By Patrick Wood
Mimicking the concept of a Black Swan event, the Bank for International Settlements (BIS) is warning that a ‘Green Swan’ climate event could trigger a financial crisis.
Nassim Nicholas Taleb popularized the concept of a Black Swan event in his 2007 book, The Black Swan: The Impact of the Highly Improbable. Taleb laid out three requirements: the event must be unknown and unpredictable, it must cause a massive impact and people then try to rationalize that it really was predictable after all.
Now that the BIS has guzzled the green global warming Kool-Aid, it suggests that a ‘Green Swan’ event is unpredictable as to when it will occur, but is absolutely certain that it will occur.
Many central banks already contribute to the effort by monitoring climate-related risks through stress tests, incorporating environmental, social and governance criteria in pension funds, or working with banks on disclosing carbon-intensive exposure to assess potential financial-stability risks. [Bank of France Governor] Villeroy says that’s simply not enough however.
“The stark reality is that we are all losing the fight against climate change,” Villeroy said, advocating two solutions the European Central Bank could discuss in its upcoming strategy review: integrating climate change in all economic and forecasting models, and overhauling the collateral framework to reflect climate-related risks.
“If central banks are to preserve financial and price stability in the age of climate change, it is in their interest to help mobilize all the forces needed to win this battle,” he said. [emphasis added]
Governor Villeroy apparently reflects consensus among central bankers: we are already losing the battle against climate change, so we had better double- or triple-down our efforts to assure victory.
However, if there is a battle, it exists only in his own fantastical mind. That goes for the rest of the BIS elite and all other central bankers as well. In the real world, there is no real battle because there is no real enemy. Conceptions of climate change originated from mostly-faulty computer models and none of their predictions have actually materialized.
If people like Villeroy were not in charge of the world’s entire financial structure and system, nobody would care what they think. But they are in charge, and thanks to their own private delusions, they intend to completely flip the global financial system upside-down.
Of course, the Green Agenda is all about Sustainable Development, aka Technocracy. The United Nations has convinced world political leaders that their nations will perish unless they go along with it. The global elitists behind the United Nations (e.g., members of the Trilateral Commission) have convinced the entire global banking community to go along as well.
Article source: Technocracy.News
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