This article was co-authored with Paul Gallagher
While most eyes watching events unfold at the UN Climate Action Summit were focused on the abused and rage-filled teen, Greta Thunberg, the truth about who is writing her script came out later that day, on September 23, when Bank of England Governor Mark Carney delivered his warning that, according to the largest banks in the world, no alternative to investments that shift industry “from brown to green” will be tolerated.
Carney opened his talk by stating, “A new, sustainable financial system is being built.” The key to this, he said, is bringing “climate risks and resilience into the heart of financial decision making,” as “sustainable investing must go mainstream.” As Carney and other speakers made clear during the course of the summit, by “sustainable” they mean phasing out the energy production that provides the largest percentage of power in today’s economy, including coal, oil and gas, and nuclear production, and replacing them with sources with ostensibly low or zero CO2 output.
None of them spoke of what the result of such a transition would be, i.e., moving to an inefficient global power grid based on decreasing the energy-flux density of the system, incapable of sustaining the levels of manufacturing, transportation, construction, or agricultural production required to support seven-plus billion lives on the planet. The result will be not having a sufficient electricity supply for the developing and developed countries alike, increased global infant mortality, shortened lifespans, and depopulation.
On Sept. 22 in New York City, on the eve of the UN Climate Summit, under the auspices of the United Nations Environment Programme—Finance Initiative, executives of 130 global banks—led by 30 of the biggest—signed a “compact” called “Principles of Responsible Banking,” committing them to make the policy of the Paris Climate Accord, their own investment policy. That 2015 Paris Accord implicitly called for three-quarters of world coal power production to be eliminated by 2030. These 130 banks claim $47 trillion in assets.
While wielding fear-mongering language about the planet “boiling over” due to “man-made climate change”—which is based on Fake Science and the suppression of debate over the real sources of changes in climate—the financial powers behind Carney’s jihad against modern society care little about the conditions of life on Earth.
Carney Pushes Bankers’ Dictatorship
Carney, in his UN speech, expanded on what he presented at the Federal Reserve’s annual outing in Jackson Hole, Wyoming, on August 22. In his remarks there titled, “The Growing Challenges for Monetary Policy in the Current International Monetary and Financial System,” Carney insisted that the era of the dollar has ended, and proposed replacing it with a virtual, digital currency, controlled by Central Banks. Specifying that nothing physical would back this new “synthetic hegemonic currency,” he said this new “financial architecture” would allow for the expansion of credit as needed.
Elaborating further, Carney added that he is proposing what former Fed Chair Ben Bernanke described as “helicopter money,” that is, distribution of funds produced by Central Banks, as though dropped from helicopters, to “stimulate” the economy. Left unsaid is the real policy: that this new currency would be directed, by the Central Banks, to flow into the endangered speculative bubble, and to create new bubbles, such as the Green Financial Initiative boondoggle he is promoting.
Carney’s Jackson Hole proposal, and a parallel one from the giant Wall Street firm, BlackRock, Inc., promoted by four prominent former central bankers, would far surpass the volume of funny money produced thus far by such gimmicks as Quantitative Easing and Zero or Negative Interest Rates. Such funds would not go to the real, physical economy, but into increasingly risky speculative ventures, to provide a short-term rate of return from trading to keep the bubbles from popping. Their supporters refer to these proposals as representing a “regime change in global finance.”
At the UN, Carney explicitly laid out the terms for this “regime change,” making clear that those who reject it will be targeted for extinction! Apart from the big banks, he identified the enforcers as asset managers, pension funds, insurers, credit rating agencies, accounting firms and shareholder advisory services. Carney initiated and co-chairs a Task Force on Climate-related Financial Disclosures (TCFD) among central banks and large European private banks, in order to “make these disclosures mandatory.”
Carney then proceeded to lay bare his threat against any business or enterprise that might consider rejecting this change in regime:
Firms that align their business models to the transition to a net zero[-carbon] world will be rewarded handsomely. Those that fail to adapt will cease to exist. (emphasis added)
In other words, minimally, non-compliant firms will be denied credit, making their survival impossible.
A Crashing Sound Behind the Podium
Why have Wall Street’s and especially London’s, Frankfurt’s and Amsterdam’s bankers become “green” crusaders since 2015? Why and when, historically, do bankers become the drivers of extreme austerity on governments, and gin up movements of angry youth to shout down other views and break up other meetings? In other words, why and when do the biggest bankers become fascists—as Hjalmar Schacht said to his fellow bankers in reference to support for Hitler’s Nazis in 1932: “Gentlemen, open the cash boxes.”
Most of these bankers have not made any money—at least not remotely honestly—since 2015. Governor Carney and just about everyone else who spoke at the Jackson Hole bankers meeting admitted that the policy of zero interest rates and negative interest rates were failures, “traps,” and nothing they did could generate any growth or even any inflation.
Now, the Federal Reserve has had to make emergency liquidity loans to financial institutions totaling well more than $350 billion during the past three weeks, because those banks and funds needed short-term liquidity and the Fed’s “primary dealer” (Wall Street) banks would not, or could not, lend it to them. This is a major financial system problem and tracks very closely the ominous, early-2007 footsteps of the then approaching Global Financial Crash and Great Recession.
The Fed has not only had to extend its “day or two” emergency overnight lending from Sept. 16 through at least Oct. 10, but had to raise the daily injection to $100 billion, and add two-week liquidity loans in addition—first $30 billion of them on Sept. 24 and then $60 billion on each of Sept. 26 and 27—to carry banks past the third quarter’s end of September 30. These steadily rising liquidity injections nonetheless usually failed to meet the demand from the banks that were being refused loans from other banks, until Friday, Sept. 27.
Banks refuse liquidity loans to each other when they smell insolvency—if not of the borrowing bank itself, then of its corporate clients. They clearly are sensing the decay of the immense trans-Atlantic corporate debt bubble—whose “junk debt” parts alone total $3.5 trillion—and the securitized “everything bubble” around it including subprime auto loans, credit card debt, student debt, etc. Business capital investment is falling in Europe, and in the past two quarters, in the United States.
And we should not forget hundreds of super-indebted oil and gas drilling firms and their suppliers who make up a large chunk of very leveraged bank lending in the United States in particular, and are now losing more money than usual and facing a wave of defaults. This may be where Carney’s “those who don’t go green, will become extinct” intersects the financial crisis-sign of banks refusing to lend to other banks.
Whether that is the case yet or not, “green finance” is a desperate boondoggle, which these “responsible bankers”—so “responsible” that they include Deutsche Bank, Danske Bank, Lloyds, Barclays, Citigroup!—hope will let them loot their way, carbon taxes and tripled electricity prices and all, past the financial blowout they know is coming.
The Iron Teeth Behind Greta’s Tears
Carney’s address, and similar threatening outbursts, such as that by U.S. billionaire Michael Bloomberg, received little media coverage, as the fawning media focused instead on the children of the Apocalypse, led by Greta Thunberg. Her short address was scripted to appeal to a hoped-for audience of confused and frightened youth, while also meant to instill shame in those believers in man-made climate change who hesitate to take down the global economy, and provoke fear among those scientists and others who know the science being touted behind this “regime change” is fake.
The opening of her act demonstrates that intent:
My message is that we’ll be watching you. This is all wrong. I shouldn’t be up here. I should be back in school…. Yet you all come to us young people for hope. How dare you!
You have stolen my dreams and my childhood with your empty words. And yet I’m one of the lucky ones. People are suffering. People are dying. Entire ecosystems are collapsing. We are in the beginning of a mass extinction, and all you can talk about is money and fairy tales of eternal economic growth. How dare you!
Given the state of delusion apparent in Greta Thunberg’s case, it may be that she believes what she is saying. However, there is no such excuse for those who produce the fake science while suppressing the work of real scientists who disagree, or those, such as Carney, who know or should know, that their dictates will produce mass misery and death among those already suffering from the terms of the unjust world order controlled by the City of London and Wall Street. There have been several commentators in the United States who have pointed out that denying electricity, in the name of climate protection, to more than 1 billion people who currently lack power, while taking away efficient levels of energy-flux density for future energy production, is a death sentence.
This was underscored by a disgusting scene of former U.S. President Barack Obama giving a fist-bump to Greta, when he hosted her in his home in northwest Washington, D.C., before the UN summit, saying “You and me, we’re a team.” Many young people in Africa may recall Obama’s stern comment during a 2013 town hall meeting with elite African youth at the University of Johannesburg Soweto campus in South Africa, in which he dismissed his audience’s desire for an “American-style living standard”:
Ultimately, if you think about all the youth that everybody has mentioned here in Africa, if everybody is raising living standards to the point where everybody has got a car and everybody has got air conditioning, and everybody has got a big house, well, the planet will boil over—unless we find new ways of producing energy.
All cars entering the campus for the June 29, 2013 event had to pass by large posters depicting Obama with a Hitler mustache, held proudly by a lively group of LaRouche South Africa organizers.
LaRouche PAC activists brought reality to the UN Action Summit in New York City, distributing the new Executive Intelligence Review report,“ ‘CO2 Reduction’ Is a Mass Murder Policy, Designed by Wall Street and the City of London.” When LaRouche organizer Daniel Burke, a candidate for U.S. Senate in New Jersey, confronted Carney after his speech at the Bloomberg Global Forum, accusing him of pushing genocidal policies, Carney grunted “You’re quite wrong about that,” while dashing across the street to dive into his limo. As the pamphlet circulates, and the truth comes out about the murderous policies being promoted for a global bankers’ dictatorship, it will become increasingly difficult for Carney to dash off.