Essay by Eric Worrall
h/t Vuk; “there was always some nut job telling me about the end of the world”, “apocalyptic warnings are ALWAYS wrong”. HSBC’s Stuart Kirk candidly sharing his frustration with economic ignorance of climate alarmists, and the wildly unrealistic assumptions he is being pressured to feed into climate economic models to make them produce interesting results.
HSBC banker draws fire after accusing policymakers of climate change hyperbole
Stuart Kirk also claimed central banks designed climate stress tests to obtain alarming results
Harriet Agnew, Simon Mundy and Stephen Morris in London
The global head of responsible investing at HSBC Asset Management has drawn fire after accusing central bankers and policymakers of overstating the financial risks of climate change in an attempt to “out-hyperbole the next guy”.
Speaking at a Financial Times Moral Money event on Thursday, Stuart Kirk said that throughout his 25-year career in the finance industry “there was always some nut job telling me about the end of the world”, likening the climate crisis to the Y2K bug that predicted a widespread computer glitch at the turn of the millennium.
“Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong,” he wrote on a slide accompanying his presentation.
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Read more: https://www.ft.com/content/1716d9fb-4c8f-4d05-a6b4-bb02a48a73a4
A video of Stuart’s speech;
The video is straight to the point, entertaining, well worth watching. Stuart is fed up with government demanding he waste time examining climate risks he knows are a nonsensical exaggeration, so he doesn’t pull any punches. In this video he shares his frustration.
Stuart’s video also contains a plea for regulators to respond with pragmatism to the current economic crisis, which Stuart emphasises has nothing to do with climate change.
You’ve got my vote Stuart. I hope Stuart keeps his job. His points are well argued, but these days clarity and honesty sometimes gets you into trouble. Stuart is drawing a lot of fire for his candour.
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He got very sparse applause. Even business people are hopelessly deluded.
I was glad to hear him deride models, though. Worship of deus machina seems to be a widespread default.
I also liked his notice of the change that occurs over time. All of climate alarm rests on climate ceteris paribus. The notion is idiotic and it’s mesmerized government functionaries everywhere.
A previous economist from HSBC way back in 2010 said lots of awesome words about how the then Government was behaving with economy.
He was accurate in everything he said.
HSBC economists have great history.
” … frustration with
economicignorance of climate alarmists … ”In this sentence there is a superfluos word.
Great video.
That is one very honest brave man. I can only think he is expecting to retire in the coming year and he is past caring what the woke loons think of someone being given the chance to speak the truth in open forum such as the FT.
The Presenter was Stuart Kirk He has an MA in economics from Cambridge University.
He worked for the Financial Times and was the editor of the FT’s prestigious Lex column for 7 years. He has been head of research at Deutsche Bank and HSBC for about 8 years.
His views should be listened to.
The talk was apparently well received – many people privately admiring him for the courage to speak out and say things that others knew but didn’t have the courage to say. It may well have ended his career because he has ruffled quite a few feathers.
May I suggest that you try and copy and post that talk to as many people as you can, particularly those in various industries or companies where the pressure to conform and make the current ESG and similar statements is high.
Stuart Kirk has pointed at the climate change emperor and shown publicly that the emperor has no clothes.
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David Tallboys
Data-driven optimism. Inconceivable to the prophets of doom.
Many will take a knee, beg, good boy… a few will stand their ground for dignity, agency, science, and conscience.
He is saying “let’s be realists and make money”. At the same time he recognizes that while climate itself is not a risk, climate regulation is a potential significant risk. Capitalists always find ways to make money within whatever rules exist. The trillion dollar car company he admiringly refers to is Tesla, which of course exists solely because of climate hysteria and subsidy. The bit he is missing is the potential drastic effect of climate taxation and regulation on the cost and reliability of energy. Some will then prosper at the expense of others, the relative notion of wealth, but almost everyone will be poorer, the absolute notion of wealth.
The world’s central banks have already done a pretty good job of impoverishing the world via money supplies backed by either nothing or debt created from thin air, in large part directly because of regulation.
To let you in on a little secret, CO2 is NOT a greenhouse gas, this is a global scam. They have taxed everything they possibly can, from our labour to the water we drink, and run out of growth taxes, so as a last bastion, let’s tax the air that we breathe!
I’m pretty sure I have never used the phrase ‘ballsy banker’ until now…
Stuart Kirk has been suspended by HSBC following this presentation…..the price you pay for speaking the truth and revealing the emperor has no clothes.
HSBC suspend banker who described climate change warnings as ‘unsubstantiated’ (gbnews.uk)
Hé probably has enough money to be able to tell HSBC to get bent. I hope so at least.