Fossil Fool Divestment Fail: BlackRock Edition

Guest Ron White impression by David Middleton

“You can’t fix stupid”…

Activists call on BlackRock to divest from fossil fuels

Alejandra O’Connell-Domenech 5 days ago

Protesters also called for the company to invest its money into clean energy.

Climate change activists blocked the entrance to BlackRock’s midtown headquarters early Tuesday morning during a protest of the investment management company’s ties to fossil fuel corporations responsible for deforestation.

“We are here to send a message to BlackRock to clean up its dirty act,” said Pete Sikora, the climate campaigns director for New York Communities for Change which organized the demonstration of roughly 150 people. “It’s time for them to become the solution and not the problem.”


“We all know that burning fossil fuels and deforestation causes climate change,” said Krystal Ford from the Sunrise Movement. “But we also know that greed causes climate change. There are people who are profiting right now off of this climate disaster.”

BlackRock has multi-billion dollars worth of investments in some of the world’s largest oil companies like BP, ExxonMobil and Chevron and is the largest investor in the world in coal, according to The Guardian. 


The protest occurred on the seven-year anniversary of Superstorm Sandy’s touchdown in New York City — an event that activists said…


AM New York
Figure 1. Can you say “greentards”?

Where to start?

How about the first sentence?

Protesters also called for the company to invest its money into clean energy.

Note to New York Communities for Change: It’s not BlackRock’s money.

What we stand for
At BlackRock, we’re guided by our culture and a set of principles that ensure we never forget what we stand for – to help more and more people invest in their financial well-being.

We are a fiduciary to our clients
Put simply, your goals are our goals. We represent your voice, your needs and your investment goals in every decision we make.


BlackRock is a capital management company. They manage other people’s money for the sole purpose of generating returns on their clients’ investments.

We are a global investment manager.


BlackRock is an investment manager.

“We are here to send a message to BlackRock to clean up its dirty act. It’s time for them to become the solution and not the problem.”

Pete Sikora, the climate campaigns director for New York Communities for Change, organizer of 150 person criminal trespassing.

150 protesters? This merited a news article? Well, it certainly merits ridicule.

Peter “Climate change and inequality, mostly” Sikora should know better than this. He has an MBA… Although he’s never had a real job.

“There are people who are profiting right now off of this climate disaster.”

Krystal Ford from the Sunrise Movement

Krystal “Activist and Community Organizer with a demonstrated history of working in the food & beverages industry” Ford has an excuse for being stupid. She has a BS in nutrition and an MA in food studies. The closest thing to a real job in her CV appears to be as a self-employed yoga instructor. Although, Krystal, like a blind squirrel, did manage to find the acorn: “profiting.”

BlackRock wouldn’t be investing its clients’ money in ExxonMobil, Chevron, BP and all of these big “beautiful clean coal” companies, if it wasn’t generating a better return than its competitors…

Figure 2. Too fracking funny! Coal is a black rock! (The Grauniad)

The two largest asset managers in the world (BlackRock and The Vanguard Group) are also ExxonMobil’s largest shareholders

Activists thought BlackRock, Vanguard found religion on climate change. Not anymore

Eric Rosenbaum

In the history of the earth’s climate two years is a infinitesimal blip, but in the recent history of investor-led efforts to push for action on climate change from corporations, two years has meant a great deal.

In 2017, the two biggest U.S.-based fund managers, BlackRock and Vanguard — which control a combined $12 trillion in assets — both voted to require Exxon Mobil to produce a report on climate change. It was a seen as watershed moment showing what can occur when the biggest index funds punch their weight at the annual meetings of corporations, and join other shareholders in supporting proxy proposals covering social issues.

Until it wasn’t the watershed everybody thought it was.

Since that 2017 vote, multiple analyses of proxy votes have shown BlackRock and Vanguard to have among the worst voting records when it comes to social issues supported by other shareholders, including many of their peers among the world’s largest asset managers.


Why does that matter?

BlackRock and Vanguard control the largest blocks of shares in nearly every publicly-traded firm in the U.S., including in the carbon-intensive energy and utility industries.


Figure 3. I see greentards, that’s the green I see. Europa Press News | Europa Press | Getty Images

Caption from CNBC article:

Demonstrators hold banners at the demonstration in Barcelona with the slogan ‘The problem is not the weather, the problem is capitalism’ , in which people are seen protesting in support of the global climate strike demanding solutions for global warming on September 27, 2019.
Europa Press News | Europa Press | Getty Images


“The problem is not the weather, the problem is capitalism”

There’s a reason why the two largest asset managers in the world (BlackRock and The Vanguard Group) are also ExxonMobil’s largest shareholders… The reason is capitalism and capitalism isn’t a problem. It’s the solution to most of the world’s problems.

“Well first of all, tell me: Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course, none of us are greedy, it’s only the other fellow who’s greedy. The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade. If you want to know where the masses are worse off, worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system.”

Milton Friedman

The concept is very simple.

“The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.”

Milton Friedman
Figure 4. “The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy.” Data from BP 2018 Statistical Review of World Energy

“A major source of objection to a free economy is precisely that it … gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.”

Milton Friedman

BlackRock is a major investor in fossil fuel companies because they give “people what they want instead of what a particular group thinks they ought to want” and…

“There is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud”

Milton Friedman

Which puts the total lie to the NY Attorney General’s fraudulent lawsuit against ExxonMobil. If there was any evidence that ExxonMobil was deceiving shareholders about climate change, BlackRock and The Vanguard Group wouldn’t be their largest shareholders, controlling nearly 15% of the company.

But, as Ron White says…

Figure 5. You really can’t.

And, since you can’t fix stupid, you also can’t prevent…

Figure 6. Really futile and stupid gestures.

106 thoughts on “Fossil Fool Divestment Fail: BlackRock Edition

  1. in 1000 years , even 1 million of years , you’ll still find solar energy but no oil, coal or gas !
    renewable energy is the future whatever the present situation !
    open your eyes just a little bit !!!

    • No one invests on 1,000 year, much less 1,000,000 year, time horizons.

      Furthermore, Earth’s crust will still contain plenty of oil, gas and coal long after nuclear power has replaced fossil fuels.

      • David Middleton: “Furthermore, Earth’s crust will still contain plenty of oil, gas and coal long after nuclear power has replaced fossil fuels.”

        The stone age didn’t end because we ran out of stones.

        You’re right, David. We’ll be OK so long as the ‘intelligentsia’ keeps their nose out of it and doesn’t try to dictate their preferred outcome.

        • Synthetic oil and gas are sufficiently easy to make also. It’s just a matter of feedstock, process and energy. It’s difficult to make predictions from one day to the next. But for me, it’s hard to imagine that lubricants will not be needed as long at there are any machines in use and the best lubricants are synthetic.

        • I think we can’t really say at what rate coal or gas are being formed, much conclude we are using it faster than it forms.

          Any coal forming now is probably too deep to mine with present technology.
          Old oil fields have a way of refilling themselves, sometimes on purpose from the oil companies.

          • Old oil fields have a way of refilling themselves,

            Sort of.

            sometimes on purpose from the oil companies.

            100% crackhead conspiracy theory nonsense.

          • I think we can’t really say at what rate coal or gas are being formed, much conclude we are using it faster than it forms.

            Yes we know for a fact that “we are using it faster than it forms”. Every oil reservoir ever drilled exhibits a decline curve.

        • Lots of carbonates deep below NA – could future technologies tap into that seemingly endless resource??

      • I will not be alive in one thousand or a million years from now but I will be alive this winter needing to stay warm. I will give up natural gas when my cold dead fingers are pried loose from the gas valve of my stove. The US is blessed with sufficient fossil fuels to last centuries. Global warming is a scam and there is no “climate emergency” anywhere because of it. We have weather events that are natural. I’ve got news for you. We will never power a steel mill with wind mills.

      • Furthermore, Earth’s crust will still contain plenty of oil, gas and coal

        I thought hydrocarbons are “fossil fuels”. Don’t things still die and bury themselves miles below the Earth’s surface? Or when did that stop?

        Whenever I read or hear “fossil fuel” I know all that follows is Marxist Propaganda. Dittos with the hyperbole of “crisis” and more recently “existential crisis” (because there is no longer any such thing as over-the-top rhetoric).

        As I understand it, the components for nuclear power have this property called “half-life” associated with it. Which to my simple mind means that whatever is the valuable property it is diminishing over time. It then follows that if this radioactive material is left unused, it will decay all on its own until some day it has no value. Clearly not using nuclear power Right Now is a Use It or Lose It proposition. We have a moral imperative to exploit these materials because not using them is wasteful.

        renewable energy is the future

        “Fossil Fuels” would seem to be renewable. Burning timber would be “renewable”.

        I find it interesting that these Malthusians are so interested in managing someone else’s life thousands of years from now that they will make everyone present’s life as miserable as if life over the millennia is some perverse Zero-Sum game and being miserable now will somehow guarantee human flourishing in the future.

        That is just insane.

    • Hubert, do you honestly think that humans will use poor solar energy in 1000 Years time? If solar if so good, then why do we still use fossil fuels to power our cities and countries? Why are britiah people suing solar companies due to poor power output, where will the mega tons of colbart come from to store your solar power? Currently, unisef stated this year, that 40k+ slave children are working in Congolese mines, just so you can feel like you are saving the planet… Or how about the germans who cut done 600 acres of foresr for 7 wind generators 😐

      • Good question. They will need to pick their veggie meals out of their teeth with something.

        And being picky, will they learn to speak the language well enough to communicate their wooden message?

        “Seven year anniversary”?

        Are they aware that the word anno means year?

    • Hubert,
      You are a fool if you are worried about what people will be doing 1,000 or 1,000,000 years from now. We need to manage real issues today. We are responsible for ourselves and our children, and that’s enough. Future generations will take care of themselves. It’s pure hubris to think that can predict what their problems will be, let alone solve them.

    • “Hubert November 5, 2019 at 2:17 am
      in 1000 years , even 1 million of years , you’ll still find solar energy but no oil, coal or gas !
      renewable energy is the future whatever the present situation !
      open your eyes just a little bit !!!”

      What utter nonsense!

      If the idiots manage to fail at destroying the world’s civilizations with their ridiculous anti-fossil fuel nonsense; technology will move forward!

      Not renewable nonsense technology currently being used to scam tax payers.
      But, technology necessary to harvest the immense abundance of methane throughout our solar system.

      Cease fossil fuels and within 10-15 years all alleged renewables will cease for lack of maintenance, spare parts and lack of new construction.

      Much before that period, civilizations will plummet back to the dark ages.
      No synthetics for shoes, chairs, rugs, walls or clothing.
      No mechanized harvesting or processing of natural fibers into clothing.
      No mechanized farming, transporting or supermarket of foods.
      No metals, whether for transportation, laptops, phones or batteries.
      No heat when it’s cold.
      No coolness when it’s hot.
      No cooked foods, period!
      Forget refrigeration, foods will spoil rapidly; unless you know how to prepare, salt, cure, smoke meats and properly dry vegetables, fruit and berries.
      No clean sterile water. Much of the world depends upon household catch basins for water.

      Erratic unreliable renewables do not supply electricity for industry, mining, manufacturing, computer centers, etc. Electricity generation from highly variable unreliable sources fail to produce electricity of the quality necessary for industry. Even with electricity from high quality generating sources, e.g. Hydro and nuclear, must purchase line conditioners to control the electricity fed to their equipment.

      You will quickly be reduced to either raising your own food or knowing exactly whom you buy hand raised foods from.

      One can see that most of the people protesting have not made any changes in their lives to acknowledge what they demand of others.
      They’re wearing and waving synthetics, colored by pigments and paints made by use of fossil fuels, wearing shoes made with synthetics, keeping warm with synthetic coats, etc. etc.

      Quite a few are wearing makeup made by fossil fuels…! If they can’t divest themselves of makeup, why would I believe any of those fools?

      Let alone some quack making idiotic remarks about 1,000 year into the future.
      1,000 years from now, given civilization manages to pass this bottleneck of fools, your claims will appear akin to some nut back in the year 1,000 telling their fellows they have to stop a critical component of something their families and civilization depends upon; e.g. making steel, breeding better wheat and peas.

    • If it’s not going to run out for 1000 years, that means we won’t have to start worrying for another 950 years.

      Who knows, maybe they will have fusion working by then?

  2. I’ll have to consult with my financial advisors at Lehman Bros to see if I have any Black Rock funds. Sell ToysRUs and buy Sears.

    • 150 idiots agitating outside your door is a sign that you are doing something right. It’s also a good argument for free birth control.

  3. I doubt very much that Blackrock will pay the slightest attention: their job is to make money for investors. If investors don’t want to invest in fossil fuels they will take their money elsewhere but I don’t see that happening anytime soon.

    • The odds are that the protesters blocked the entrance long-after the employees arrived at work.

        • People with real jobs do tend to work longer hours that activists who’ve never had real jobs.

          • Apart from ongoing formation and migration, only about 20-50% of the oil can be recovered from most oil reservoirs. The rest is either bound to clay minerals or left behind due to a lack of reservoir energy. The “march of technology” will eventually make more of that oil economically recoverable.

          • Salute!

            Now David…… surely, you couldn’t be making a reference to a previous “community organizer” that helped with the U.S. Paris Agreement , huh?

            Gums sends…
            P.S. This article is one of the best economic lessons I have seen. I wish I had seen this when I was taking Econ 101 years ago.

      • “150 protesters?”

        A ‘sea’ of diversity that isn’t really a representative cross-section of Americana. I can’t help but think that these are people without a full-time, good paying job, and are just earning a little quick cash.

        Although, their signs suggest that they spent more than 15 minutes getting ready. Or, at least the paymaster handed them out before telling them what they were supposed to do.

    • BlackRock —————-is the largest investor in the world in coal, according to The Guardian.

      Shur makes a body wonder why they chose the company name of “BlackRock”.

      • Derived from “Blackstone Group,” founded by Peterson and Schwartzman. “Peter/Petra” is Greek for stone or rock, and Scwartz is German for black.

  4. If the disastrous expectation of the Green lobby were true it would cost these investment firms a fortune. They would be dis-investing.

    The fact that they are not dis-investing is a good sign that they have less confidence in the oncoming apocalypse than the yoga instructor.

    It’s a matter of expertise.

  5. Do Black Rock have a legal obligation to make the most money for their clients? If they answer is yes then if they knowingly follow lines of action that do not do this are they not guilty of a misdemeanor?

    • Under Australian corporate law the directors would be personally liable if they were not acting in the interest of the shareholders. Under Germany and French law the directors’ duties are owed to a wider range of stakeholders (customers, creditors, the local community in that). There were two reviews to Australian law which both rejected going down the German, French path. I am not sure how the law stands in USA.

      So the legality of what is being protested varies from country to country.

    • We (retired) do not invest via BlackRock but do have mutual fund investments through another well known firm. If that firm sent a note that they were going to follow the advice of climate activists, we would immediately respond by directing that the money be transferred to a different firm.
      I suspect there would be many others that would do the same.

  6. This also tells me that BlackRock feels comfortable that all the state lawsuits against the major oil producers are likely to be unsuccessful. Since the SCOTUS has ruled the oil companies cannot be held liable for damages because the EPA has jurisdiction over CO2 emissions, the states have been forced to argue tangential issues such as failure to inform investors about possible risks from climate change regulations. BTW- if you look at the bond offerings these states have made over the years, none of them that I am aware of have ever included climate change as a risk factor in their offering materials.

    • You left out the public themselves would be implicated in the damages claim since they did the large portions of the fossil fuel burning. Ignorance is not a valid defense in a damages claim.

  7. “Activism is a way for useless people to feel important, even if the consequences of their activism are counterproductive for those they claim to be helping and damaging to the fabric of society as a whole.”

    Thomas Sowell

  8. I am amazed at the WUWT financial blindspot.
    At Jackson Hole, Wyoming, on August 23rd 2019, Bank of England Governor Mark Carney proposed that Central Bankers take control of the entire world as a new financial crisis begins, replacing the dollar as a reserve currency with a digital currency controlled by Central Banks. His proposal was seconded by BlackRock, LLP, the world’s largest hedge fund which features many central bankers on its board. They advocate central bankers taking control of all spending, world-wide, ending the reign of nation states.
    See Carney’s GFI –
    The problem for BlackRock and its central bankers, they have not made any money since 2015 with even negative interest rates. So they are going whole hog for the GFI. Trillions are at stake.
    At the UN Carney then proceeded to lay bare his threat against any business or enterprise that might consider rejecting this change in regime:
    Firms that align their business models to the transition to a net zero[-carbon] world will be rewarded handsomely. Those that fail to adapt will cease to exist.

    A direct threat. MeFo Bonds, anyone?

    • BlackRock doesn’t have “central bankers.”

      BlackRock has made money every year since at least 2006.

      The link doesn’t mention BlackRock, central bankers taking control of anything, nor did it occur anywhere near Jackson Hole WY. It’s s speech given in Berlin.

      I can’t speak for WUWT, but ignoring Bilderberg/Rothschild-style crackhead conspiracy theories isn’t a “blind spot.”

      • Look at the board member bankers below. Come on! These are not geologists!
        Carney here :
        Even a cursory check :

        Do not be blindsided! These bankers are the activists of green finance, not poor Greta’s wannabees. I just cannot believe how highly qualified engineers are so easily fooled.

        • The kansascityfed link doesn’t mention anything about central bankers in regards to Blackrock (heck, it doesn’t even mention Blackrock so I fail to see where it does anything to back up your assertions).
          While the Bloomberg opinion piece does mention “ex-central bankers” being part of the company it does not name a single name nor claims any of them as being on the board of directors.
          Here is a link to the board of direcrtors

          1) explain what you mean by a “central banker”
          2) point out by name all the “central bankers” on the board.

          • What don’t you understand about “bank”?
            These are listed n the Bloomberg link.
            Former Swiss central banker Philipp Hildebrand, BlackRock Germany chief economist Elga Bartsch, former Fed vice-chairman Stanley Fischer and former deputy governor of the Bank of Canada Jean Boivin have signed a BlackRock paper calling for a “regime change” in monetary policy, involving the end of central bank “independence.

            This “regime change” is exactly what Carney spelled out at Jackson Hole. That paper from BlackRock was forwarded to the FED confab in aug. 2019.
            Hey, this is ain’t rocket science, just bankers smoke and mirrors.

          • A link to something supporting this nonsense would be helpful. The Jackson Hole presentation just involved governments and central banks working more closely together during recessions.

            Philipp Hildebrand, the former Swiss National Bank president, is now vice chairman at BlackRock, where he oversees the BlackRock Investment Institute. Within the institute, Stanley Fischer, the former Federal Reserve vice chairman and former governor of the Bank of Israel, is a senior adviser, and Jean Boivin, the former deputy governor of the Bank of Canada, is the global head of research. Along with Elga Bartsch, the head of macro research, they published a report Thursday ahead of the Kansas City Fed’s Economic Policy Symposium in Jackson Hole, Wyoming, that advocates for more explicit coordination between central banks and governments when economies are in a recession so that monetary and fiscal policy can better work in synergy.


            “On paper,” this would seem to make sense. How it would work in the real world is another story.

            This sounds perfectly fine in theory. This sort of facility would certainly allow monetary and fiscal policy to move more quickly and nimbly than if they were purely separate from each other. And it’s becoming clear to all involved in financial markets that simply tinkering with interest rates at these ultra-low levels doesn’t do much to bolster the real economy. The risk is a persistent “liquidity trap,” given that monetary policy is constrained by an effective lower bound.

            But, as you might expect from a group of former central bankers, it relies heavily on the assumption that a group of experts knows how to fine-tune a complex economy.

            Hildebrand and the other former central bankers are part of BlackRock’s research division…

            The BlackRock Investment Institute (BII) leverages the firm’s expertise and generates proprietary research to provide insights on the global economy, markets, geopolitics and long-term asset allocation – all to help our clients and portfolio managers navigate financial markets.


            If Lou Rukeyser was still alive, they’d probably be regular guests on Wall Street Week… Yes, I am that old.

          • I have posted Mark Carney’s link numerous times, for the keynote at both the FED and the UN. It’s in-your-face “regime change”, the end of the financial world as we know it, as Die Welt wrote. Helicopter money, direct to “markets”. This is radical stuff, but then these are desperate times, for these bankers.
            Imagine Carney, and after King, calling for the end of the Dollar? I wonder how that went down at the WH? Pres. Trump said soon after, the future belongs not to the globalists, but to the nationalists. It sure looks like he was referring to that insane gambit.
            Carney et. al are hysterical that Trump will not bail them out as the financial mudslide tremors, and break up the banks, quite unlike Obama’s economic looting.

          • What part of board of directors don’t you understand? (remember your claim was “many central bankers on its board”)

            Former Swiss central banker Philipp Hildebrand, BlackRock Germany

            Not on the board of directors, see:

            chief economist Elga Bartsch

            Not on the board of directors, see:

            former Fed vice-chairman Stanley Fischer

            Not on the board of directors, see:

            former deputy governor of the Bank of Canada Jean Boivin

            Not on the board of directors, see:

            so of the “many” you claim is on the board you’ve named a big fat ZERO.

          • Try this again without the multiple links sending it to limbo:

            What part of board of directors don’t you understand? (remember your claim was “many central bankers on its board”)

            Former Swiss central banker Philipp Hildebrand, BlackRock Germany

            Not on the board of directors

            chief economist Elga Bartsch

            Not on the board of directors

            former Fed vice-chairman Stanley Fischer

            Not on the board of directors

            former deputy governor of the Bank of Canada Jean Boivin

            Not on the board of directors

            (see: for who is on the board of directors, hint: it’s none of the people you listed)

            so of the “many” you claim is on the board you’ve named a big fat ZERO.

          • What don’t you understand about “bank”?

            I didn’t ask you to define “bank”. I asked you to what *you* mean by “central banker”. I have an idea what that term means to normal people (to normal people there’s a difference between the terms “bank” and “central banker”), but not what it means to conspiracy addled people (for your reply I take it “bank” and “central banker” and interchangeable. really?). I also asked you to name the “several” that you claim are on the board. You named ZERO, NADA, ZIP that are on the board (despite my helpfully giving you a link that list all the board members)

    • funny how when the bitcoins arent bank owned theyre baaad
      when a bank or govt decides theyre perfect for total track/tax/control
      theyre suddenly so good?

      thats why zuckie wanted to get into it..more power/control
      its why we should ALL refuse to accept the paywave cashless meme and use cash and NOT visible transactions to buy what we use
      the young sheeple might think its good
      wiser heads hopefully realise its not.

      • Carney is stealing Zuck’s Bucks – A Synthetic Hegemonic Currency, SHC to replace the Dollar. And it sure looks like BlackRock is in on the game. Green direct financing outside any gov’t involvement.

      • Yup.

        The war on cash is biting me, but I’ll resist it as long as I can. My bank keeps telling me it’s ‘helping’ me by monitoring and analysing my payments. No asking, just doing it without my consent. It then keeps offering to ‘connect’ any other accounts I might have to ‘help’ me more.

        The law is no cash transactions ovee $9,999. In Europe it’s over €999. They want to track everything you do. If people can’t see that, they are dumb.

    • Um, bonbon, that link does say anything like what you describe. care to quote from that link where it says anything about Jackson Hole, anything about taking control of the entire world, anything about central bankers being on the board of Blackrock, anything about central bankers taking control of all spending, world-wide, ending the reign of nation states?

    • Bonbon,

      From your article:

      During his speech at the Arthur Burns Memorial Lecture, (Berlin 22 September 2016) Carney said:

      ” Green finance is a major opportunity. By ensuring that capital flows finance long-term projects in countries where growth is most carbon intensive, financial stability can be promoted. By absorbing excess global saving, equilibrium interest rates can be raised and macroeconomic stability enhanced.”

      The part that I don’t understand but that really scares me is the phrase, “By absorbing excess global saving…

      • Carney’s gambit began in 2015, well before Greta. What he said in Aug 2019, shows the full script. It is nothing less than “regime change”, and this time the USA is to get a taste of it, as if the attempted coup against duly elected President Trump wasn’t enough!

      • “excess…” is obviously a reference in 2016 to legendary German savings, a theme of French President Macron’s campaign, rightly roundly rebutted by Berlin.
        That looting gambit is now replaced with monetary “regime change”, radical beyond even the wildest nightmares of Extinction Rebellion.

  9. Kinda dumb… but considering the abysmal stupidity of people who want to get rid of the very thing that under-girds their privileged lives of ease (fossil fuels)…

    A libtard, a greentard and a climatard were walking down the road.

    Libtard: “Stop diverse persons! That looks like a pile of dog sh!t.”
    Greentard [bends down, sniffs]: “Yep, it smells like dog sh!t.”
    Climatard [bends down, licks]: “And it tastes like dog sh!t. I’m sure glad we didn’t step in it!”

  10. This highlights the total ignorance of ‘climate protestors’ around the world of how essential wealth is generated. Wealth that allows them to be housed, fed, kept warm and healthy, educated and then have the luxury of being able to stamp their little feet and shout total nonsense.

    Just like the morons that have forced a moratorium on fracking in the U.K. They don’t understand that our shale gas deposits represent a vast store of national wealth that needs to be realised. The economic impact of this will be massive as it will enable all gas imports to be substituted. This includes shale gas for chemical stock imported from the USA. Sorry guys🤡.

  11. How many of those alleged protesters walked to that protest site? I’d guess none of them. IT would take too long and they might get wet or cold.

    You want investments in sustainable stuff? How about agriculture? That’s been going on for at least the past 12,000 years, probably longer, depending on where you find tools for it. How about domesticating livestock? That’s been going on for millennia also.

    I can come up with more of that kind of thing, if someone can’t get the drift.

  12. What they need to do is actually teach the writings of Adam Smith and Karl Marx in schools.

    These ignoramuses might learn that Marx was the biggest intellectual fraud of the 19th century, that he was a nasty degenerate, had narcissistic personality disorder, and had buffoonish ideas about political economy despite fancying himself as a scientist. Smith on the other hand, very objectively dry but concise and thorough, and clearly discusses how free market Capitalism involves individual liberties and freedom.

    • As awesome as The Wealth of Nations is, Smith doesn’t translate very well to the modern world. Just get them hooked on Milton Friedman. They can use YouTube videos as a “gateway drug” to reading his books.

      • Chile, the one country where Milton Friedman’s “theories” were put in place by the fascist Pinochet, is in uproar right now.
        Pres. Pinera hat to cancel poor Greta’s COP conference because of the brilliant “success” of Friedman’s Chicago Boys policies.
        Friedman was the one who urged Nixon to impose a money-crunch in 1969, which threw the economy into recession, and ultimately set the conditions for taking the dollar off gold in 1971.
        Under the Reagan Administration, Friedman accepted a position on the Economic Policy Advisory Board, and vigorously pushed his agenda of reducing the Federal government’s involvement in the economy, in a classic Adam Smith fashion.

        • Pinochet hasn’t been president of Chile for about 30 years, and has been dead for about half of those. it’s current political upheaval has little to do with Pinochet.

          • Tell that to Pinera, or the rioters. The damage the Chicago Boys did is monumental.
            Interestingly enough the only one to invite fascist Pinochet to Tea, was Maggie Thatcher.
            The riots in Chile may have little to do with that cup of tea….

          • Tell that to Pinera, or the rioters

            I don’t need to, they already know well enough. Way better than you do.

          • To know the Chicago Boys policies, either be crucified by them, or bone up on the rabidly fascist economics of Mont Pelerin Society Milton Friedman before a government dictates them.

            The Chicago Boys of Friedman’s spoor, are fundamentally opposed to the US Constitution General Welfare Clause, unique worldwide.
            It is an enduring shame to hear Americans promote their own undoing!

        • There we have it – Friedman’s disdain for the founding principle of the USA shows up in Pinochet’s actions.

          National Review Editor, William F. Buckley, Jr., well known for his own fascist sympathies, who, when asked about Friedman’s ideas in 1971, said, “It is possible that Milton Friedman’s policies suffer from the overriding disqualification that the imply cannot get a sufficient exercise in democratic situations.” Translation: You need a dictatorship to implement the drastic cuts in consumption and living standards that Friedman’s policies call for.

          • That’s the exact opposite of Milton Friedman.

            The butchered Buckley quote is from a crackpot Lyndon LaRouche pamphlet.

  13. David
    Good review.
    However, the time to have “divested” oil stocks was on their peak in 2014. Crude’s high was 147 in 2008 and the next rally reached around 107 in 2014.
    With this, oil stocks made a much higher high than in 2008.
    One of the writers at MacLeans Mag was bold and wrote up my research.

    The main point was that base metal miners in 1910 learned how to mine low-grade copper. That was at Bingham Canyon, Utah. And it is still operating.
    The next was in Nevada when miners figured how to mine low-grade gold deposits.
    And then petroleum engineers created a revolution in discovery and production.

  14. From the article: “There are people who are profiting right now off of this climate disaster.”

    What climate disaster? Delusional. Seeing things that are not there.

    • There is no climate disaster, but the Green Blob receives plenty of profit from the approximately $1Trillion to $2Trillion being flushed every year into the phony climate emergency. Many, many political and professional careers would not exist if it weren’t for CAGW.

  15. On the black T-shirt of the lady (first picture) clearly suffering a nervous breakdown : “Climate change kills.” …

    – didn’t know that a statistical distribution could kill someone,
    – must kill probably a lot less than stupidity.

  16. When disinvestment comes up, I’m bound to mention the lunatic policy of the Synod of the Church of England which damages their pension funds. They believe in the IPCC’s SR1.5 travesty and are dead against providing electricity for the poor of the world. I thought that might be a form of racism, but then the Archbishop of York is black so it can’t be that. It must just be the stupidity that burns,

  17. Coeur de Lion,

    Humans have been ripping off people of the sames race as themselves since time immemorial. African nations are mostly of the same race but having been warring against each other for thousands of years.

    “The time is long overdue to stop looking for progress through racial or ethnic leaders. Such leaders have too many incentives to promote polarizing attitudes and actions that are counterproductive for minorities and disastrous for the country.” 
Thomas Sowell
    It is even easier it is to do that to ones own race when you don’t even live in the nations whom you are destroying with your ideology.

  18. “The problem is not the weather, the problem is capitalism”

    Try again. The capitalist USA has reduced CO2 emissions. Communist China has massively increased CO2 emissions, is the worlds largest emitter, and continues to increase emissions.

  19. If blackrock and vanguard divest all oil shares that will drive down price of the stocks and other investors will simply swoop in to buy the stocks at a bargain.

  20. Because a person has a bit of paper saying that they passed a exam does not
    mean that they are automatically intelligent.

    It simply means that they knew the answers to the questions asked at that time.


  21. I like the references to Animal House.

    Don’t forget Sigourney Weaver in Galaxy Quest: “It’s stupid, but I’m gonnna do it.”

    And Argo” You want to come to Hollywood, act like a bigshot but never really do anything?…You’ll fit right in.”

  22. There is humor in this. The demonstrators would have them destroy profits when their business is investing in profits. The purpose of business is to make money. The best way to do that is through free enterprise that benefits the individual. People are greedy with self interest and that is best expressed in the book by Ayn Rand and the movie the Fountainhead with Gary Cooper giving the speech in court of the interest of the individual. My only objection is the use of fossil fuels and lumping coal, oil and gas in that category. There is also the theory that oil is produced naturally in the ground. Dead plants and animals are mostly consumed on the surface as California is now experiencing. Excellent article and comments.

Comments are closed.