The World Economic Forum and the Global Central Bank Cabal

For anyone that has been paying attention over the past three plus years, it's pretty clear that Klaus Schwab has appointed himself as the architect of the new global reality, influencing politicians and corporate leaders to enact his wishes.  Another of his playgrounds is the central bank cabal, the subject of this posting.

  

Here is a recent news release from the Bank of England:

 

 

While most of us have never heard of Sarah Breeden, Klaus Schwab is certainly familiar with Breeden:

 

 

Here's what she had to say about the necessity of reaching government's arbitrarily dictated net-zero greenhouse gas goals:

 

Ms. Breeden is clearly a player in the global central bank "business" as quoted in this speech from April 19, 2023 which appears on the website for the Bank for International Settlements (BIS), the central bank for central bankers:

  

"The latest IPCC synthesis report provides yet another stark warning of the impact that climate change will have on our planet. We are now a third of the way through the decisive decade; a decade where we will need to cut global emissions by over 40%, if we hope to limit warming to 1.5C. And yet global CO2 emissions continue to rise.

 

For us to meet this challenge, we need to collaborate and to take individual responsibility for the role we each play.

 

For the Government, it is to set out the pathway to net zero. For each of you here today – and the firms you represent – it is to apply those pathways in boardroom decisions; decisions that will not only help facilitate an orderly transition, but also help ensure the long-term relevance and value of the companies you lead. For the finance sector, it is to support and enable that transition. And for the Bank of England, it is to work within its objectives to ensure the financial system is resilient to the risks from climate change and supportive of the transition to net zero.

 

With that in mind, today I wanted to reflect on a speech I delivered in 2020 on how to move beyond rhetoric to make climate action a reality.

 

I had split our journey into three phases. Firstly, recognising and identifying the financial risks climate changes poses. Secondly, building capabilities to enable us to turn aspiration into action. And thirdly, making business decisions to advance the transition."

  

And, here are her four challenges to meeting net-zero goals:

 

1.) The first challenge is that filling capability gaps in the transition finance infrastructure takes time, so we need to continue to take urgent steps now.  Collectively we need to equip the financial sector with forward-looking information from the real economy to allocate capital effectively and mobilise finance at scale.

 

2.) The second challenge is that the world does not stand still. We have seen unexpected political and economic headwinds and it seems prudent to assume more will come.  With unexpected headwinds and limited bandwidth, longer-term issues can end up deprioritised. Issues do not though go away – quite the opposite, they build in the background. So we all need to be nimble and adaptable in our responses to the near-term whilst continuing to make progress on the long-term.

 

3.) The third challenge is that it is difficult, but essential, for real economy and financial firms to make transition-driven business decisions in the absence of complete clarity on our pathway to net zero.  It is easy for me to stand here and tell you that you should be making decisions now that stretch many years into the future, to manage the risks and seize the opportunities of net zero, without full clarity on the policy path to get there. But we need to recognise that setting clear and comprehensive policy will take time, likely years. The recent Green Finance Strategy takes us forward in a significant way, but the extent of policy making is formidable.

 

4.) And the fourth challenge is that system wide change is complex as the actions of one are dependent on actions of others, so it is important to coordinate action throughout the supply chain.  Each firm should be stretching its horizons – building capabilities now that enable action to drive long-term reductions in emissions through their value chain. That does not mean immediately ceasing to deal with high emission counterparties and suppliers. That does not necessarily remove emissions, perhaps chasing them into the shadows instead.

  

..and her conclusions, focussing on the role that central banks will play in amplifying government climate policies:

 

"We know the costs of transition to a net-zero economy are lowest with early and well-managed action. And we are making good progress in supporting that transition, arguably more than we might have expected given the shocks we have faced.

 

But there is still much more to do. We have not yet reached the tipping point where we have built the capabilities and the transition finance infrastructure that will support the right strategic decisions in an unavoidably uncertain transition.

 

We all have a role to play in driving progress. Governments globally have the key role in developing the policy paths and infrastructure that deliver the transition and draw us closer to this tipping point. Central banks and regulators can operate within their objectives to catalyse, complement and amplify those policies. And, business and finance can – indeed in order to manage their future risks will need to – make progress whilst policy is developing, ahead of clarity on sectoral paths and regulatory practice. Be assured that the difficult conversations that follow are a sign of success on our pathway to net zero, not a sign of failure."

 

While Ms. Breeden's connections to the World Economic Forum may appear to be minimal, the fact that her pontifications on the global climate change battle appeared on the group's Twitter feed in any fashion speaks volumes about her connections to the global ruling class.  Her beliefs parallel those of the world's wannabe rulers and her connections to Mark Carney, a former member of the World Economic Forum's Board of Trustees from 2010, current United Nations Special Envoy for Climate Action and Finance from 2020 and Co-Chair of the Glasgow Financial Alliance for Net Zero as shown here:

...cannot be denied as they would have worked together for many years during Carney's tenure as the Governor of the Bank of England between 2013 and 2020.