Caterwauls On Paris
The Market Ticker - Commentary on The Capital Markets
2017-06-01 22:28 by Karl Denninger
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Caterwauls On Paris
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You can't possibly be serious.

The screamfest over Trump's withdrawal from the Paris accord is amusing beyond words.  Among the complainers is Tim Cook who I remind you makes his iPhones in China which was immune from mandatory carbon emission cuts.  If Tim Cook cared about carbon emissions he would make them somewhere else.

But he hasn't and he doesn't.

Then there's Elon Musk, who stomped off in "indignation" when the announcement was made.  The truth is a bit more complex; Musk is a welfare queen and Tesla, including all that it produces (batteries, solar panels and roofs and of course cars) is utterly dependent on both government subsidy and force to make you buy them under penalty of paying more.  Tesla loses money on every car it sells and without both government subsidies and a belief they will continue the company is literally at risk of collapse.

Don't take my word for that, by the way -- if you're too lazy to read the company financials for yourself Musk himself has said so.

“I do believe this market cap is higher than we have any right to deserve," Musk said to The Guardian. "This is not some situation where, for example, we are just greedy capitalists who decided to skimp on safety in order to have more profits and dividends and that kind of thing. It’s just a question of how much money we lose. And how do we survive? How do we not die and have everyone lose their jobs?” 

Got it folks?  Tesla is a money-losing firm.  It always has been.  There are no profits.  It exists because it can steal from the taxpayer and Wall Street believes it will be able to continue to do so and thus lets Tesla float bond issues in the market.

So is Musk truly indignant for the future of the planet or is the real problem that he smells brimstone and the end of his charade?  It's not like you have to guess as Musk has told you in plain English (both in interviews and in his quarterly filings) what the truth is.

Of course Goldman's Blankfein had to weigh in.  He, of course, was looking forward to financing "opportunities" (underwriting bonds and similar) for the trillions of dollars that America was going to be forced to give to other nations such as India.  You don't really think they'll just wait for the money, do you?  Oh no, here comes Goldman with the "opportunity" to get that money now -- for a price, of course.  That just went "poof" like a fart in the wind.

The list goes on, of course.

The truth about the Paris Accord is that it was a scam from the outset, just like Kyoto.  I wrote on it at the time.  The fundamental scam is that it did not impose hard caps on the plurality of the population of the world -- specifically, India and China.  Neither had hard caps nor requirements to spend.  India, for example, only had to make "reforms" if they were paid to do it by the Untied States and others.  Otherwise, no obligation.  China -- same deal.

Of course India and China are the two most-populous nations.  Between them they're over a third of the world's count of people and India's population continues to rapidly expand.  Both China and India will eventually start to see population declines, but not for a good long while, and in any event they'll still be about a third of the planet by 2100.

Exempting either of these nations from any so-called "carbon limits" makes the entire exercise a joke.

I maintain that none of the people backing this crap actually believe that (1) the climate is warming and (2) humans are responsible for it.  Remember that you have to believe both; if you believe the first but not the second then nothing we do matters, so both are essential.

If you believe both and you also believe the impact will be catastrophic you have to be flat-out nuts to exclude from carbon limits the fastest-growing nation and between it and the next-largest the two that comprise more than a third of all the people on the planet.  

It's clear that if that block of people continue to rapidly emit more CO2 rather than cut it back you will fail.

Therefore any support of such a pact is obviously a scam.

Today, the scam went down in flames -- and so did the pipe dreams of quite a few CEOs and banksters, among them Blankfein and Musk.

You're going to Hell boys, and while there might be some kegs down there I understand there are no taps.

PS: Tesla is a zero.

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User Info Caterwauls On Paris in forum [Market-Ticker]
Travanx
Posts: 4004
Incept: 2007-11-07

Near Downtown Los Angeleez, Killafornia
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People can't figure out what to say when I comment if global warming is real the only solution is to remove people from the planet.

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Ow my balls!
Robc
Posts: 17
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Cincinnati
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I suspect Musk has effectively sold his soul to the Wall Street lenders and as a condition has to toe their line. No actual highly intelligent logical person I have ever met believes in the greeny scams, although that may be saying something about Musk....
Lunatic_fringe
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Location: Terra Firma
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I probably shouldn't say this but I have a dream occasionally where Blankfein and I are standing at the edge of a tall cliff and he loses his balance and all I have to do is reach out to save him. I never remember if I reached out or not.
Grumpygirl
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A True American Patriot!
Alberta
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The only ethical solution for Elon Musk is to give up those government subsidies in protest.
Jackl
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Quote:
I maintain that none of the people backing this crap actually believe that (1) the climate is warming and (2) humans are responsible for it. Remember that you have to believe both; if you believe the first but not the second then nothing we do matters, so both are essential.


You can see it in their actions. Half of the usual suspects in the Environmentalist politicians spent Easter week on a Yacht with Hollywood and the Obamas. Burning a literal million gallons in fuel to do so for a 300 million dollar ship.

But oh yea. Everyone else needs to cut their standard of living by 50%. Trust us.
Deepsee100
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no deal is better than a bad deal. Seems to me there should be less pollution and more solutions. The climate change trope is, at best a model, but always a scam for credits. Truth is inconvenient for some.

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Zappafan
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Atlanta
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The usual suspects are bleating because:

1. Their religion is science;
2. One of Obomba's legacy items just got deep-sixed.

Furthermore, if they had actually read and understood the agreement, and had an ounce of reason, they'd see that it would have done nothing to actually address the issue.

Wake me up when Canada shuts down the oil sands operations. That would do more to address any carbon "pollution" than any cap and bezzle Goldman Sachs jackoff games.

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Ich bin der Tankendau!
Plstffls
Posts: 173
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Brussels, Belgium
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Quote:
Truth is inconvenient for some.


The inconvenient Trump?
Jack_crabb
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Peoples' Republik of Maryland
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Exactly, Karl. Those screaming the loudest are the biggest Monkeys (of Starving the Monkeys fame)and have the most to lose when everyone is not held to this ridiculous scam.

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Molon Labe
Where is Henry Bowman when you need him?
How many are willing to pledge this? We mutually pledge to each other our Lives, our Fortunes, and our Sacred Honor
Jpg
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MI
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"In one graph, why the #ParisAgreement is useless"

https://wattsupwiththat.com/2017/05/31/i....
Thorvold
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NY
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"You don't really think they'll just wait for the money, do you?"

They'll wait about the same amount of time the States did following the tobacco settlement, and spend about the same on carbon matters as the States did to help smokers.
Tickerguy
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Exactly.

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Winding it down.
Oldno7
Posts: 2567
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RECALL STATE USA
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I kind of like the graph Karl wrote a Ticker on (GloBull Warming Hokum On Earth Day) which shows no correlation between CO2 levels and global warming. It actually shows the opposite but who cares about FACTS!!! That is the document I carry in my saddlebag.

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IT'S THE SPENDING STUPID The US must become less a government of men, and more a government of LAW.When people lose everything and have nothing left to lose they lose it -Gerald Celente
Vernonb
Posts: 1803
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East of Sheol
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Quote:
Of course India and China are the two most-populous nations. Between them they're over a third of the world's count of people and India's population continues to rapidly expand. Both China and India will eventually start to see population declines, but not for a good long while, and in any event they'll still be about a third of the planet by 2100.

Exempting either of these nations from any so-called "carbon limits" makes the entire exercise a joke.


Yep... a scam to fleece wealth from Western Nations and to evict African farmers from their lands so people like Al Gore can plant trees to save the planet by reducing the food supply. Is there a flaw in the logic here? -lol.

The greed of these people have knows no bounds. So much for making Africa self-sufficient to feed itself.

Deepsee100 said:

Quote:
no deal is better than a bad deal. Seems to me there should be less pollution and more solutions. The climate change trope is, at best a model, but always a scam for credits. Truth is inconvenient for some.


No one in their right mind wants more real pollution but these same countries are also some of the world's biggest polluters. Yet we give China "favored" nation status?

The center of this scam was purposefully declaring CO2 a pollutant. Why not label water vapor a pollutant or water itself? Here comes the urination tax.

Of course they are now twisting everything into the "non-condensable" gas argument. The fact is CO2 increase is on the trailing side of any warming phenomenon - not the precursor! Therefore cause and effect are in the wrong order and obliterated.


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"Mass intelligence does not mean intelligent masses."
Mannfm11
Posts: 5371
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DFW, Tx
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Continuing my last idea. Not only have they used the Martians are coming threat in this fashion, the establishment is carrying on like we are going to do this no matter what. California has fart bags for their cows. You can bet there will be no cattle in California before long. We are being run by people that have run off the end of the pier and they want us to jump with them. The sky is falling, give us your money is the whole sum of this matter. If they wanted to do something, they should start taxing China and India, as Karl has proposed to force them to clean up their air. This is the real subsidy the multinationals are using to drain jobs out of the west.

There are a couple of things here. One is, they really have no clue whether it will be warmer or cooler in 2100. The only thing that they have is temperatures increased between 1980 and 2000. A Dallas County Judge blamed the 2015 flooding here on Global Warming. Well, there has been a lot of concrete added here the past 30 years, as the population has doubled. Remember that if no one died and no one was born, half the people here weren't here 30 years ago, so he is talking to people who have no long term memory of the weather here. 2015 wasn't the first time it rained and rained. Something happens people don't remember and here comes the bull****.

Government has always needed a bogeyman. Trumpcare isn't anything but modified Obamacare, but look at the screams. People are going to die. **** them. People are going to die if they throw every dollar we make at the problem. The statement is, if the government doesn't save us, we are dead. The Martians are coming. No, politicians are lying and everyone has a personal memory where there might be a morsel of truth in what they say. In the meantime, those people who are flying around in airplanes and bashing us about our carbon footprint being too big, are putting trillions in their pockets through the health care scam.

What else have these bastards done? Looks like they are intent on starting a war with Russia. That is a smart one. It is kind of like telling us we need to run across a busy freeway or we are going to die. Then we have the reign of terror they are bringing into the west, the importation of what, for 1000 years, has been the most vicious of philosophies, extreme Islam.

I hope Trump was bull****ting them, when he said he would look into renegotiation. Well, it is clear that the scheme was for us to pay and the rest of the world to reap the benefits, just like the expanding NATO alliance. A plan where they would actually have to pay is off the table. American suckers, put that in your pipe and smoke it before you demand action. In any case, the primary cause of temperature change is the action of the sun and good luck on doing anything about that.

The current Federal budget is $30,000 per private job. Half the jobs in the US pay $30K or less. All business income is derived out of the spending of its customers, so in some form, the consumer pays the taxes or the product doesn't come to market. Can anyone explain to me how this model is going to continue to function? The vast majority of the other half make less than $100K, so we need all the bottom half's money in some fashion and a massive amount of the remaining middle class's money to pay the bill.

The government pulls ****, because people never live long enough to remember. I'm likely in the last quarter of my life, so my memories will go away likely in the next 25 years. I remember people owning their homes. I remember my mother telling me they used to figure taxes and insurance on a house by using 1% and dividing by 12. Well, taxes are now 2.25% and insurance nearly 1% for a 325% increase on the same thing. It isn't inflation, as measured by the CPI, it is government taking a larger slice. The excess on the middle class has been financed out of the equity of their homes and permanent taxes against their property a relative triple of what they were 45 years ago.

What other scams do we let them fix? Try education. Every fix the government brings in works worse than the prior fix. Now we have the snowflake generation, a group of morons showing up on college campuses. Like the climate model, they have merely moved the marks. Bring in more bureaucrats and fix the problem. More idiots on a boat will still sink.

So, here we are being told, if we don't fork over our money, we are going to be burned alive or drown in the low lands. Who is screaming? Mainly those that were going to cash in. The question is, who is going to pay? The vast majority have nothing left to pay, unless they quit buying something else. So, we see Goldman Sachs screaming, Musk screaming, mayors screaming, the Democrat governors screaming. Let them pay. Trump may have pulled it off, in that the peddlers of bull**** need to look elsewhere for the solution of their phony problem. Those that live in these areas better examine the science and watch their wallets.

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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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