Back to the Caves, Peasants!

COP28 President Challenges Fossil Fuel Phase-Out Narrative [The Rude Awakening] December 05, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Back to the Caves, Peasants! [Sean Ring] SEAN RING Watching the Left eat itself is a pleasure perpetually renewed. What happened this time around? Imagine taking Arab money for a climate change conference and expecting it all to go to plan. And that’s no insult to the Arabs. They know what they’re doing. But Western leftists expect people who wear dishdashas to bow and scrape every time they walk into the room. It’s hilarious. When the head of ADNOC (Abu Dhabi National Oil Corporation) is also the Head of the UAE COP28 delegation - and the conference hosted in the UAE, right-thinking folks should expect a reasonable pumping of the fossil fuel hate brakes. But environMENTALS are rarely right in the head. Let’s get to the facts. The Grauniad Breaks a Story! In a striking and hilarious deviation from the prevailing climate action narrative, COP28 President Sultan Ahmed Al Jaber has controversially dismissed the hysteria behind the rapid phase-out of fossil fuels. His statement sent shockwaves through Oxbridge dorm rooms, East Side studio apartments, and the hairy armpits of German Green Party candidates. As the head of the UAE’s COP28 delegation and the CEO of the state-owned oil company ADNOC, Al Jaber's stance presents a stark juxtaposition against the backdrop of increasing hysterical calls for urgent action against climate change. But since Al Gore thought it was ridiculous to have the CEO of a fossil fuel company also host the conference, you know it was the right thing to do. [In a pant-wettingly hilarious exchange]( with Mary Robinson, former Irish President, the Sultan had this to say: Al Jaber spoke with Robinson at a She Changes Climate event. Robinson said: “We’re in an absolute crisis that is hurting women and children more than anyone … and it’s because we have not yet committed to phasing out fossil fuel. That is the one decision that Cop28 can take and in many ways, because you’re head of Adnoc, you could actually take it with more credibility.” Al Jaber said: “I accepted to come to this meeting to have a sober and mature conversation. I’m not in any way signing up to any discussion that is alarmist. There is no science out there, or no scenario out there, that says that the phase-out of fossil fuel is what’s going to achieve 1.5C.” Robinson challenged him further, saying: “I read that your company is investing in a lot more fossil fuel in the future.” Al Jaber responded: “You’re reading your own media, which is biased and wrong. I am telling you I am the man in charge.” Al Jaber then said: “Please help me, show me the roadmap for a phase-out of fossil fuel that will allow for sustainable socioeconomic development, unless you want to take the world back into caves.” “I don’t think [you] will be able to help solve the climate problem by pointing fingers or contributing to the polarisation and the divide that is already happening in the world. Show me the solutions. Stop the pointing of fingers. Stop it,” Al Jaber said. Al Jaber's remarks, initially reported by [The Guardian]( and subsequently echoed across various news outlets, have left climate advocates with faces like beaten favorites. They view his statement as a significant setback in the fight against global warming, considering the UAE's prominent role in the fossil fuel industry. The president's assertion that there is "no science" to support the rapid discontinuation of fossil fuels runs counter to the widely accepted scientific consensus (among scientists who are allowed to have an opinion) on the need to curb greenhouse gas emissions to mitigate the worst impacts of climate change. [There is MASSIVE change happening within our company.]( And I want you to [hear about this – from me]( – otherwise this new policy could blindside you. This has gone into effect immeditaly, so I want you to understand exactly what it will mean for you. [So please, watch this video for my full announcement.]( [Click Here To Learn More]( Conflict of Interest The COP28 chief's comments have raised eyebrows, given his dual role as a top executive in the oil sector, leading to accusations of a conflict of interest. Critics argue that this dual role poses a direct challenge to the credibility of COP28, a pivotal event in the global climate action calendar. The UAE, a major oil producer, hosting the summit adds another layer of complexity to the debate as it seeks to balance its economic interests with the mounting global pressure to transition to cleaner energy sources. Al Jaber's statement not only flies in the face of the “established scientific consensus” but also seems to undermine the very purpose of the COP summits. And thank heavens for that! They’ve been a complete waste of time and money, except for those government and NGO workers with no other means of gainful employment. These events have historically been platforms for nations to unite and commit to concrete actions to combat climate change. His claim that phasing out oil will not necessarily achieve the world's climate goals contrasts sharply with the widely held view that fossil fuels are the primary drivers of global warming. David Miliband, who never became the UK Prime Minister and left the country after losing the Labour leadership contest to his slack-jawed brother, pointed out the inherent challenge in Al Jaber's stance. He emphasized that any vow to phase out fossil fuels at COP28 would be "totally" doomed to fail unless accompanied by concrete actions. He didn’t say how useless these statements are without China’s and India’s buy-ins because we’ll never get them. All Hat and No Cattle This highlights a persistent issue in international climate discussions: the gap between rhetoric and action. Despite 27 years of United Nations COP climate talks, a commitment to ditch fossil fuels has never been solidified in a final pact. And it never will be because the UN is toothless. This ongoing failure underscores the complexity of balancing economic, political, and environmental priorities in a world still heavily dependent on fossil fuels. It also explains why Greta Thunberg never protests in China. Prince-ly Vices Michael Shellenberger, author of Apocolypse Never, wrote on his [substack]( A new study in the peer-reviewed journal, Personality and Individual Differences, of 839 German environmental activists, suggests we shouldn’t be surprised. It found a strong association between environmental activism and “the dark triad traits,” which are Machiavellianism, psychopathy, and narcissism, as well as left-wing authoritarianism (i.e., antihierarchical aggression, anticonventionalism, top-down censorship). “Most of these associations,” wrote the author, “remained significant after controlling for Big Five characteristics, demographic characteristics, political orientation, and right-wing authoritarianism. These findings suggest that environmental activism, in addition to its potential positive outcomes, may also have a dark side in terms of activists' personality.” Indeed, none of that is surprising at all. Wrap Up Al Jaber's controversial stance at COP28 is significant in the ongoing global climate change and fossil fuel dependency discourse. It reflects the complex interplay of economic, political, and environmental considerations that continue challenging the global community's response to the climate crisis. It may also signal a turning point in the absurdity of some of the climate change arguments. Signing off from Europe, a continent currently 60% covered in snow. All the best, [Sean Ring] Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( In Case You Missed It… Gold’s Midnight Madness [Sean Ring] SEAN RING I grabbed my iPhone to see what was happening as I got out of bed this morning. Boy, were the gold bugs excited! Of course, since we’ve been very bullish here at Paradigm Press, I got excited, too. It wouldn’t take months for gold to get above $2,100; it took mere days. Follow along with me. Last Night Into This Morning Before we start, if you notice different prices, you may have looked at gold futures instead of gold spot. A spot price is the price of the underlying commodity (in this case, an ounce of gold), excluding any transaction costs. A futures contract is the obligation (not a “right;” that’s an option) to buy or sell a specified quantity of a standardized asset (in this case, 100 ounces of gold) at a price agreed today (the futures price) for delivery in the future. Since the gold will be delivered in the future, the futures price includes the cost of carry, which includes storage, insurance, foregone interest, and the convenience yield. Essentially, the futures contract is the spot commodity moved through time. It’s not a prediction of where the price will be once the futures contract matures. Here’s the spot gold chart for this morning. [SJN - issue 12.04.23] Credit: [Kitco]( Let’s start with Friday’s light blue line. We saw nice price movement from about $2,040 to the close of $2,071. Then we go into Sunday’s market (the red line). This is where the Twitterverse exploded, along with the gold price. Spot gold spiked to nearly $2,140, a tremendous $100 move over little more than a day. But what goes up parabolically usually comes down as fast. And so it was with gold. Gold closed Sunday with only a $10 move up. Today, it opened at about $2,082 and is currently trading at about $2,070. In short, the entirety of the crazy spike was eliminated. [Are you worried about “Biden Bucks”?]( Don’t be. All you need to protect yourself and your money is this secret gold investment you see here. [Gold currency Alternative]( This new alternative gold currency is the perfect way for you to sidestep “Biden Bucks” while preserving your wealth at the same time. To show you how it works, just watch this [quick 2-minute video]( walking you through all of the details… [Just click here now for all of the details.]( [Click Here To Learn More]( Mr. Slammy Returns “Mr. Slammy” is the euphemism gold traders use for the entities that short gold futures when the price goes too high. When the price gets “monkey hammered” overnight, it’s usually Mr. Slammy, whoever he is, who does it. A high gold price isn’t good for the US, Let’s look at the consequences of high gold prices: For the United States - Inflation Indicator: A high gold price often signals high inflation, harming the economy. Gold is traditionally seen as a safe haven in times of economic uncertainty, and its rising price can indicate a lack of confidence in the stability of the current economic situation. - Currency Devaluation: Gold prices often move inversely to the U.S. dollar. So, when gold prices are high, it can suggest a weaker dollar, affecting the U.S.'s purchasing power and trade balance. - Impact on Interest Rates: The Federal Reserve might raise interest rates to combat inflation, slowing economic growth. Higher interest rates can make borrowing more expensive, affecting consumer spending and business investments. For "Enemies" or Rivals like Russia and China - Diversification Away from USD: Countries not allied with the U.S. might use gold to diversify their reserves away from the U.S. dollar. A high gold price benefits these countries as it increases the value of their gold reserves. - Economic Leverage: If a rival country is a significant producer of gold, high prices can boost its export revenues, giving it more financial leverage. - Weakening US Influence: As gold prices rise and the dollar weakens, countries that rely less on the dollar for international trade can see a relative increase in their economic and geopolitical influence. Contextual Factors - U.S. Debt: The U.S. holds a large amount of debt. A weaker dollar (implied by high gold prices) can make servicing this debt more expensive. - Global Economic Conditions: The reasons behind the rise in gold prices matter. Due to global uncertainties, it could harm all economies, not just the U.S. - Market Dynamics: The rise in gold prices is sometimes driven more by market speculation than fundamental economic weaknesses. While high gold prices can signal challenges for the U.S. economy, particularly in terms of inflation and currency strength, the impact on its "enemies" depends on its economic structure, reliance on gold, and its relationship with the global financial system dominated by the U.S. dollar. To be sure, a lower gold price is good for the USG. And Let’s Not Forget Bitcoin [SJN-Issue-12-04-23] Bitcoin has moved from $25,000 to roughly $42,000 in the last three months. It’s an incredible haul by any standard. For you math geeks out there, that’s a 68% holding period return over three months. Wow. Safe Haven Assets What gold’s and Bitcoin’s moves say to me is the world is searching for a safe haven away from government-induced inflation (fiscal policy) or central bank-induced inflation (monetary policy). With Powell tightening the way he did, the blame for high inflation is on the government or whoever controls The Bot Known As Joe Biden. Wrap Up There were some delighted gold traders overnight, but eventually, they went to sleep disappointed. While gold hit $2,170 overnight, it’s below Friday’s close. Bitcoin has been rallying furiously over the past three months. Silver also opened up intensely and then sunk below Friday’s lows. The fight between inflation fighters and Mr. Slammy has entered a new phase. All the best, [Sean Ring] Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Rude Awakening e-mail subscription and associated external offers sent from Rude Awakening, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@rudeawakening.info. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. 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