The Phaserl


Caterwauls On Paris

by Karl Denninger, Market Ticker:

You can’t possibly be serious.

The screamfest over Trump’s withdrawal from the Paris accord is amusing beyond words. Among the complainers is Tim Cook who I remind you makes his iPhones in China which was immune from mandatory carbon emission cuts. If Tim Cook cared about carbon emissions he would make them somewhere else.

But he hasn’t and he doesn’t.

Then there’s Elon Musk, who stomped off in “indignation” when the announcement was made. The truth is a bit more complex; Musk is a welfare queen and Tesla, including all that it produces (batteries, solar panels and roofs and of course cars) is utterly dependent on both government subsidy and force to make you buy them under penalty of paying more. Tesla loses money on every car it sells and without both government subsidies and a belief they will continue the company is literally at risk of collapse.

Don’t take my word for that, by the way — if you’re too lazy to read the company financials for yourself Musk himself has said so.

“I do believe this market cap is higher than we have any right to deserve,” Musk said to The Guardian. “This is not some situation where, for example, we are just greedy capitalists who decided to skimp on safety in order to have more profits and dividends and that kind of thing. It’s just a question of how much money we lose. And how do we survive? How do we not die and have everyone lose their jobs?”

Got it folks? Tesla is a money-losing firm. It always has been. There are no profits. It exists because it can steal from the taxpayer and Wall Street believes it will be able to continue to do so and thus lets Tesla float bond issues in the market.

So is Musk truly indignant for the future of the planet or is the real problem that he smells brimstone and the end of his charade? It’s not like you have to guess as Musk has told you in plain English (both in interviews and in his quarterly filings) what the truth is.

Then there’s Goldman’s Blankfein. He, of course, was looking forward to financing “opportunities” (underwriting bonds and similar) for the trillions of dollars that America was going to be forced to give to other nations such as India. You don’t really think they’ll just wait for the money, do you? Oh no, here comes Goldman with the “opportunity” to get that money now — for a price, of course. That just went “poof” like a fart in the wind.

The list goes on, of course.

The truth about the Paris Accord is that it was a scam from the outset, just like Kyoto. I wrote on it at the time. The fundamental scam is that it did not impose hard caps on the plurality of the population of the world — specifically, India and China. Neither had hard caps nor requirements to spend. India, for example, only had to make “reforms” if they were paid to do it by the Untied States and others. Otherwise, no obligation. China — same deal.

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