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A Mining Explosion: The Dirty Little Secret Of The Green Revolution
A Mining Explosion: The Dirty Little Secret Of The Green Revolution
Leftwing darling Alexandria Ocasio-Cortez’s proposed Green New Deal, despite its flimsy 14 pages total, is nothing if not all-encompassing and vaulting in its ambition. The bill was also crucial to Ocasio-Cortez’s rapid ascent to acronym status and anointing as the queen of green.
Thanks to her How Dare You tour, 16-year old Greta Thunberg is now the undisputed leader of the growing ranks of school-bunking climate crisis warriors all over the world.
The Greta show arrived in MINING.COM’s hometown of Vancouver last week to take Make-Love-Not-CO2 youths (and second-life hippies) on yet another march and bridge-blockade. The footslogging Greta groupies are beginning to resemble the disastrous 1212 children’s crusade – with higher ground now doing service for holy land.
Much of the response to AOC and Thunberg (who seem to get on like a house on fire if the Guardian is to be believed) on the right has been mocking and dismissive, accusing the pair of swapping hamburgers for pie in the sky.
This is a mistake.
Red turns green
Some estimates put the green economy in the US at $1.3 trillion in annual revenue already – that’s 7 percent of GDP – with a workforce of 9.5m Americans.
Within the Green New Deal is a goal of “meeting 100 percent of the power demand in the United States through clean, renewable, and zero-emission energy sources”. AOC has no deadline of course, but no doubt Greta would want that for the whole world before she hits drinking age.
A seminal paper by Bernstein’s European mining and metals team led by Paul Gait outlines just how fundamental a restructure of the global industrial economy is necessary to bring this – or even a fraction of this – about.
And all of it to the great benefit of mining.
…click on the above link to read the rest of the article…
Blain’s Morning Porridge – 11th February 2019
Blain’s Morning Porridge – 11th February 2019
“A little bit of an altercation in the scrum, they’ll be laughing at that in Hawick.”
What a fascinating world we live in.
Amazon boss Jeff Bezos exposing himself, and exposes the National Inquirer for attempted blackmail. A young senator, Alexandria Ocasio-Cortez, snaring the headlines and proposing a preposterous New Green Deal – while further splitting the Democrats. Europe plunging back into recession. The UK no closer to a Brexit Deal (hang-on, that’s not a headline… that’s just… normal..) Deutsche Bank paying up to demonstrate it can borrow in markets. Santander facing a Euro 50 bln breach of promise lawsuit from Andreas Orcel (proving the Spanish banking adage: At Santander – you are either a Botin or a.. servant..) So much out there…
Are all these things linked? Yes – the world we live in determines the functionality of global markets. You might believe Washington Post owner Jeff Bezos was the victim of an Inquirer effort to “catch and kill” a story the paper has on Mr Trump’s activities in Moscow, or you might believe Deutsche Bank’s problems are part of a deeper malaise across European banking. Whatever… the news changes our perceptions.
The trick is too separate the chaos of new flow from the tau of markets. Markets are linear functions of buy/sell – they are not necessarily about common sense. To illustrate: last week I wrote about Italy, pointing out just how hopelessly its ensnared and entrapped within the straight-jacket of the Euro, with little prospect of growth, employment or upside.
Yet Italian bonds are one of the top performing assets – AND WILL REMAIN SO – because the ECB can’t afford to let Italy go, and Europe sliding back into downturn pretty much ensures they’ll continue to bailout Italy and likely resurrect QE in some form – watch out for something like long-term repos.
…click on the above link to read the rest of the article…
