Multiculturalism

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.

All class

All class. Imagine if someone wrote a poem about Michelle Obama performing fellatio on her husband. The Left would lose their mind for weeks falling for a doxxing, sacking and every other attack to take that individual out.

African-American pastors’ Nike petition

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Will Nike flinch or listen?

Mark Parker
President/CEO
Nike World Headquarters
One Bowerman Drive
Beaverton, OR 97005

Dear Mr. Parker,

We, the undersigned, are people of faith and principle, united in our love for America and what it stands for. Many of us marched in the civil rights movement of the 1960s and have an established record of civic activism.

With that background, I hope you will understand how dismayed we were to learn that your company decided to “pull” a specially-designed shoe that celebrated America’s independence and the Betsy Ross flag. It has been reported that you made this decision based on objections from Colin Kaepernick, a celebrity activist and former professional athlete who has become the “face” of your brand.

We represent a variety of races, ethnicities, and creeds. And we agree that Mr. Kaepernick’s views on America and the flag are fringe opinions, not shared by any of us … especially the African Americans who marched against segregation with Dr. Martin Luther King, Jr. In fact, we find Mr. Kaepernick’s views to be ill-informed and offensive, especially to veterans and others who have served this country.

Mr. Kaepernick does not represent us. Moreover, he has tainted our view of your brand. Removing the Betsy Ross flag shoes at his behest implies that your company shares his negative view of America, its founders, and the woman who designed the first flag.

How can we purchase merchandise for ourselves or our families from a company that holds those views of our country?

If this is not the case, we urge you to make it clear that you respect the American flag, its people, and its Founders. We ask that you sever your relationship with Mr. Kaepernick, who has become synonymous with radical anti-American sentiment. And we ask that you make amends to veterans by producing a select run of the Besty Ross shoes for the benefit of veterans groups and organizations that help military families.

For a long time, sport has been something that brings Americans together. Nike has been one of the companies we associate with “Team USA.” Please don’t tarnish that legacy by continuing to cater to anti-American politics.

Sincerely,

Rev. Bill Owens

President, Coalition of African American Pastors

Link to petition here

800 Jewish grandparents shaking their heads

If these self-entitled brats had the first idea what their grandparents may have endured during the Holocaust, they would never seek to do this. Being Jewish doesn’t make one an expert on American border policy. Have they considered that these captives ran into harm’s way, rather than from it?

Do these kids know what the “sonderkommando” did inside real concentration camps during the 1940s? What about the “kapos”? Thought not.

Do these kids think ICE are subjecting kids to forced labour? Are they being led into gas chambers? Their bodies cremated in incinerators? Is their hair being shaved off to make clothes? Are their guardians gold teeth being pulled to fund the ICE/CBP effort ?

CM went to Auschwitz-Birkenau in 2003. There is a room in the middle of a 3km x2km perimeter where photos of the Polish Jews who were murdered are posted in a collage.

One picture floored CM. It was – picture of this young girl, named Renia Kohn. She was 5yo when she was gassed. Tears still stream when I look at this photo. It puts one’s own life into perspective. She was systematically murdered. For what? For being a Jew.

Or maybe it is pictures like Abraham Feiler that shocked CM. The look of fear in that poor man’s eyes. It is sheer terror an one only knows what must have been going through his mind before he was killed in 1942.

CM was so taken back by the strength of character Bronislawa Bachleda had. She was murdered in April 1943 but her face is full of defiance. How could she hold up like that in the face of such tyranny?

Or when CM visited Majdanek. The camp is in tact much as it was in the 1940s. It is set at the bottom of a valley in Lublin, Poland. The wind whistles through the gaps in the wood of the crematorium. It is the most awful blood curdling whistle. It is creepy beyond all belief. Goose bumps are a given.

In one of the huts lie over 100,000 pairs of shoes. One cannot unsee the number of children’s shoes collected in the museum. Crows still squawk from the guard towers as if the evil spell has yet to be lifted.

Or Sachsenhausen in Germany where prisoners were hung by their arms tied behind their backs to a pole. The weight of their bodies would dislocate the arms from their sockets. Such inhumane torture.

Maybe these kids might learn about Berisz Dov Lemel who was the subject of medical experiments on his liver and stomach which continued until April 1945. He is still alive today with 7 grand children.

Border camps have become a necessary evil to be able to contain the tide of illegal immigrants. These kids would be better off paying attention to history than drawing a false equivalence to ICE behaving like the Waffen SS.

It is insane beyond belief to think that kids are being systematically murdered at the hands of US border officials. For if that were true activity would slow to such a trickle that US border patrols would only have to watch the grass grow in Mexico. As it stands many still prepared to take risks to move to the dictatorship which offers so much opportunity.

These kids should be forced to visit Yad Vashem and see what genocide truly looks like instead of running around with placards while sipping on Starbucks chai lattes as if they know what they’re talking about.

High Priest of Rugby Australia hits the nail on the head

If Rugby Australia (RA) Chairman Cameron Clyne had a decent product he wouldn’t need to worry about sponsors. Sponsors want brand exposure. That requires packed crowds following the Wallabies.

Some quick facts since 2014 vs 2018.

-Wallabies team costs (coach, support etc) +70% ($9.97m)

-Match day revenue -42.1% ($20.17m)

-Sponsorships -11.5% ($28.23m)

-Player contracts +3.2% ($16.79m)

– Licensing revenue -12.9% ($1.67m)

– RA has $18m in cash and equivalents as at 2019.

– RA made $5.87m net profit in 2018 on $119m of revenue but is expected to post a loss in 2019.

The SMH points to the very problems that RA has created for itself. To take the notion that “no” sponsors would want to be associated had they done nothing is absolute garbage. The Australian Christian Lobby might fill the Qantas void…

Does Clyne honestly believe that LGBT staff within RA may have sued it for not creating a safe and respectful environment had Folau not been shot? What a joke. If it is that easy to get a payout, CM would identify as such to ride that gravy train. How weak is the board to fold to this dross?

Did RA do anything when Pocock was arrested for chaining himself to an excavator for 10 hours at the Maules Creek mine? He was charged with “trespass, remaining on enclosed land without lawful excuse and hindering the working of mining equipment.” Raelene Castle wasn’t CEO at the time but Cameron Clyne, Paul McLean and Ann Sherry were and still are board members. Where is the balance in sanctions handed out? Wasn’t there a risk the climate skeptics inside RA might sue for the lack of a respectful environment?

Clyne also mentioned there was a risk of state and federal funding cuts if this wasn’t dealt with. In 2018, these grants totaled $3.5m out of total revenues of $119m. Less than 3%.

Once again if RA was run for the fans it would stand a far higher chance of not needing to fear its own shadow.

Alinta Energy sponsors Cricket Australia post the cheating scandal with the cheats still representing their country. Is cheating any better or worse than tweeting passages paraphrasing the Bible? The point is sponsors took advantage.

Here’s a suggestion. Put Folau back, sack Cheika based solely on (lack of) performance, drop Hooper, Foley and all the other publicly woke players to the bench, replace the board, CEO and chairman, call Qantas’ bluff and watch the fans flood back. A sponsor that is presented with an opportunity to back the team at its nadir will reap the benefits like Alinta.

Identity Politics rejected by those who would seemingly benefit

Quillette columnist Coleman Hughes testified in front of a House Judiciary Committee Subcommittee on the Constitution, Civil Rights, and Civil Liberties on the subject of a bill proposing to conduct a commission into slavery reparations. Hughes’ testimony was not what activists wanted to hear so he was heckled by them.

He argued that such a path would further divide the nation. Such is the scourge of identity politics and the victim mentality.

He was booed when he said, “Black people don’t need another apology. We need safer neighborhoods and better schools. We need a less punitive criminal justice system. We need affordable health care. And none of these things can be achieved through reparations for slavery.”

He went on to describe that reparations were not only divisive, but an “insult to many black Americans by putting a price on the suffering of their ancestors, and we would turn the relationship between black Americans and white Americans from a coalition into a transaction

Reparations by definition are only given to victims, so the moment you give me reparations, you’ve made me into a victim without my consent. Not just that, you’ve made 1/3 of black Americans who poll against reparations into victims without their consent, and black Americans have fought too long for the right to define themselves to be spoken for in such a condescending manner...

The question is not what America owes me by virtue of my ancestry, the question is what all Americans owe each other by virtue of being citizens of the same nation…And the obligation of citizenship is not transactional. It’s not contingent on ancestry. It never expires, and it can’t be paid off. For all these reasons, bill HR 40 is a moral and political mistake.”

Isn’t it ironic how out of touch the political class is when the very people they hope will give them the answer they want to hear do the exact opposite.

They’ll never get it

Yet another example of the lunatics within the Extinction Rebellion (XR). Printing 1000s of paper leaflets and using those evil fossil-fuel based adhesives to fasten them to public and private property. CM is reminded of the echo chamber within XR when they claimed that many corporates backed their cause with a joint letter to The Times UK. As a reminder,

“CM attaches their own published business models in brackets below. We also attach the distance of each HQ from the protest epicentre in LondonIt’s easy to say how woke you are about impacting local businesses when you’re nowhere near it. Read on

The letter to the Times

Sir, Contrary to belief, there is business support for the Extinction Rebellion (XR) agenda. The multi million-pound costs that the Extinction Rebellion protests have imposed on business are regrettable, as is the inconvenience to Londoners. But future costs imposed on our economies by the climate emergency will be many orders of magnitude greater.

Hard pressure drives change, but even the most committed businesses will need time to respond. We welcome the news that  Extinction Rebellion is evolving a new platform, XR Business, to engage business leaders, investors and advisers. To drive things forward, the idea is to convene a meeting of XR activists and experts with business leaders and influencers.

Most businesses were not designed in the context of the developing climate emergency. Hence  we must urgently redesign entire industries and businesses, using science-based targets. 

To kick start the process, businesses should make a declaration that we face a climate emergency and organise a session at a full board meeting to consider the case for urgent action. We will encourage the senior management teams of which we are part to do likewise.

Signed

Seb Beloe, partner at WHEB

(“WHEB is a positive impact investor focused on the opportunities created by the transition to a low carbon and sustainable global economy.“)

HQ Distance from XR protest: 1.3km

——

Thomas Bourne, CEO and co-founder, Greenheart Business Ltd

(“Using the B Corp framework to assess, plan for and embed positive social & environmental impact improvements within your business – from specific operational improvements through to comprehensive or transformational (i.e. business model) change.)

HQ Distance from XR protest: 337.6km

——
Amy Clarke, co-founder, Tribe Impact Capital LLC

(“We use the UN Sustainable Development Goals (SDGs) as a framework for uncovering client’s values and to measure and report portfolio performance…To facilitate this we have created four Tribe Themes…we actively select positive investments that directly contribute to global sustainable development and address a social, economic or environmental issue society is facing.)

HQ Distance from XR protest: 3.5km

——
Chris Davis, CSO, The Body Shop International Ltd

(Social activism has been a part of the Body Shop since 1986 when it proposed an alliance with Greenpeace to save the whales“Protecting and regenerating habitats is also known as ‘re-wilding’. Find out how you can help us re-wild the world and protect our animal friends by fighting against deforestation and the destruction of natural habitats.“)

HQ Distance from XR protest: 107.2km

——–

John Elkington co-founder and Louise Kjellerup Roper, CEO, Volans Ventures Ltd

(“By conducting inquiries into our planet’s most wicked problems, we help business drive positive change at an unprecedented pace and scale.“)

HQ Distance from XR protest: 3.2km
——-

Brad Frankel, CEO and co-founder, Flooglebinder Ltd

(“Our aim is to inspire students to become changemakers and future leaders through a range of educational programmes that connect young people with the outdoors. Our programmes firmly adhere to the United Nations Sustainable Development Goals. By understanding, enjoying and respecting these environments through adventure and play, we hope to develop more global citizens and positive ambassadors for our planet.“)

HQ Distance from XR protest: 267.2km
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Jake Hayman, CEO, Ten Years’ Time

(“Whether the cause area is climate change or economic fairness, mental health, homelessness or education, we work with those who are ready to leave the safe ideas behind and want instead to understand, challenge and do their bit to reinvigorate failing systems.“)

HQ Distance from XR protest: 6.4km

——

Jeremy Leggett, founder and director, Solarcentury Ltd

(“We’re in business for a purpose: to make a meaningful difference in the fight against climate change through the widespread adoption of solar power.“)

HQ Distance from XR protest: 4.8km

——

Charmian Love and Amanda Feldman, co-founders, Heliotropy Ltd

(“We broker partnerships across sectors  to support private sector engagement in social and environmental issues.“)

HQ Distance from XR protest: 6.4km

—-
Andy Middleton, founder and chief exploration officer, TYF Group

(“Our mission is to inspire long lives of adventure and promote discovery and care for nature.We create life-changing adventures with a light touch on nature, focus young people’s sight & skills for the future and help organisations with innovation & sustainability. We play for the planet.“)

HQ Distance from XR protest: 387.2km

—-
Safia Minney, founder & Former CEO, People Tree Fair Trade group.

(“Fairtrade promotes training on climate change mitigation for farmers. For example, some training offers advice on switching to environmentally friendly practices, such as developing nutrient-rich soils that support healthy plants and encouraging wildlife to help control pests and diseases.“)

HQ Distance from XR protest: 3.2km

—–
James Perry, partner, Snowball LLP

(“Project Snowball LLP is a pioneering investment organisation that targets social and environmental impact alongside financial return.“)

HQ Distance from XR protest: 60.8km

——
Paul Polman, former CEO, Unilever plc

(“The Unilever Sustainable Living Plan sets out to decouple our growth from our environmental footprint, while increasing our positive social impact. “)

HQ Distance from XR protest: 361.6km

—–
Samer Salty, co-founder and managing partner, Zouk Capital LLP

(“Zouk’s ESG Policy includes an Ethical Investment Policy for negative screening and an innovative and bespoke methodology for assessing the value creation across Environmental, Social, and Governance principles driven by the portfolio companies…Zouk adheres to and is a signatory of the United Nation’s Principles for Responsible Investment (UN PRI) and is also fully Carbon Neutral.“)

HQ Distance from XR protest: 3.2km

—–
Sir Tim Smit, founder of The Eden Project, executive chairman of Eden Regeneration Ltd

(“Get a feel for what we believe in – from the way we run our site to the transformational social and environmental projects that we run on our doorstep and around the world.“)

HQ Distance from XR protest: 396.8km

—–
Hermione Taylor, CEO and founder, The Do Nation Enterprise Ltd

(“If changing behaviours was easy, we’d all be super-fit with PhDs, empty inboxes and spotless bathrooms. And, what’s more, climate change probably wouldn’t be a problem.“)

HQ Distance from XR protest: 6.4km

—–
Diana Verde Nieto, CEO and co-founder, Positive Luxury Ltd

(“Fashion recycling has been on the rise in recent years – so how are consumers shopping pre-worn today? To celebrate Earth Day, we investigate the popularity of the more environmentally-friendly way to stay stylish.“)

HQ Distance from XR protest: 4.8km

—–
Dale Vince OBE, founder, The Ecotricity Group

(“We’ll use the money from your energy bills to develop new sources of green energy. So you can help build a green Britain – just by being with us.“)

HQ Distance from XR protest: 171.2km

—–
Bevis Watts, managing director, Triodos Bank UK

(“Our bank was founded on the conviction that banking can be a powerful force for good. We offer a range of financial and banking services to savers, investors and entrepreneurs who want to change the world for the better. By connecting these groups, we are building a community of people united in their desire to make a positive impact on society, culture and environment.“)

HQ Distance from XR protest: 189km

—–
Tim Westwell, co-founder and former CEO, Pukka

(“Doing good things helps make good things happen. We create things that help you, help nature and everything inbetween. It’s called conservation through commerce – striving to positively change the world for you, business and the planet.“)

HQ Distance from XR protest: 182.6km

—–
Gail Bradbrook (co-founder)  Extinction Rebellion
Fiona Ellis (XR Business)

We’ve covered XR in previous posts. They’re leading this disruption.

—-

So there you have it. Every co-signatory has a vested interest with a business model attached to climate change. Many advertise the brands of other co-signatories on their respective websites. There is nothing woke about signing a letter which seeks self-promotion. Is this about saving the planet or cynically riding off the back of a movement to get press based marketing?