Postcards from King “Hat” III

There is a time and place for lectures on the economy and climate change. But there is also a distinct outfit that men and women should NOT wear whilst delivering their royal decrees.                                                                                                                                                                                                                                                                                                                                                                                                                 Forwarded this email? [Subscribe here]() for more [Postcards from King “Hat” III]( There is a time and place for lectures on the economy and climate change. But there is also a distinct outfit that men and women should NOT wear whilst delivering their royal decrees. [Garrett {NAME}]( Nov 7   [READ IN APP](   Market Recap A tough day in the energy sector weighed across the markets after such a strong past few months. Tech stocks pushed higher in a nice rebound as investors crowded back into the FANGs. No one seems to care about Apple’s falling revenue numbers. That said - such crowding can be rather dangerous. Dear Fellow Expat: Comedian Paul F. Tompkins has a great story about why he quit one of his first retail jobs in Philadelphia, Pennsylvania. He worked as a sales associate at a store called Hats in the Belfry! Part of his humiliating job was to use a long metal stick and fetch hats for customers – who would try on these various hats – only to leave behind a mess for him to clean. Up in the rafters of the store were a variety of different “exotic” hats that well-liquored patrons liked to try on. There was an Abraham Lincoln stovetop hat. “Whoa!” A Viking helmet. “How zany!” But the one that set Tompkins mad… was a very specific type of headwear… with a very specific name. Yet… on more than one occasion, a customer turned to the rafters… Spun a finger from him to the ceiling and said… “Hey… let me get that ‘King Hat!’ King hat? “You mean crown? Like, you know… a… crown…” Tompkins laments, throwing up his hands before pausing. “Sir… what are you doing?” [Upgrade to paid]( Republic Royalty The Florida Republic has no crown. It has no king. No brat prince runs barefoot up the beach, ordering men his senior to fetch him polo mallets or crab dishes. If you must know why, look not to our shores. But look to those examples who rule today… And see how poorly they address the economic conditions of subjects. This afternoon, King Charles III of England delivered his first state opening as monarch. (If you can get through it without falling asleep, you don’t win anything.) His speech included various edicts on the state of the British economy – one roiled by a self-inflicted financial crisis over the last 18 months. Among his proclamations, he gargled… [Emphasis, mine] “My Government will continue to take action to bring down inflation, to ease the cost of living for families and help businesses fund new jobs and investment. My ministers will support the Bank of England to return inflation to target by taking responsible decisions on spending and borrowing. These decisions will help household finances, reduce public sector debt and safeguard the financial security.” And he said all this… while wearing this outfit. Bloomberg Sir… what are you doing? Your “King Hat” could feed a village. This performance would be like a 500-pound man sitting on top of a donut pile, reading similar words that he’s doing everything possible to find food for everyone. I don’t understand how anyone in Britain can look at this pomp and not break the television. In the Florida Republic, we always warn that no one is coming to save us. King “Hat” Charles is your proof. [Share]( But Wait… There’s More “King Hat 3” went on to talk about energy security… In his next sentence, King Hat 3 said… [Emphasis mine] “Legislation will be introduced to strengthen the United Kingdom’s energy security and reduce reliance on volatile international energy markets and hostile foreign regimes. This Bill will support the future licensing of new oil and gas fields, helping the country to transition to net zero by 2050 without adding undue burdens on households.” We know these things are impossible. And we know these sentences are lies. He might as well have said… “Hey, baby… energy prices have been hot and heavy despite this rocky honeymoon period since I took over as King… so what do you say we get my government more involved?” The UK’s energy policy has been a mess. UK inflation for housing, water, electricity, gas, and other fuels jumped 6.9% in September 2023. And officials are bragging about those numbers… because they were up 26.7% in January to start the year. But ask an important question. Does the King of England suffer from higher energy costs? Do the Royal Planes stop flying? Do they turn the lights down in Parliament? Of course not. America Follows The United States is also going in the opposite direction on energy security. Despite being the largest natural gas producer by a mile… and one of the planet's largest LNG exporters, the U.S. now faces a pipeline shortage that could undermine our economy. What’s driving the lack of pipelines? [Lawyers.]( [Regulations.]( [Politicians.]( Industry officials - who know what they’re doing - are finally speaking out… They include Toby Rice, the CEO of EQT Corporation ([EQT](. "The industrial world that we enjoy now is severely compromised because of the lawsuits, the pushback, and the movement to cancel energy infrastructures and modern society. We've run out of flexibility," he told the Financial Times last month. Rice notes that certain parts of the U.S. could easily face natural gas shortages in the future due to a lack of pipelines. Just like the United Kingdom and other parts of Europe. Is anyone surprised by their complaints? We’ve been warning about this for a while. U.S. LNG daily exports are poised to double by 2030, substantially boosting America’s GDP. And all that LNG needs to come from somewhere… which means pipelines. But we’re falling behind on construction. In fact, we had to pass a special bribe law - the Inflation Reduction Act - to get just one pipeline built in West Virginia. [What does this mean for the future of infrastructure?]( There’s only one solution to curing these ills… Quick… Someone give the president a “King Hat” so he can give a speech about climate change. King Hat We’ll circle back on the pipeline shortage tomorrow – and [why we’re staying long in the midstream sector]( for the decade to come. Stay positive, Garrett {NAME} Secretary of Finance You're currently a free subscriber to [Postcards from the Florida Republic](. For the full experience, [upgrade your subscription.]( [Upgrade to paid](   [Like]( [Comment]( [Restack](   © 2023 Garrett {NAME} 548 Market Street PMB 72296, San Francisco, CA 94104 [Unsubscribe]() [Get the app]( writing]()