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JIM RICKARDS: Trump's out on the campaign trail again, he's doing country clubs and stuff just a few miles or so from where I'm sitting. If you follow these guys, you hear the same thing, but you know for each audience it's new.
But Trump is continually using the phrase green new scam, stop the green new scam and then in one speech he said ah green new scam I like that, I just invented that, I I like that I'm going to go with it.
Thank you Mr President for the compliment, we invented it, our team at Strategic Intelligence and our publications came up with green new scam and as far as I know we're the first ones to use it two years ago and we've been using it ever since.
So if you're a subscriber and a reader you know the green new scam from way back because we've been using for a very long time, the president's now on board, we take is a compliment, they always say: “imitation is the sincerest form of flattery,” so we're flattered.
But you know, Trump is Trump, so he claims that he came up with it but that's okay, probably got it from us but welcome on board, welcome on board. Okay so the green new scam, well let me take the other side of it, the climate alarmist, the climate cult is really falling apart.
They've had their way for you know 20 years or longer going back to Al Gore and An Inconvenient Truth and remember that polar bear was swimming for the last little bit of ice, you know by the way the polar bear population is thriving. If you actually look at real scientific data as opposed to Al Gore, the polar bears are actually a problem in certain places near the Arctic because there are too many of them. I'm not saying we should hunt polar bears, I'm just saying that they're thriving, they're doing fine, they're not swimming for the last bit of ice. In fact ice packs are actually building up. I just returned recently from Antarctica, there's no polar bears in Antarctica but there are seals and whales and penguins and lots of other interesting wildlife and all I can tell you is plenty of ice, plenty of icebergs, the wildlife for thriving, everything's fine in Antarctica, all this stuff is really just nonsense.
But now it's getting more support from the scientific community because they were intimidated, they were you know you were told that if you didn't agree with the climate alarm, climate cult, you were not going to get research grants, your articles are not going to be published, you would not get tenure in an academic setting, you would be ridiculed, you would not be invited to present alternative views, you would basically be run off the road in terms of your professional career, your academic career.
That's changing, it's changing fast. There were 1,600 and counting signatories to a petition that just said there is no climate crisis, there is no existential crisis, it deserves more study. Nobody was trying to be unscientific about it but the best evidence was that this was simply not a problem and there's almost no evidence that CO2 is a problem. I mean maybe you can detect a slight increase in CO2 but number one that's not unusual, it has been much higher in the past, number two CO2 is a good thing, CO2 is plant food. A plant absorbs CO2 through photosynthesis, puts out oxygen, we humans breathe oxygen.
We take in oxygen and produce CO2, plants take in CO2 and produce oxygen, it works for everybody. If you get rid of CO2 you're going to kill the plant life and we're going to starve to death so I would say there's a case for maybe more CO2 but there's no evidence that it causes climate change.
Now what does cause climate change because climates do change. I mean you can't you can't say there's no climate change, climates changed all the time. You had the Roman warm period, you had the medieval warm period, I mean the Vikings were growing grapes in Greenland. Today it's all covered in ice by the way but in 1000 AD they were growing grapes in Greenland.
We had the little Ice Age which was the opposite, which ran for several hundred years but in the 17th century the Thames River in London was frozen solid. You didn't need a bridge, you could walk across the river on the ice. They used to have what they called Frost Faires which is you know merchants would set up booths and facilities on the ice and everybody would walk around and buy and sell stuff and trade stuff.
So that's how cold it was and now we had a mild warming from the late 80s, looks like that's reversing by the way. What causes climate change? Solar cycles, ocean currents, volcanoes because they put a lot of particles in the air, and then finally clouds. Basically moisture in the air, the cloud cover, which does reduce sunlight is the biggest single factor they can find. None of it has anything to do with CO2. So it is a scam but the good news is that's becoming more and more apparent.
Some articles, these poor EV, you know electric vehicles, you know Tesla basically but not just Tesla, there's a Ford F-150 Lightning truck and a few other models out there but these electronic vehicles in Chicago. I think it was like 20 below zero or something like that, the batteries just die.
I mean it's not like I went too far and I used it up, it's like no the battery's dead. They maybe have just enough power to get to the charging station, guess what when you try to charge a Tesla battery in extreme cold, it won't take the charge, it won't take the charge. You can sit there for hours, some people did, three hours, no charge. There was a lineup, all these cars died, they all had to be towed.
So these are electric vehicles at a charging station waiting to be charged, couldn't charge them because of the extreme cold, they all had to be towed away. The owners are like I'm done with this, get me out of this, I'm going to dump it, I never want to see an electric vehicle again. That's anecdotal but it's real and that sort of thing is going on, it's making headlines and people are starting to realize.
The biggest victim of all this, I mean we're talking about trillions of dollars of wasted money. Windmills, offshore windmills, solar modules, I mean these things work to a very limited extent. You know I have a solar array, a pretty big one actually on my farm, they work but they don't work at night and solar doesn't work at night, I got news for people, they don't work on cloudy, really cloudy days.
The windmills, when you need them the most to generate electricity for heat, they freeze up in extreme cold temperatures. The blades become very brittle so they don't want to run them because they can snap off. You're talking hundreds of millions of dollars of expense but the turbines freeze up so they actually don't work when you need them and even if they do work, when they work, they don't provide baseline power to the grid.
So the whole thing is a multi-trillion dollar waste of money. I mean why don't we just build some more refineries and build some more diesel-fired plants and even coal-fired plants because I mentioned we probably need more CO2. But you can't because of this cult, this climate cult. The biggest victim is Germany. Germany under Angela Merkel spent 14 years closing every coal-fired plant in Germany, shutting down every nuclear reactor. I think maybe one or two might be left but and they were relying on cheap Russian natural gas and oil, mostly natural gas, to power German industry while they went around building all the solar modules and windmills and everything I just described.
Well guess what, a little war in Ukraine going on, tragic but war's a war. They blew up the Nord Stream pipeline, they meaning NATO, not Russia, NATO blew up the Nord Stream pipeline. Russia, you know, had sanctions imposed on it. Russia fired back by kind of reducing natural gas supplies to a trickle. There's some, Germany got some substitutes, they bought some LNG from the United States. We seem to be the LG industry here seems to be one of the big winners but you have to build port facilities.
You can't just show up with a big you know LG, you know 600 ton vessel and unload, you need port side facilities to be able to do that at scale. So Germany is de-industrializing. Germany's in a recession for all 2023, their output was down compared to 2022. Looks like that's going to happen again in 2024. You're talking about a two-year back-to-back recession, unemployment going up.
And their two biggest industries, Germany is an export powerhouse, they really make a lot of their GDP from exporting abroad. Two biggest industries are chemicals and automobiles. Guess what, they're both really energy intensive. You need enormous amounts of energy and even if they can find the energy it's much more expensive which makes them non-competitive. So they're starting to outsource. I just bought a German sports sedan, really nice car, pretty fast but yeah it's made in Germany which I insisted on but I learned that the engine was made in Hungary.
Well it's okay, Hungarians are smart and they have quality control but why is a German automobile manufacturer outsourcing their engine production to Hungary? Well the answer is energy is a lot cheaper in Hungary. And so Germany's in a recession, they're de-industrializing. You cannot turn this around on a dime unless you sit down with Russia and patch things up and stop supporting the neo-Nazis in Ukraine. Germany is the fourth largest economy in the world and their ratio of exports to GDP is either first or second, they're pretty much tied with China in that regard.
So you're destroying the fourth largest economy in the world, nice job. The US is big enough so that we can be really stupid and still be okay but that won't last forever. So the good news is that the green new scam is being revealed, the things that don't work are being talked about, scientists are finally finding their voice. There's a lot of research showing that CO2 has nothing to do with it. And this by the way was very apparent in Davos, they did things I loved about Davos, they did not invite Greta Thunberg.
You know she's this perpetual scold, you know she started as like a 13 year old, she's probably close to 20 at this point. She's been like the poster child for the green new scam, they didn't invite her. Like hey we're done with you, let's talk about AI, let's talk about making money. They didn't want to talk about what we're discussing right now.
So there's a lot of good news but on the other hand as long as Biden's in office, the US is still going to be doing this, it's going to hurt the economy. The EV story, you got you were ahead of that, you were talking about months ago where you were just saying cold and EV doesn't mix. So it's a crazy story, especially out of Chicago.
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