Hank Paulson (ya know: the guy that “managed” the financial crises in 2008) had a recent op-ed in the New York Times warning America of the next great crises. According to George W Bush’s former Treasury Secretary, climate change is the next sub-prime mortgage disaster. Or something. Writing in the New York Times, Paulson lays out his case:
Looking back at the dark days of the financial crisis in 2008, it is easy to see the similarities between the financial crisis and the climate challenge we now face. We are building up excesses (debt in 2008, greenhouse gas emissions that are trapping heat now). Our government policies are flawed (incentivizing us to borrow too much to finance homes then, and encouraging the overuse of carbon-based fuels now). Our experts (financial experts then, climate scientists now) try to understand what they see and to model possible futures. And the outsize risks have the potential to be tremendously damaging (to a globalized economy then, and the global climate now).
Right… I totally see the similarity between government-mandated sub-prime loans, and driving an SUV. In fact, it’s pretty obvious that a bunch of alarmism over inaccurate and ideologically driven climate models will lead to an “environmental” equivalent of the “great recession”. (You read that with a sarcastic tone, right?)
Paulson’s tortured analogy is bad enough. But things get worse when you begin to actually consider what he is trying to say. Keep in mind that we have seen no measurable global “warming” in the last 17 years. Contrary to the dire warning that Al Gore gave us in the early 2000s, New York is still not under water, hurricane activity has not picked up, the Antarctic has been accumulating ice, and the polar bear population is still happily slaughtering seals as they continue to grow in numbers.
In other words: The climatological Armageddon that has been forecasted since the 1970s still hasn’t come to fruition. Paulson’s second grade attempt at allegorical writing is made even less impactful by the fact that global warming has a track-record of discrediting itself.
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