I've got to show you something that got a top banking executive suspended all because he told the truth about global warming
Told it right in the face of other bankers kapow
explosion and this is why of course so many people believe in the great global warming scare because it's so dangerous to tell people leave plain
cool facts now we're told by
Global warming activists just follow the science but so often in fact you end up just following
the money, the grants, the subsidies, the handouts, the big bucks people make from selling
carbon credits or green schemes or electric cars or whatever.
It's incredible.
I mean why do you think it's the rich who push this global warming scare the most?
It's the money.
If you take Labor's global warming policies in this election, they're going to cost $75
billion by 2030 for things like new electricity networks, the wind farms, tax breaks for electric
cars, handouts for people promising green power, yada, yada, yada.
There's so many people with their hands out desperate for Labor to win green money.
And still it's not enough. The Greens want even more, the Climate Independence are demanding more,
the Australian Conservation Foundation wants more from this Labor-governed higher targets,
more money, and Prime Minister Anthony Albanese is already having to say no.
We will do exactly what I said we would do
in terms of our Powering Australia plan. It's all out there. It's fully costed.
But last week, one brave former financial journalist, now turned international banker,
called out this whole rotten scam that's built on lies and exaggeration and greed and
sheer fear mongering. This guy is Stuart Kirk. He used to work for the Financial Times and
is now in charge of responsible banking at the giant Hong Kong and Shanghai bank. And
he has now been suspended.
for telling the truth about global warming at a Financial Times seminar last week.
Now here's some of what you should not be allowed to hear.
Kirk calling out people who claim that banks, he's calling out fellow bankers by the way,
fellow bankers giving presentations, he's calling them out.
These people that are saying banks should factor in the financial risk
of global warming, he's saying what risk?
Climate change is not a financial risk that we need to worry about. Heresy.
But I feel like it's getting a little bit out of hand.
The constant reminder that we are doomed.
The constant reminder that within decades it's all over.
And indeed Sharon said we are not going to survive.
And indeed no one ran from the room.
In fact most of you barely looked up from your mobile phones
at the prospect of non-survival.
It's become so hyperbolic that no one really knows how to get anyone's attention at all.
Now I wouldn't normally mind that. 25 years in the finance industry there's always some nut
job telling me about the end of the world. I've dealt with gold bugs my whole financial career.
The roof's gonna cave down. Y2K. Does anyone remember Y2K? Anyone old enough? The lifts didn't stop.
Ah, you may say that's just one guy's rant, but Kirk pointed out something really interesting.
People who invest their own money, so they're putting the house on this, actually seem to
agree with him.
Markets agree, more or less, with me, despite the hyperbole, and this is a fun slide I put
up just to annoy people, the more...
People say the world is going to end and here I've looked at the number of
incidences in all press around the world that use climate catastrophe. The number
of times the phrase climate catastrophe is mentioned around the world the higher
and higher and higher risk assets go in tandem.
The more we're doomed, the higher prices go.
How is that possible? So what's going on then?
The Sharon's and the Mark Carney's of this world need to tell us
why prices are going up with our own demise.
It does seem weird doesn't it, if you think the world's going to end in a, you know, melted
ball of earth, why would you be investing in long term products?
And as he pointed out, even if you do believe the worst scares in the United Nations Intergovernmental
Panel on Climate Change, and you shouldn't, what's the big deal really?
Humans adapt.
And global warming is not going to make us poorer by anything that you will ever notice.
Their worst-case models lops off five.
What they fail to tell everybody, of course, is between now and 2100,
economies are going to grow a lot.
At about 2%, it's the red bar.
At about 3%, it's the black bar.
But the world is going to be between 500 or 1,000% richer.
1,000%.
If you lop 5% off that in 2100, who cares?
You will never notice.
And as it points out, you know, humans adapt. Look at Amsterdam. What is that?
A couple of meters below sea level. Lovely place. Lovely place. We adapt.
I'll report from Amsterdam for you in a couple of, in a few weeks.
me as Australia's top finance writer, Terry McCran of The Herald Sun. Terry, Stuart Kirk
got suspended by his bank for saying exactly what we've just heard. Why? I mean, I can't
see, was he wrong?
That was probably the most astonishing bit of video I've seen all week, Andrew, if not all year.
You're not allowed to say those sort of things, as you've indicated.
You're not allowed to say that global warming might be happening, it might be real,
and he certainly wasn't denying that.
I did think, I thought I might have been watching Bjorn Lombard in disguise, Andrew,
because that's...
Essentially the same thing beyond Lombard has been arguing that when you're talking about things happening in a hundred years time
Even if it all the worst-case scenarios come true, it's that far into the future that it's not an issue for today
It's not an issue. It's not impacting on today either in cost terms or in impact terms
But you're not allowed to say that and you're particularly not allowed to say when you're in the job that he's in
which is about selling the global warming scare and making money out of the global warming scare.
In personal terms I've had it astonishing because he's probably cost himself
a job which was paying a salary of some billions of dollars a year.
But I think you've put your finger on it.
Neither of us can see a thing in that
that's not scientifically and financially absolutely true,
but has been suspended because of financial money
out of selling this scare.
But once again, we see somebody being suspended for...
basically doing their job and delivering value to his audience because he's telling their audience
not what they want to hear or not what the bank in terms of selling a product wants them necessarily
to hear but the truth which will actually allow them to to get better value and to make money
out of their situation and not to be worrying about the world ending in next week or next next
year or next
in 10 years' time. The big thing about all this, Andrew, is that we're talking about costs that
may happen 10, 20, 50, 100 years into the future.
And these are costs that have been calculated by Treasury models.
We know how all around the world, we know how accurate they are.
But in contrast to that is the very real costs,
and this is one of the things he was drawing attention to,
the very real costs of trying to prevent these things happening.
and those very real costs are happening now. You said 80 billion dollars the government is going to
spend on its global warming policies over the next eight years. That's only what the government
is going to spend because you've got to add to that what it's going to cost viewers, what it's
going to cost consumers, what it's going to cost every single
Australian in terms of higher energy costs and whether or not even if they and also whether the
basic ability to actually access energy going forward. So I mean this was an astonishing exercise
and it was like he was it's like a replay of that movie of Jim Carrey, Lie a Lie, where you fairly
just couldn't resist telling the truth. He couldn't maintain maintain the falsehoods.
Except, you know, we laugh, we admire him and all that, but the problem is, a lot of
people will take away from this motto, do not tell the truth about global warming, you
will get fired.
And that, in fact, I think is happening all over the world, so many universities, so many
research institutions, so many politicians also.
They know the truth, they know this, it's like the Empress of the New Clothes, no one
dares to say it, no one dares to say it.
and that's why you get kids on the street crying in fear because I think the world's going to win
because some adults were too gutless to tell them let's listen it's a con it's not going to happen
now here though Terry here's this banker right say who's in the business of responsible investment
saying listen global warming is not a big financial problem at all forget it
but here in Australia we have financial regulators
of the Australian Prudential Regulation Authority telling financial institutions here they have
to manage the financial risks of climate change. They have to go to all the expense of trying to
prepare useless plans. Is this getting out of hand?
Well, it's not getting out of hand, Andrew, it's got out of hand, because it's building
fantasies on fantasies which are costing real money. And anything that costs real money
today is actually impacting negatively on real lives today. We're wasting money on doing
things which are not going to achieve anything.
you're pretending that there's a risk, you then spend real dollars and make real changes
to fight that risk. At the same time, you're not doing anything sensible about the actual
real risks of weather, of weather events along the way. I mean, if you want to get real about
climate change, quote unquote, why aren't you prohibiting people building on floodplains?
The floodplains that have been there for hundreds of years before,
climate change instead of fantasizing about pretending you're going to solve a
problem that might occur in in 50 years time.
I think it's so crazy.
When you're thinking of places like Lismore, right?
What have been the attitude for so long?
What would...
the easiest task Terry, shall we stop the rain or just build a levee, stop the rain or build a levee
and have a straight say why don't we try to stop the rain, it is just insane, I just wonder
am I going to wake up you know from this incredible nightmare where entire country seems to have lost
its marbles, Terry McCran you haven't, thank you so much for your time, unbelievable.