, modified RNA (modRNA) is packaged in lipid nanoparticles (LNPs), which, due to their small size and synthetic optimization, can easily overcome the biological barriers of the immune system and even reach vital cells in the heart and brain. This is why so many reports of serious adverse effects from COVID vaccines have cited heart and circulatory problems or damage to brain tissue occuring shortly after vaccination.

According to the theory of RNA-based injections, the antigen (here, the spike protein of SARS-CoV-2) is synthesized by our cells and presented at the cell surfaces, where it serves as a target for the generation of neutralizing antibodies. However, this mechanism is distorted by modRNA and this is where the problems lie.

In addition to prompting the production of neutralizing antibodies, the modRNA triggers cells to produce non-neutralizing antibodies, resulting in antibody-dependent enhancement (ADE). This process allows virus-antibody-complexes to invade the host’s immune cells (i.e., macrophages), thus weakening  the immune system. Put simply, non-neutralizing antibodies do not only prevent the immune system fighting off the SARS - COV2 virus, they make a person’s body more susceptible to other illness because the immune system is now busy fighting itself. This is why studies show that follow-up and booster injections make people who receive them more susceptible to a wide range of infections.

The viral spike protein now produced by the body’s cells and presented at the cell surfaces transforms the recipient cell from friend to foe and causes the immune system to initiate the destruction of that cell by apoptosis.

This article is a brief summary of why RNA-based vaccine technology, which was invented several decades ago and abandoned as useless and potentially dangerous until recently, is and will always be inferior to natural infection and conventional vaccines, as viruses mutate far more rapidly than the pharmaceutical industry can produce new, adapted vaccines. None of the Boggart Bloggers are biologists or medical professionals but we are all good researchers and approached this issue not from a medical angle but with the intent of providing more evidence of the massive psy-op that has recently been perpetrated by the ruling elites on the majority. Like anyone else we can only speculate on the goals that have driven this project. 

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They assert that the authority approved the new gene therapeutics, although the minimum standards required by law were never met ... Continue reading >>>

1 in every 73 People Vaccinated Against COVID Was Dead by May 2022 in England according to UK Government
The latest week’s data for UK deaths, for the week to 12 August 2022, reports some 1,082 more people than would be expected for this period in a normal year died in the UK. These represent the so - called excess deaths so-called that during the fear and panic stages of the COVID saga were reported so gleefully. Yet now, with the scare narrative winding down, excess deaths in the UK have averaged 1,000 for 15 weeks of this year. Bizarrely this newsworthy story has gone completely unreported by mainstream media, leaving the alt_news community to get out news of what is really happening to the world.

The Conspiracy Theorists Were Right Again: UK Gov. report admits 19.2 million people in England have not had a single dose of a Covid-19 Vaccine,
For two years this blog has insisted that the published data on COVID cases and deaths were fabricated, an essential part of a massive campaign of scaremongering propaganda. There were numerous attempts to make those of us wise enough to refuse the killer vaccines feel as if we are oddballs or freaks. In November 2021 the government's Chief Scientific Advser, back by the chief medical adviser announced that just 5 million people in the United Kingdom were unvaccinated for COVID, having declined the offer of a Covid-19 vaccine.

Bill Gates Developing Virus and Vaccine For Next Pandemic, Wants Global Surveillance Pact with W.H.O. to Track Vaccine Refusniks
Even though the efforts of politicians, the health industries and media doom mongers to keep up the fear factor over COVID looking increasingly desperate in the face of public scepticism, billionaire psychopath and wannabe vaccine messiah Bill Gates, whose 'charitable' foundation owns several for-profit biotech companies and who made $£€billions out of COVID, is already planning his next pandemic scam ...

Leaked Documents suggest Moderna created its Coronavirus Vaccine BEFORE Covid-19 was known to exist
A confidentiality agreement shows potential coronavirus vaccine candidates were transferred from Moderna to the University of North Carolina in 2019, nineteen days prior to the emergence of the alleged Covid-19 causing virus in Wuhan, China.And now further evidence suggests the American pharmaceutical and biotechnology company that has made billions through the sale of said experimental injection, is actually responsible for creating the SARS-CoV-2 virus.

COVID cover-up: UK media refuses to report that 4 of 5 coronavirus deaths over the past month occurred in the vaccinatedEarlier this evening Prime Minister Boris Johnson, in a broadcast to the nation, implored British citizens to continue doing what they’ve been told to do throughout the COVID-19 pandemic. Unfortunately everything the government has told us to do: Stay at home, Work from home, Wear masks, wash your hands every twenty seconds, do not touch anything, Shun your friends and relatives especially if they are sick, Get a vaccine, Get a second, vaccine, Get a booster vaccine, ... etc, etc, etc,
Continue reading >>>

Covid Vaccine Refusers 'Thrive On Attention' Says Prime Attention Seeker And Chief Clown Boris JohnsonIronic isn't it that the one person guilty of telling more lies and spreading more misinformation about COVID throughout the pandemic, our so - called Prime Minister and according to observable evidence, the chief idiot Boris Johnson launched another attack on 'anti - vaxxers' today, saying they “thrive on the attention”? This outrageous farrago of lies and calumnies spewed at people who have simply chosen not to be injected with a shot of toxic shite that does not immunise anybody against anything
Continue reading >>>


We have menioned the name of the eminent doctore Sucharit Bhakdi, M.D. in these pages before. Indeed, Dr. Bhakdi has been one of the most prominent criticts of the "science led" responses to the COVID pandemic from day one and has consistently warned against the mRNA vaccines rolled out around the world, citing the scientifically sound reasons this technique for modifying DNA has in the past been studied and abandoned because of the unpredictable side effects. ... Continue reading >>>

Vaccines Do Not Stop COVID-19 Spread As Governments Claim: Legal Advocacy Group

Vaccines are less effective effective in stopping the spread of COVID-19 that governments have claimed, an analysis of government narratives carried out by a constitutional rights group shows. The report was published Tuesday by the Justice Centre for Constitutional Freedoms, found that claims made by governments promising vaccination will reduce or stop the spread of COVID-19 are not supported by either medical science or empirical evidence
Continue reading >>>


Throughout history there have been sports players who suffered from multiple conditions who have “collapsed” on the field during practice and during live games. However, a recent article from the German newspaper, Berliner Zeitung has highlighted an “unusually large” increase in the number of these collapses recently, leading to much speculation. Continue reading >>>

The Betrayal Of Humanity By The Corrupt Medical Professions
From day one, back in March 2020 when the pandemic was declared, this blog has been questioning the fake statistics, highlighting the distortion of statistics to serve the scaremongering narratives of the elites and exposing the lies and dishonesty of politicians, sciencetitis (sic) and, surprisingly perhaps if you are of a credulous nature, doctors and the medical professions. ... Continue reading >>>

Austria Days Away From Imposing Lockdown On The "Shameful" Unvaccinated Says Chancellor SchallenbergAustria's globalist Chancellor Schallenborg said today that the government would shortly give the go-ahead for a lockdown of unvaccinated people, to be introduced in the two highest-incidence regions from Monday and possibly also nationwide [...] This would prevent people without proof of full vaccination or recovery from Covid-19 from leaving their homes except for essential reasons.
Continue reading >>>

Cancer expert says U.K. seeing spike in “non-covid deaths,” nobody willing to call out vaccine elephant in the room
Excess mortality in the United Kingdom is off the charts, and yet nobody is willing to call out Wuhan coronavirus (Covid-19) “vaccines” as the culprit. Cancer expert and Prof. Carl Heneghan describes the current situation in Great Britain as a “national scandal.” A shocking 9,300 more people than usual have died in the U.K. over the past several months, and officials are blaming everything else except the injections. Continue reading >>>

In A Fit Of Honesty Italian Institute Of Health Reduces Official COVID Death Toll By 97%
Italian newspaper Il Tempo has published a shock report, claiming that the country's Institute has reduced the official figure for the number of people who have died from COVID from 130,000 to under 4,000. This may surprise many people who bought into the "killer virus" narrative and unleashed torrents of pure hatred on those of us who declined vaccination, having studied the figure for reported "COVID related deaths," and the methodology used to arrive at that figure ... Continue reading >>>


A newly published study from researchers in Sweden reveals that the immunity to COVID gained from vaccination, is dissipated by natural biological processes within months. Immunity, although it would be more honestly called temporary respite, from Wuhan coronavirus (Covid-19) injections is short term at best, and completely gone within months, this confirming the doubts raised by vaccine sceptics (or Conspiracy Theorists as mainstream media likes to call us Continue reading >>>

Surge in Emergency Hospital Admissions from Vaccinated People Suffering Acute Organ FailureThe USA's taxpayer funded broadcaster National Public Radio (NPR) is claiming to be mystified by a siginficant increase in hospital emergency admissions across the United States but does not find the fact that these medical emergencies are all among people already vaccinated against COVID-19 and also all due to people experiencing symptoms consistent with the acknowledged side effects of the vaccines.
Continue reading >>>

Analyst Reports ‘Hundreds of Thousands’ of COVID Vaccine Injury Reports Backlogged in VAERSThe latest episode of “Doctors and Scientists” on CHD.TV, features regular host Brian Hooker, Ph.D., P.E., interviewing Jessica Rose, Ph.D., a Vaccine Adverse Event Reporting System (VAERS) analyst and computational biologist who specializes in biomathematics and molecular research. OK, I know this publication does not have much time for mathematical modelling, but that is because so much of it is obviously rigged to support propaganda narratives. We will always give an honest scientist a fair hearing even if we do not agree with their contribution to debate.
Continue reading >>>

Sunday, April 23, 2023

Dedollarisation Gathers Pace As Biden's Administration Gathers Dust

 In spite of our resident money and finance expert, along with myself and other contributors regularly being described as anti - American clowns, employees of Vladimir Putin or Xi Jinping, Nazis, capitalist scum and a some rather more colourful things when we write about currency wars and the decline of the US$ as China, Russia, Iran and other emerging economies plot and conspire to replace the US$ as global reserve currency, de - dollarisation is a fact.  From Brazil to Saudi Arabia, and from India to Argentina, and increasing number of nations are 'reportedly' shifting away from the dollar hegemon.

The Dollar Index (or any other index tracking movements in the currency market) reveals an underlying trend. Year on year for the past decade the dollar's share of world trade is declining. This is a relative measure of course, US pseudo - patriots will be able to point to increases in the total amount of trade done in dollars, it's true. But the global economy is growing too, and the amount of trade done in dollars as a proportion of all international trade is steadily declining. 


Picture: Zero Hedge

The dollar's fecal emissions are some way from hitting any rapidly rotating wind turbine yet,  but Stephen Jen, a currency trading guru  who now runs money at Eurizon SLJ,  recently speelled out exactly how rapidly the de-dollarization is ocurring.

Jen, warned in a recent briefing, that the dollar is losing its reserve status at a faster pace than generally accepted, as many analysts have failed to account for last year’s frantic swings in exchange rates.

“The dollar suffered a stunning collapse in 2022 in its market share as a reserve currency, presumably due to its muscular use of sanctions,” Jen and his colleague Joana Freire wrote.

“Exceptional actions taken by the US and its allies against Russia have startled large reserve-holding countries,” most of which are emerging economies from the so-called Global South, they said.

As this FT infographic illustrates,  if you adjust for price changes the dollar’s share of official global reserve currencies (values of a currency held by foreign governments,) has gone from about 73 per cent in 2001 to around 55 per cent in 2021.

Then, last year, it fell to 47 percent of total global reserves.

 Source: Eurizon SLJ Capital

More ominously, the USD is losing its market share as a reserve currency at a much faster rate than is commonly believed.

"After steady declines in its global market share for the past two decades, in 2022 the dollar lost market share at a pace 10 times as rapidly. Analysts have failed to detect this big change because they calculate the nominal value of the world’s central banks’ dollar holdings without considering the changes in the price of the dollar. Adjusting for these price changes, the dollar, we calculate, has lost some 11 percent of its market share since 2016 and double that amount since 2008.

This erosion in the USD’s reserve currency status has accelerated precipitously since the start of the war in Ukraine. Exceptional actions taken by the US and its allies against Russia have startled large reserve-holding countries, most of which are from the Global South.

...Without the need for us to take sides in this debate on Ukraine, it seems reasonable to speculate that the main driver of the collapse in USD’s reserve status in 2022 may have reflected a panicked reaction to property rights being jeopardised. What we witnessed in 2022 was sort of a ‘defund-the-global-police’ moment, whereby many reserve managers in the world disagreed with the conduct of both Russia and the US."

To put it bluntly the greenback’s share in global reserves slid last year at 10 times the average speed of the past two decades as a number of countries looked for alternatives after Russia’s invasion of Ukraine triggered sanctions.

As any economist or corporate CFO will tell you there are two pillars that maintain the US dollar in is dominant position and thus prop up the entire American economy: its role as the reserve currency of choice, and its dominant use in global finance and trade. Investors far too often confuse these two different concepts.

Stephen Jen argues. "While the Global South seems unwilling to continue to hold dollar assets, they  have lacked the ability to divest from the US dollar as an international currency, particularly for financial transactions."

While it will be very difficult to overcome the strong network effects that have been behind the dollar’s international currency status, the bid led by China, Russia and Iran, now joined by Saudi Arabia, India and Brazil loks strong enough to be capable of doing just that.The key to topple the dollar’s throne as an international currency is predicated on the relative developments and stability in the various financial markets, but with China Russia and Iran having recently cooperated in launching the Petroyuan and announced plans for a gold backed reserve currency to rival the dollar the outlook is bleak for the world's more powerful economy and in the light of internal divisions and the loonytoons policies of the current government it is only likely to become bleaker.

 

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The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly In a move that went almost completely unreported in mainstream media, Russia has recently opened a market for the trading of physical and 'paper' oil (futures) in Moscow in Roubles. This is the most blatant challenge yet to the domination of the US dollar in world trade.

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Saturday, April 22, 2023

Germany Closes Last Three Nuclear Power Stations As Nation Turns Back To Coal

 by Graham William Lear, 22 April 2023 (originally posted on Medium.com)

The last three nuclear power stations go offline, as Germany goes back to coal

Welzow Sud opencast lignite mine

The last three nuclear power stations go offline, as Germany goes back to coal

The country of “Atomkraft? Nein danke” turns Net Zero into ‘Not Close To Net Zero’

On Saturday Germany extinguished its last three remaining nuclear power stations, in a delayed move which started 12 years ago after a policy decision by Angela Merkel. Originally numbering 17, there are now ‘net zero’ nuclear power stations in Germany, but the German coal-fired power plants are being fired up to take up the strain.

At a time when Germany has been in the midst of an energy crisis principally caused by its government’s decisions to rely on President Putin for its energy supplies, (Oh how the Germans laughed when Trump told them they would rue the day) Germany has decoupled its last three remaining nuclear power stations from the electricity grid. Somewhat astonishingly it has been re-commissioning its mothballed coal-fired power stations instead.

What’s the point of expensive UK Net Zero policies when Germany increases its CO2?

In a country where the Greens have been powerful for years — and are now one of the three coalition partners in Olaf Scholz’s government — I question the coherence of Germany’s energy decisions.

I also present evidence of how Germany has been blowing smoke rings across the EU and across Europe as a whole — and how this is set to increase.

Germany’s use of coal to power itself, compared with the UK, 2022

  • Germany: 31.0%
  • UK: 1.6%
  • Germany’s use of coal to generate electricity is over 19 times that of the UK

[Source: Our World in Data/Ember, Oxford University, accessed 17 Apr 2023.]

Germany was already one of the EU’s worst polluters — now it looks set to get worse

When it comes to the worst polluters in the EU, Germany is right up there. Now, thanks to the decisions of the German government, it will pollute the planet even more.

25 years ago Germany was generating almost 30% of its electricity from nuclear power. By 2013, thanks to Angela Merkel, this had almost halved to 15.4%. Now it’s ‘net zero’.

The problem for Germany — an intensive user of energy — is that it must keep its vast industries powered up, and renewables simply will not do that. This is why the German government is now firing up its mothballed coal-fired power stations as I reported months ago) in order to keep its industries going and to keep its people from freezing to death in the sometimes very cold German winters. Oh, how they sniggered at Trump when he warned them about relying on Russian energy, they ait sniggering now are they?

German business is worried and the government is divided

On Saturday Peter Adrian, President of Germany’s DIHK (Association of German Chambers of Industry and Commerce), told the Rheinische Post

“Despite lower gas prices, energy costs for most businesses in Germany remain high. At the same time, we’re still not out of the woods yet as regards security of supply.”

Germany’s tripartite coalition is not in complete agreement over this policy, with the head of the Free Democratic Party, Christian Lindner “regretting the shutdown”.

Yesterday in Bavaria in southern Germany Premier Markus Söder of the centre-right CSU even demanded his state should be allowed to take control of the Isar 2 nuclear power plant which lies around 50 miles north of Munich. This is one of the three which was permanently taken off the grid the previous night.

“Bavaria is, therefore, demanding that the federal government give states the responsibility for the continued operation of nuclear power. Until the [energy] crisis ends and while the transition to renewables has not succeeded, we must use every form of energy until the end of the decade. Bavaria is ready to face up to this responsibility.

“We are a pioneer in nuclear fusion research and are examining the construction of our own research reactor, in cooperation with other countries. It can’t be that a country of engineers like Germany gives up any claim to shaping the future and international competitiveness.”

Opposition to the nuclear shutdown has taken many forms. It was only in January that the people of the entire village of Lützerath were forcibly evicted and their properties razed to the ground, to make way for an open-cast coal mine. The coal there is lignite, considered to be the worst kind environmentally. Thousands were demonstrated but to no avail.

A drone photo of Lützerath, Germany, on January 9. Activists have occupied the village for more than two years in a bid to prevent it from being demolished.

It’s not the first lignite open cast mine below is the Hambach lignite mine in the state of North Rhine-Westphalia

There are three lignite mining regions in Germany

All the mines look like the photos above

German people have more in common with the British than you might think

Interestingly, the ordinary German people are expressing contrary views to their government, in the same way, that has happened in the UK on many key issues. Here are the results of the latest polling I found in a German newspaper at the weekend. The Forsa survey was conducted for one of Germany’s most-watched TV stations, RTL.

  • Only 28% of Germans favoured switching off the remaining nuclear power stations
  • Two-thirds favour extending the lifespan of nuclear reactors or connecting old plants back to the grid

[Source: Forsa Institute, Berlin, Frankfurt, Dortmund and Hamburg.]

Despite the views of the people, the coalition government of Olaf Scholz went ahead with the decommissioning anyway. Meanwhile, nearly 20 coal-fired power stations have been put back into service in the last year. These are amongst the 151 which I have previously reported on, which are being considered for re-commissioning.

The lies and hypocrisy over ‘Net Zero’ in the EU recently have even surprised ME — and believe me, I am used to it.

I would like to remind readers that Ursula von der Leyen’s Commission’s TOP priority is her ‘Green Deal’. Hundreds of billions have been thrown at this and there is barely an EU press statement on any subject which doesn’t try to tie some policy or other to green issues.

And yet here we have Germany, the largest economy in the EU (by far), with massive industries and the largest population of any EU country, switching off the last of its perfectly functioning nuclear power stations.

Are wind and solar power expected to take up the slack? No. Instead, Germany is powering up its mothballed coal-fired power stations and even creating new open-cast coal mines. And yet the Greens are one of the three parties in power in Germany and they’re all for this? It almost beggars belief.

The big question for British readers is why on earth we should be expected to make enormous sacrifices, stop buying cars we love, stop being able to drive them in metropolitan areas, pay for very expensive ‘heat pumps’, continue to subsidise ‘green energy’ projects on a massive scale, while Germany’s CO2 emissions are going to continue to soar across the continent?

Sources: OWID (Oxford University) | Forsa Institute | Rheinische Post, SDZ, RTL, and other German media ]


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