[tomder55]

Now that COP26 is over and the world leaders hopped on their carbon emitting jets to return home ,it is useful to see what was pledged because it is frankly mind boggling .

Are you ready for this ? $130 TRILLION was pledged with the goal of converting the world to carbon free energy and elimination of fossil fuel technology. More than 135% of the world GDP was pledged (which is around $80 trillion today) .

Sovereign states do not have the resources ;even taking into account severe confiscatory taxation progressive states practice now . So who exactly will pick up the tab?

As always ,this utopian dream depends on capitalism if it has any chance of success. Not to worry . That 'sell them the rope to hang themselves' quip still holds true . All it takes is a few government mandates and some empty promise of profitability and the sheep in the financial industry, that gets vilified by the left, can't wait to get on the rent seeker's conga line .

To raise that type of capital requires banks . Remember when Ike cautioned about the defense industrial complex ? Welcome the Green New Deal Industrial complex . Wall Street is orgasmic to get on board .They saw what was happening at Glasgow and couldn't wait for the jets to land before pledging to fund this brave new world .It's no accident that most of the CEOs and employees of large Wall Street firms are heavy Democrat donator. Heavy regulation serves as a barrier to entry into their businesses, and preserves their hegemony over capital.

There is a crazy pretty much debunked economic theory that says that if you break your perfectly good windows you help the economy because the windows have to be replaced . This is the theory deployed here . Breaking the functional energy assets in existence today to be replaced by $130 Trillion represents money that cannot be invested elsewhere . The economic costs are the needed investments not made as a greater percentage of wealth is tied up replacing assets that did not need to be replaced .

Who will pay the costs ? Wall Street's investments will be paid by the individual and the Main Street businesses .A greater percentage of capital will be devoted to this enterprise and there will be less available capital to any other investment ;and the costs will skyrocket .

The transition to a cleaner energy is probably inevitable .[Whether it is possible is a whole other issue . My own opinion is that until the flex capacitor or fusion energy is developed then fossil fuels will be required because renewables are not a reliable source to fuel a 21st century economy ].Market forces at work would enable the saner gradual transition . Government mandates always distorts markets .And this will be no exception to that rule.

During Ike's warning to the nation about the military industrial complex his less quoted comment was :
"“The prospect of domination of the nation’s scholars by Federal employment, project allocations, and the power of money is ever present and is gravely to be regarded. Yet, in holding scientific research and discovery in respect, as we should, we must also be alert to the equal and opposite danger that public policy could itself become the captive of a scientific-technological elite.”

He was right then and he is still right .

[tomder55]

Kevin McCarthy had a mini filibuster yesterday going into great detail about the problems with the Build Brandon Better plan . At one point he said something to the effect that nobody elected Quid to be FDR . All Out Crazy shouted in reply " "I did ! "

McCarthy's efforts delayed the House vote by one day . Today the House will pass the bill . The question is if Schmucky can muster enough voted in the Senate to pass it on to Quid .

Quid continues to lie through his implants about the bill costing nothing . The Dems loaded the bill with budget gimmickry that the CBO had no choice but the score . As an example ;the bill claims that its new spending programs would expire after just a few years, even as the tax hikes meant to pay for them would run for at least a decade. You know and I know that is just not so. Give me an example when a new entitlement ever expired (included in the bill is new entitlements for family leave, child care and expanded federal support for Medicaid ) . Any thought of even reforming them and you get charges of throwing granny or the kids under the bus. Honest scoring of the bill would bring the tab up to $5 trillion instead of the already unacceptable $3 Trillion being touted .
The CBO scoring may convince enough of the so called moderate Dems to eat the bait .

[jlisenbe]

There is a crazy pretty much debunked economic theory that says that if you break your perfectly good windows you help the economy because the windows have to be replaced . This is the theory deployed here . Breaking the functional energy assets in existence today to be replaced by $130 Trillion represents money that cannot be invested elsewhere.

In a sane world that would be true. But in the happy new world of liberal dems, nothing is ever cut with the possible exception of military spending. So rather than cut here or there to make way for new spending, the approach is to just borrow (bad) or print (more bad) money to keep the dumb masses happy who cannot see the cliff edge approaching ever closer.

[tomder55]

Saw an old SNL skit with Dan Aykroyd playing Jimmy Carter saying inflation is our friend . The commentary is just as valid today. I can't find it on the SNL website but here is the text :


“President Jimmy Carter: Good evening. On Tuesday, we Americans will have the opportunity to exercise our role as citizens in a free democracy. Yet, only a third of the eligible voters will actually cast ballots. The other two-thirds are, in a sense, very lucky. Because they do not know what’s going on.
“Last week, I delivered a message on inflation. Since then, the dollar has dropped in value, the stock market has sustained record losses, and the whole Dow price index increased 0.9%. In other words, our economic system is screwed, blued and tatooed! We just have to face the fact that there is simply no way to fight inflation in a capitally-intensive, highly-technological, conflict-riddled, anything-for-a-thrill world of today. That’s why, tonight, I want you to try to look at inflation in an entirely new way: Inflation is our friend.
“For example, consider this: in the year 2000, if current trends continue, the average blue-collar annual wage in this country will be $568,000. Think what this inflated world of the future will mean – most Americans will be millionaires. Everyone will feel like a bigshot. Wouldn’t you like to own a $4,000 suit, and smoke a $75 cigar, drive a $600,000 car? I know I would! But what about people on fixed incomes? They have always been the true victims of inflation. That’s why I will present to Congress the ‘Inflation Maintenance Program’, whereby the U.S. Treasury will make up any inflation-caused losses to direct tax rebates to the public in cash. Then you may say, ‘Won’t that cost a lot of money? Won’t that increase the deficit?’ Sure it will! But so what? We’ll just print more money! We have the papers, we have the mints. I can just call up the Bureau of Engraving and say, ‘Hi! This is Jimmy. Roll out some of them twenties! Print up a couple thousand sheets of those Century Notes!’ Sure, all these dollars will cause even more inflation, but who cares? Everyone will be a millionaire!
“In my speech last week, I said that America would have to undergo an austerity program, but since this revolutionary new approach welcomes inflation, our economy will be free to grow, and we can spend, spend, spend! I believe the watchwords for the ’80s should be ‘Let’s Party!’ And in that spirit, I’d like to say, ‘Live, from New York, it’s Saturday Night!’”

[tomder55]

btw McCarthy spoke for a total of 8 hours, 32 minutes ;ending at 5:10 AM . I'm sure there will be more quotables in the coming days .

[tomder55]

The House passed the Build Brandon Better Bill 220 to 213 . If it was such a narrow vote in the House ,I doubt Shmucky can get it passed in the Senate . But who knows what tricks he has up his sleaves .

[tomder55]

above I posted the SNL parody that inflation is our friend. Here is an economist ,who I believe seriously thinks inflation is good .

Why Should Economists Dislike Higher Inflation? (bloombergquint.com)