Europe bails on green energy

I don’t agree with the claims made in this article.
New wind parks are build, coal plants are run on 1/3 coal and 2/3 biomass (imported from the USA, there is no cancelation of the quest for electric cars, no cancelation of the quest for co2 reduction in conventional vehicles (Euro 6 will be obligatory in January 2014)
No cancelation of the insulation schemes for housing.
No cancelation of the biofuel scam.
MSM still pushing the AGW hoax full blown
So where is the beef apart from wishful thinking?

Fred says: @ur momisugly August 9, 2013 at 10:13 am
So . . . hundreds of billions of Euros have been squandered, wasted, flushed down the Great Greenie Composting Toilet because Public Policy in Europe was highjacked by a group of political power craving environmentalists and grubby, funding desperate scientists who realized their First Class ticket on the Fame and Gravy train could be realized by abject fear mongering about human influences on the climate…..
>>>>>>>>>>>>>>>>>
What many people do not realize is Americans footed part of that bill via the ‘Bank Bailouts’ Remember how Ron Paul tried to get the Fed to tell Congress where the bailout money actually went and the FED stonewalled, then retaliated with veiled threats? Well the information was finally extracted from the FED. Some of that money went to bailout banks in the EU.

Bloomberg: Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates….
Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.
A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act….

Bloomberg carefully does not mention the money that headed to Europe. Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office’s (GAO) analysis shows.

….Additionally, asset swap arrangements were opened with banks in the U.K., Canada, Brazil, Japan, South Korea, Norway, Mexico, Singapore and Switzerland. Twelve of those arrangements are still ongoing, having been extended through August 2012….
The audit also found that the Fed mostly outsourced its lending operations to the very financial institutions which sparked the crisis to begin with, and that they delegated contracts largely on a no-bid basis. The GAO report recommends new policies that would eliminate such conflicts of interest, and suggests that in the future the Fed should keep better records of their emergency decision-making process.
The Fed agreed to “strongly consider” the recommendations, but as it is not a government-run institution it cannot be forced to do so by lawmakers. The seven-member board of governors and the Fed chairman are, however, appointed by the President of the United States and confirmed by the Senate.
The audit was conducted on a one-time basis, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed last year. Fed officials had strongly discouraged lawmakers from ordering the audit, claiming it may serve to undermine confidence in the monetary system….

Lose confidence? After the Cyprus Haircut, Nah, no one would lose confidence in our honest and loving banks.. /snark
(Quicky on the Cyprus Haircut for those who did not follow that news.)
Cyprus bailout deal with EU closes bank and seizes large deposits: Draconian terms aimed at keeping Cyprus in eurozone include closure of second-largest bank and big losses for wealthy savers
Bomb from Brussels: Cyprus Model May Guide Future Bank Bailouts… Cyprus Bank Bailout Model Has Increasing Numbers of Adherents
And The FEDs bailout of EU banks is still going on.

06/12/2011 The Fed’s $600 Billion Stealth Bailout Of Foreign Banks Continues At The Expense Of The Domestic Economy, Or Explaining Where All The QE2 Money Went
Courtesy of the recently declassified Fed discount window documents, we now know that the biggest beneficiaries of the Fed’s generosity during the peak of the credit crisis were foreign banks, among which Belgium’s Dexia was the most troubled, and thus most lent to, bank. Having been thus exposed, many speculated that going forward the US central bank would primarily focus its “rescue” efforts on US banks, not US-based (or local branches) of foreign (read European) banks: after all that’s what the ECB is for, while the Fed’s role is to stimulate US employment and to keep US inflation modest…..
… but that the only beneficiary of the reserves generated were US-based branches of foreign banks (which in turn turned around and funnelled the cash back to their domestic branches), a shocking finding which explains not only why US banks have been unwilling and, far more importantly, unable to lend out these reserves, but that anyone retaining hopes that with the end of QE2 the reserves that hypothetically had been accumulated at US banks would be flipped to purchase Treasurys, has been dead wrong, therefore making the case for QE3 a done deal. In summary, instead of doing everything in its power to stimulate reserve, and thus cash, accumulation at domestic (US) banks which would in turn encourage lending to US borrowers, the Fed has been conducting yet another stealthy foreign bank rescue operation, which rerouted $600 billion in capital from potential borrowers to insolvent foreign financial institutions in the past 7 months. QE2 was nothing more (or less) than another European bank rescue operation!

02/09/2013 The Fed’s Bailout Of Europe Continues With Record $237 Billion Injected Into Foreign Banks In Past Month
Last weekend Zero Hedge once again broke the news that just like back in June 2011, when as part of the launch of QE2 we demonstrated that all the incremental cash resulting form the $600 billion surge in the Fed’s excess reserves, had gone not to domestically-chartered US banks, but to subsidiaries of foreign banks operating on US soil. To be sure, various other secondary outlets picked up on the story without proper attribution, most notably the WSJ, which cited a Stone McCarthy report adding the caveat that “interpreting the data released by the Federal Reserve is a bit challenging” and also adding the usual incorrect attempts at interpretation for why this is happening. To the contrary: interpreting the data is quite simple, which is why we made an explicit prediction: ‘We urge readers to check the weekly status of the H.8 when it comes out every Friday night, and specifically line item 25 on page 18, as we have a sinking feeling that as the Fed creates $85 billion in reserves every month… it will do just one thing: hand the cash right over straight to still hopelessly insolvent European banks.”…

So Americans got roped into paying for part of the EU Green Energy Scam without even realizing it.

As for the real US debt position it’s 70 trillion USD
http://beforeitsnews.com/alternative/2013/08/70-trillion-dollars-real-u-s-debt-2730660.html

I haven’t stopped grinning since i read this. Thank you atoni and thand thank you pres bush for keeping us out of this as long as you did. Note to cape wind…. take your windmills and
….. and thanks to all you wuwt regulars. As soon as i see your na,mes i know i’m in for a treat!!!!

AndyG55 says:
August 9, 2013 at 3:02 pm
[…] ps why doesn’t WordPress remember my name any more.. I keep having to type my email address and name in.
Might have something to do with http://wattsupwiththat.com/2013/08/07/announcement-wuwt-success-earns-an-invitation-to-enterprise/
I’ve noticed some Gravitar faces showing up recently.