COP28 Showcases Globalist Agenda 2030

Two Sides of the Same Coin

Kit Knightly writes at off-guardian COP28: The Globalist Agenda Has Never Been More Obvious.  Excerpts in italics with my bolds and added images.  H/T Tyler Durden

As of this morning, we are four days into the two-week climate change summit in Dubai.

Yes, as we can all note for the thousandth time, literal fleets of private jets have descended on the desert so that bankers and billionaires can talk about making sure we don’t drive anymore or eat too much cheese.

What’s on the agenda? Globalism – and it’s never been more obvious.

President of Brazil Luiz Inácio Lula da Silva essentially said as much:

The planet is fed up with unfulfilled climate agreements. Governments cannot escape their responsibilities. No country will solve its problems alone. We are all obliged to act together beyond our borders,”

Thursday’s opening remarks were predictably doom-laden, with His Royal Highness Charles III and UN Secretary-General António Guterres falling into a traditional good cop/bad cop hustle.

Charlie warned that we are embarking on a “vast, frightening experiment”, asking “how dangerous are we actually prepared to make our world?”

While Tony offered just the barest, thinnest slice of hope to world leaders:

It is not too late […] You can prevent planetary crash and burn. We have the technologies to avoid the worst of climate chaos – if we act now.”

The rest of the two weeks will doubtless be committed to lobbyists, bankers, royals and politicians deciding exactly how they are going to “act”. Or, more accurately, how they are going to sell their pre-agreed actions to their cattle-like populations.

They are literally telling us their plans, all we have to do is listen.

For example, Friday and Saturday were given over to the “World Climate Action Summit”, at which over 170 world leaders pledged support for Agenda 2030.

Among the agreements and pledges signed at the summit so far is the “Emirates Declaration on Sustainable Agriculture, Resilient Food Systems and Climate Action”. Which, according to the BBC, pledges to:

take aim at planet-warming food”

We’ve all played this game long enough to know what that means, haven’t we?  It means no more meat and dairy, and a lot more bugs and GMO soy cubes.

They never say that, of course. Instead, they just use phrases like “orient policies [to] reduce greenhouse gas emissions”, or “shifting from higher greenhouse gas-emitting practices to more sustainable production and consumption approaches.”  Maintaining plausible deniability via vague language is part of the dance, but anyone paying attention knows exactly what they are talking about.

It doesn’t stop there. World leaders have also agreed to establish a “loss and damage fund”, a 430 million dollar resource for developing countries that need to “recover” after being “damaged” by climate change.

Ajay Banga, head of noted charitable organisation the World Bank, is all in favour of the idea and will be supporting the plan by agreeing to “pause” debt repayments from any government impacted by climate change.

Yes, those are trillions of US$ they are projecting.

We know how this works, we saw the same thing in the IHR amendments following Covid – it’s a bribe pool. One that serves to both further the narrative of climate change and instruct policy in the third world. Any developing nation’s government that wants a slice of that pie will have to publicly talk about all the negative impacts climate change has on their country.  At the same time, to get the money, they will almost certainly have to agree to “adopt climate-friendly policies” and/or submit their climate policies to an “independent panel of experts” appointed by the UN.

Alongside the food pledge and loss fund, we have the Global Renewables and Energy Efficiency Pledge, which aims to increase reliance on “green energy”. Over 120 countries signed that one.

And then there’s the Global Methane Pledge, which has been signed by 155 governments as well as 50 oil companies.  These companies represent around half the world’s oil production, and just want to help the planet, they have no financial stake in this situation at all.

There’s the smaller Declaration on Climate, Relief, Recovery and Peace, which was signed by only 70 countries (and 39 NGOs). That one emphasizes the link between war and carbon emissions and aims to “boost financial support for climate resilience in war-torn and fragile settings”, whatever that means in real terms I’m not sure.

And, of course, 124 countries (including the EU and China) have signed the inevitable ‘Declaration on Climate and Health’.

It is funded to the tune of 1 BILLION dollars from donors such as the Rockefeller Foundation, and supposedly aims to:

better leverage synergies at the intersection of climate change and health to improve the efficiency and effectiveness of finance flows.”

…which might be the worst sentence anyone has ever written.

All this is going to culminate in what they call the “Global Stocktake”. Essentially this is a mid-term report for the Paris Agreements, which can be “leveraged to accelerate ambition in their next round of climate action plans due in 2025”.

Whatever “leveraged to accelerate ambition” turns out to mean, you can be sure all of the attending governments will happily comply.  That includes every government in NATO, the European Union and BRICS by the way.  That includes the USA and China. That includes Russia and Ukraine.  That includes Israel…and Palestine.

It’s basically covid all over again.

♦   We know, just like Covid, the official narrative of climate change is a lie.

♦   We know, just like Covid, climate change is being used as an excuse to usher in massive social control and global governance.

♦   And we know, just like Covid, almost every world government on both sides of every divide is backing it.

Even if they don’t always agree, even if they are happy to kill each other’s citizens in large numbers, they are all on board the same globalist gravy train, all going in the same direction to the same destination, and it has never been more obvious.

Biden’s Desperate Wartime Climate Policy

 

Mark Krebs writes at Master Resource “Wartime” Climate Policy vs. Natural Gas: Biden Gets Desperate.  Excerpts in italics with my bolds and added images.

“While gas appliances may presently be losing some market share to electricity due to Green New Deal discrimination, there are also increasing indications that the public is both weary and wary of such ‘watermelon’ policies. It’s not about saving the planet from the ravages of fossil fuels; it’s about enslaving the planet by banning fossil fuels.”

Yes, the President of the United States has pulled out a Korean War authority (Defense Production Act) to fight against American energy that Americans prefer. It is an overreach that is being noted widely, as outlined below as well as here and here.

The American Gas Association (AGA) started this latest flurry with a press release November 17, 2023. The same day, Reuters and Fox News published their articles. Epoch Times published its article (and video) on November 20, 2023. The Reuters article most noteworthy contribution is that it names recipients of the Biden Administration’s [mis]appropriations of DPA funding. Both the Reuters article and Fox News article cite the AGA’s press release.

The AHRI data clearly shows that gas appliances are losing at least some ground to electric equivalents as evidenced by the above graphs. Moreover, this trend appears to have accelerated under the Biden Administration. AHRI’s discussion of the IRA and DPA is non-committal advocacy (an oxymoron?).

Conclusions

“While gas appliances may presently be losing some market share to electricity due to Green New Deal discrimination, there are also increasing indications that the public is both weary and wary of such ‘watermelon’ policies. It’s not about saving the planet from the ravages of fossil fuels; it’s about enslaving the planet by banning fossil fuels.”

The eighteenth-century naval hero John Paul Jones was doing battle with a British ship when his own ship was badly damaged, and the British commander called over to ask whether Jones had surrendered. He answered, “I have not yet begun to fight.” He and his crew then captured the British ship. While regulatory capture of the “administrative state” appears to be the rule and not the exception at present, this bit of history should be remembered so we do repeat it and recapture a government “for the people” as our Founding Fathers intended.

Washington Examiner reports Biden’s war on energy: President invokes wartime powers to speed up end to gas-powered home appliance.  Excerpts in italics with my bolds and added images.

President Joe Biden allotted $169 million for electric heat pump projects with his emergency authority on the basis of climate change.

This is the first time a president classified climate change as an emergency by utilizing the Defense Production Act, which was established during the Cold War. Now, the money stemming from the Inflation Reduction Act will be divided among 15 sites dedicated to manufacturing the necessary parts and entire units of a variety of heat pumps.

“The President is using his wartime emergency powers under the Defense Production Act to turbocharge U.S. manufacturing of clean technologies and strengthen our energy security,” Biden’s National Climate Advisor Ali Zaidi said in a statement.

John Podesta, senior adviser to the president for clean energy innovation and implementation, similarly celebrated the move, applauding the president for “treating climate change as the crisis it is.”

However, American Gas Association President and CEO Karen Harbert disagreed with the recent move from the White House, writing in a statement, “We are deeply disappointed to see the Defense Production Act, which is intended as a vital tool for advancing national security against serious outside threats, being used as an instrument to advance a policy agenda contradictory to our nation’s strong energy position.”

“Increased use of natural gas has been responsible for 60% of the electrical grid’s CO2 emissions reductions. This vital tool for emissions reductions and energy system resilience should not be unfairly undermined through misuse of the Defense Production Act.”

Among the facilities, two new factories will be constructed: a Treau, Inc. DBA Gradient plant in Michigan and a Mitsubishi Electric plant in Kentucky. Neither company has announced exact locations yet. Treau will receive over $17 million, and Mitsubishi will receive $50 million toward construction.

The Energy Department predicts roughly 1,700 jobs will be created in the various projects to promote more heat pump products. All the sites are centered in “disadvantaged communities” for their benefit.

Last year, the Energy Information Administration reported that natural gas was the water and space heating source of about 42% of U.S. residential spaces. The residential sector makes up 15% of overall natural gas consumption. However, heating and cooling across residential and commercial buildings drive more than 35% of the country’s energy consumption.

Footnote on Declaring Climate Emergency for Spending Purposes

This report on the German High Court ruling on this matter Europe Plunges Into Chaos After Germany Freezes Public Spending Following Shock Top Court Decision.  Excerpts in italiics with my bolds.

Germany’s economy, Europe’s largest, is contracting as surging energy prices and trade tensions cast doubt on its export-oriented business model. Chancellor Olaf Scholz’s government had been counting on that old virtue signaling switcheroo – a flood of spending on “green-energy projects and technology”, from chips to batteries, to revive the old model. That way, if anyone asks why Germany is deficit-spending its way to mercantilist utopia, Berlin could always lie and say it was doing the right thing for the world and wasn’t interested in a debt-funded stimulus. Alas, now the “Cardinals of Karlsruhe” have made this impossible.

Berlin’s decision to freeze all federal spending for the rest of the year came after the court defunded the government’s €60 billion —the equivalent of more than $65 billion—green-transition project. The court said Berlin couldn’t repurpose unspent credits originally earmarked to tackle the Covid-19 pandemic to fund environmental and energy projects. It said Berlin was bound by the country’s constitutionally enshrined fiscal rules that limit budget deficits to 0.35% of gross domestic product in normal times.

Senior government officials said one option under consideration would be to retroactively declare a state of budgetary emergency for 2023, invoking a clause in the fiscal rules that allows for a suspension of the spending limits in exceptional circumstances. Previous governments invoked the exception during the pandemic.

Unfortunately, for Germany’s stimmy-starved politicians, the plan is fraught with legal difficulties, in part because the constitutional court prepared for just this eventuality when it raised the bar for declaring such emergencies, according to Lars Feld, an economist who advises the government.

Strengthening resilience and transforming the economy amid geopolitical crises and climate change was seen as a necessity that required taking on debt, but the court ruling has challenged those assumptions, Feld wrote in the Frankfurter Allgemeine newspaper.

Hilariously, the court said that unlike war and natural disasters, climate change was a foreseeable crisis that had been long in the making and could no longer justify emergency spending. Which, however, means that all Germany will have to do is politely request that the CIA start a new war… or that Fauci mail orders a new virus from Wuhan.

COP28 Mind-Boggling Numbers

The Green Mirage recedes as you approach it.

Robert Lyman exposes the freakish math swirling around Dubai COP this fortnight in his Financial Post article COP28 by the (very big) numbers.  Excerpts in italics with my bolds and added images.

This weekend’s climate meeting will discuss trillions of dollars.
No one will mention its chance of success is zero.

Neuroscience tells us the human brain is very bad at interpreting large numbers. Most people know that million, billion and trillion are all big numbers but can’t really understand what the difference between them is. Answer: it’s big. A million seconds is 12 days. A billion seconds is 31 years. A trillion seconds is 31,688 years, which is a lot more than 12 days.

Our cognitive difficulties with large numbers will be a problem when reading the news from the COP28 climate conference that convenes in Dubai on Thursday.

The conference has a wide-ranging agenda. It also will be attended by a large number of people — over 70,000 at last count. There’s the first large-number problem for COP28. How does a group of 70,000 people possibly discuss anything in a coherent way?

The organizers have identified five themes on which they would like to see agreement among the almost 190 governments that will be represented. When you’re talking governments, 190 is yet another brain-challenging number.

To oversimplify, there are four main themes:

♦  how to accelerate all countries’ efforts to reduce greenhouse gas emissions so as to meet a proposed 2050 “net-zero” target (zero not being a large number);
♦  how to induce wealthier countries to give much more money to poorer countries to help them both mitigate and adapt to climate change;
♦  how to persuade all countries to phase out production of fossil fuels by 2050; and, finally,
♦  how to increase the UN’s role as central coordinator and global regulator of climate efforts.

Most discussions behind closed doors will be about money. Rich countries are now paying about US$70 billion in climate aid, mostly to help finance GHG emissions reduction. The developing countries want this raised to at least US$1.4 trillion per year by 2026, 20 times higher. Twenty is not actually that large a number, except when talking about multiplying already very big dollar amounts by it. Developing countries have also demanded that funding for adaptation rise to at least US$600 billion per year. At last year’s COP27 in Egypt, they got agreement in principle for a new fund to pay for the “loss and damages” they will incur from adverse weather events they attribute to the historic GHG emissions of the industrialized countries, though no dollar amounts were agreed to. Finally, developing countries are pushing for a new Global Biodiversity Fund, to which developed countries would donate a mere US$20 billion per year.

Round numbers: rich countries would be on the hook for US$2 trillion per year. If allocations were based on GDP, Canada would owe three per cent of the total — or US$60 billion per year. In Canadian dollars, that’s roughly 78 billion CAN$. There are about 16 million households in Canada so (do the math) each household would owe $4,875. Per year. That’s a number the average person can easily understand. He or she can also understand there is absolutely no way the Canadian public or voters in any other OECD country would ever agree to such a thing. Not even if they didn’t know (but they do) that China, producer of 30 per cent of the world’s GHG emissions, not only would not be contributing but might well qualify as a recipient.

The previous 27 COPs (for Conference of the Parties) have all promoted ever-more ambitious emissions reductions. But since the first COP global emissions have risen 60 per cent, driven by developing countries’ relentless efforts to achieve more economic development for their burgeoning populations. There is no evidence that trend will change. China, India, Russia, Saudi Arabia, Iran, Iraq and others all see fossil fuel production as key to their economic development and energy security. They are unlikely to commit to production declines even if a few OECD countries do.

The United Nations secretariat will lobby hard at COP28 to expand the role of existing institutions, including even more climate summits to place even more political pressure on leaders, and they may succeed in this (though many of us feel just one a year is already more than enough). How difficult can it be to convince tens of thousands of climate stakeholders to travel to exotic conference locales each year? Especially if the general public cannot grasp the numbers they’re playing with.

Yes, those are trillions of dollars in the projection.

This weekend the media in general will report in glowing terms on the energy and enthusiasm of conference participants, especially those representing environmental NGOs. The communiqué will note every new commitment made yet entirely ignore that the probability the entire process will meet its objectives is a very, very small number not significantly different from zero.

 

 

 

Trudeau Climate Crusade Hits Alberta Wall

Tyler Durden has the story at zerohedge Alberta Premier Defies Trudeau Carbon Agenda – Invokes Sovereignty Act.  Excerpts in italics with my bolds and added images.

It is an action which multiple red states in the US undertaken: Blocking carbon controls ingrained in “green power” initiatives conjured by the federal government.

Now it appears the momentum has spread to Canada through Alberta’s conservative leadership as Premier Danielle Smith defies the Trudeau regime by invoking the province’s recently drafted Sovereignty Act.

The Sovereignty Act is designed to give Alberta’s legislative assembly the power to identify any federal programs or actions that violate Alberta’s constitution, the government would then refuse to implement those programs.  The implementation of the act means that finally, an open dialogue on the existential threat of the UN’s “sustainable development goals” and Agenda 2030 has begun in Canada.  

The reasons for opposition to “Net Zero” objectives have been repeated over and over again by political critics, economic critics and scientific critics alike. 

1.  Net zero as the UN defines it is impossible using existing green technologies with inefficient and costly power generation.

2.  Net zero proponents refuse in most cases to acknowledge the usefulness of nuclear power as a means to reduce reliance on oil and gas.

3.  Net zero would require perpetual authoritarian oversight of individual carbon emissions and probably population reduction in the near term.

4.  None of the above even matters because there’s no concrete evidence whatsoever man-made carbon causes global warming.

In other words, the supposed crisis is a fraud and there’s no reason
for any nation, province or state to sacrifice their power grids.

Beyond the big con, stagflation has made carbon controls economically impossible. Aggressive price spikes since 2020 make gas, oil and coal more important than ever in maintaining basic services for the populace along with the needs of industry. Reducing available supply in the face of desperate demand would only fuel the fires of inflation further. Even Europe has been reverting back to “villainous” energy sources like coal to keep things running.

When people face the possibility of freezing or starving there is little chance they are going to listen to unfounded claims of climate doomsday from a bunch of ultra-rich yacht sailing private jet-setting carbon-spewing hypocrite elites.

See Also Hydrocarbons Are the Greenest Fuels

 

Yellow Brick Road to Green Dystopia

J. Peder Zane warns us that green dreamers will destroy social wellbeing in his Real Clear Investigations article Let’s Count the Ways RCI Has Exposed the Green Pipe Dream.  Excerpts in italics wtih my bolds and added images.

While brandishing the moral cudgel with full force – President Biden describes climate change as “an existential crisis,” i.e., every person and puppy will die if we don’t submit to his agenda – the left also suggests the transition will be easy-peasy: Just build some windmills, install some solar panels, and swap out your car, stove, and lightbulbs for cleaner and cheaper alternatives.

The up front gold is clear and costly, the end of the road in shadows.

Though much of the cheerleading media downplays this fact, it is already clear that Biden’s enormously expensive, massively disruptive goal is a pipe dream. In a recent series of articles, my colleagues at RealClearInvestigations have reported on several of the seemingly intractable problems that the administration and its eco-allies are trying to wish away.

The dishonesty begins with the engine of the green economy – the vast array of wind and solar farms that must be constructed to replace the coal and gas facilities that power our economy. James Varney reported for RCI that the Department of Energy’s official line is that the installations required to meet Biden’s goal of “100% clean electricity” by 2035 will require “less than one-half of one percent of the contiguous U.S. land area” – or roughly 15,000 of the lower 48’s roughly 3 million square miles. However, Varney noted,the government report that furnished those estimates also notes that the wind farm footprint alone could require an expanse nine times as large: 134,000 square miles. That is equivalent to the land mass of Ohio, Indiana, and Kentucky combined – plus all of New England.

Convert Albany county New York into a wind farm required just to replace the now shuttered Indian Point nuclear power plant.

Echoing the 19th century adage that figures don’t lie, but liars figure, the discrepancy mostly involves estimates of what can be built around the windmills. Each turbine’s footprint is relatively small, but they have to be spaced far apart. The DOE’s smaller number is based on the fanciful assumption that all the surrounding land can be used for agriculture and other purposes, while the larger figure assumes none of it will. The truth probably is somewhere in between. That the government is trumpeting the impossibly small number – while ignoring the additional land needed to build transmission lines which will carry the current to end users – is telling and troubling.

Given Biden’s aggressive timeframes for the build-out – 2035 is a mere dozen years from now – one might expect that the administration has a master plan detailing where and when these green farms will be constructed. It does not. And, as Steve Miller reported for RCI, this challenge already seems insurmountable given the “grassroots resistance … coalescing in varied new state laws and local ordinances that threaten to bog down solar and wind development in a multi-front legal and regulatory war on a scale not seen before.”

In a stinging irony, opponents are routinely invoking arguments regarding
endangered species and wetlands that environmentalists have long deployed
to kneecap pipelines, gas fields, and other fossil fuel projects.

Another largely ignored problem area is charging stations for electric vehicles. John Murawski reported for RCI that California’s first-in-the-nation move to ban the sale of new gas-powered cars after 2035 is highlighting an array of challenges and dislocations. To keep electric cars rolling, the state “may need to install at least 20 electric chargers for every gas pump now in service to create a reliable, seamless network” – or more than 2 million new stations during the next decade, which is about 10 times as many EV ports as gas station nozzles.

It might be hard to convince private businesses to house the chargers, because, as a 2022 report from the California Energy Commission noted, “Revenue from electricity sales alone is often not enough today for chargers to be profitable, especially for stations with lower utilization.” That’s why California is investing at least $14 billion to subsidize this fantasy.

Even if the EV infrastructure gets built, it will require a massive change in behavior. The days of fill ’er up once or twice a week will likely become a distant memory. Most public stations will only be able to provide between five and 60 miles of range for an hour hook-up. Private citizens will need to pony up for their own charging infrastructure at home, while renters and low-income drivers will have to rely on employer and municipal largesse to supply chargers.

The green dream also involves knotty geo-politico issues. Ben Weingarten reported for RCI that America’s transition to renewables is empowering its most formidable economic adversary. “China currently holds a commanding position in the clean energy industry, controlling the natural resources and manufacturing the components essential to the Biden administration’s desired alternative energy transition,” Weingarten wrote. “Energy experts believe that its dominance will become more entrenched in the years ahead because of domestic environmentalist opposition to perceived ‘dirty’ mining and refining operations, and the Biden administration’s ‘clean energy’ spending blitz – which could provide Chinese companies and subsidiaries billions in subsidies.”

What’s more, if the U.S. slows its production of oil and gas in the coming years, hostile or problematic nations that continue to drill – including Iran, Russia, Saudi Arabia, Qatar, and Venezuela – will reap the benefits should renewables fail to become a reliable source of power.

Finally, the systematic erasure of these and other consequential questions
is part of a broad effort to quell dissenting views.

While climate action advocates in the government, media, and academia argue that the science is settled, Murawski reported for RCI that a growing number of experts are courageously challenging this orthodoxy. In August, for example, “more than 1,600 scientists, including two Nobel physics laureates, signed a declaration stating that there is no climate emergency, and that climate advocacy has devolved into mass hysteria,” Murawski wrote. “The skeptics say the radical transformation of entire societies is marching forth without a full debate, based on dubious scientific claims amplified by knee-jerk journalism.”

In detailing the central arguments of these skeptics, Murawski reported that few fall into the camp of “climate deniers” – itself a shameful label used to equate climate change with the Holocaust. They acknowledge the Earth is warming. Some, however, question whether human activity is to blame and, if it is, whether the massive human interventions being demanded can make much difference. Others say that the money spent retooling the economy would be better spent spurring economic growth that will allow people to adapt to a changing world.

Murawski reported that many dissenters believe that “[S]logans such as ‘follow the science’ and scientific consensus’ are misleading and disingenuous. There is no consensus on many key questions, such as the urgency to cease and desist burning fossil fuels, or the accuracy of computer modeling predictions of future global temperatures. The apparent consensus of imminent disaster is manufactured through peer pressure, intimidation, and research funding priorities, based on the conviction that ‘noble lies,’ ‘consensus entrepreneurship,’ and ‘stealth advocacy’ are necessary to save humanity from itself.”

A lie is rarely noble. It is almost always evidence of a weak argument and contempt for those it seeks to influence. Those who see climate change as an urgent danger and believe they know how to counter the threat should make their case forthrightly instead of recycling tired myths. Our democracy faces an existential threat when the will of the people gives way to the coercion of the masses.

Biden’s EV Boondoggle Enriches Himself

The Greenest thing about the New Green Deal is the Money.

The spending on “Green Energy Projects” is enormous and uncontrolled.  Larry Behrens explains at Real Clear Energy Too Favored to Fail:” Taxpayers Bailout Biden’s Green Friends.  Excerpts in italics wtih my bolds.

While America struggles to buy groceries, President Joe Biden has a
green slush fund worth billions of dollars, and he’s not afraid to use it.

Billions Disappear with Rivian Bankruptcy

Recent revelations uncovered that the CEO and lobbyists of Rivian, an electric vehicle manufacturer, held a quiet meeting at the White House with Biden’s Climate Czar, John Podesta. That’s right, the same John Podesta who served as chairman of Hillary Clinton’s ill-fated 2016 presidential campaign before being pulled from the ranks of profitable green consulting to oversee distribution of $369 billion from the Inflation Reduction Act (IRA). Biden selected a political operative with green company ties to dole out the goodies from one of the largest slush funds in history. Now green CEOs who are hemorrhaging cash are beating a path to his White House office, presumedly with hat in hand.

According to media reports, Rivian is deep in the red. Last year, they lost $6.8 billion. In 2021, it was $4.7 billion, which is in addition to the $1 billion lost in 2020. These massive losses happened as EV manufacturers enjoyed large subsidies both to build and sell their vehicles. In fact, President Biden went out of his way to praise Rivian in early 2022, even though their stock had already lost half its value on its way to losing 87% of its value since 2021. Losing over $12 billion in less than three years would normally be a problem in the business world, but in the upside-down reality of Biden’s green agenda, that gets you a meeting at the White House.

Tax dollars are flowing from the IRA so quickly that the Department
of Energy’s Inspector General (IG) may be running out of adjectives.

Earlier this month in testimony before the Senate, the IG said, “the current situation brings tremendous risk to the taxpayers.” Red flags about American dollars flowing to foreign companies or just being wasted here at home are going up, yet according to budget watchdogs, their concerns are met with deaf ears by senior Biden Administration officials. The IG notes there were “billions and billions of dollars lost or stolen” from federal Covid funds, and Biden’s slush fund is even bigger. To put it bluntly, the green vault is wide open and the grifters are lining up.

“Green Banks” Dole Out Taxpayer Cash

Here’s a particular galling example. One little known aspect of the IRA are so-called “green banks.” For greenies, the scheme is simple: regular banks will not fund their boondoggles, so they need a taxpayer backed entity to dole out cash. Unlike regular banks, these green banks do not need to make a profit to stay afloat because the government is their funder.

New Mexico Governor Michelle Lujan Grisham was caught trying to set up a green bank without the trouble of going through the elected legislature. The board of the bank will be green non-profits who will be in charge because as the New Mexico climate czar put it, “We’re talking about hundreds of millions of dollars…This greenhouse gas reduction fund is a remarkable little beast.” Recently, Grisham announced the green bank anyway. The slush fund is open for business, and everyone has their hand out.

Congress is watching the “green bank” scheme because they know it is ripe for abuse. The problem is clear: The White House put a political operative in charge of what is nothing more than a political fund. For Barack Obama, they were too big to fail, but Joe Biden is taking it further. When it comes to his failed agenda, his green boondoggles are “too favored to fail.”

Biden’s Wasted EV Subsidies Eclipse Solyndra

Helen Raleigh reports at The Federalist The Biden Administration’s Electric Vehicle Subsidies Are Becoming Another Solyndra.  Excerpts in italics wtih my bolds.

Energy Secretary Jennifer Granholm made $1.6 million from
an electric car company the Biden administration boosted
that just went bankrupt.

Proterra, an electric bus and battery company that President Joe Biden touted as a success of his green energy initiative, filed for bankruptcy in August. Last week, it finally sold its embattled battery business at a rock-bottom price as part of the bankruptcy proceeding. The rise and fall of Proterra demonstrates once again that politicians should refrain from betting taxpayers’ money on business ventures to advance their political agenda.

According to the Wall Street Journal, Proterra has sold only 550 electric transit buses since its founding in 2004. Most of the sales were underwritten by government agencies with federal grants. Proterra’s electric buses were plagued with mechanical defects and other performance issues, such as limited range and long charging times. Besides government subsidies, the company only survived as long as it had due to powerful political connections. Former Michigan governor Jennifer Granholm, Biden’s energy secretary, served on its board.

Despite all the quality issues of its EV buses, Proterra went public in January 2021 and raised $650 million, more than three times its annual revenue. A month after the company’s IPO, Biden tapped Granholm as his energy secretary. Proterra’s political connection to the Biden administration paid off in many ways.

Surviving on Grants and Tax Credits

In April 2021, Biden took a virtual tour of a Proterra facility to promote his infrastructure plan. The proposal included $6.5 billion in grants to help replace diesel-powered school and transit buses with electric ones. During the tour, Biden lauded Proterra for “getting us in the game.” He predicted that Proterra and other electric vehicle companies would “end up owning the future.”

Biden’s 2022 Inflation Reduction Act further enriched Proterra’s coffer. The law had little to do with reducing inflation, but it gave massive government handouts to the green energy sector. For instance, IRA includes a $40,000 per vehicle tax credit for purchasing electric commercial vehicles and an additional tax credit for EV batteries.

Proterra admitted in its quarterly report that “the availability of this new unprecedented level of government funding for our customers, suppliers, and competitors to help fund purchases of commercial electric vehicles and battery systems will remain an important factor in our company’s growth prospects.” Proterra’s political profile rose even more after Biden appointed Gareth Joyce, CEO of Proterra, to serve on the President’s Export Council in February this year.

Backed by Biden, Buried by Biden

Excessive government spending under Biden has sparked high inflation rates that were last seen in the 1970s. To bring inflation rates down, the Federal Reserve has aggressively raised interest rates. Higher rates increased production and operations costs for many companies. As legendary investor Warren Buffett famously said, “Only when the tide goes out do you learn who has been swimming naked.” Proterra was one of those companies that had been caught “swimming naked” in this new environment.

The company struggled because it had difficulty passing rising costs on to its existing customers, since most were government agencies with little budget flexibility. Nor could Proterra outsource its production overseas or import components at lower costs. Receiving government grants comes with strings attached. One requirement is that companies like Proterra must produce at least 70 percent of their EV components in America. Proterra couldn’t afford to cut the prices of its EVs to drum up sales.

Finally, Proterra filed for bankruptcy in August. Government subsidies could not offset the financial pressure of rising inflation, higher interest rates, and falling sales. Last week, a Swedish automobile manufacturer, Volvo, bought Proterra’s battery business for $210 million, a great deal considering Proterra was valued at $1.6 billion a year ago.

Another party who got an excellent deal was Granholm. She sold her Proterra shares for $1.6 million last year. They would have been worth nothing if she had held on to her Proterra shares until this

August. The biggest loser of the whole Proterra saga is American taxpayers.

No Good News for Electric Vehicles

Proterra was not the only EV company that went under. Michigan-based Electric Last Mile declared bankruptcy in June 2022. Ohio-based Lordstown Motors went bankrupt a year later. Ironically, these companies benefited from the Biden administration’s climate handouts, but the economic consequences of the same policies eventually doomed them. Even large automobile companies’ EV units are struggling. Ford estimates it will lose $3 billion this year on its EV business. The company relies on sales of gas-powered vehicles and government subsidies to keep the EV business afloat. 

What’s In This for the Bidens?

Fred Lucas explain in his Daily Signal article Hunter Biden’s Cobalt Deal With China Increases Cost of His Father’s Push for Electric Cars.  Excerpts in italics with my bolds.

Presidential son Hunter Biden’s most recent controversy—assisting a Chinese company’s purchase of a large cobalt mine—is linked directly to a top Biden administration policy of promoting electric vehicles.

Cobalt, a relatively rare and expensive mineral, is an essential part of batteries used to power electric automobiles. The COVID-19 pandemic also made U.S. officials and the public much more aware of Communist China’s control of the supply chain for drugs and other products.

The younger Biden, 51, is a one-time partner in China-based Bohai Harvest RST, known as BHR, and reportedly remains a stakeholder

The New York Times first reported over the weekend that BHR facilitated mining company China Molybdenum’s $2.65 billion purchase of a cobalt and copper mine from an American company, Freeport-McMoRan. 

Rep. Ken Buck, R-Colo. told The Daily Signal,

The latest news [that] he assisted a Chinese company purchase one of the largest cobalt mines is another example of Hunter Biden using his influence to line his pockets and help a foreign adversary. Conducting oversight of Hunter Biden’s questionable ethics and dealings that undermine our national security will continue to be a top priority for Oversight [Committee] Republicans.

The committee’s ranking Republican, Rep. James Comer, R-Ky., tweeted: “By helping Chinese companies mine rare minerals in Congo, Hunter Biden is helping Communist China corner the Electric Vehicle market that @POTUS is subsidizing here at home.” 

Summary:

The campaign is to force electric vehicles upon Americans who otherwise do not want them.  And why?  It’s not about climate change, not about the environment.  It’s about greed not green.

 

 

Assessing Risk and Climate Science (Quora Discussion)

Excerpted below is a Quora discussion with illuminating commentary from  Aaron Brown, former asset risk manager. AB responds to Topic Question and related comments, text in italics with my bolds and added images.

Quora? What will make conservatives accept climate change as real science?

AB: There are scientists who study cloud formation, ocean currents, rainfall patterns and other aspects of climate. Some are good, some not so much. Most people, liberal or conservative, accept that much of this is science.

Then there are scientists who build climate models and make predictions about things like global average temperature from 2081 to 2100 under different assumptions about human emissions and other factors. The people doing this work are considered scientists, but the conclusions are not science in the sense of empirically verifiable facts or consensus theories with strong empirical confirmation.

It’s a semantic game whether you call the conclusions “science” or not, but either way they are not as certain as scientific laws about gravity or momentum. People who like the predictions will embrace them, people who don’t like the predictions will resist them.

Liberals tend to be open to new ideas, conservatives tend to be more skeptical. That means many liberals are more willing to take strong action based on model predictions than are most conservatives. Skeptics tend to accept models if they make useful, non-obvious predictions that turn out to be true. Unfortunately it will take at least a century to gather that kind of evidence for climate models.

One possible breakthrough would be improvements in forecasting weather. You can prove a weather model in months rather than decades or centuries. But the fundamental claim of climate science is that it’s easier to predict global decadal averages in fifty years than next month’s weather in New York’s Central Park. That kind of claim—”I can’t predict the stuff you can check but trust me on stuff you can’t check”—makes skeptics skeptical.

A more likely breakthrough would be the the people making climate predictions proving their modeling ability by making useful, non-obvious predictions in other fields that can be validated. So far we have not seen this—successful modelers in other fields moving to climate science, or climate modelers proving success in other fields. This is a major point of skepticism for skeptics.

Finally, many conservatives are skeptical due to the big money involved in climate change combined with intense government interest and possibilities for vast wealth from subsidies and other programs. This is called Big Science and it’s often been dead wrong in the past, not to mention occasionally threatening all life on Earth. There are some successes of Big Science as well but skeptics will note the temptation to skew climate science for money or to push policies the advocates wanted before any climate support showed up.

None of this is relevant for policy decisions. If we somehow knew for certain today what the global mean temperature would be from 2081 – 2100, it wouldn’t tell us whether it was a good idea to ban coal or impose a carbon tax today. Conservatives are apt to assume any legislation will be written by lobbyists paid by cronies and empire-building bureaucrats rather than any kind of scientist. The laws will have unintended consequences, and send the economy and technology down unpredictable novel paths. We can’t estimate the effect on the human environmental footprint, we have only limited ability to relate the human environmental footprint to climate, and even less to relate climate to human welfare.

In such circumstances, the conservative inclination is to wait until you’re sure you’re helping things before spending a lot of money and writing a bunch of rules. The liberal tendency is to use your best judgement today, and expand the stuff that works tomorrow, while fixing or abandoning the stuff that doesn’t. This choice has nothing to do with climate science.

Comment: A model is just a theory put into numbers.

AB: Agreed, but the problem is lack of data. You can’t check 80 year in the future predictions with 30 years of data; and the global climate is so complex you need far more data even than we have with current measurements.

The data from more than 150 years or so is local data averaged over centuries or longer, useless for predicting global shorter-term data. Prior to 1990 we have very noisy data that is broader and available daily or sometimes even more often, but only since 1990 do we have anything like reliable, consistent global data.

People do calibrate their models to be consistent with the past, sometimes with more success than others. But there are so many parameters to global climate that this is not a useful check.

Comment: The required accuracy of your data and models grows exponentially with the amount of time you are predicting. It’s practically impossible to improve weather models beyond a certain point, so it’s not fair to consider this a failing of climate science.

AB: This is the central claim of climate science, but it remains unproven. Chaotic systems are not inherently unpredictable—for example the multibody solar system—and three or more bodies under gravity are chaotic—appears to have remained stable and pretty easy to predict for billions of years.

Attempts to predict weather in the most straightforward way, breaking the atmosphere down into small parts and applying rules of physics, have not succeeded in precise or long-range predictions—but there clearly are weather patterns that repeat often enough they must have some explanation. Modern weather prediction relies mainly on observed regularities without firm theoretic explanations.

You may be right that weather prediction will always be intractable, but perhaps some out-of-the-box idea will change that. If it did, we’d probably understand a lot more about climate.

It’s not obvious that long-term averages are more stable and predictable than shorter-term ones. In the stock market, for example, prices are pretty close to a random walk and uncertainty increases pretty steadily with the square root of time interval.

If you look at actual temperature measurements over local areas or global, over time scales from days to millions of years, uncertainty seems to increase with time, but slower than the square root. The unit of most certainty seems to be a year—predicting the average temperature over the next year has less uncertainty than predicting tomorrow’s temperature, but also less uncertainty than predicting the average temperature over the next decade or century.

Trajectories of a double pendulum. The simple predictable behavior of a pendulum appears chaotic when a second pendulum is attached. How many factors interact in our climate system?

This is a pure statistical observation, ignoring all climate science. The claim of climate science is models that incorporate things like solar variation, volcanoes, human emissions and so forth can make long-range averages less uncertain than annual averages. But we’ll need a lot of examples of long-range predictions—centuries of data—to confirm that directly, without resorting to climate theory; meaning that’s unlikely to convince skeptics in this century.

Of course you’re right that there seem to be physical limits that cause climate to move in cycles rather than drifting off to entirely new regimes—but regimes do change, and on planets other than Earth perhaps to extremes like losing the atmosphere.

Long exposure of double pendulum exhibiting chaotic motion (tracked with an LED)

But conservation of energy, for example, does not necessarily impose a constraint. There are many ways for energy to be removed from or added to global temperatures. It’s not necessarily true that, say, reducing incoming solar radiation cools the planet. In a simple system, reducing heat input lowers temperature. But in a complex system you could touch off any number of positive and negative feedback effects that could lead to any outcome.

Comment: I think this group is under valuing the large amount of research that has been predicting increases in global temperatures and the effects it will cause. There is ample data on the rate of increase in green house gases [CO2 and Methane] caused by humans lately.

AB: Are you saying that the predictions will convince skeptics? I disagree for several reasons.

1. There have been many predictions, many of which were spectacularly wrong, none of which were spectacularly right. The more catastrophic the prediction, the more often it turned out to be spectacularly wrong. Now you can go back after-the-fact and say the people making the worst predictions were nuts and other people made predictions that were not spectacularly wrong, but skeptics will find this unconvincing—like someone sifting through horoscope predictions to find some that seemed to come true.

2. The more sober predictions have merely been extrapolations of the recent past, too obvious to convince skeptics. Every time anything happens lots of people claim to have predicted it, and that it will continue in the future until disaster. Skeptics think that if temperatures started falling tomorrow, the predictions would quickly shift to predicting global cooling.

3.  Yes, atmospheric CO2 levels have gone up, and those could cause temperature increases, and humans are emitting CO2, and there’s no other obvious explanation for the increases in CO2. But those are simple observations. To convince skeptics of your explanations and predictions, you have to do more. If temperature increases tracked CO2 increases—rather than CO2 going up steadily and temperature bouncing up and down with more down months than up months—but an overall increase, the connection is not obvious.

4. Videos like the one you posted that tell us what things will be like decades in the future, something we cannot check, will not convince skeptics.

I think I outlined the main things likely to convince skeptics in my answer.

Comment: Many of the inter related factors determining climate have non linear relationships so modeling is extremely challenging and in order to produce sensible sounding outputs, tuning software is used to produce an answer deemed politically correct. If funding agencies would ban the use of tuning software the model funding would soon stop because of the self evident garbage answers.

AB: I agree and would go even further. I think climate is chaotic, and cannot be usefully modeled.

Everyone agrees that weather is chaotic, so only tentative short-term predictions are useful. But the defining claim of climate science is that if you average parameters like temperature over the entire globe over 20-year periods, it becomes predictable.

But if you check that assumption by comparing the standard deviation of temperature changes over larger regions and longer periods, you see it hits a minimum at single locations over one year. You can predict the average temperature in Central Park over the next year more accurately than tomorrow’s average temperature over New York State, or 20-years’ average temperature in Central Park.

It’s possible that casual models driven entirely by physics could surmount that issue, but so far these have been entirely unsuccessful without statistical tuning—tuning that does not improve ability for future predictions. Moreover you would expect such a model to predict weather better than climate, and no models can do that—they can only claim successful predictions over periods too long for practical testing.

That doesn’t mean climate models are worthless, but they are less reliable than weather reports, not more reliable.

Comment: In the case of climate, it’s the case that a large chunk of conservatives are still conservationists, who don’t get counted as environmentalists because of the heavy left (Marxist, even) bent of the green movement over the last several decades. Why not appeal to this perspective?

AB: I think you’re focusing on the wrong issue. You don’t have to convince anyone that protecting the environment is important, you have to convince them you have a plan that will do more good than harm.

Nuclear power is a great example. It reduces CO2, but also other forms of pollution. It doesn’t require decades and trillions of dollars to build a new power-grid infrastructure, it’s plug-and-play with the existing system (almost, anyway). The technology is well-understood, safe and efficient. You won’t find opposition from conservatives, only from some liberals.

Several MEPs (mainly Greens) hold up anti-nuclear posters at the debate.

But other tactics will require more argument. A carbon tax, for example, would send technology and the economy down an entirely new path, with entirely unpredictable consequences. It would seem to increase uncertainty about future climate rather than decrease it. It has other issues as well. To gain support for one from skeptics, you’ll have to convince them that you can predict the effects of such a tax on human welfare in 2100 well enough to make it a good bet.

Geoengineering is the cheapest and surest way to reduce global temperatures, but it controversial on both left and right for its possible unintended consequences. Here you have to convince people the gain is worth the risk.

The single best no-brainer solution is to work for world peace and cooperation. War is the biggest threat to the environment and climate. Solutions to climate change and dozens of equally consequential global issues will require cooperation—or at least less conflict—among nations. Redirecting military spending to climate research and mitigation would do tremendous good. Best of all, world peace and global cooperation have many direct advantages, not just vastly improving our ability to respond rationally to issues like climate change.

Biden Declares National Emergency for War on Energy

Washington Examiner reports Biden’s war on energy: President invokes wartime powers to speed up end to gas-powered home appliance.  Excerpts in italics with my bolds and added images.

President Joe Biden allotted $169 million for electric heat pump projects with his emergency authority on the basis of climate change.

This is the first time a president classified climate change as an emergency by utilizing the Defense Production Act, which was established during the Cold War. Now, the money stemming from the Inflation Reduction Act will be divided among 15 sites dedicated to manufacturing the necessary parts and entire units of a variety of heat pumps.

“The President is using his wartime emergency powers under the Defense Production Act to turbocharge U.S. manufacturing of clean technologies and strengthen our energy security,” Biden’s National Climate Advisor Ali Zaidi said in a statement.

John Podesta, senior adviser to the president for clean energy innovation and implementation, similarly celebrated the move, applauding the president for “treating climate change as the crisis it is.”

However, American Gas Association President and CEO Karen Harbert disagreed with the recent move from the White House, writing in a statement, “We are deeply disappointed to see the Defense Production Act, which is intended as a vital tool for advancing national security against serious outside threats, being used as an instrument to advance a policy agenda contradictory to our nation’s strong energy position.”

“Increased use of natural gas has been responsible for 60% of the electrical grid’s CO2 emissions reductions. This vital tool for emissions reductions and energy system resilience should not be unfairly undermined through misuse of the Defense Production Act.”

Among the facilities, two new factories will be constructed: a Treau, Inc. DBA Gradient plant in Michigan and a Mitsubishi Electric plant in Kentucky. Neither company has announced exact locations yet. Treau will receive over $17 million, and Mitsubishi will receive $50 million toward construction.

The Energy Department predicts roughly 1,700 jobs will be created in the various projects to promote more heat pump products. All the sites are centered in “disadvantaged communities” for their benefit.

Last year, the Energy Information Administration reported that natural gas was the water and space heating source of about 42% of U.S. residential spaces. The residential sector makes up 15% of overall natural gas consumption. However, heating and cooling across residential and commercial buildings drive more than 35% of the country’s energy consumption.

Footnote on Declaring Climate Emergency for Spending Purposes

This report on the German High Court ruling on this matter Europe Plunges Into Chaos After Germany Freezes Public Spending Following Shock Top Court Decision.  Excerpts in italiics with my bolds.

Germany’s economy, Europe’s largest, is contracting as surging energy prices and trade tensions cast doubt on its export-oriented business model. Chancellor Olaf Scholz’s government had been counting on that old virtue signaling switcheroo – a flood of spending on “green-energy projects and technology”, from chips to batteries, to revive the old model. That way, if anyone asks why Germany is deficit-spending its way to mercantilist utopia, Berlin could always lie and say it was doing the right thing for the world and wasn’t interested in a debt-funded stimulus. Alas, now the “Cardinals of Karlsruhe” have made this impossible.

Berlin’s decision to freeze all federal spending for the rest of the year came after the court defunded the government’s €60 billion —the equivalent of more than $65 billion—green-transition project. The court said Berlin couldn’t repurpose unspent credits originally earmarked to tackle the Covid-19 pandemic to fund environmental and energy projects. It said Berlin was bound by the country’s constitutionally enshrined fiscal rules that limit budget deficits to 0.35% of gross domestic product in normal times.

Senior government officials said one option under consideration would be to retroactively declare a state of budgetary emergency for 2023, invoking a clause in the fiscal rules that allows for a suspension of the spending limits in exceptional circumstances. Previous governments invoked the exception during the pandemic.

Unfortunately, for Germany’s stimmy-starved politicians, the plan is fraught with legal difficulties, in part because the constitutional court prepared for just this eventuality when it raised the bar for declaring such emergencies, according to Lars Feld, an economist who advises the government.

Strengthening resilience and transforming the economy amid geopolitical crises and climate change was seen as a necessity that required taking on debt, but the court ruling has challenged those assumptions, Feld wrote in the Frankfurter Allgemeine newspaper.

Hilariously, the court said that unlike war and natural disasters, climate change was a foreseeable crisis that had been long in the making and could no longer justify emergency spending. Which, however, means that all Germany will have to do is politely request that the CIA start a new war… or that Fauci mail orders a new virus from Wuhan.

 

 

 

 

Green Crash Ahead

Duggan Flanakin writes at Real Clear Energy Climate Enron May Be Heading for a Crash.  Excerpts in italics with my bolds and added images.

Today, the collapse of FTX and the recent criminal conviction of founder and CEO Sam Bankman-Fried (who is facing a lifetime behind bars) brings Enron, Skilling, and Lay to mind. But, despite the magnitude of SBF’s fraud, it pales in comparison to the ongoing fraud being perpetrated mostly on America and its Western allies in the name of “climate change.”

A bit like FTX, but unlike Enron, there are plenty of warning signs that the “Green Revolution” is about to come tumbling down and its loudest advocates brought to account. The main thing keeping the mirages afloat today is the massive egos and their investments in folly that may leave them going down with the ship.

While the “Green Revolution” has been under way for decades, it is the Biden Administration that has imposed mandates, attacked popular energy sources and transportation options, and waged war against traditional industrial development. Europeans and states like California had earlier imposed their own mandates with supposedly “hard” deadlines for abolishing the use of oil, natural gas, coal, and every tool or vehicle that uses them.

The green war on fossil fuels, as fleshed out in the “Net Zero” campaign,
is perhaps history’s greatest example of philosophical fraud.

And the corollary: Reality is also that which happens instead of what you wanted and expected. 

“To dream the impossible dream” and turn it into reality would mean sacrificing an estimated 6,000 useful products that rely on byproducts from crude oil refineries – products that range from asphalt for highways to fertilizers, cosmetics, synthetic rubber, medicines and medical devices, cleaning products, plastics, so many more. The 3 billion who live without the benefits fossil fuels have provided are also the poorest, sickest, and most vulnerable humans on the planet.

Cracks are already developing in the “Net Zero” world, what with countries backing away from the mandates they so recently touted while marching around like peacocks in mating season. In March the European Union reached an agreement with Germany to formally back away from its total ban on internal combustion engines in 2035.

Still, 30 countries are signatories to the Glasgow Declaration that would force all vehicles sold by 2040 to have zero carbon dioxide emissions, and 21 others have crafted plans to ban new ICE vehicle sales earlier than 2040. Dozens of major cities and states, most notably California and the California clone states, intend to disallow new ICE vehicles by 2035.

Several problems stand in the way of their utopian dream. Even EV advocates are now admitting the “EV-olution” has to overcome “serious issues” – like the use of child labor in lithium mining, the woefully inadequate EV charging infrastructure, and an unprepared power grid. Yet the biggest obstacle is that a majority of the Earth’s people object to having EVs – or heat pumps, or electric stoves, and so on — shoved down their throats.

EVs may be fine for short-trip urban travel but not for construction equipment, airplanes, or even urban buses, as evidenced by the recent horrific scene in San Francisco when a Google-operated electric bus lost power and slid backwards downhill into nine vehicles. Today’s EVs are wholly impractical for mountain and prairie residents or others making long trips (worse with children).

Like Ken Lay with Enron, the Green revolution has relied heavily on government subsidies and a “revolution always” business philosophy aimed at making pariahs of anyone who dares oppose the grandiose – but fatally flawed – plan.

During the Obama Administration, Solyndra went under despite a $535 million government-guaranteed loan, none of which was paid back. Forbes, citing OpenTheBooks.com, noted that taxpayers were left holding the notes for $400 million given to Abound Solar, $280 million wasted by CaliSolar, $193 million doled out to Fisker Automotive (with another $336 million canceled), and $132 million to A123 Systems (a failed battery maker).

Undaunted, the Biden Administration’s $2.3 trillion “jobs” package was rife with more subsidies for technologies that by their own admission are unsustainable. Yet despite all the free money, Ford, General Motors, and many other automakers are backing away from multibillion-dollar investments in new EV factories as new EV sales have slowed despite increased rebates.

Ford in March projected a loss of $3 billion on electric vehicles in 2023, offsetting profits of as much as $14 billion from its other divisions. Ford also admitted losses of $900 million in 2021 and $2.1 billion in 2022 in its EV division. Ford and GM believe their EV fortunes will turn around by 2025, but those rosy scenarios seem wholly dependent upon Biden (or an even “greener” Democrat) winning the White House next November.

Even with a Green win in 2024, reality will still bite the EV dream. China has been quietly moving toward total dominance in the global EV marketplace – largely because it controls the lithium battery market. Financial Times wrote in September that China is so far ahead in the EV market that its competitors are trailing in the dust.

Biden’s reliance on huge subsidies to underwrite the “Green Revolution” has brought soaring inflation to the U.S. that is taking away purchasing power faster than it can increase subsidies and Mafia-style “incentives” (you will buy what we want you to buy, or else!).

Lay died of a heart attack shortly after his trial, leaving behind “a legacy of shame” characterized by “mismanagement and dishonesty” that led Politico to rank him as the third-worst American CEO of all time.

America’s doddering President Biden, now facing pre-impeachment hearings for other alleged mistakes, may not live to see his name smeared as Lay’s once was. But does anyone truly believe Biden is calling all the shots here?

Who will, then, get the blame if America’s forced march to
EV subservience to Xi’s China brings an end to
America’s hegemony on the world stage?