#hypocrites

Do as we say, not as we do

Take that. Despite living with the irony that half of the members of the Australian Council of Superannuation Investors (ACSI) fail to meet the very diversity quotas they expect ASX200 companies to hit, what a complete laughing stock to publicly tell conference organisers it won’t join unless there is a guarantee of gender balanced speaker participation. How about try to get the best diversity of thought for a speaking panel regardless of their identity? There won’t be a man in the audience who complains at a panel of superstar women speakers.

The ACSI demands are listed here. A default letter the ACSI uses is as follows.

“SAMPLE RESPONSE TO EVENT INVITATIONS

Thank you for your invitation to speak at [name of event]. ACSI has taken the Panel Pledge and will only participate in events which are gender diverse and inclusive. Before accepting your invitation, I’ll need some additional information to determine whether this event is consistent with our commitment.

Can you please confirm the following:

– Will there be a gender balance among speakers at this event?
– Will speaking roles be allocated equitably among genders?

If I agree to participate in this event, I reserve the right to withdraw later should I become aware there will not be a gender balance among speakers.

Thanks in advance for your support of our efforts to promote gender diversity.”

What if the ACSI was offered a chance to speak next to Mark Zuckerberg and Elon Musk for the third and final slot at an investor conference? Would ACSI turn it down to stick to its principlesb or be the first in line to take selfies to upload to Instagram?

Get woke, go broke.

This can only end in tears

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As Sweden’s economy slows to the worst economic growth rate in 5 years under a negative interest rate policy, one would think the Swedish Central Bank (Riksbank) would be seeking to prudently manage its asset book on the basis of appropriate risk/reward as opposed to lecturing Australia and Canada on their respective carbon footprints. What we are witnessing is yet another discrete move by authorities to manipulate markets based on fantasy rather than fact.  The hypocrisy is extreme as we shall discover.

While the Riksbank should have complete freedom in how it wishes to deploy capital, we should view this is a pathetic sop to the cabal at the European Central Bank (ECB). Since when did central bankers become experts on climate change? The RBA is no better. Deputy Governor, Guy Debelle, gave a speech in March 2019 on the risks posed by climate change which based prophecies on the data accident-prone IPCC and Bureau of Meteorology. Why not seek balance? Easier to fold to group think so as not to be outed as a pariah. Utterly gutless. Our own APRA is also pushing this ridiculous agenda on climate change reporting. It is willful negligence.

While it is true that on a per capita basis, Australia and Canada’s emissions are higher than the global average, why doesn’t the Riksbank give us credit for lowering that amount 11.4% since 2000? Even Canada has reduced its carbon emissions by 7.3% over the last 18 years. Admittedly Sweden’s emissions per capita have fallen 21.9% according to the IEA. Greta will be happy.

Why hasn’t the Riksbank taken China or India to task for their 169.9% or 94.7% growth in CO2 emissions respectively? There are plenty of oil-producing nations – Qatar, UAE, Bahrain, Saudi Arabia and Oman that have worse per capita outcomes than Australia or Canada. Do these countries get special dispensation from the wrath of the Riksbank? Clearly.

The US has pulled out of the Paris Climate Accord. If the US has marginally lower emissions per capita (15.74t/CO2-e) than Australia (16.45t/CO2-e), isn’t a double standard to write,

The conditions for active climate consideration are slightly better in our work with the foreign exchange reserves. To ensure that the foreign exchange reserves fulfil
their purpose, they need to consist of assets that can be rapidly converted to money even when the markets are not functioning properly. Our assessment is that the foreign exchange reserves best correspond to this need if they consist of
75 per cent US government bonds, 20 per cent German and 5 per cent British, Danish and Norwegian government bonds.

Essentially Riksbank commitment to climate change is conditional. The US which is responsible for 13.8% of global emissions can be 75% of holdings. Australia at 1.3% can’t. No doubt sacrificing Queensland Treasury Corp, WA Treasury Corp and Albertan bonds from a Riksbank balance sheet perspective will have little impact on the total. In short, it looks to be pure tokenism. The Riksbank has invested around 8% of its foreign exchange reserves in Australian and Canadian central and federal government bonds. So perhaps at the moment, it is nothing but substitution from state to federal. Why not punish NSW TCorp for being part of a state that has 85%+ coal-fired power generation?

At the very least the Riksbank admits its own hypocrisy.

The Riksbank needs to develop its work on how to take climate change into consideration in asset management. For instance, we need a broader and deeper analysis of the issuers’ climate footprint. At the same time, one must remember that the foreign exchange reserves are unavoidably dominated by US and German government bonds. The Riksbank’s contribution to a better development of the climate will, therefore, remain small. This is entirely natural. The important decisions on how climate change should be counteracted in Sweden are political and should be taken by the government and the Riksdag (parliament).

Still, what hope have we got when Benoît Cœuré, member of the Executive Board of the ECB, lecturing those on “Scaling up Green Finance: The Role of Central Banks.” He noted,

2018 has seen one of the hottest summers in Europe since weather records began. Increasing weather extremes, rising sea levels and the Arctic melting are now clearly visible consequences of human-induced warming. Climate change is not a theory. It is a fact.

Reading more of this report only confirms the commitment of the ECB to follow the UN’s lead and deliberately look to misallocate capital based on unfounded claims of falling crop yields and rising prices (the opposite is occurring) and rising hurricane and drought activity (claims that even the IPCC has admitted there is little or no evidence by climate change). Sweden is merely being a well-behaved schoolboy.

Cœuré made the explicit claim, “The ECB, together with other national central banks of the Eurosystem, is actively supporting the European Commission’s sustainable finance agenda.

CM thinks the biggest problem with this “agenda” is that it risks even further misallocation of capital within global markets already drowning in poorly directed investment. It isn’t hard to see what is going on here. It is nothing short of deliberate market manipulation by trying to increase the cost of funding to conventional energy using farcical concocted “climate risks” to regulate them out of existence.

Cœuré made this clear in his speech,

once markets and credit risk agencies price climate risks properly, the amount of collateralised borrowing counterparties can obtain from the ECB will be adjusted accordingly.

What do you know? On cue, Seeking Alpha notes,

Cutting €2bn of yearly investments, the European Union will stop funding oil, natural gas and coal projects at the end of 2021 as it aims to become the first climate-neutral continent.

All CM will say is best of luck with this decision. Just watch how this kneeling at the altar of the pagan god of climate change will completely ruin the EU economy. The long term ramifications are already being felt. The EU can’t escape the fact that 118mn of its citizens (up from 78m in 2007) are below the poverty line. That is 22% of the population. So why then does Cœuré mention, in spite of such alarming poverty, that taking actions (that will likely increase unemployment) will be helped by “migration [which] has contributed to dampening wage growth…in recent years, thereby further complicating our efforts to bring inflation back to levels closer to 2%.

Closer to home, the National Australia Bank (NAB) has joined in the groupthink by looking to phase out lending to thermal coal companies by 2035. The $760 million exposure will be cut in half by 2028. If climate change is such a huge issue why not look to end it ASAP? This is terrible governance.

Why not assess thermal coal companies on the merits of the industry’s future rather than have the acting-CEO Philip Chronican make a limp-wristed excuse that it is merely getting in line with the government commitment to Paris? If lending to thermal coal is good for shareholders in 2036, who cares what our emissions targets are (which continue to fall per capita)? Maybe this is industry and regulator working hand-in-hand?

The market has always been the best weighing mechanism for risk. Unfortunately, for the last two decades, global central bank policy has gone out of its way to prevent the market from clearing. Now it seems that the authorities are taking actions that look like collusion to bully the ratings agencies into marking down legitimate businesses that are being punished for heresy.

This will ironically only make them even better investments down the track when reality dawns, just as CM pointed out with anti-ESG stocks. Just expect the entry points to these stocks to be exceedingly cheap. Buy what the market hates. It looks as though the bureaucrats are set to make fossil fuel companies penny stocks.

South Park shuns PC in women’s sports

South Park has never won any prizes for political correctness which is why the formula continues to be so successful. This episode mocks the current obsession of accepting trans females in women’s professional sports.

N.B.it contains profanity.

To think poor old Martina Navratilova was eviscerated by activists for pointing out the obvious with respect to biological males playing female sports. Despite being such a positive role model for her community in the tennis world, the loony left can’t face biological facts.

ABC MD issues an apology with a feather duster

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Good to see it took the ABC three days to come up with this response to the diabolically toxic Q&A program which hosted an expletive-laden show with a bunch of feminists. Pathetic. The producer will be hit over the knuckles with a feather duster.

Monday night’s episode of Q&A was presented in conjunction with The Wheeler Centre’s feminist ideas festival, ‘Broadside’. The intention of the program was to present challenging ideas from high-profile feminists whose expertise ranges across ageism, disability, Indigenous and domestic violence issues.

The ABC acknowledges that the program was provocative in regard to the language used and some of the views presented.

Q&A has always sought to tackle difficult issues and present challenging and thought-provoking content. However, I can understand why some viewers found elements of this episode confronting or offensive.

We have received audience complaints about the program, are assessing the concerns raised and will investigate whether the program met the ABC’s editorial standards.

Huh? Investigate whether it met editorial standards? Just read the transcript,

Some choice moments that have so much balance that even Mary Whitehouse would have accepted the content, are presented here,

MONA ELTAHAWY

“Well, you’re asking the person here who travels the world to say fuck the patriarchy, so I think that what we have to do is start seriously talking about dismantling patriarchy. And when I talk about patriarchy, I’m talking about a white-supremacist, capitalist, imperialist patriarchy…

I go online exactly to tell people to fuck off when they attack me, and I’m very well-known for it...

FRAN KELLY

And at this point, I will utter a language warning on the program, and remind our guests.

MONA ELTAHAWY

No, honestly, it’s… You know, this idea of respectability, this idea of civility, this idea of unity, all of these words, decorum, who invented those words? Those words were invented by white men for the benefit of other white men in systems and institutions that were always designed to be for white men. And they weren’t designed for women like you and me and so many others. Like you said, people of colour and gender-diverse people. They never imagined us in those spaces, and then we show up and we just ruin it for them….

And so those who abide by the system – and Barack Obama was part of the system and remains part of the system… I also disagree with his wife when she says, “When they go low, we go high.” No I fucking don’t. If you go low I’m going to come for you. So, no, I do not have the luxury or the privilege to sit there and be civil with people who do not acknowledge my full humanity. I refuse. Number one…

…So, for those who say, “Be civil,” for those who say, “Be polite,” I have an entire chapter on the political importance of profanity, and I remind them of a Ugandan feminist called Dr Stella Nyanzi who is currently in prison in Uganda because she wrote a poem on Facebook wishing that the mother of the dictator of her country had poisoned him, that her birth canal had poisoned him during birth. And when she was taken to court and doing her sentencing, she was video-taped in, because she’s known for her profanity, she stood there in the video, she took off her top, she jiggled her breasts and she said, “Fuck you, fuck you, fuck you!” In court!“…

…Nothing. For me, as a feminist the most important thing is to destroy patriarchy. And all of this talk about how, if you talk about violence, you’re just becoming like the men. So, your question is a really important one but I’m going to answer it with another question. How long must we wait for men and boys to stop murdering us, to stop beating us and to stop raping us? How many rapists must we kill? Not the state, because I disagree with the death penalty and I want to get rid of incarceration and I’m with you on the police. So I want women themselves… As a woman I’m asking, how many rapists must we kill until men stop raping us?

We all know what will happen. Assurances by the ABC it will never happen again until the next time which won’t be that far away. We were promised that when Q&A got in trouble over giving a platform to a man who pleaded guilty to threatening to kill ASIO and DFAT officers, Zaky Mallah who went on a rant against then conservative MP Steve Ciobo. Who could forget the “@AbbottLovesAnal” hashtag the show gladly allowed during the former PM’s term? A mistake, honest. Just like Triple J’s guide to blowjobs.

The ABC should be defunded and forced into the TVNZ business model of having to provide content customers are willing to look at and advertisers willing to support. If the organization is so confident it has an audience for its content, it should put its confidence where its mouth is.

If you want to look at why the ABC doesn’t need more money, look at the staff costs to income ratio. Despite plateauing between 2008 & 2011 it quickly exploded. It now sits at 46% of the government handout generated. That is $524mn on staff costs per year and rising. 4,939 staff grace the ABC. Funding per employee is $232,000. A decade ago it was $232,700. Is that what the management target for hiring? Give the ABC $2bn and presumably, it will have employment costs of $1bn.

Channel 9 must fight hard for every advertising penny but still manages a 29.1% staff cost to revenue ratio. $380m in staff costs on $1.3bn revenue. 3,310 employees convert to $392,750 in revenue per staff member.

Sevenwest Media raked in $1.62bn in revenue on staff costs of $395mn or 24%. The same cutthroat world of earning a living instead of feeling entitled to one. Seven West has 4,528 staff meaning it generates $357,800 in revenue per employee.

Maybe ABC should be forced to channel the New Zealand state broadcaster, TVNZ. After all ABC fawns over NZ PM Jacinda Ardern, all the time and she hasn’t demanded the state take TVNZ back to a taxpayer-funded model. It gets $310m of its $318m purse from advertising. It’s staff costs excluding capitalizing into programs is $72m which converts to 23% staff cost/revenues. They do with 642 FT employees. Revenue/employee is $495,000. It paid a dividend back to the government of $3.7m. i.e. it is a revenue-generating asset.

In 2007, TVNZ had $339m in revenue. It employed 1,023 people. Therefore revenue per employee was $331,380. So in a decade, TVNZ efficiency improved almost 50%. A 6% cut to revenue on 63% of the staff.

Instead of the long term ratings slide at the ABC across metro and regional Australia, TVNZ’s figures keep improving. Last year, TVNZ had a 43.2% all day audience up 1.3%.

Comparing 2017/18 and 2015/16 at the ABC we see that TV audience reach for metro fell from 55.2% to 49.7% and regional slumped from 60.3% to 54.0%. If we go back to 2007/8 the figures were 60.1% and 62.4% respectively. For the 2017/18 period, the ABC targets 50% reach. Hardly a stretch.

ABC clearly has no place receiving funding with content like this. As it stands, the ABC isn’t out of control. It is in full command of its content. The Minister for Communications has lost control and continues to let the broadcaster do as it pleases – even allow shows with Aboriginal actresses pretending to defecate on white people or kids programs that take a stab at white privilege. The ABC is so left-leaning it would make Stalin’s Pravda blush for being too conservative.

The ultimate irony is that things are so bad at the ABC that the latest Annual Report revealed a survey that showed staff engagement at 46%, 6 points lower than the previous survey which placed the organization in the bottom quartile of ALL Australian & NZ businesses. It is so bad that many staff complained that poor performers are not dealt with but tolerated.

M&S pushes sandwich equality

Corporate virtue signaling at its finest. Marks & Spencer hijacks a movement to sell lettuce, guacamole, bacon & tomato (LGBT) sandwiches. Where is the quinoa or Italian tomatoes to include the Q & I minorities? Shame on the marketing team. Surely deserved of a written warning? Did they use soy ink and recycled paper? How thoughtless to have bacon as an option for “B”, given it is most certainly not Halal?

M&S is free to make & sell what it likes. Although the LGBT is made with political correctness to appear woke. Perhaps an ANTIFA sandwich? Asparagus, nutmeg, tomato, iceberg lettuce, fennel and artichoke? A REMAINER baguette? Ricotta, egg, mustard, apple, Idaho potato, nuts, eggplant and radish. A Trump Derangement Syndrome (TDS) focaccia made from turkey, dill and sauerkraut? Or a Greta ? Ginger, radish, egg, taramasalata and almonds?

For equality in the debate, why not make a White Patriarchy (WP) sandwich with white bread and pastrami? A right wing nut job (RWNJ) ciabatta made of rye, walnuts, New York steak and jalapeños perhaps? A NAZI roll? Nutella, anchovies, zucchini and iodized salt?

Then see which politically correct sandwich sells the best? C’mon M&S, spice it up and allow people to have a laugh at lunch rather than push a narrative.

Time for a Lefty loaf. Lettuce, egg, figjam, turnips and yams. It seems unfair at a time the left wants to eat its own that there isn’t an offering on M&S shelves.

Black humour is a British trait but Brexit extensions just ain’t funny anymore

While black humour is definitely a strong British trait, there is nothing remotely funny about further delays to execute a Brexit deal. Despite the highest turnout in British voting history, UK legislators continue to show their employers utter contempt. We all know how King Arthur was eventually forced to deal with the Black Knight in Monty Python’s The Holy Grail despite denying the obvious.

While many Remainers argue that there was a whole swag of voters that didn’t show up on the day of the referendum – meaning the majority didn’t support Leave – they clearly showed by those actions that it didn’t mean enough to get to the polling booth. Too bad if they thought “remain” was a formality. It is a bit late to complain after the result. Tell that to Americans who believed in Hillary Clinton’s coronation three years ago. They can’t stop banging on about being robbed. That is how democracy works. Complacency is no excuse. Do we change the rules? Hand out mulligans?

It isn’t hard to work out what is at stake here. The EU wants to turn the UK into a colony. PM Boris Johnson’s latest deal was week-old leftovers from Theresa May’s disastrous proposal. Any deal short of “no” will come with so many caveats as to beggar belief.

To say that people were “duped/misled/lied to” in the lead up to the referendum is deceitfully condescending. People knew exactly what they were voting for. Now they see the very people sworn to represent them, going out of their way to cede more power to unelected bureaucrats in Brussels. The deal, as it stands, is the type of document a vanquished nation would be forced to sign – unconditional surrender. Blind Freddie can see that.

The greater irony here is that if politicians are so cocksure they can read the mood of the nation to the extent of lecturing citizens that they don’t understand the implications of Brexit they should use that same chest-beating confidence to win by a landslide. Surely was such conviction so iron-clad, they would call an election immediately. Yet the Remain camp steadfastly refuses, hopefully using the time to lock in cushy EU jobs post being turfed from office.

Maybe a crushing victory in the Rugby World Cup final this weekend will be all Britons need to know that they are capable of greatness on their own.

San Francisco Mayor should mind her own business, literally

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The tale of a typical liberal politician. City of San Francisco Mayor London Breed, a Democrat,  said she will no longer conduct business with 22 states that have laws limiting the ability of women to obtain abortions, specifically late-term. At present Alabama, Arkansas, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, West Virginia, and Wisconsin have pro-life laws in place. City of SF employees will be prohibited from conducting business travel to states on the list, and from making any deals with companies headquartered in those states. 

The City of SF’s Director of the Department of the Status of Women, Dr. Emily Murase said,

In recent years, states across the country have passed a growing number of restrictive abortion laws. In accordance with Supervisor Brown’s ordinance, we identified state laws that prohibit abortion before viability and have recommended that these states be added to the City Administrator’s list…If any company that is headquartered in the listed states wants to continue doing business with the City, we encourage them to stand up for reproductive rights and advocate for a change to their state law. We applaud Supervisor Brown for her leadership in authoring this ordinance and for continuing San Francisco’s long history of fighting for women’s rights.

As regular readers would know, CM detests corporates getting actively involved in politics that are completely removed from the products they sell. Corporations are completely free to go down the path of whatever marketing path they desire. However, CM doesn’t need lectures from Nike, Gillette or Starbucks on their views completely unrelated to fitness, shaving or bitter burnt coffee. CM would prefer these corporations to leave it to customers to make choices solely based on the combination of utility, quality and price of the products they sell. CM is also against boycotting of any kind. Let individuals make these choices.

Unfortunately, too many corporations are folding to this type of virtue signalling. Corporations cannot guarantee that they have 100% support for unrelated political positions among staff, so why push agendas that have little or no relevance to the performance of the business for the sake of public preening? When scandal-clad banks make overt gestures of their moral superiority on matters outside of their remit, CM reaches for a bucket. On what grounds do banks have to lecture we peons on anything? Hypocrites.

Sadly for Breed, Coca-Cola, WalMart, AT&T, Aetna, Pfizer & Eli Lilly have donated to politicians who have advocated for abortion bans in some of those 22 states. Corporate donations to politicians that may support abortion bans don’t necessarily automatically convert to company policy on the same topic. Will City of San Francisco employees caught drinking Diet Coke be hauled into a room and read the riot act? Will an internal lunchtime order for Domino’s Pizza with 50% off a 2-litre bottle of Sprite special demand staff seek pre-approval from the mayor’s office?

True to form, liberals such as Breed have no compunction bullying big business to toe the line, much like the NBA now buckles to the whims of President Xi. While kneeling for the US anthem or shunning President Trump is considered an act of free speech, it is now mandatory for all players to stand for the Chinese national anthem. How wonderful liberals decide to back the side, not the principle.

Regardless of one’s views on the rights and wrongs of (late-term) abortion, it is rather ridiculous for a mayor to dictate terms to public officials in other states who were voted in by constituents that happen to hold different opinions.

Perhaps Mayor Breed should focus on the disastrous liberal policies that have led to a surge in homelessness, drug use and public human excrement clean up squads. Although she won on a ticket of cleaning up this mess, the trends remain in force with the 1Q 2019 trend at 6,700 fecal incidents. Homeless numbers remain high.

So before Breed starts berating her neighbours for their supposed shortcomings, perhaps she should concentrate on her own backyard first. Better still, perhaps she should run for mayor in one of the cities of the 22 states mentioned and push her pro-choice platform to see how far she gets. Didn’t think so.

The ultimate irony is that these 22 states probably have less to lose than San Francisco does with this action.