Gretanomics

This page will set Greta Thurnberg in the real world and in accord with how the laws of economics and the people who abuse it all. Greta is a puppet and is being used and manipulated. She obviously has no idea of Realpolitik and the ruthless smiling people who make the rules and run the show.

The Real World October 6th 2019

Back in the 1980s, when I was the youngest member of my local council, I got sick of the old men prefacing their self righteous monologues with the phrase ‘Those of us who live in the real world.’ It was patronising and exclusive based on the assumption that people like me had read too many books, listened to too many teachers but had no worthwhile body of experience.

I recall reading a philosopher, forget his name, suggesting that it is the job of the old to corrupt the young into their ways. That, I suppose, is obvious. It is how cultures survive. But cultures also have to change to adapt. Multi culture, as opposed to a world of sub cultures , is in fact a situation of too many moving parts and inevitable conflict.

Still, the ruling elite culture has thought of that. In contrast to the 1960s years of protests and protest songs, we have a public information system that the Nazis’ Dr Goebels would have died for.

So enter Greta. She is a rather young, aspergic 15 year old. She won’t mention overpopulation, greedy competing political ideologies, oppressive religions, rampant consumerism on which the world economic order depends, wage slavery, mass migration from war zones and corrupt regimes, the class system which puts so much real power in very few hands, or any of the nasty global conflicts orchestrated and prolonged, as in Syria, by dishonest media manipulating elite greed for control of resources and elite profit.

Greta cannot help unleash her child like fear. Many love her passion, others mock her apparent obssessive behaviour, body language, facial contortions and blazing eyes. The elite like all this. It is a distraction. When she lectures the Senate she puts me in mind of the young nerdy William Hague, at one of Thatcher’s Tory Party Conferences.

Then a sixth former, rich man’s son gruff little Yorhshire Hague spoke like one of the workers, he spoke down to them. He made an impassioned Thatcher worshiping speech. Maybe he didn’t know what he was talking about. That never matters in politics where it is all about image over substance.

When a patronising ‘Time’ reporter interviewed arrogant young Bob Dylan in the 1960 documentary ‘Don’t Look Back’. the arrogant old man who thought he had seen it all, suggested that Dylan had no clue about reality. Quickfire Dylan replied : ‘Sure I know what reality is. it is a tramp vomitting into a sewer.’
During my first year at the University of East Anglia, in the early 1970s, I had to study philosophy. Defining reality was of major interest on this course, along with freedom and happiness.

The nineteenth century philosopher jeremy Bentham suggested, in his ‘Utilitarianism’ that we should question the use of things, ideas or artefacts. He suggested that society’s aim should be ‘the greatest happiness of the greatest number.’ His work raised many questions, the most basic was : ‘is it better that a fool be satisfied than Socrates dissatisfied?’
One day, in my final year at University, I climbed the steps up out of my residence block, Suffolk Terrace. out on to the sunny concrete walkway. It was a cool day in late autumn. Nocturnal Stiudent protestors had been at work. There in large scruffy green paint on the concrete walkway’s little walls, were written the words ‘Freedom is the recognition of necesity.’ Is that the ugly truth? As my philosophy tutor would have said ‘Discuss.’
Image by Robert Cook on the streets of Portsmouth.

Few expected the now millionaire Lord Hague to go on to be one of their most ineffectual Tory leaders. I don’t know if little Greta will go on to lead anything -after leading on gullible youngesters and stupid older middle class folk- but it will be seen as a hate crime if anyone dares to doubt or mock her verion of the truth. Robert Cook

Greta’s achievements in just a year are undoubtedly phenomenal. Posted September 28th 2019

Her “school strike for climate” began 12 months ago today and sparked a global movement which saw 1.6million people in 133 countries go out on demonstrations.

Greta, who has a form of autism called Asperger syndrome, is a charismatic and forthright speaker who has managed to wrap senior politicians round her finger.

‘YOU LIED TO US’

Pulling no punches, she told MPs at the Houses of Parliament: “You lied to us. You gave us false hope. You told us that the future was something to look forward to.”

She added that unless CO2 emissions are reduced by at least 50 per cent by 2030, “we will be in a position where we set off an irreversible chain reaction beyond human control, that will most likely lead to the end of our civilisation as we know it”.

Now Gretamania is about to arrive on US shores — and it will not be without controversy.

Greta & Co

Big Oil Tussles With Teens, Tweets and Trust

Liam DenningBloombergSeptember 24, 2019

Big Oil Tussles With Teens, Tweets and Trust

(Bloomberg Opinion) — In capital markets, trust boils down to – what else? – money. The more trusted you are, the more money investors will give you at a relatively low cost. Trust is in the eye of the beholder, of course. The U.S. government borrows fantastical sums at next to nothing, as you might expect. Then again, WeWork was also showered with cash despite a gaping wound of a P&L statement and multiple red flags.

Some of the world’s biggest oil companies were grappling with this squishy concept at a Monday gathering on the fringes of United Nations Week in New York. The Oil and Gas Climate Initiative is a group of 13 majors representing roughly a third of global oil and gas production. Founded in 2014, it aims to provide a reasonably unified industry response to climate change, with a particular focus on such things as reducing methane emissions and encouraging carbon capture technologies.

Or maybe it’s greenwashing. That, at least, was the gist of one of the opening, and more provocative, questions posed in a long afternoon session at the Morgan Library & Museum. Ben van Beurden, CEO of Royal Dutch Shell Plc, gamely took it on, arguing the sheer scale of the climate-change challenge means big, motivated companies like his must play a crucial role. It’s a valid point, and Shell has moved perhaps the furthest in realigning its business and targets in this way.

But the industry must contend with the reason he had to answer the question in the first place: decades of opposition to taking action. That same day, not too far from the OGCI’s gathering, teenage activist Greta Thunberg delivered a scathing speech on that very subject to assembled world leaders. While many, including the U.S. president, have reacted with sarcasm or worse to Thunberg’s campaign, millions have come out in support; and her frustration at the lack of urgency about climate change is justified.

Darren Woods, CEO of Exxon Mobil Corp., framed the challenge of meeting energy demand while reducing carbon emissions as an “evolution” of the industry, which will be led by technology. He is right about the latter, but I suspect technologies like Twitter and other social media could play an even bigger role than things like biofuels from lab-grown algae.

Ignoring or obfuscating climate change for many years has had a similar effect to pulling on an elastic band. Frustration and a sense of urgency on the issue have grown, dovetailing with our wider political environment of anger, memes and divisions between party tribes and generational cohorts. A carbon tax, as the OGCI calls for, would constitute an evolution of sorts, albeit a wrenching one. Bold as that might seem, though, the long delay means it now jostles with more prescriptive proposals that could truly snap the elastic back, disrupting the oil and gas business and maybe stranding assets.

Voters still love the things that oil and gas provide, of course, so there is no guarantee Thunberg’s words or Green New Dealers’ sweeping plans will be anything more than that. Yet the inexorable logic of climate change and falling costs of renewable technologies and electric vehicles suggest change is coming in some form. The point is, the range of potential outcomes may be wide, but that’s a lot different from the more certain world in which the oil majors have been used to operating, where prices swing about and there’s the odd expropriation of assets or war but, in the end, demand always goes up.

While videos of Thunberg’s speech zipped around the ether, another UN-led announcement that day got less attention: namely the formation of the Net-Zero Asset Owner Alliance by a group of institutional heavy hitters managing more than $2 trillion. The group aims to not merely shift their portfolios to compliance with net-zero greenhouse gas emissions by mid-century but also to advocate for companies to similarly align themselves.

What makes this pressure especially troublesome is that it comes at a time when the sector has only recently begun trying to rebuild trust with capital markets after the oil crash. Scarred by poor returns and wary of the climate-change crapshoot, generalist investors have backed away. This is trust, or the lack of it, manifested as money. As I wrote here with my colleague Nathaniel Bullard, energy stocks now sport dividend yields at their highest levels in 25 years.

The day after attending the OGCI gathering, Patrick Pouyanné, the CEO of Total SA, announced the French oil major would bump its dividend growth from 3% to 5-6% a year, effectively distributing an extra $5 billion to investors through 2025. This both advertises Total’s confidence in its low breakeven oil prices and bumps its own yield closer to 6%. In other words, it’s a big call on investors to trust the company’s got this.

This is the difficult balancing act the industry must now pull off. In the year through June, the OGCI’s members collectively paid out $138 billion of dividends.(1) Technically discretionary, they are now more like the ante just to play. Yet investors are demanding a bigger cut of cash flow even as these companies, to varying degrees, are trying to not only maintain their current operations but also invest in newer technologies that aren’t likely to generate the cash needed to support those payouts anytime soon.

Investors’ trust in the industry’s ability to deploy capital effectively in its core business has waned. Now it must rebuild that while also asking for trust to spend money on entirely new ventures – and all against the backdrop of denuded societal trust. The companies are compelled to try anyway. You can trust it won’t be easy.

(1) This figure includes PetroChina Co. Ltd.’s’s payout as a proxy for unlisted parent China National Petroleum Corp. Petróleos Mexicanos doesn’t pay a dividend, instead paying taxes and royalties to its government owner. Data are from Bloomberg and company filings.

To contact the author of this story: Liam Denning at ldenning1@bloomberg.net

To contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.net

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal’s Heard on the Street column and wrote for the Financial Times’ Lex column. He was also an investment banker.

For more articles like this, please visit us at bloomberg.com/opinion

©2019 Bloomberg L.P.

September 27th 2019

So much consumerism and garbage
3% of the population control 90% of global wealth

About the Author

Robert Cook
facebook https://www.facebook.com/rj.cook.9081 I went to school in Buckinghamshire, where my interests were music ( I was a violinist ), art ( winning county art competitions ) athletics and cross country ( I was a county team athlete ). My father died as a result of an accident- he was an ex soldier and truck driver- when I was 11. It could be said that I grew up in poverty, but I did not see it like that. As a schoolboy, I had my interests, hobbies and bicycle, worked on a farm, delivered news papers, did a lot of training for my sport, painting, and music. I also made model aeroplanes and was in the Air Training Corps, where we had the opportunity to fly an aeroplane. I had wanted to be a pilot, but university made me anti war. At the University of East Anglia-which I also represented in cross country and athletics- I studied economics, economic history, philosophy and sociology. Over the years, I have worked in a variety of manual, office and driving jobs. My first job after univerity was with the Inland Revenue in Havant, near Portsmouth. I left Hampshire to work for the Nitrate Corporation of Chile, then lecturing, teaching and journalism - then back to driving. I play and teach various styles of guitar and used to be a regular folk club performer. I quit that after being violently assaulted in Milton Keynes pub, after singing a song I wrote about how cop got away with killing Ian Tomlinson at G7, in broad daylight and caught on camera. The police took no action, saying taht my assailant had a good job. The pub in question was, and probably still is, popular with off duty police officers.

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