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The United Nations’ unprecedented effort to reduce emissions of CO₂, would be not only costly but deadly as well. The denial of efficient, affordable energy to a world in need would necessarily lead to the loss of millions of lives and the impoverishment of many millions more. This is intentional.

The above are remarks made in the introduction of a 64-page report published by the Executive Intelligence Review (“EIR”) in September 2019.  The report is aptly named ‘CO₂ Reduction’ is a Mass Murder Policy Designed by Wall Street and the City of London’.

As the name suggests, the report details carbon dioxide (“CO₂”) reduction as a mass murder policy. It discusses climate psychologists promoting CO₂ reduction as a solution viewing economic development as undermining the future, and advocating for policies that may have negative consequences.

It discusses the “green finance bubble”; the push for “green finance” by the Bank of England and BlackRock that will lead to devastating societal damage if not stopped in time.

And gives the history of energy development which shows the importance of increasing energy flux-density for societal progress, contrasting with the limitations of green energy sources like wind and solar power.

Importantly, the first chapter ‘The Age of Reason is in the Stars’ emphasises the need for a positive image of mankind and passionate love for humanity to unleash the unlimited potential of humans.

As you can see from the index shown above, many aspects in this report could be highlighted and each is as important as another.  We have chosen to highlight points made about the green finance bubble because the main driving forces of all these interconnected plans being rolled out across the world in recent years seem to be either ideological or financial.

Please note that the report was written in 2019 and we have not edited the tense of the text extracted from it to accommodate for this.  Neither have we adjusted the text to show, for example, former governor of the Bank of England Mark Carney’s current role.  And we have used the same section titles as EIR’s report for ease of reference.

How Climate Hysteria and Radical Environmentalism Are Supposed to Save the System

Greening World Finance

The global push for a transition to a “climate sustainable economy” cannot be understood unless it is put in the context of the bankrupt global financial system.  The “greening of the economy” is nothing but the last effort to bail out the system with a new giant financial bubble.

Not accidentally, in a paper published on 12 September 2019, the Institute of International Finance, the cartel of the financial industry, has characterised the green economy as “the new gold.”

As EIR is drafting its report, CO₂ is Mass Murder, central banks and government efforts to keep the global financial system artificially alive after the 2008 financial crisis are approaching their exhaustion. The big 2008 bailout blew out central bank balance sheets and pushed government budgets to the limit of over-indebtedness, rolling over and actually increasing the global debt bubble.

Overall, global debt had grown to $244 trillion as of the third quarter of 2018, a 100% increase from a decade ago. At the same time, austerity measures implemented by governments to make the bailouts “fiscally sustainable” have brought the real economy to a halt. A decade of liquidity injections by central banks with zero and now negative interest rates has kept inflating the bubble while failing in the purported aim of reviving the real economy.

As a result, the system is facing a liquidity crisis in the short term, which will require an even larger bailout effort than in 2008, when the Fed alone committed up to $16.8 trillion overnight to prevent a total collapse.

Nobody has the crystal ball to forecast when the collapse will occur, but warnings such as the one that occurred on September 17, when a liquidity crisis sent the interbank lending rate up to 10%, forcing the Federal Reserve into emergency liquidity actions and back toward quantitative easing programs, should be taken seriously.

The answer of the financial industry to the threatened collapse of the system is the creation of a new giant bubble financed with taxpayers’ and “helicopter” money. The new bubble is called “green finance.” It won’t work, but it will do devastating damage to society if we don’t stop it in time.

Further resources:

• Dealing with the next downturn, BlackRock, 15 August 2019
• Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination, SUERF, the European Money and Finance Forum, October 2019

A ‘Regime Change’ For the Financial System

In leading the efforts for “greening” the financial system, both Bank of England Governor Mark Carney and Wall Street giant BlackRock LLP are promoting many other new and exotic ideas to save the current bankrupt system.

Among the proposals brought up, before and after the meeting of central bankers at the Kansas City Fed’s August 2019 Economic Policy Symposium in Jackson Hole, Wyoming, is that offered by four prominent BlackRock executives, who issued a paper proposing a new monetary policy to be applied when the next crisis hits; they called it “going direct,” meaning that central banks could print money and directly lend to governments, institutions, firms, etc. Such a policy, sometimes called “helicopter money,” is supposed to allow a return of some desired inflation without increasing public debts.

One of those executives, former Swiss National Bank Chairman Philipp Hildebrand, called the scheme a “regime change” in monetary affairs in an interview with Bloomberg on 15 August 2019:

We are going to see a regime change in monetary policy that’s as big a deal as the one we saw between pre-crisis [of 2008] and post-crisis, a blurring of fiscal and monetary activities and responsibilities.

In this “regime change,” the central banks will still be independent of the governments, but the governments won’t be independent from central banks.

BlackRock called its immediate scheme the Standby Emergency Fiscal Facility, or SEFF.

From his side, Carney, speaking at the Jackson Hole meeting, proposed that to have a world economy less hostage to the United States-China trade disputes, one should create a synthetic world currency to replace the dollar, an international new reserve digital currency he calls a “Synthetic Hegemonic Currency.” He described it as being modelled on Facebook’s proposed Libra, but issued and controlled by central banks working with but ruling over governments.

The central banks’ “regime change” could happen much more quickly than Mark Carney was letting on in his remarks about a “Libra-like” digital currency replacing the dollar.

Further resources: Bank of England Governor: Libra-Like Currency Could Replace US Dollar, Coin Telegraph, 23 August 2019

Digital Money and Green Boondoggles

As “shocking” as BlackRock’s scheme and Mark Carney’s “Libra-like” proposal are in themselves, equally striking is that both are leaders in the current “climate change finance.” The Green Finance Initiative of the central banks is spearheaded by Carney’s Bank of England (“BoE”).

BlackRock, together with the Rhodium Group, is pushing a sophisticated “Google Maps”-type programme classifying the “climate change risk” to investments in US municipal bonds, electric utilities, and commercial real estate, literally property by property. Risk, that is, from “extreme heat waves,” wildfires, floods, extreme storms, etc. Fossil fuel production facilities are all classified as “high risk” in this programme, reflecting only the virtual reality of investment advice.

BlackRock’s programme is a pilot project for the “sustainable finance classification system” the European Commission is working at, also called “Taxonomy” (see below, ‘The High-Level Expert Group on Sustainable Finance’). Once the Taxonomy system is in place, customers can be induced to invest their money into “green projects,” and a “committee of experts” can be designated by central banks to decide how to spend the money printed for government “use in creating inflation.”

On the record of their current activity, if the BoE’s Carney and BlackRock’s “experts” get their way, “green finance” is going to be the central banks’ favourite cause for printing “fiscal money for purposes of inflation” (“helicopter money”).

And no such helicopter money is more finger-tip controllable by central banks than a world digital currency issued by them.

As Lyndon LaRouche said, if London, Wall Street and the central banks stubbornly refuse to accept the necessary bankruptcy reorganisation of their system, they have no other option than to supply the rope to hang themselves.

Profiles of the Green Finance Conspirators

The December 2015 Paris COP21 conference was a watershed for Green Finance policies. Although the recommendation to build a Green Finance system was already the essence of the famous 700-page report on the “economics of climate change” commissioned in 2006 by the British government and written by London School of Economics economist Nicolas Stern, it was the Paris COP21 that for the first time, Green Finance made its way into a final document.

In that framework, the following institutions, among others, were founded:

• The Network for Greening the Financial System (“NGFS”), to convince and engage central banks and supervisors in policies to “green” world finances;
• The High-Level Expert Group on Sustainable Finance (“HLEG”) to draft EU policies;
• The Green Finance Institute (“GFI”), to make sure that the City of London maintains its hegemony over the “greened” finance system.

The common purpose of those initiatives is to promote legislation that diverts financial flows from the “CO₂ economy” into a “CO₂-free economy.”

Network for Greening the Financial System

The Network for Greening the Financial System (“NGFS”) was created at COP21 by eight central banks and supervisors and now has 42 members and eight observers. Its stated purpose:

To help strengthen the global response required to meet the goals of the Paris agreement and to enhance the role of the financial system to manage risks and to mobilise capital for green and low-carbon investments in the broader context of environmentally sustainable development.

What distinguishes the NGFS from the other Green Finance institutions is the “manage risks” function proper of supervisors and central banks. Being aware of the fact that a massive shift from CO₂-connected assets to CO₂-neutral assets can provoke a deadly shock to the financial system (the “Minsky climate moment”), the task is to price that risk and build reserves – or their equivalent.

Its mastermind appears to be Bank of England Governor Mark Carney. Its steering committee is heavily populated by Northern European institutions: Bank of England, Banque de France, Bundesbank, Nederlandsche Bank, and the Swedish FSA. The Bank al-Maghrib, Banco de México, the Monetary Authority of Singapore, and the People’s Bank of China are also members of the steering committee.

Its website and administrative headquarters are hosted by the Banque de France in Paris following Carney’s full backing of Villeroy de Galhau, a former executive of BNP Paribas and currently governor of the Banque de France.

The High-Level Expert Group on Sustainable Finance

The High Level Expert Group (“HLEG”) on Sustainable Finance was created in 2016 and drafted what has become the Commission Action Plan, approved by the European Council in February 2019.

Founder of the HLEG is Christian Thimann, Chairman of the Management Board at Athora Insurance Holding Germany, and former senior AXA manager, and long-time advisor to the European Commission and the ECB.

Thimann, who teaches at the Paris School of Economics, boasts of having drafted the infamous European Union (“EU”) Fiscal Compact together with Olivier Guersant, Director General of the EU’s General Directorate on Financial Stability and Capital Markets (“FISMA”), who later founded the HLEG with Thimann and EU Commissioner Valdis Dombrovskis.

In a speech at the House of Finance at Goethe University in Frankfurt on 27 July 2019, Thimann said:

If you read the [COP21] Agreement suddenly in Article 2, the financial sector is mentioned. It was an issue for ecologists, industrialists, and scientists. And suddenly in the 21st session [i.e., COP21] you have a remarkable sentence about finance. It says the following: “The climate targets will only be achieved, if we start to reorient capital flows towards a low emission world. . . .”

This is now a process that is going on, where the European Commission is asking experts from the private sector: Can you please tell us, how we would do that…? And this is the program that the commission has been working on for two years, which is now being cast into law.

Thimann went on to praise Greta Thunberg’s FridaysForFuture and Extinction Rebellion (“XR”) movement.

In a 13 March 2019 article, Thimann recounted the “inside story” of how the HLEG came to life and how it drafted the EU Action Plan. In only three years of work, the HLEG has lobbied all EU institutions, committees and subcommittees, held a consultation with financial institutions and issued a final report in January 2018.

Further reading: How the EU learned to love sustainable finance: the inside story of the HLEG by Christian Thimann, London School of Economics and Political Science, 13 March 2019

Green Finance Initiative

The Green Finance Initiative (“GFI”) was created in London in 2018 to make sure that the City of London remains in control of the “greened” financial system. On its web page, GFI states:

The City of London Corporation – the body responsible for running London’s Square Mile – regards green finance as prudent, profitable and one of the best tools available in the race to cut carbon. That’s why, in January 2016, we launched our Green Finance Initiative in partnership with government.

Further reading: Time for the City to act on climate change is now, Green Finance Initiative, 2 July 2019

The GFI’s chairman is Sir Roger Gifford, a British banker whose connections to Sweden raise questions about the network that controls Fridays4Future’s Greta Thunberg.

Gifford is the UK head of branch of Skandinaviska Enskilda Banken, the Swedish SEB bank, which does some financing for IKEA, whose Daniela Rogosic, their global PR director, is on the Advisory Board of Greta promoter Ingmar Rentzhog’s “We Don’t Have Time” platform. Gifford is also head of the British-Swedish Chamber of Commerce.

The GFI was publicly launched during the Climate Action Week in July 2018 in London. Presenting the new institute – initially funded by the UK Treasury and the City – former Barclays banker and GFI CEO Rhian-Mari Thomas explained that the GFI mission was for the financial “industry” to “produce” new securities and derivative “instruments” to draw liquidity issued by central banks.

Further reading: Dr. Rhian-Mari Thomas Introduces the Green Finance Institute, Green Finance Institute, 3 July 2019

The launch of the GFI during the Climate Action Week shows how the financial institutions, the media, the corrupt political elite and the XR battering ram act in a coordinated way to achieve their aims.

One month earlier, the XR movement had scored its first success in the United Kingdom, where the House of Commons adopted its demand of declaring a Climate Emergency on 1 May. The motion for a Climate Emergency was introduced by Labour leader Jeremy Corbyn.

The Sustainable Finance Working Group

The Sustainable Finance Working Group (“SFWG”) is the “private counterpart” to the work of the Central Banks and Supervisors Network for Greening the Financial System. Established in 2018 by the International Finance (IIF), the global association of financial institutions, the IIF has co-authored all decisions to bail out and “reform” the financial system since 2008, including the introduction of the infamous “bail-in” procedures. One could actually say that the financial industry represented by the IIF and the system of central banks is one and the same thing, as proven by their officials going through revolving doors in both directions.

The IIF Sustainable Finance Working Group is chaired by Daniel Klier, Group Head of Strategy and Global Head of Sustainable Finance for HSBC (formerly the Hong Kong and Shanghai Banking Corp.) The SFWG has four subgroups, which cover a range of themes including: Engagement with Regulators and Policymakers; Disclosure and Data; Taxonomy and Impact Investment; and, Climate Economics.

The SFWG boasts:

IIF member firms around the world have been launching a wealth of new products, investment vehicles and programs to help bring sustainability considerations into the mainstream of global finance. Our job is to help connect these initiatives and align forces with public sector efforts to reach the same vitally important goals.

In a letter to the European Commission dated 25 March 2019, the IIF recommends that the Taxonomy scheme being worked out at the Commission leaves no option to companies but to engage in the green economy. The perspective it gives for manufacturing companies and farms is: either you go green or you die.

The letter is signed by Sonja Gibbs, IIF Managing Director and Head of Sustainable Finance and Global Special Report Policy Initiatives. Gibbs is co-author of a report dated 12 September 2019, with a self-betraying title: ‘Sustainable Finance in Focus: Green Is the New Gold’. The authors gloat about the growth of the green bubble, which “came close to $235 billion in the first eight months of 2019,” and is expected to reach $350 billion in 2019.

Green New Deal

Since 2006, massive programs to build solar and wind farms and new electric grids to link them, have always been accompanied with proposed heavy new taxes, sometimes on “the wealthy,” but always on “carbon”—that is, coal and oil production, blast furnace steel production, gasoline and internal combustion engines, etc.

This began with the “Global Green Party,” including the US Green Party, in 2006, inspired by the Intergovernmental Panel on Climate Change (“IPCC”); then the British “Green New Deal Group” in 2008; and most influentially, the United Nations Environmental Pro[1]gramme’s Green New Deal proposal that same year.

In the United States, this idea of a heavy carbon tax for “green” spending is being pushed by the senior figures of the Wall Street establishment: George Shultz, James Baker III, and Michael Bloomberg.

The “Baker-Shultz carbon tax” of $40/ton rising to $65/ton is being promoted personally by these figures into Congress and the financial and business community, avoiding demonstrations and publicity. Acting in parallel is the biggest and most powerful investment fund on Wall Street, BlackRock.

The basis of the Green New Deal has always been the same since 2006:

• shut down electricity production by coal, oil, nuclear power, and to a great extent by hydroelectric power;
• replace it all, somehow, by solar and wind farms and geothermal energy schemes;
• build new electricity grids to transfer this power from the desert, mountain, and rural plains areas where it will be generated.

Advocates of such a scheme must deal with the uncomfortable fact that the intermittent power sources they propose must be backed up by “spinning reserve power” produced with natural gas – a “fossil fuel” – all the while promising that breakthroughs in “energy storage”- huge batteries – will, someday, replace the natural gas turbines.  They do not hide the fact that they plan to spend immense funds carrying out their scheme.

Further reading: Why today’s renewables cannot power modern civilisation, Watt’s Up With That, 17 September 2019

Featured image: Mark Carney: Bank governor’s journey from wilderness to heart of the City, The Guardian, 13 June 2013 (left).