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….