“On my first day as president, I will sign an executive order that puts a total moratorium on all new fossil fuel leases for drilling offshore and on public lands. And I will ban fracking—everywhere.” So tweeted Elizabeth Warren, the likely Democratic presidential nominee. (Fracking combines horizontal drilling and hydraulically-fracturing shale rock with high-pressure liquids to force open existing fissures and extract “unconventional” oil and gas.) In the intention to ban all fracking in the US, she joins Senators Bernie Sanders and Kamala Harris, her fellow presidential candidate hopefuls. In the demonization of fossil fuels and support for some variant of the multi-trillion dollar “Green New Deal”, Warren is not alone among the candidates running in the Democratic presidential primary. Nearly every nominee for the Democratic primary, including the other leading contender Joe Biden, has signed on to Alexandria Ocasio-Cortez’s grand plan to save the planet from a 12-year deadline to global extinction.
Global policy planners intend to deliver replacements for both dollar hegemony and fossil fuels. Plans may appear uncoordinated and in their early stages, but these issues are becoming increasingly linked.
A monetary reset incorporating state-sponsored cryptocurrencies will enable exchange controls to be introduced between nations by separating cross-border trade payments from domestic money circulation. The purpose will be to gain greater control over money and to direct its investment into green projects.
By Eric Worrall – Re-Blogged From WUWT
According to Time Magazine, China is increasingly participating in the financing of renewable energy projects, as well as provision of renewable infrastructure. But something ugly is happening behind the scenes.
China Is Bankrolling Green Energy Projects Around the World
Perched on the ochre scrub of Argentina’s sunbaked Puna Jujeña plateau, the $400 million Cauchari power station is the world’s highest-altitude solar farm at 13,000 ft (about 4,000 meters) above sea level. In Kenya’s volcano-strewn Rift Valley, a newly green-lit, super-efficient electrical substation will soon funnel clean power from the nearby Olkaria Geothermal Plant about 50 miles (80 km) to downtown Nairobi. Some 14 miles off blustery northeastern Scotland, Moray East is set to become the world’s largest offshore wind farm, helping to heat and light up to a million homes.
Re-Blogged From Bloomberg
Behind one of China’s biggest industrial companies is a husband and wife team that reinvented how to make stainless steel.
With cheaper production techniques, Xiang Guangda and his wife He Xiuqin helped change the industry in less than two decades — turning Tsingshan Holding Group Co. into a company that churns out a fifth of the world’s stainless steel and creating a billion-dollar fortune. Now it’s making waves in a different market: the London Metal Exchange.
By Jeff Thomas – Re-Blogged From International Man
“Trump is doing the right thing. Without him, we have no protection against China. China doesn’t only wish to dominate Asia, but the world.”
Here in Hanoi, so said my dinner companion – a major manufacturer and worldwide exporter of steel products.
He, like so many other major Asian producers, sees an opportunity in international trade for all of Asia to capitalize on.
In the Western world, the argument rages as to whether the US tariff war will benefit the US or not.
By David Archibald – Re-Blogged From WUWT
To recap briefly, most of the communist countries collapsed by 1991 and the Western democratic tradition was seen as the winner of an existential battle that had waged since the Russian Revolution of 1917. Historian Francis Fukuyama called it “the end of history” because only good things would happen thereafter. Mankind’s ideological evolution had ended and Western liberal democracy would be the final form of government.
In response to that wishful thinking, Harvard historian Samuel Huntington wrote a paper, and subsequently a book, entitled The Clash of Civilizations and the Remaking of the World Order in which he predicted that with the end of ideological conflict the world would revert to a normal state of affairs characterized by cultural conflict. In particular, Professor Huntington predicted an attack by Islamists on the United States. That attack duly happened five years later. Huntington had identified China and Islam as “challenger civilizations.”
The Brexit saga continues. Both the U.S. and China’s industrial sectors suffer from the trade war. How will the Fed react to these downside risks tomorrow? The expectation is that it’ll cut rates, but will that really happen? And how will gold take to that?
Brexit Dance Goes On
Last week, we wrote about the Brexit saga, diving into the latest battles between Johnson and Parliament. But the drama has not ended yet. As we concluded one week ago, “Brexit is far from over, and British politics may surprise us again.” Indeed, Johnson wanted to call a snap general election in December to gain more leverage in the House of Commons, but the UK parliament has rejected Johnson’s proposal. For the third time. But Boris does not like losing, so he proposed today a new bill that lowers the number of MPs requires to pass the decision to hold an early election from two thirds to simple majority.
In the meantime, the EU agreed to the Brexit extension until the end of January 2020. Importantly, the EU offered a “flextension,” which means that the UK could leave before the deadline if a deal is approved by the British Parliament. Brexit is still far from concluded and snap elections could significantly change the political landscape. But one thing is sure for now, the possibility of a non-deal Brexit has been postponed until January 31, 2020 at least. This should reduce the safe-haven demand for gold, but also support the pound and euro against the U.S. dollar, gold’s nemesis.