Speaker 1: The green transition an echo promised or a global setback. Now,
Speaker 1: for years we've been hearing about this push to renewable everything.
Speaker 1: We're electricfying everything, We're electrifying vehicles, electric vehicles, ebs, we're
Speaker 1: electrifying home appliances. All the electrical generation is supposed to
Speaker 1: come from renewable sources like solar panels and windmills, which
Speaker 1: sounds great, right until you realize it's about as realistic
Speaker 1: as catching eleprochan and having them lead you to a
Speaker 1: pot of gold, which is not very likely. Now, the
Speaker 1: reality of this was always going to be a factor.
Speaker 1: I've said this many times until reality hits you in
Speaker 1: the face. But now with the FED hiking rates, debt
Speaker 1: piling high, and a recession looming, we're starting to see
Speaker 1: the cracks everywhere in this push to renewables. The dam
Speaker 1: is crashing, and over just the last couple of weeks,
Speaker 1: more and more data is piling in showing just how
Speaker 1: bad this is. So on today's show, we're going to
Speaker 1: cover the much celebrate to green transition, held as the
Speaker 1: earth saving grace, but under closer inspection, we're going to
Speaker 1: see a massive amount of economic drawbacks, environmental paradoxes and
Speaker 1: other things. We're going to see that the global push
Speaker 1: to adopt cleaner energy solutions comes brings an underreported narrative
Speaker 1: of failed infrastructure projects, slowed EV sales, and policies starting
Speaker 1: to fall apart. We're going to look at why there
Speaker 1: was this relentless drive, why there was this push, who
Speaker 1: stands to gain the most? And we're going to look
Speaker 1: through the interest behind the green curtain, and we're going
Speaker 1: to give you strategies that you can use to protect yourself,
Speaker 1: to arm yourself amidst this green chaos. Now, if you're
Speaker 1: just tune in, you're listening to the Mark Mass Show.
Speaker 1: We're talking always about the money and the freedom and
Speaker 1: how we can protect those things as the world continues
Speaker 1: to break apart. And today we are watching one of
Speaker 1: the biggest narratives, this green curtain, like I said, falling apart. Now,
Speaker 1: it starts with the rise and stall of electric vehicles.
Speaker 1: Of course, you know about this the EV push. We've
Speaker 1: been hearing about it in California. The EV push has
Speaker 1: been big. But it's not just California. It's United States
Speaker 1: and it's other nations that have all been pushing for
Speaker 1: a move to electric vehicles, and not just pushing for
Speaker 1: a move to it, but as a matter of fact, mandating.
Speaker 1: This is the very key piece we're going to come
Speaker 1: back to over and over throughout this segment, mandating the
Speaker 1: switch to electric vehicles, certain goals by twenty thirty by
Speaker 1: twenty thirty five. But the problem is the market doesn't
Speaker 1: work like that. You can't just will things into existence.
Speaker 1: There has to be demand, and that is exactly the
Speaker 1: problem that we have in the EV space. There's no
Speaker 1: demand sales or slow. As a matter of fact, Ford
Speaker 1: said that customers in North America are unwilling to pay
Speaker 1: a premium for the EV vehicles. So Ford's electric vehicle
Speaker 1: push is falling apart. The company is now postponing twelve
Speaker 1: billion dollars in electric vehicle manufacturing investment. The CFO John
Speaker 1: Lawler said that Ford will postpone about twelve billion in
Speaker 1: spending on manufacturing capacity for evs, including a planned second
Speaker 1: battery plant in Kentucky. So this isn't just like things
Speaker 1: are bad, sales are bad. This is no, no, we're
Speaker 1: cutting spending on future production right. So these are leading
Speaker 1: indicators that tell us where the future is going. So
Speaker 1: either we're going to have well both probably much less
Speaker 1: electric vehicles in the future because Ford's cutting back on
Speaker 1: future development and we're gonna have higher prices less supply.
Speaker 1: Now that unless the demand completely falls off the you know,
Speaker 1: off the cliff. We saw Ford's Model EV. Their unit
Speaker 1: lost about three point one billion through three quarters this
Speaker 1: year in twenty twenty three. You can't just lose three
Speaker 1: billion dollars in a year. The full year operating loss
Speaker 1: is four and a half billion for the for Ford's
Speaker 1: E business, the EV unit. You can't just lose four
Speaker 1: and a half billion. It doesn't work like that. The
Speaker 1: markets don't support that. As part of the third quarter
Speaker 1: report we see Ford said on Thursday that it's EV
Speaker 1: business called Ford Model E lost all this money, all right,
Speaker 1: and it's double the loss from a year ago. Now
Speaker 1: this is despite they had a twenty six percent increase
Speaker 1: in revenue, but they lost double the amount that they
Speaker 1: lost last year. And it's not just Ford. General Motors
Speaker 1: is the same thing. In a quarter three letter to
Speaker 1: shareholders published on Tuesday, GMCO Mary Barra said that the
Speaker 1: automaker would be changing course. What does that mean? Changing course?
Speaker 1: Changing course from what? Changing course from this push to
Speaker 1: electric vehicles. They had a previous goal to build four
Speaker 1: hundred thousand electric vehicles by mid twenty twenty four by
Speaker 1: mid next year, and that's what they're changing direction. They're
Speaker 1: no longer going to project to do that. They're no
Speaker 1: longer going to try to do that because they've been
Speaker 1: having the same setbacks as forward. They're losing massive amounts
Speaker 1: of money and they're finding it on able or find
Speaker 1: themselves unable to be able to meet those goals. GMS
Speaker 1: delayed the Silverado EV for another year due to surprise surprise,
Speaker 1: shrinking demand and engineering challenges. Some of the engineering challenges
Speaker 1: are like how the heck do we get all the
Speaker 1: materials that we need to build these things? They're just
Speaker 1: not available in the world. GM says that demand is
Speaker 1: so down, in fact, that it's diverting one thousand employees
Speaker 1: from its Orion assembly plant in Michigan, which is currently
Speaker 1: being retooled for EV production, to other Michigan assembly facilities.
Speaker 1: So they're currently trying to build out the DV facilities
Speaker 1: and now they're just going to move everyone over. And
Speaker 1: it's not just for it, it's not just GM. Mercedes Benz.
Speaker 1: Price of their stock fell nearly six percent because their
Speaker 1: profits fell. Why do their profits fail the same thing.
Speaker 1: The CFO said that brutal quote brutal EV pricing caused
Speaker 1: their profits to fall, so we saw their shares fall.
Speaker 1: Thursday reported lower profits, lower revenues, and highlighted pricing challenges
Speaker 1: in the e EV space, specifically, it's a bloodbath everywhere.
Speaker 1: He was quoted. The CFO was quota of saying, quote,
Speaker 1: pretty brutal space. That's what he said. And the point
Speaker 1: is is that there is no demand. And the reason
Speaker 1: why there's no demand is nobody wants to pay these
Speaker 1: astronomic prices. And the other problem is they just don't work.
Speaker 1: We saw recently. I was I think the president of
Speaker 1: Ford went on a road trip and show and the
Speaker 1: report was like, wow, we can't really charge these things.
Speaker 1: We're going to get back to the charging thing in
Speaker 1: a minute, but what we can see is that these
Speaker 1: companies are losing money left and right, left and right,
Speaker 1: left and right. Now. Part of the reason why they've
Speaker 1: been able to work is because of the taxpayers are
Speaker 1: bankrolling these evs. So that means you, I don't own
Speaker 1: an EV vehicle, well, I own a golf cart. But
Speaker 1: I don't own an actual My main cars are combustion engine.
Speaker 1: I don't own a v EV vehicle and you might
Speaker 1: not either. But regardless, you're paying for it. You're paying
Speaker 1: for it because taxpayers are the ones bailing them out.
Speaker 1: Ford and GM, like I said, are slowing their production down,
Speaker 1: but the governments still spend billions of dollars in incentives.
Speaker 1: So it's the incentives that you're paying for through this.
Speaker 1: As a matter of fact, we can see well, we're
Speaker 1: going to talk about the incentives and how much they were.
Speaker 1: But earlier this year, the EPA Environmental Protected Agency, part
Speaker 1: of what's driving this, put out new rules that would
Speaker 1: require as minis two of every three vehicles sold in
Speaker 1: the US by twenty thirty two to be electric. But
Speaker 1: nobody wants them. Nobody can afford them. The governments are
Speaker 1: running out of money. We talk about we'll talk later
Speaker 1: about some of the deficits that the government is, but
Speaker 1: right now we're spending well, as of a last quarter,
Speaker 1: we had to borrow an extra trillion, an extra trillion
Speaker 1: dollars just in borrowing for the quarter. That's how upside
Speaker 1: down the government budget is. But yet they're spending billions
Speaker 1: of dollars to bend to change to will and do
Speaker 1: existence both the supply chain, but more importantly, the demand curves.
Speaker 1: They're trying to build the demand, but it's just not there.
Speaker 1: The buy An Administration's Inflation Reduction Act, the IRA, which
Speaker 1: is supposed to lower inflation by spending a bunch of money,
Speaker 1: put in a seventy five hundred dollars tax credit for
Speaker 1: the purchase of electric vehicles, but yet nobody is still
Speaker 1: buying them. Millions of dollars, billions of dollars of incentives and
Speaker 1: it's all falling apart now. The math is astonishing. It
Speaker 1: just will not work. We're going to talk about that.
Speaker 1: We're going to talk about the amount of money that
Speaker 1: they're going to have to spend. We're going to talk
Speaker 1: about the deficits they have, and we're going to talk
Speaker 1: about the unrealistic numbers. I want to break down some
Speaker 1: of these numbers for you in a minute. But if
Speaker 1: you're just tune in you're listening to the Mark Mass
Speaker 1: Show'll be back with more in a minute, talking about
Speaker 1: this blow up of this renewable market. Don't go away,
Speaker 1: We're back, all right, Welcome back. If you're just tune in,
Speaker 1: you're listening to the Mark Mass Show. We're talking about
Speaker 1: the demise, the failure of the renewable energy push, this
Speaker 1: ESG narrative, and we were talking about at first this
Speaker 1: EV vehicle and how it's just this colossal failure, not
Speaker 1: just a costal failure, but a black hole swallowing up
Speaker 1: billions and billions of dollars. I went through some of
Speaker 1: the losses that we have there, but we can let's
Speaker 1: dig into some of these numbers here. So according to
Speaker 1: Texas Public Policy Foundation, they concluded that EV vehicles cost
Speaker 1: tens of thousands of dollars more if not if they
Speaker 1: or they would cost tens of thousands of dollars more
Speaker 1: if it wasn't for the taxpayer funded incentives. Again, even
Speaker 1: if you don't own an EV vehicle, you are paying
Speaker 1: for it. The report said that the average model year
Speaker 1: twenty twenty one EV would cost approximately forty eight, six
Speaker 1: hundred and ninety eight dollars more to own over a
Speaker 1: ten year period without the staggering twenty two billion dollars
Speaker 1: in taxpayer funded handouts that the government provides to electric
Speaker 1: car manufacturers. So the car which are already overpriced, so
Speaker 1: if you look at a comparable EV vehicle to a
Speaker 1: comparable combustion engine, the amount over the premium you're going
Speaker 1: to pay for the EV vehicle, you will not save
Speaker 1: that in gas. You're not going to save that in gas.
Speaker 1: And what they're saying is if the government didn't spend
Speaker 1: twenty two billion dollars from your taxpayer of money giving
Speaker 1: them as handouts to these companies, it would cost an
Speaker 1: extra forty eight thousand dollars. They're basically double or almost
Speaker 1: more than double the cost of the car. All right,
Speaker 1: So without your money as a taxpayer, we're not going
Speaker 1: to have it. But how do we continue to spend
Speaker 1: this money as a government when we're trillions of dollars
Speaker 1: upside down in a deficit. Now we can see that
Speaker 1: electric vehicle owners have been the beneficiaries of these regulatory credits,
Speaker 1: subsidies things like that totally nearly fifty thousand dollars per EV,
Speaker 1: which is pretty crazy. And so the thing that's important
Speaker 1: to understand is that this goal is pushed to net
Speaker 1: zero in order to get a net zero society. It
Speaker 1: basically favors to have over the have nots. Part of
Speaker 1: the reason why there's many reasons why the rich get
Speaker 1: richer and the poor gate rapport, and most all of
Speaker 1: them are because of the government. They're caused by the government.
Speaker 1: And this is another example of this, which is this
Speaker 1: pushing this to this zero society is going to increase
Speaker 1: this divide between the rich and the poor, the haves
Speaker 1: and the have nots. Because let's say like renters, if
Speaker 1: you're a renter, you're a low income family, well, you
Speaker 1: probably don't have a private charger to plug in your
Speaker 1: EV and so then you have to charge at public
Speaker 1: charging stations. But the cost to charge it at a
Speaker 1: private charging station is anywhere from five to ten times
Speaker 1: as much as it would be to charge from home.
Speaker 1: So your cost would go up, your living standard would
Speaker 1: go down. Now, let's break into some math. This is
Speaker 1: what's amazing to me. So let's just take a look
Speaker 1: at California. For example, in California, we have about eleven
Speaker 1: thousand gas stations in California. All right, places this out gas. Now,
Speaker 1: this is about one hundred and ten thousand nozzles, so
Speaker 1: one hundred and ten thousand cars could fill up at
Speaker 1: the same time. All right. Now, what this means is
Speaker 1: if we need to replace all of those with charge stations.
Speaker 1: What we would need is we need at least twenty
Speaker 1: EV charging ports for every one gas nozzle. Okay, twenty
Speaker 1: EV ports for everyone gas nozzle, and this would be
Speaker 1: by twenty thirty five to hit California's goal by twenty
Speaker 1: thirty five. Now, the cost to build a charging port
Speaker 1: a charging station has at least four charging ports is
Speaker 1: about a million dollars. So let's just do the math
Speaker 1: one hundred and ten thousand nozzles times the twenty EV
Speaker 1: ports needed per nozzle, and then we divide it by four.
Speaker 1: Because each station has four ports and at the cost
Speaker 1: is a million dollars, that would mean that California has
Speaker 1: to spend five hundred and fifty five billion, more than
Speaker 1: half a trillion dollars just to have the ability to
Speaker 1: charge the cars that they need by twenty thirty five.
Speaker 1: Half a trillion dollars, more than half a jillion dollars.
Speaker 1: How does that sound. Now that's in California. California's packed.
Speaker 1: What about more remote areas? In Wyoming? Officials hired consultants
Speaker 1: to do a study, and they said that there's no
Speaker 1: chance they can have chargers in their state. They said
Speaker 1: that seven remote sites would be used so infrequently they
Speaker 1: would lose an average of about three hundred thousand dollars
Speaker 1: per site. Who's going to pay for that? Who's going
Speaker 1: to pay to lose three hundred thousand dollars per site?
Speaker 1: And then you add on top of it that the
Speaker 1: price of electricity is going through the roof in Germany,
Speaker 1: in the UK, in California, electricity prices are going through
Speaker 1: the roof. And it doesn't take a genius to figure
Speaker 1: out why they're building thousands of wind turbine solar panels,
Speaker 1: but they can't get rid of the main power plants
Speaker 1: because they're needed for backup. So basically, now Germany, UK
Speaker 1: and California are paying for two power plants. They need
Speaker 1: a duplicate system, so they want to run it off
Speaker 1: the renewables, but they still need the main one the
Speaker 1: fossil fuel backup at the same time, so you're paying
Speaker 1: for two. So of course the prices are going up,
Speaker 1: so it's just not working. It's an unsustainable path. Now,
Speaker 1: part of this, like I said, is not just this
Speaker 1: EV vehicle, It's about the whole push. But really I
Speaker 1: want to go back to just one thing. The government
Speaker 1: trying to push this narrative, and this is not the
Speaker 1: way capitalism works. It's not the way free markets work.
Speaker 1: The free markets work as individuals like you and I
Speaker 1: that move in our own self interest. So when I
Speaker 1: want something, and I want something bad enough, then I
Speaker 1: would be compelled human action. Mysis wrote the book Human Action.
Speaker 1: My human action would compel me to take action. You
Speaker 1: can't push that. It has to be market driven is
Speaker 1: from the bottom up. There's a textbook example, a marketing
Speaker 1: flop from Ford. You would think Ford would have learned this.
Speaker 1: And there was a time when Ford tried to launch
Speaker 1: a new car called the Edsel. It was heralded as
Speaker 1: the hot new car in the late nineteen fifties. All
Speaker 1: the experts and Ford executives said, it was like it
Speaker 1: was going to be the best car, was going to
Speaker 1: be the biggest thing ever. They're going to sell so
Speaker 1: many of these units. Henry Ford, the car was named
Speaker 1: after his son, guaranteed hundreds of thousands of sales of
Speaker 1: this new car. But there was a problem. Something went wrong.
Speaker 1: Nobody ever bothered to ask car buyers what they thought
Speaker 1: of the new car, and as it turned out, they
Speaker 1: hated it. So instead of selling four hundred thousand cars.
Speaker 1: As they projected four hundred thousand, Americans bought only ten thousand.
Speaker 1: The model was of course discontinued. But the lesson for
Speaker 1: the industry is you can't bribe Americans to buy cars
Speaker 1: they don't want. You can't do that. You think they
Speaker 1: would have learned it. You would think Detroit would have
Speaker 1: got the message, but they haven't. We saw last week
Speaker 1: Honda and GM announced an end to their two year
Speaker 1: collaboration and building a platform for lower cost evs. It's
Speaker 1: gone hanted GM. They shut it. That means they're not
Speaker 1: going to have that future product. Amazingly, less than ten
Speaker 1: percent of all new car sales over the last two
Speaker 1: years or eves, despite the fact that the US government
Speaker 1: is writing a check for seventy five hundred dollars if
Speaker 1: you buy one, and some states are even kicking in
Speaker 1: an extra five thousand. So even with all this push,
Speaker 1: even with all this technology, even with all this money
Speaker 1: back in your pocket, it still doesn't make sense and
Speaker 1: nobody wants them. That's the problem. And the news is
Speaker 1: even worse for wind in solar power. We'll get to that.
Speaker 1: The wind and solar power is even worse. The Wall
Speaker 1: Street Journal reported last week that clean energy investment funds
Speaker 1: are tanking. So the funds that you put your money
Speaker 1: into to invest to grow, and they're investing into these
Speaker 1: cleaninity projects, when in Solar they're tanking. As a matter
Speaker 1: of fact, summerre down as much as seventy percent in
Speaker 1: recent months. Solar has been one of the worst performing
Speaker 1: industry stocks this year, and of course it is because
Speaker 1: it doesn't work. It takes too much money, and there's
Speaker 1: no return on capital. Investments are very simple investments. Don't
Speaker 1: care about your feelings. They don't care about emotions, they
Speaker 1: don't care about judgment. They're not spent, they're not you know,
Speaker 1: it's not up to someone to decide. It's it's numbers.
Speaker 1: It's math. So I put a dollar in, how many
Speaker 1: dollars do I get back? Or how many dollars do
Speaker 1: I lose? It's simple math. And what we can see
Speaker 1: is that Solar is down seventy percent, one of the
Speaker 1: worst performing stocks industries stocks in the industry. Now, we're
Speaker 1: gonna come back in a minute and we're gonna break
Speaker 1: down some bigger math. We'll show you what was behind
Speaker 1: this big push, what narrative is starting to shift right
Speaker 1: now and so much more. If you're just tuning in,
Speaker 1: you're listening to the Mark Ma Show, we're talking about
Speaker 1: the green curtain coming down, what's behind it, and ultimately
Speaker 1: what you can do to protect yourself. As this all
Speaker 1: moved forward, I got a whole lot more to cover.
Speaker 1: I'm gonna go through it pretty quickly. You don't want
Speaker 1: to miss this, so don't go away. I'll be right back.
Speaker 1: All right, welcome back. If you're just tuning in, you're
Speaker 1: listening to the Mark Mass Show, we're talking about the
Speaker 1: green curtain. We're talking about the colossal collapse of the
Speaker 1: EV and the renewable space. We're running through all this now.
Speaker 1: If you missed any of this, you should go listen
Speaker 1: to it. Check it out on the podcast. It's all archive.
Speaker 1: Just searched the Mark Mass Show on your favorite podcast player,
Speaker 1: or you can go onto YouTube to market Disruptors and
Speaker 1: you can watch it and listen to it at the
Speaker 1: same time. Now we're talking about how the EV space
Speaker 1: and the solar space and just investing in renewables is
Speaker 1: collapsing and we're starting to see this massive shift at
Speaker 1: the same time. So what am I talking about, Well,
Speaker 1: we saw Exon and Chevron old school fossil fuel industries
Speaker 1: are actually growing. As a matter of fact, Exon and
Speaker 1: Chevron engineered one hundred and ten billion dollar blockbuster acquisition
Speaker 1: to expand oil and gas drilling in the Premium Basin
Speaker 1: in Texas, one of the biggest oil fields in the world. Now,
Speaker 1: this is happening despite the three hundred and seventy billion
Speaker 1: dollars green energy slush fund that's out there for him.
Speaker 1: So even though there's all this money, even though the
Speaker 1: government's trying to push this, even though there's all these incentives,
Speaker 1: they're still investing heavily into oil and gas. And as
Speaker 1: this is happening, we're watching all the investments into renewables collapsing.
Speaker 1: We saw this week world's largest offshore wind farm developer
Speaker 1: abandons two major US projects as the renewable bust erupts now.
Speaker 1: Anyone that thought that offshore wind farms was a good
Speaker 1: idea needs to probably revisit their elementary math. We'll run
Speaker 1: through some of that, but what we can see is
Speaker 1: that President Biden and the Bide administration has been pushing
Speaker 1: this wind revolution, and now it's blowing down. It's falling down.
Speaker 1: The world's largest offshore wind developer is abandoned them. And
Speaker 1: it's not just them, Lots of these projects are being
Speaker 1: abandoned everywhere because they're losing massive amounts of money. Again,
Speaker 1: investments don't care about any of these narratives. They care
Speaker 1: about do I get a dollar and a dollar out.
Speaker 1: You can't just go light money on fire, even if
Speaker 1: it's the government which doesn't have any money. Well, the
Speaker 1: government never has any money. The government cannot give something
Speaker 1: it has not taken. The government can only take money
Speaker 1: from you to give to somebody else. And they're literally
Speaker 1: taking Urini money, our tax payer money and lighting it
Speaker 1: on fire giving it to these companies who are losing
Speaker 1: it all. Now, those companies, the founders, the owners, people
Speaker 1: working at the company, they're getting fabulously rich and the
Speaker 1: company burns down and we end up with nothing. As
Speaker 1: a matter of fact, we saw win this wind farm company.
Speaker 1: They said that off New Jersey, they had two projects,
Speaker 1: Ocean Wind one and two, and they lost. Total impairments
Speaker 1: recognized in the interim financial report for the first nine
Speaker 1: months of twenty twenty three amount to twenty eight billion dollars.
Speaker 1: Twenty eight billion dollars. How the heck are they going
Speaker 1: to afford that? That was your tax money, my tax
Speaker 1: money that went to them. Again, the owner's probably got
Speaker 1: new houses and new cars, and they'd probably did really good.
Speaker 1: And the twenty eight billion dollars is up in smoke.
Speaker 1: And we don't have the wind farms. We have nothing
Speaker 1: all right now. It's not just them, It's happening all
Speaker 1: over the place. As a matter of fact, we saw
Speaker 1: Siemens Energy in Germany crashed after the company warned its
Speaker 1: wind turbine business is grappling with quality issues and offshore
Speaker 1: ramp up challenges, challenges in like, wow, it's really difficult
Speaker 1: to go out into the middle of the ocean in
Speaker 1: a stormy sea and tie up next to these things
Speaker 1: and fix them. Hm. Who would have thought that? Never
Speaker 1: could have imagined things like that. In the solar industry,
Speaker 1: we saw a company called Solar Edge Technology shares plunged
Speaker 1: two weeks ago after it was warned about sliding European demand.
Speaker 1: Nobody wants it again. You can't bend the will of
Speaker 1: a market, all right. It has to come from they
Speaker 1: want it right, our own self interest. We see President
Speaker 1: Joe Biden in twenty twenty one laid out a target
Speaker 1: of deploying thirty gigawatts of offshore wind capacity during the
Speaker 1: next nine years. This was bold, it was ambitious. That's
Speaker 1: what people said. I said, it was ludicrous. It would
Speaker 1: never work, and that's where we're looking like we're at
Speaker 1: two years later. The industry has another word for it, impossible.
Speaker 1: The uf offshore wind industry's twenty thirty generation goal now
Speaker 1: looks further away than it ever has. It looks further
Speaker 1: away because now that we've actually started trying to build it,
Speaker 1: we realized, oh shoot, all these projections that we thought
Speaker 1: were there actually aren't true. And it continues to get worse.
Speaker 1: We can see that. The industry suffered another blow last
Speaker 1: week after New York forcially rejected developers police for higher rates.
Speaker 1: So a New York developer said, hey, we can't continue
Speaker 1: building these things unless we can jack up the rates
Speaker 1: of electricity. Remember back to the have and the have nots,
Speaker 1: the rich and the poor. As electricity prices go higher,
Speaker 1: guess what happens to the poor? The poor fall for
Speaker 1: their behind. Now the government can subsidize that with our
Speaker 1: tax money. At the end of the day, money doesn't
Speaker 1: just come from nowhere. So it can come from tax
Speaker 1: money to go to them, but it continues to drive
Speaker 1: that gap in the rich and the poor. So New
Speaker 1: York says, no, we're not going to raise the rates,
Speaker 1: and so the developer says, well, then I guess we
Speaker 1: can't continue to build. We can see in total developers
Speaker 1: building about nine gigawatts of capacity for five East Coast
Speaker 1: states have bailed out of their deals. And not just
Speaker 1: bailed out, they've paid the get out. So what am
Speaker 1: I talking about. In July, Avon Grid agreed to pay
Speaker 1: forty eight million dollars in fines to get out of
Speaker 1: its deal to supply power to three utilities. So they
Speaker 1: didn't just walk away. They actually paid forty eight million
Speaker 1: dollars in fines to get out of the deal. The
Speaker 1: next month, a shell unit and its joint venture partners
Speaker 1: agreed to pay more than sixty million to exit third deals. Hey,
Speaker 1: we'll just give you this sixty million. We can't do this. Sorry,
Speaker 1: here here's here's money. That's a big deal. Havn't Gread
Speaker 1: agreed to pay sixteen million to terminate contracts for its
Speaker 1: Park City project near Connecticut. We can go on and
Speaker 1: on and on. Companies that aren't walking away. They're seeing
Speaker 1: massive losses, massive rite down to ever. Source reported a
Speaker 1: three hundred and thirty one million dollar tax environment charge
Speaker 1: for the second quarter. Three hundred and thirty one million
Speaker 1: for a second quarter. It's offshore wind operation ORSTEAD announced
Speaker 1: a potential two point three billion dollar charge on a
Speaker 1: JUX portfolio. Oh man, it's just getting bad. It's it
Speaker 1: is all falling apart. And like I said, started out
Speaker 1: by as rates started going up, as the economy started
Speaker 1: to suffer. All these projects are exposed for what they are.
Speaker 1: Now that's on the supply side, that's on the the
Speaker 1: win the solar. But there's another market that even more insiduous,
Speaker 1: it's even more corrupt, and this is the carbon offset market.
Speaker 1: Now I've been talking about this. I did a video
Speaker 1: on my main YouTube channel, Mark Moss, like two years
Speaker 1: ago breaking down the Paris Accord and how this whole
Speaker 1: carbon market works. And basically it's what we call greenwashing.
Speaker 1: So companies don't produce less carbon, they just buy carbon credits.
Speaker 1: And of course it was always fall full of scam
Speaker 1: and fraud, and that's exactly what we're seeing. We saw
Speaker 1: the carbon offset market faces chaos as African mega project collapses.
Speaker 1: It was one of the largest single sources of credits
Speaker 1: in a two billion dollar carbon market, faces serious doubt
Speaker 1: following the collapse of the partnership. It's a big deal.
Speaker 1: It was backed by the world's top seller of carbon offsets.
Speaker 1: I mean, it's pretty ridiculous if you think about it.
Speaker 1: So in Africa, wherever the carbon market markers come from, Brazil,
Speaker 1: you name it, whatever, They're going to take this area
Speaker 1: of land and they're going to a forest with trees, whatever,
Speaker 1: and they're going to make sure that that stays or
Speaker 1: so people will buy into those carbon credits if those
Speaker 1: trees never get cut down, okay for two years or
Speaker 1: five years or ten years. I mean, what happens when
Speaker 1: the government changes over the land like forever. Let me
Speaker 1: think about that. It's just insane. So we're seeing that
Speaker 1: falling apart. The project generated nearly one hundred million dollars
Speaker 1: by selling credits for more than twenty three million tons
Speaker 1: of emissions. Then the NU risk undermining one of the
Speaker 1: markets underlying insurance mechanisms, known as a credit pool. The
Speaker 1: buffer pool is falling apart. So we're witnessing it falling
Speaker 1: apart all over and it's not just that. Here in
Speaker 1: the United States, the world's biggest carbon capture plant was
Speaker 1: quietly sold off for a fraction of what it would
Speaker 1: cost to build it. Again, more money lit on fire, millions,
Speaker 1: billions of dollars again put into a plant in Texas
Speaker 1: to capture carbon, the world's largest facility, and it's all gone,
Speaker 1: all that money up in smoke. It was sold off
Speaker 1: for a fraction of what it would cost to build it.
Speaker 1: And the reason why because the economics don't work. You see,
Speaker 1: in a free market, it requires free trade and it
Speaker 1: requires both sides of the party to feel like you're
Speaker 1: getting a better deal. I'll certainly invest a million one
Speaker 1: dollar and take the risk if I think I can
Speaker 1: get three or four dollars back or whatever that return is.
Speaker 1: But when they don't make sense, they don't make sense. Now,
Speaker 1: I want to play this clip here. Rep. Doug Lamalfia
Speaker 1: is a Republican from California, questioned the House Transportation Committee
Speaker 1: House Transporations, the ones that are making the rules on
Speaker 1: these cars THESEDVS. He asked them about the infrastructure investment
Speaker 1: and the Jobs Act. I want to play that clip
Speaker 1: for you in a second. If you're just tune in.
Speaker 1: You're listening to the Mark mal Show. We're talking about
Speaker 1: the collapse of the green curtain, the green narrative. It's
Speaker 1: falling apart. I'll be back with that video clip and
Speaker 1: more in a minute. You don't want to miss it. Oh,
Speaker 1: go a way, I'll be back.
Speaker 2: Hi.
Speaker 1: Welcome back. If you just tune in, you're listening to
Speaker 1: the Mark Moss Show. We're talking about the collapse of
Speaker 1: the green curtain. We're talking about the ESG, the ev
Speaker 1: the renewable energy, carbon credit market is all collapsing. Now
Speaker 1: we're talking about the carbon credit market. We talked about
Speaker 1: the electric vehicles. I want to play this clip here
Speaker 1: for you. This is Rep. Doug Lemalfa as a Republican
Speaker 1: from California, and he's questioning witnesses at the House Transportation Commisser.
Speaker 1: So these are the people in the government responsible for
Speaker 1: passing these laws, these rules, these regulations on cars, emissions,
Speaker 1: on combustible engines, evs, and stuff like that, and he's
Speaker 1: questioning them. Let's play this clip here, analysts.
Speaker 2: Let me just go right down the vine real fast.
Speaker 2: What percent of our atmosphere is CO two?
Speaker 1: Okay, So he's asking them, what percentage of the Earth's
Speaker 1: atmosphere is CO two, Because the big thing is CO
Speaker 1: two CO two cars it meant too much CO two,
Speaker 1: We have to bring CO two down. As if magically
Speaker 1: the CO two level is like the thermostat. We can
Speaker 1: just go over to the wall and change thermostat of
Speaker 1: the world by how much CO two is in the atmosphere.
Speaker 1: That's the narrative, right, Fossil fuels have too much carbon,
Speaker 1: too much, too much emissions, and if we have the
Speaker 1: CO two get too high, then the worth the world
Speaker 1: gets too hot. That's the narrative we've been told, like
Speaker 1: I said, as if there's like some thermostat. Never Mind
Speaker 1: the fact that plants need carbon. Never Mind the fact
Speaker 1: that never mind the fact that as the tempature has
Speaker 1: goneup last hundred twenty years, we have more plants and
Speaker 1: more crops, we have less famine and less starvation. Never
Speaker 1: Mind that it factually historically has actually been better for us.
Speaker 1: Human life has expanded, global wealth has expanded. Never Mind that.
Speaker 1: Never Mind the fact that plants need CO two. But
Speaker 1: they're saying that we need to adjust the amount of
Speaker 1: CO two to adjust the temperature of the world. So
Speaker 1: let's find out he's asking them. So you're gonna make
Speaker 1: these rules, You're going to push these agendas. So how
Speaker 1: much of the atmosphere is made up of carbon? Let's
Speaker 1: hear what the answers are. Here we go, I'll buy
Speaker 1: five percent.
Speaker 2: Right, I'll just follow you there.
Speaker 3: We'll go, se favorite, I'll see their five and suggests
Speaker 3: that we know that transportation causes forty nine percent of
Speaker 3: CO two, so that's why we're all working on energy transition.
Speaker 1: Right, I'm gonna pause that for a second. So they're like, oh,
Speaker 1: I guess I don't know, ha ha, I don't know either.
Speaker 1: I'll buy five percent. I don't know either. I'll do
Speaker 1: five percent. So they don't even know. The people that
Speaker 1: are in charge of making mos don't even know. Now,
Speaker 1: she said, well, we know that transportation makes up forty
Speaker 1: five percent of the CO two emissions. Okay, but what
Speaker 1: percentage are the CO two emissions in the atmosphere? Let's
Speaker 1: continue listening.
Speaker 2: So what number you think it is?
Speaker 1: Five?
Speaker 2: Right?
Speaker 1: Five?
Speaker 2: Won't you? I didn't hear you.
Speaker 1: It's rare, seven seven, seven percent?
Speaker 2: Do you have one, mister Boyden?
Speaker 3: So we got a five to seven?
Speaker 2: This price is right? Hey, ok?
Speaker 1: At the high hand, he's taking the over all.
Speaker 2: Right, Well, I appreciate that, and I don't mean to
Speaker 2: I put you on is. I asked a lot of
Speaker 2: people that because all we hear is climate change, climate change,
Speaker 2: CO two CO two. I heard a couple on the
Speaker 2: panels saying, you're looking to change your vehicles to electric
Speaker 2: even though we don't have the electric grid, And me,
Speaker 2: as a farmer, I wouldn't be real happy about running
Speaker 2: out and replacing three hundred thousand dollars five hundred thousand
Speaker 2: dollars million dollar pieces of equipment because I want someone
Speaker 2: wants it to be electric. The answer is point zero
Speaker 2: four percent.
Speaker 1: Point zero four percent. So the amount of CO two
Speaker 1: in the atmosphere in the world is point zero four
Speaker 1: It's like a rounding error. Now they're saying that human
Speaker 1: cause of this emission is like one percent of the
Speaker 1: zero point four percent, and in the United States is
Speaker 1: probably one percent of the one percent of the point
Speaker 1: zero four percent. So these people who are making these
Speaker 1: rules to push these agendas don't even know this data.
Speaker 1: They're acting like it's going to change the world, but
Speaker 1: they don't even know the data. And now that you
Speaker 1: hear the data, it makes up zero point four percent,
Speaker 1: So you can start to see why this is failing.
Speaker 1: It was not even necessary in the first place. So
Speaker 1: then why if it's not really doing anything, if we
Speaker 1: have these people making these rules and these pushing these
Speaker 1: agendas without even knowing, why is this even happening? Well,
Speaker 1: it's a good question. Well, like any good crime series
Speaker 1: or TV show would say, well, let's follow the money, right,
Speaker 1: follow the money. So what we can see is that
Speaker 1: ESG investing has gotten very big. As a matter of fact,
Speaker 1: this ESG. ESG funds had zero market share or zero
Speaker 1: total map assets under management after the financial crisis in
Speaker 1: two thousand and eight, but by twenty twenty, ESG funds
Speaker 1: were sixteen trillion dollars. They went from zero to sixteen
Speaker 1: and they're projected that these funds would exceed fifty trillion
Speaker 1: by twenty twenty five. So going from zero to twenty
Speaker 1: twenty five. However, the US which accounts for eleven percent
Speaker 1: of these ESG funds, is now seeing outflows. Money is
Speaker 1: now leaving them. Six point two billion dollars left the
Speaker 1: final quarter of twenty twenty two. And why what's causing
Speaker 1: these outflows? Well, surprise surprise. It's because the funds are
Speaker 1: not performing. They're losing money. Nobody wants to put their
Speaker 1: money into where it loves now unless the government. The
Speaker 1: government wants to do that. You and I don't want
Speaker 1: to do that, so the results would be expected. If
Speaker 1: investors don't get returns, then they don't want to have
Speaker 1: their money in there. Harvard Business Review said, Unfortunately, ESG
Speaker 1: funds don't seem to deliver better ESG performance. So not
Speaker 1: only are they not returning investment returns, they're saying that
Speaker 1: the businesses that are running on these ESG standards are
Speaker 1: not even performing better than the non ESG ones. So
Speaker 1: they're not returning more money, nor are the businesses working better.
Speaker 1: So what's the point. So why are these funds doing
Speaker 1: so badly? Well? As you might imagine, when they're trying
Speaker 1: to set ESG targets, they're focusing on the wrong things.
Speaker 1: Instead of focusing on building the business, they're focusing on
Speaker 1: these carbon numbers. It's the wrong thing. And then what
Speaker 1: happens is what we're seeing is when managers are underperforming
Speaker 1: their earnings, they're saying, well, but it's because we're focusing
Speaker 1: on ESG. So they're using ESG as this excuse. Now
Speaker 1: what we've seen from that is, of course, then Blackrock,
Speaker 1: the largest asset managers of the world, had to start
Speaker 1: dissolving their ESG funds. They've been moving back from the label.
Speaker 1: And it's not just Blackrock. We've seen State Street and
Speaker 1: other funds, Henderson Group, Columbia, Thread Needed Investments, They've all
Speaker 1: dissolved their ESG funds so far in twenty twenty three.
Speaker 1: It's all falling apart. Larry Fink is even starting to
Speaker 1: backtrack this whole thing as well. He's the head of
Speaker 1: black Rock, so we're starting to see this happen. It's
Speaker 1: all falling apart now. Well, we're also seeing this big
Speaker 1: shift too, and I don't have a lot of time
Speaker 1: to go into this. I've been talking a lot about
Speaker 1: my main YouTube channel, Mark moss is the rise of uranium.
Speaker 1: Uranium is used to power nuclear energy, of course, so
Speaker 1: we've seen this big push and now all of sudden,
Speaker 1: we're seeing headlines coming up everywhere that uranium prices soaring
Speaker 1: as a matter of factor, up one hundred and twenty five
Speaker 1: percent since the end of twenty twenty. I've been in
Speaker 1: my financial newsletter tact classic report. We've been recommending multiple
Speaker 1: uranium plays that have been absolutely crushing it. And we're
Speaker 1: seeing more and more reports of the massive shortage we
Speaker 1: have in uranium because all of a sudden, uranium is
Speaker 1: now green. It's now green energy per per the European Union,
Speaker 1: and so now we're starting to see more and more
Speaker 1: of these people jumping into The International Energy Agency estimates
Speaker 1: that global nuclear capacity needs to double by twenty fifty.
Speaker 1: It needs to double to meet net zero commitment. So
Speaker 1: now the push to net zero goes into uranium. So
Speaker 1: that's how we protect ourselves. So we are going to
Speaker 1: continue to see government's light money on fire. They're not
Speaker 1: going to give up this narrative that fast, but it's
Speaker 1: going to continue to fail. They're going to continue to
Speaker 1: blow up money. Our standard of living will continue to
Speaker 1: decline as our purchasing power goes down and as your
Speaker 1: energy costs go up. However, the world is starting to
Speaker 1: realize that we need to run on nuclear, and I
Speaker 1: think that's going to save the day, and we can
Speaker 1: protect ourselves in our own portfolio by buying traditional energy
Speaker 1: sources that work. Still bullish on uranium. Nuclear. Of course,
Speaker 1: oil and gas is not going anywhere. Exon and Chevron
Speaker 1: just did this one hundred and ten billion dollar deal,
Speaker 1: and I expect both oil gas and uranium to be
Speaker 1: higher in the future. So if you're looking for a
Speaker 1: way to insulate yourself from all this, insulate yourself from
Speaker 1: the potential five dollars gallon gasoline prices that are projected
Speaker 1: to come, do it by protecting your purchasing power into
Speaker 1: some of these energy plays. If you're just tuned in,
Speaker 1: you're listening to the Mark Moss Show. Have been breaking
Speaker 1: down the crash of the green curtain, the evy renewable
Speaker 1: space that's crashing down. Hopefully enjoyed this, let me know,
Speaker 1: hit me up in the comments are on social media
Speaker 1: at one Mark Moss and that's what I got. Thanks
Speaker 1: for listening.