Kudos to Fed Governor Christopher Waller for telling the hard truth last week.
“Climate change is real, but I do not believe it poses a serious risk to the safety and soundness of large banks or the financial stability of the United States,” he said Thursday.
Amen — and if only Fed Chair Jerome Powell would pay heed!
Despite his vow the Fed will “stick to [its] knitting” and avoid climate policy-making, it’s been part of a green financial cartel since 2020 and is likely on track to build out the very regulatory regime Waller rightly says is useless.
Look: Climate risk by definition is slow-moving and foreseeable. It will be spread out over the next 80 years and won’t come in sharp systemic shocks.
The opposite of what central bankers need to focus on, in other words.
For the Fed to take its eye off the worrying macro trends menacing the US economy currently would be nothing short of insane.
Especially since going hard on woke BS at the San Francisco Fed helped make sure it was blindsided by the collapse of Silicon Valley Bank, resulting in a panic in the financial sector.
Indeed, the movement to bring in climate stress testing — a backdoor to injecting poisonous ESG principles — shows just why a central bank must be non-partisan in order to function at all.
So Powell should listen here.
Green rules that strangle economies are politically popular with a cadre of loud activists, but every thinking person knows their cost-benefit is atrocious.
Once the carbon fanatics fully capture the Fed, the brakes will truly be off our economic roller coaster.
The Link LonkMay 15, 2023 at 05:25AM
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Federal reserve governor tells hard truth on green nonsense - New York Post
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