MR. WHITEHOUSE IN MY EFFORT TO
ALERT OUR BODY TO THE LOOMING
DANGERS OF CLIMATE CHANGE, SINCE
PRESIDENT TRUMP'S INAUGURATION
IN JANUARY, HE HAS EMBARKED UPON
A SERIES OF ACTIONS THAT QUITE
THEY OBEY THE FOSSIL FUEL
INDUSTRY BUT THEY DEFY REALITY.
OR MAYBE IT'S THE OTHER WAY
AROUND, THEY DEFY REALITY TO
OBEY THE FOSSIL FUEL INDUSTRY.
ON HIS VERY FIRST DAY IN OFFICE,
HE ISSUED AN EXECUTIVE ORDER
DECLARING THAT WIND ENERGY AND
SOLAR ENERGY ARE NOT ENERGY.
THIS DEFIES EVEN THE DICTIONARY,
AND IT IGNORES THE FACT THAT
HANDWRITTENASING WIND AND
SOLAR -- HARNESSIN WIND AND
ADMINISTRATOR ANNOUNCED TO UNDO
THE AGENCY'S FINDING THAT CARBON
POLLUTION ENDANGERS HUMAN AND
HEALTH WELFARE DID HES HE SPITE
THE COST OF CLIMATE CHANGE
BECOMES MORE EVIDENT EVERY DAY.
IN MAY, JEFF CLARK, WHO RUNS THE
OFFICE OF INFORMATION AND
REGULATORY AFFAIRS AT OMB, PART
OF THE OMB FOSSIL FUEL STOOGE
PLATOON, BEST KNOWN FOR HIS
INVOLVEMENT IN CROOKED KEYONE
COPS EFFORTS TO OVERTURN THE
2020 ELECTION ISSUED A MEMO
DIRECTING AGENCIES TO STOP USING
THE SOCIAL COST OF CARBON IN
AGENCY DECISION-MAKING, AGAIN,
DESPITE THE FACT THAT WE KNOW
THAT CARBON POLLUTION COSTS THE
GOVERNMENT AND PUBLIC MONEY,
NOW WE HEAR THE TRUMP'S EPA IS
READYING TO RESCIND A RULE
LIMITING CARBON POLLUTION FROM
CERTAIN FOSSIL FUEL FIRED POWER
PLANTS ON THE PRETENSE THAT
EMISSIONS FROM THESE PLANTS DO
NOT SIGNIFICANTLY CONTRIBUTE TO
CLIMATE CHANGE DESPITE THE FACT
THAT THE CARBON POLLUTION FROSSL
FUEL PLANTS IS RESPONSIBLE FOR
THE POLLUTION FROM ALL BUT SIX
IT'S A MAJOR CONTRIBUTOR.
PUT SIMPLY IN TRUMP'S WORLD,
FACTS DON'T MATTER AND THE TRUTH
IS WHATEVER HIS FOSSIL FUEL
INFLUENCE OPERATION HAS ACTUALLY
GOVERNMENT AND IT IS AFFECTING
THE FOSSIL FUEL INDUSTRY'S
THIS WOULD BE A SORRY ENOUGH
STATE OF AFFAIRS BY ITSELF.
A PRESIDENT OF THE UNITED STATES
WHO IGNORES FACTS AND LIVES IN A
PHONY ALTERNATE REALITY OF A
POLLUTING INDUSTRY'S MAKING.
BUT IT GETS WORSE WHEN OTHERS
MODULATE THEIR OWN WORLD VIEWS
AND ACTIONS TO RELY LESS ON
FACTS ON THE IMMUTABLE LAWS OF
NATURE AND ECONOMICS, AND
INSTEAD ON NONSENSICAL UTT
UTTERANCES ABOUT CLIMATE CHANGE
TAKE OUR FED CHAIR JEROME
AFTER ADMITTING TO SENATOR TINA
SMITH ON THE SENATE BANKING
COMMITTEE THAT CLIMATE CHANGE
WOULD MAKE IT IMPOSSIBLE TO GET
IMPOSSIBLE TO GET MORTGAGES IN
WILDFIRE-EXPOSED REGIONS OF THE
THREE DAYS BEFORE TRUMP'S
INAUGURATION -- RESEARCHES
CLIMATE AND FINANCIAL ECONOMIC
THE EUROPEAN CENTRAL BANK AND
BANKS OF MEXICO, JAPAN, THE U.K.
AND MORE THAN 80 OTHER COUNTRIES
THEN IN MAY THE FED PRESSURED AN
SUPERVISION ORGANIZATION TO
THANKFULLY THE OTHER CENTRAL
LAST, THE FED DISSOLVED ITS OWN
CLIMATE RISK WORKING GROUPS.
CAN'T HAVE THOSE ANYMORE.
NOT WHEN OUR POLLUTER-FUNDED
DEAR LEADER SAYS IT'S ALL A
OR TAKE DANIEL URAGAN AND TWO
OTHER PEOPLE WHO SHOULD KNOW
THEY WAITED BARELY A MONTH AFTER
TRUMP'S INAUGURATION BEFORE
MANIFESTO IN FOREIGN AFFAIRS IN
DEFENSE OF WHAT THEY CALL ENERGY
WHAT IS ENERGY PRAGMATISM YOU
BASICALLY IT'S A TRUMP FRIENDLY
AND FACTUALLY CHALLENGED THEORY
THAT TRANSITIONING TO GREEN
ENERGY IS TOO COMPLICATED AND
EXPENSIVE SO WE MAY AS WELL
RESOLVE OURSELVES TO USING
FOSSIL FUELS FOR A LONG, LONG
DESPITE ITS 5,000-WORD LENGTH
AND DESPITE ITS INCLUSION OF A
SECTION ENTIELTSZED -- ENTITLED
IT'S THE ECONOMY, THIS PIECE
NEVER MENTIONED THE MASSIVE
COSTS AND SYSTEMIC ECONOMIC
RISKS ALREADY LOOMING FROM
LITERALLY ONLY ONE SIDE OF THE
WHICH BRINGS 34E BACK TO THE
SOCIAL -- ME BACK TO THE SOCIAL
REPUBLICANS WSH THE GREAT
CHAMPIONS OF -- WERE THE GREAT
CHAMPIONS OF COST-BENEFIT
RONALD REAGAN WAS THE FIRST TO
OBVIOUSLY FAR FROM PERFECT, IT
DOES MAKE SENSE TO HAVE A
MONETARY ESTIMATE OF THE COSTS
AND BENEFITS ASSOCIATED WITH A
PARTICULAR REGULATORY ACTION.
THAT IS THE SOCIAL COST OF
IT CALCULATE THE CLIMATE-RELATED
COSTS FROM ADDING AN ADDITIONAL
TON OF CARBON DIOXIDE TO THE
ATMOSPHERE OR ALL TERNIVELY THE
BENEFITS FROM ILLUMINATING A TON
THE SOCIAL COST OF POLLUTION IS
ECONOMISTS HAVE BEEN USING IT
EE CLARK'S MEMO ARGUES THAT THE
SOCIAL COST OF CARBON SHOULDN'T
BE USED BECAUSE A MONETIZED
ESTIMATE OF THE COSTS OF ONE TON
OF CARBON POLLUTION IS TOO
WELL, FIRST OF ALL, WE DO KNOW
AND THAT IS THAT THE COST ISN'T
OUR OWN LIVED EXPERIENCES TEACH
AND THERE'S ACTUALLY CASE LAW TO
THE EFFECT THAT THE NUMBER IS
WE ALSO KNOW IT'S NOT EVEN CLOSE
EVERY SERIOUS ACADEMIC ESTIMATE
OF THE SOCIAL COST OF CARBON IS
WELL NORTH OF $50 WITH MOST WELL
EPA'S LAST ESTIMATE INFORMED BY
COPIOUS ACADEMIC RESEARCH WAS
$190 PER TON IN HARM FROM CARBON
INTERNATIONAL MONETARY FUND
CALCULATES THAT THERE IS A
SUBSIDY TO THE FOSSIL FUEL
INDUSTRY IN THE UNITED STATES
EVERY SINGLE YEAR OF $700
WHICH IS THEIR VALUATION OF THE
POLLUTE FOR FREE FOSSIL FUEL
YOU CAN BACKCALCULATE FROM THAT
TO AN EFFECTIVE COST OF CARBON
POLLUTION OF AROUND $150 PER
WHETHER $150 PER TON OR $190 PER
TON, THESE WEREN'T EVEN THE
HIGHEST ESTIMATES OUT THERE.
THERE ARE CREDIBLE ESTIMATES IN
THE HUNDREDS OF DOLLARS PER TON.
MUCH OF THE VARIATION MOPPING
THE COSTS COMES FROM THE CHOICE
OF WHAT DAMAGE YOU ATTEMPT TO
FOR EXAMPLE, THAT EPA ESTIMATE
AT $190 PER TON ONLY LOOKED AT
IT ONLY LOOKED AT INCREASED
AGRICULTURE, INCREASED ENERGY
COSTS, AND DAMAGE FROM SEA LEVEL
THOSE FOUR THINGS, FOUR THINGS.
IT DID NOT CONSIDER THE SYSTEMIC
FINANCIAL AND ECONOMIC RISKS
FROM CLIMATE CHANGE OF THE SORT
THE ONES TO WHICH FED CHAIR
POWELL ALLUDED WHEN HE ADMITTED
THAT CLIMATE CHANGE WOULD RENDER
PARTS OF OUR COUNTRY UNINSURABLE
AND HENCE UNMORTGAGEABLE.
THAT IS A HUGE LOOMING ECONOMIC
BLOW NOT IN THE EPA CALCULATION.
IN OTHER WORDS, ALMOST ALL
ESTIMATES OF THE SOCIAL COST OF
CARBON ARE INJURED ESTIMATES --
ARE UNDERESTIMATES BECAUSE THEY
DO NOT ATTEMPT TO QUANTIFY ALL
CLIMATE-RELATED COSTS AND
TRUMP'S POLLUTER-RUN OMB WANTS
US TO IGNORE ALL OF THIS.
THE LOGIC IS REALLY STUNNING
OR I SHOULD PROBABLY SAY THE ILL
LOGIC BECAUSE THEY SAY IT'S NOT
CLEAR WHAT NUMBER IS RIGHT.
WE'LL USE ZERO, A NUMBER WE KNOW
THAT SIMPLY DOESN'T MAKE SENSE.
BUT IT DOES SOLVE THE PROBLEM OF
THE FOSSIL FUEL INDUSTRY HAVING
TO ACCOUNT FOR THE HARM THAT IT
CAUSES THAT IS A MASSIVE FAVOR
TO THE FOSSIL FUEL INDUSTRY.
THIS IS YET ANOTHER OILY FOSSIL
FUEL THUMB PRESSED DOWN ON THE
SCALE TO HELP BIG POLLUTERS.
CLIMATE POLLUTION IS A GLOBAL
OUR EMISSIONS HARM AMERICANS AND
CHINESE EMISSIONS HARM THE
AND THE REST OF THE WORLD.
AND HARMS THAT OCCUR TO PEOPLE
IN OTHER COUNTRIES END UP HAVING
REAL COSTS HERE AT HOME AS
DESTABILIZED THE MIDDLE EAST AND
A LONG-TERM SEVERE DROUGHT
EXACERBATED BY CLIMATE CHANGE IS
WIDELY UNDERSTOOD TO HAVE PLAYED
LOOK AT NUCLEAR ARMED INDIA AND
PAKISTAN WHICH HAVE BEEN AT ODDS
AS GLACIERS SHRINK IN THE
HIMALAYAS DUE TO CLIMATE CHANGE,
WATER BECOMES EVENTUALLY MORE
RAISING TENSIONS AS THESE
ADVERSARIES COMPETE FOR A
THEN THERE ARE THE NORTHERN
TRIANGLE COUNTRIES OF GUATEMALA,
EL SALVADOR, AND HONDURAS HIT
HARD BY A DROUGHT MADE WORSE BY
THE DROUGHT MADE IT HARDER FOR
SUBSISTANCE FARMERS TO EKE OUT A
LIVING CONTRIBUTING TO THE SURGE
FAR AWAY EVENTS HAVE ECONOMIC
EFFECTS HERE AT HOME AS WELL.
A DROUGHT IN PANAMA LOWERS WATER
AND SLOWS SHIPPING MAKING IT
A DROUGHT OR FLOOD HITS A MAJOR
AGRICULTURAL EXPORTER AND MAKES
A FLOOD IN THAILAND SWAMPS
SHORTAGE HERE IN CAR PARTS.
CLIMATE-RELATED DROUGHTS,
FLOODS, FIRES AND STORMS IN
FOREIGN LANDS IMPOSE REAL COSTS
ON AMERICANS HERE AT HOME.
THE LEGIONS OF BOOTLEGGERS WHO
ORBIT AROUND TRUMP REMIND ME OF
THE LEGEND OF KING KNUTE.
KING KNUTE LIKE PRESIDENT TRUMP
TODAY WAS SURROUNDED BY HOARDS
OF FLATTERING KORT AYERS --
UNLIKE PRESIDENT TRUMP, KING
KNUTE WAS DISPLEASED BY HIS
CORTIER'S RELENTLESS FLATTERY
THAT HE WAS ALL POWERFUL.
SO TO GIVE THEM A LESSON, KING
KNUTE SET HIS THRONE BY THE SEA
EDGE AND COMMANDED THE INCOMING
TI TO HALT SO AS NOT TO WET
WELL, OF COURSE THE TIDE TOOK NO
MIND OF KING KNUTE'S WORDS,
CONTINUED ITS ADVANCE AND WASHED
KING KNUTE EXCLAIMED LET ALL MEN
KNOW HOW EMPTY AND WORTHLESS AS
THE POWER OF KINGS FOR THERE IS
NONE WORTHY OF THE NAME BUT HE
WHOM HEAVEN, EARTH, AND SEA OBEY
PARTICULARLY RESONATE TODAY.
BECAUSE CLIMATE CHANGE IS REAL.
AND IT IS DRIVEN BY ETERNAL
LAWS, BY THE NATURAL LAWS OF
CHEMISTRY, FOR INSTCE, AND
AND A LATTER-DAY AIR ZACHES KING
SAYING OTHERWISE MAKES NO
DIFFERENCE AT ALL TO THE NATURAL
SYSTEMS OF THIS PLANET DRIVEN BY
CLIMATE CHANGE IS GOING TO BE
VERY EXPENSIVE, VERY DISRUPTIVE,
INSURANCE CRISIS IS A PREVIEW OF
I WON'T DWELL IN THIS SPEECH ON
I SPOKE OVER AND OVER ABOUT THE
MANY DIFFERENT AGENCIES AND
EXPERTS FROM INSURANCE INDUSTRY
CEO'S TO INSURANCE INDUSTRY
BOARD MEMBERS TO THE CHAIRMAN OF
THE FEDERAL RESERVE TO THE CHIEF
ECONOMIST OF FREDDIE MAC TO THE
ECONOMIST MAGAZINE TO THE
STABITY BOARD AND ON AND ON
IT IS OVER AND OVER THE SAME
THE WARNING THAT CLIMATE CHANGE
IS DISRUPTING THE PLANET SO MUCH
THAT RISKS ARE BECOMING INTO
UNPREDICTABLE THAT INSURANCE IS
UNAVAILABLE OR UNAFFORDABLE ON
AND THAT THAT INSURANCE CRISIS
QUICKLY SPILLS OVER INTO A
MORTGAGE CRISIS BECAUSE YOU
CANNOT GET A MORTGAGE ON A
PROPERTY ON WHICH YOU CANNOT GET
PROPERTY VALUES BECAUSE IF YOU
MORTGAGE, YOU PROBABLY NEED TO
SELL IT TO SOMEBODY WHO NEEDS A
AND IF YOU CAN'T SELL TO THAT
ENTIRE POPULATION OF HUMAN
BEINGS WHO NEED A MORTGAGE TO
BUY YOUR HOUSE BECAUSE YOUR
HOUSE WON'T SUSTAIN A MORTGAGE
BECAUSE IT CAN'T GET INSURANCE,
THEN YOUR MARKET JUST CRASHED
AND THE VALUE OF YOUR HOME DID
I'VE SHOWN HERE AT THIS PODIUM
THE MAP FROM FIRST STREET THAT
PREDICTED WHAT IN THE TIME
PERIOD OF A 30-YEAR MORTGAGE IS
GOING TO HAPPEN TO HOME VALUES
AROUND THE COUNTRY FROM THIS
INSURANCE TO MORTGAGE TO VALUES
AND IN SOME PLACES THE LOSS OF
BUT EVEN WHERE THE LOSS OF VALUE
IS GOING TO BE 20% OR 40%, THINK
COMMUNITY, WHERE ALL OF THE
PROPERTY IN THAT COMMUNITY HAS
THINK OF WHAT THAT DOES TO THE
COMMUNITY BANK IN THAT BHUNTY
SOLVENCY, ITS LOAN-TO-VALUE
RATIO WHEN THE VALUE FOR THE
COLLATERAL FOR ITS LOANS HAS
CRASHED 20% TO 40%.THIS IS COMIY
PLUS WHOEVER DOMINATES THOSE
INDUSTRIES WILL DOMINATE THE
SO, LET'S PROTECT OURLVES FROM
DOMINATES THE 21ST CENTURY IN
ENERGY IS THE UNITED STATES.
LET'S NOT GIVE AWAY AMERICA'S
POSITION IN THAT COMPETITION TO
OUR FOREIGN RIVALS JUST TO HUMOR
A CORRUPT POLITICAL INFLUENCE
THAT WOULD BE A DISGRACEFUL
OUTCOME, BUT IT IS THE ONE WE
