The 26th climate change conference in Scotland has come to a charitable end and the 400 private jets that inundated the area are gone. To the casual observer, nothing was accomplished other that the du jour apocalyptic warnings that the planet is heating up due to the man-made production of greenhouse gases. Even the patron saint of the climate change movement, Greta Thunberg, characterized the meeting as “Blah, blah, blah.”
But this meeting was successful in that the framework has been developed to transfer more wealth to rich white people – woke CEOs, hedge fund owners, scientists and bureaucrats – at the expense of poor countries populated by Asians, Blacks and Indians along with the poor and middle class in Europe and the United States. Because of the political power of the climate change movement, major financial institutions are being instructed to finance the climate change agenda.
China and India have wisely told the rich white countries where to go. Prime Minister Modi of India said his country will be carbon neutral by 2070. How about 3070? President Xi of China did not even bother to attend. Both countries continue to rely on coal. These leaders are not about to listen to white multimillionaires with multiple houses, yachts , generators and private jets lecture them as to why their people should remain in grinding poverty by converting to inefficient solar and wind power.
But what about poor Africa? This continent does not have the political clout to stop the climate change agenda. As stated by President Museveni of Uganda in a recent Wall Street Journal op-ed: “Africa can’t sacrifice its future prosperity for Western climate goals.”
In the United States, the climate change movement will be devastating to the poor and middle class. Legislation passed by the Democratic administration has increased subsidies for the purchasers of electric cars and the batteries that power them. The result, Tesla stock has skyrocketed in value making its CEO, Elon Musk, the wealthiest man on the planet, with a net worth of $300 billion. Hedge funds and wealthy Americans – 99% white – have profited hugely from this increase.
The irony is that Tesla’s valuation is based entirely on the clout of the climate change agenda. Stock valuations are mostly based on the Price/Earnings ratio which in the present market is 29. Tesla’s is 337! Why? Because the climate change agenda is so powerful that investors are confident that taxpayers will continue to be fleeced to subsidize Elon Musk’s wealth.
But even more ridiculous is a company called Rivian. This manufacturer of electric trucks has seen its stock soar to a valuation of $120 billion. And thus far they have delivered 156 trucks! General Motors, which sold 6.8 million vehicles last year, has the same stock market valuation as Rivian!
And it just gets worse. President Biden has cancelled the Keystone Pipeline and prohibited drilling for oil in many areas. The result: the price of oil, natural gas and coal has soared forcing the poor and middle class to pay more for gasoline and to heat and cool their homes.
The beneficiaries? It you said rich white people, go to the head of the class. The valuation of oil stocks has doubled since Biden won the election. The newly woke CEO of Exxon Mobil, Darren Woods, makes $23 million a year.
Yet, the Biden administration has withdrawn its objection to the Nord Stream gas pipeline from Russia to Europe while jawboning OPEC to produce more oil. Apparently the Party of Science believes that gas and oil production in the rest of the world does not increase greenhouse gases while similar behavior in the United States magically does.
The rich whites who are getting richer have no intention of decreasing their carbon footprint. It is unlikely that climate change czar John Kerry – who owns a yacht and a private jet – will be downsizing to a trailer park in Cresson, a small town in rural Pennsylvania. Companies that make private generators can’t meet the demand. Rich white people have no intention of tolerating the brown outs that the hoi polloi will have to endure as the climate change agenda is implemented.
Furthermore, the rich whites continue to buy houses along the coast. But if the seas are going to rise because of climate change, who is going to insure these houses from flooding? If you said the average taxpayer, go to the head of the class again. These homeowners get a sweet subsidy on their flood insurance from the Federal Emergency Management Agency (FEMA) via the National Flood Insurance Program (NFIP).
During the Renaissance, high-IQ individuals who wanted to live in luxury became clergy and convinced the masses that if they gave them large amounts of money (indulgences), they would talk to God and see that they entered heaven. Today, the same ilk have become bureaucrats, scientists and hedge fund owners and are convincing the masses that if they pay high taxes and energy prices, they will change the weather and protect them from natural disasters. It is the same scam updated 500 years.
Joseph Bentivegna is an ophthalmologist in Rocky Hill.