And it begins with Government control of the means of financing the means of production (among other things to be financed).
The acting head of the US’s top banking regulator called for banks to be screened for climate risk as part of their periodic stress tests and said the agency’s own regulatory approach was focused on maintaining the safety and soundness of the financial system.
“Banks face all sorts of risks everyday—credit risk, market risk, liquidity risk,” said Michael Hsu, acting comptroller of the currency. “What’s emerging now is that climate change is going to be impacting a number of those risks in different ways, and we need banks to prepare for that.”
This is nonsense. The risk that banks must be able to manage, in this venue, is the risk involved in Government reaction to the “climate change,” whether global warming is real or not.
Hsu’s attempt has nothing to do with the safety and soundness of our nation’s financial system; it has everything to do with an attempt to increase Government control of our nation’s financial system.