A new explosive report from JP Morgan was leaked out this week titled “Risky business: the climate and the macroeconomy” warns climate change poses a significant macroeconomic risk to the world economy and could result in a “catastrophic” event.
“The response to climate change should be motivated not only by central estimates of outcomes but also by the likelihood of extreme events (from the tails of the probability distribution). We cannot rule out catastrophic outcomes where human life as we know it is threatened,” the report advised its top clients.
JPM’s David Mackie and Jessica Murray, the authors of the report, said: “climate change would not only impact GDP and welfare directly but would also have indirect effects via morbidity, mortality, famine, water stress, conflict, and migration.”
They said the impact of climate had been underestimated by governments, adding:
“Something will have to change at some point if the human race is going to survive.”
A “global carbon tax should be introduced immediately” to curb climate change and prevent an epic meltdown of the global economy, the economists warned.
JPM has so far been reserved in their language about climate change. Still, the new report offers some insight into fearmongering by the investment bank of how global warming could crash the economy, and how a carte blanch approach is needed to solve the crisis.
The so-called climate crisis is a guise for the introduction of green bonds, unlimited fiscal deficits, and MMT, a move that would be orchestrated by central banks, governments, and financial elites to fire up the printing presses once more.
Financial elites have already crafted a narrative for the average bloke, that governments need to fight climate change immediately through spending vast amounts of money for a green transformation of the economy, or risk economic implosion and loss of life.
So the illusionary emergency of climate change is nothing more than fearmongering by financial elites who understand that after decades of money printing via central banks risks a global reset in financial assets, and the only way to solve this upcoming crisis is to create another crisis, called the climate change crisis, to trick everyone into believing more money printing is needed to save the world from rising temperatures (but really more money printing shore up financial assets in hopes the everything bubble doesn’t implode in the next recession).
The reason for this elaborate scheme is that after the 2008 financial crisis, where financial elites were bailed out and the middle class was left to rot, convincing the average person that money printing is needed once more would be a difficult task.
So again, financial elites created a fake climate change crisis to offer a policy prescription of money printing to protect their asset bubbles, but simultaneously, make everyone believe that it’s to transform the global economy into a much greener trajectory to save the planet.
And if you care to read JPM’s leaked report, here it is:
Fri, 02/21/2020 – 21:45
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Author: Tyler Durden