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Sept. 7, 2022 - The Ben Shapiro Show
42:04
The Green Suicide Pact | Ep. 1569
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California finds itself in another energy shortage as National Democrats seek to follow California's lead.
Jennifer Lawrence complains about her nightmares about Tucker Carlson.
And The Washington Post seeks out Bill Kristol to explain how to take down Republicans.
I'm Ben Shapiro.
This is the Benchmere Show.
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Slash Ben.
We'll get to all the news in just one moment.
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Well, I'm a refugee from California.
I spent 35 years of my life in California before I moved my family over here to a much better state, Florida.
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Well, I'm a refugee from California.
I spent 35 years of my life in California before I moved my family over here to a much better state, Florida.
And one of the reasons we moved is because California is dramatically mismanaged.
Nearly every summer in California, there would be a request from the state to stop watering your lawn.
There would be a request from the state to ensure that you didn't keep your thermostat at below 78 degrees.
And now we have this breaking out in California again.
And naturally, the entire media have decided that the problem is, of course, global warming.
Because when bad mismanagement happens, the problem is always global warming in a democratic area.
Always and forever.
It's great.
You just blame the sky.
The big problem, of course, is that it's very, very hot outside.
The problem that I have with this particular explanation is that for a very long time, namely thousands of years, in the summer, it gets very, very hot in California.
In fact, my entire life since I was a small child, it got very hot in the summer in California.
In fact, that was one of the draws to California was summer on the beach in California.
But I lived in the valley.
I didn't live on the beach.
And what that meant is that since the time I was but a barefoot young child, it would be 120 degrees in places like Burbank, California and North Hollywood, California.
It'd be just baking outside.
And every single year, The grid would be strained and every single year there'd be transformers that blew up.
I remember there was one summer living in North Hollywood as a teenager where the transformer near our home blew up.
It was on a Sabbath, so we couldn't even get in our car and turn on the air conditioner.
We just sat there in 120 degrees, frying our asses off.
Well, this sort of thing is frequent in California because California is wildly mismanaged.
If it turns out that there is a predictable weather event that happens every single year at a particular time, you have to start, you know, actually planning for it and doing things to ramp up, for example, the power production in your state.
But California has dedicated itself to the Green Suicide Pact, whereby you're supposed to reduce fossil fuel reliance.
It's supposed to rely on significantly less durable green energy, and this is going to fill in the gaps, except when it doesn't, and everybody is supposed to simply suffer through the summer heat in California.
I do not understand, given the fact that I picked up my family and my company and left, why people are staying in the state of California.
It is, in fact, turning into a hellscape between the homelessness and the crime, the bad energy mismanagement, the bad water mismanagement, the bad social policy.
California, which the left uses as sort of the model for the nation, I'm struggling to understand why.
And here's the thing.
Many of the people who have founded major companies in California, I'm talking about the big tech companies.
I've talked to the heads of some big tech companies.
Some of those big tech companies would be taken down by a couple bill in their market cap.
If I mentioned the names of the people I've spoken to regularly at those companies, they've said that if they had to start their company all over again today, they certainly would not base it in California.
Right now, the situation in California is, of course, pretty bad.
According to Fox Business, California's grid operator warned that excessive heat starting on Wednesday would stress the energy grid and potentially lead to blackouts.
Again, totally unpredictable that it would get very hot during the summer in California.
It's never happened before, except for every year for tens of thousands of years.
It said consumer conservation would likely be necessary over the weekend to avert power outages.
According to that grid operator, starting tomorrow through Tuesday, California and the West are expecting extreme heat that is likely to strain the grid with increased energy demands, especially over the holiday weekend.
It said that in many areas of the West, temperatures are expected to reach triple digits and to break records.
They said, in what's likely to be the most extensive heat wave in the West so far this year, temperatures in Northern California are expected to be 10 to 20 degrees warmer than normal through Tuesday, September 6th.
In Southern California, temperatures are expected to be 10 to 18 degrees warmer than normal.
Oh, you mean, I don't know what they mean by warmer than normal, like in a given year?
Like, is it 20 degrees hotter than it was last year, or is it 20 degrees hotter than it was, you know, during the winter?
Is it 20 degrees hotter than it was 50 years ago?
Or 100 years ago?
Like, what are we talking about here?
The California Independent System Operator said it's taking measures to bring all available energy resources online and that restricted maintenance operations have been issued from Wednesday through September 6th from noon to 10 p.m.
every single day due to high loads and temperatures across the state.
On Monday, the peak load for electricity was projected to be the highest of the year, exceeding 48,000 megawatts.
Officials will ask Californians not to charge electric vehicles if conditions worsen.
Remember, electric vehicles were supposed to save us all.
The problem is, electric vehicles really strain the grid.
In fact, you know how much electric vehicles strain the grid, right?
You're plugging them into the electric grid and they take an enormous amount of energy.
By the way, that energy is largely produced by fossil fuels.
This is the great irony of electric vehicles.
You're actually being subsidized by the state to a certain extent by fossil fuel use in the state, right?
Your electric grid is powered by fossil fuels.
You then plug your car into the fossil fuel powered electric grid, and then you don't have to pay for oil.
So there's that.
In fact, if all of the public transport in places like California were to move electric, the grid could not stand.
It would blow up the grid.
It's a serious problem.
It's why there are tech companies in places like Israel that are trying to figure out how to recharge electric vehicles as they run down the road.
And actually trying to figure out how to use the energy from friction with the road to actually recharge the cars as they move, for example.
Something like that.
Because the electric grid, people forget that when you plug the car into the wall, that that actually is powered by the same grid that is powering everything else.
This message comes after California regulators moved last week to require all new vehicles in the state to run on electricity by 2035.
So we've got a strained electric grid.
And so you're going to have to turn off your air conditioner.
Also, they are now trying to incentivize every single person in the state of California to move toward an electric vehicle, which will break the electric grid.
They're gonna need to build more electric grid.
They're gonna need to up the amount of power generated by the electric grid, but they are refusing to use the actual measures that you would use to increase the power, because all of that stuff, in order to be fuel efficient, is gonna actually have to be carbon-based.
So, there ain't no way to escape this trap, guys.
Green energy is just not energy efficient.
Green energy just doesn't pay for itself.
Green energy is extremely expensive.
It is certainly not as reliable.
Wind and solar are not nearly as reliable as things like coal, as nuclear, as natural gas, as oil, right?
All of the carbon-based fossil fuels are the things that you're still relying on in order to make your green move, your supposed green move, which means that the green vehicles are actually masking the underlying problem again, as always.
The decision by the California Air Resources Board came two years after Governor Gavin Newsom first directed regulators to consider such a policy.
If the goal is reached, California would cut emissions from cars in half by 2040.
Yeah, well, they're not explaining how they're going to power all those cars without increasing the emissions that are necessary in order to power that grid.
Should grid conditions deteriorate, the ISO may issue a series of emergency notifications to prepare the public for possible energy shortages.
In fact, there are already energy shortages last night in Alameda as well as in Palo Alto.
So glad to see all of the tech companies feeling it first.
Again, the California independent system operator is basically acknowledging they just don't have the power to do this.
Elliott Mainzer, the CEO of ISO, said in a video, quote, I know this has been a very long heat wave, and we're not asking you to do even more, but please stick with us and don't use any more power than is absolutely necessary.
Late on Tuesday afternoon, solar power was supplying about a fifth of the state's power demand.
Where's the other four fifths coming from?
Would that be the nasty, terrible sources of energy that you guys have been reducing for years on end?
If demand for power exhausts the grid's electric reserves, the ISO said it would instruct utilities to start imposing rotating outages the first time the state has taken such a measure since a brutal heatwave in August 2020.
Wow, I mean, that's a really long time.
No, it's not.
That's like two years ago, guys.
Remember that time two years ago that you blew it?
And now you're doing it now.
By the way, the reason that this didn't happen during 2021 is because again, in the middle of the COVID pandemic, there were just a lot more people who are staying home.
Maybe it wasn't quite as hot, but even then it strained the power grid.
It's amazing.
So this is the state that we're supposed to imitate.
And according to the left, California is the leader.
Gavin Newsom is trying to propose himself as a possible alternative to Joe Biden in 2024, should the old man fall down on the stairs or something.
And so Gavin Newsom made an announcement yesterday that it's time for everybody to do their part.
He'll be over at the French Laundry enjoying the food and the air conditioning.
Everyone has to do their part to help step up for just a few more days.
Individuals, the state, industries, business, all doing their part to help reduce strain on the grid.
Now here's specifically what you can do.
In the early morning hours, particularly tomorrow and the next day or so, pre-cool your home.
Run your air conditioning earlier in the day when more power is available.
And we encourage you to close your windows and blinds to keep your home cool as well.
And today and tomorrow afternoon after 4 p.m., in particular 4 p.m., please turn your thermostat up to 78 degrees or higher and avoid to the extent possible using any really large appliances.
Right, stop using your microwave.
No washer and dryer at like 8 p.m.
And you know it's a great lifestyle.
California was where freedom happened, according to Gavin Newsom.
He cut an entire commercial that he ran in Florida about how freedom is happening in California.
I noticed that it isn't.
Which is why I don't live there anymore.
He also tweeted out, California, we're now in a flex alert.
What does that mean?
We need to conserve as much energy as possible during this record-breaking heat wave, because it's never been hot in California before.
Here's what to do until 9pm tonight.
Set thermostats to 78.
Turn off unnecessary lights.
Avoid using large appliances.
Turn off unnecessary lights.
So, sit in the dark.
In the heat and enjoy your freedom, California.
Representative Eric Swalwell, who apparently did not tweet this from the bed of a Chinese spy, he tweeted, quote, It's time to rally, California.
We all need to do our part to help power outages, help avoid power outages this week.
Before 4 p.m., pre-cool your home.
By the way, if everybody does that, they're going to have a flex alert at 4 p.m.
If everybody blasts that air conditioner as hard as they can at 3 p.m., they're going to have another flex alert.
After 4 p.m., avoid use of major appliances.
Turn your thermostat to 78 or higher.
78 or higher.
My goodness.
Ugh, that sounds terrible.
You know what I kept my thermostat at here in Florida last night?
68 degrees.
It was awesome.
Let's keep the lights on, California, says Gavin News, says Eric Swalwell.
Let's keep the light on.
I love the communitarian aspect of this.
By the way, you'll pay for it.
You'll pay for it through your taxes to not upgrade the grid.
Brianne Depeche, the energy and environment reporter over at the Washington Examiner, As an excellent piece talking about why California's grid is at the risk of blackouts.
She talks about the fact that, of course, demand is high.
Demand is high, particularly between 4 p.m.
and 9 p.m.
Solar power generation decreases.
That would be the reason why they are saying from 4 to 9 p.m.
you should start to ramp down your energy usage.
Right.
The reason is not actually because it's more hot for 9 p.m.
Actually, that's when it cools down.
The answer is what happens at 4 p.m.? ?
Well, the sun starts to set and the solar energy stops going online.
Why, it's almost as though solar energy is not all that efficient for human use.
To offset that imbalance, grid operators can call for consumers to conserve electricity voluntarily via that FlexAlert program.
Severin Borenstein, a professor at University of California, Berkeley's Haas School of Business says, quote, I'm not a believer we should be doing this through voluntary pleading.
I think we should have a price system that actually lowers the price most of the time and then raises the price when the system is tight.
Yeah, but they can't do pricing.
Prices are bad, guys.
Profit.
Evil profit.
So instead, they're going to just request... They had this with water usage when I was in California.
It wouldn't actually allow the pricing system to take care of the problem because then rich people would continue to water their lawns, and people who are not as rich would not continue to water their lawns.
So instead, we will redistribute the misery equally.
Supply has been dramatically constrained in California.
According to the Washington Examiner, historic drought conditions and record low reservoir levels have reduced the state's ability to generate hydropower by 48%.
By the way, they've built no new dams.
They built no new reservoirs.
That's something that Jerry Brown should have been doing 20 years ago, and he didn't do any of this stuff.
In-state hydroelectric power fell last year to just 7% of California's utility scale net generation, according to data from the U.S.
Energy Information Administration, down from nearly 21% in 2017.
That's not only the effect of heat and drought on the supply of energy, they also exacerbate the risk of wildfires.
California narrowly avoided a blackout last summer after the bootleg wildfire on the California-Oregon border damaged interstate transmission lines and temporarily halted some electricity imports.
Speaking of which, interstate imports are key for California because California, despite being the most populous state in the Union with the most natural resources, has to get 25% of its electricity from other western states.
But the reliability of the imports has gone down in recent years because states have been phasing out coal-fired power plants in the West, right?
All of these surrounding states have been moving toward green.
California imports energy from Arizona, New Mexico, Nevada, Oregon, and Washington, but those states are grappling with the same heat and drought conditions as California, and they also took many of their own fossil fuel-powered plants offline.
Since 2013, these states retired more than 10 gigawatts of fossil fuel-generating capacity, leaving them with little excess resources to sell to California.
Operators noted yesterday four of those five states are also expecting to be hit by the heat wave.
California produces a huge amount of renewable energy through wind and solar power and produces more solar power than it can use during the middle of the day.
The problem is that the batteries don't work.
The challenge is when in the evening solar power declines, but people are still running those ACs.
In its annual summer reliability assessment, according to the Washington Examiner, the North American Electric Reliability Corporation put the entire West at elevated risk for reserve shortages, with regulators warning that the state could face a power shortage of up to 1,700 megawatts on the hottest days.
In addition, operators warned of possible disturbances to the state's solar photovoltaic, or PV, system, which converts solar into electricity.
Disturbances to that technology continue to be a reliability concern.
New renewable battery storage projects for wind and solar could keep supply online for longer, but California has been unable to match peak summer demand with increased capacity.
Supply chain problems have also delayed many solar projects from advancing.
So again, California has basically cut itself off at the knees because it turns out that radical environmentalism in the face of reality does not work.
I'm sorry to break it to you, but no matter how much money you pour into sources of energy that are not nearly energy efficient enough, it is not going to make up for these gaps.
It just isn't.
And people are going to pay the price for this.
Real people.
Taxpayers.
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California, by the way, has been backing away from nuclear power as well.
It closed the San Onofre nuclear generating system in 2012.
I remember when they did that.
In 2016, a study published in the American Economic Journal found that in the 12-month period after that SoCal facility was shuttered, the power it generated was largely replaced by natural gas, increasing emissions, driving up costs for consumers by an estimated $350 million that year alone.
In the 12 month period following the closure of that nuclear generating station, researchers found carbon emissions also rose by 9 million metric tons, which would have been the equivalent of putting an additional 2 million gas consuming cars on the road.
So now the state is trying to change course the same way that Europe is.
They're extending the life of the Diablo Canyon nuclear power plant.
That is the last remaining nuclear facility in the state.
Again, this is what they've decided to do.
California has decided to basically bet the living standards of its citizens on futile green policies that are not, in the end, going to lower emissions.
They're actually, in some ways, going to increase emissions.
Because you're going to have to increase the capacity of the grid.
You're going to have to rely on things like natural gas to replace those nuclear power plants.
Again, science does not lie.
You know, it's always left saying, follow the science.
How about follow the science when it comes to the science of energy efficiency?
Carbon-based fossil fuels are significantly more efficient than the other forms of energy that are being produced in the so-called green tech revolution.
Simple fact.
And you're not going to overcome that simply by yelling at people about it.
That doesn't solve the problem.
Michael Schellenberger, who recently attempted to run for governor in the state of California, He pointed out that this was a problem back in August of 2020.
He talked about the rolling blackouts that happened in the state that year.
He says that this is again because of California raising electricity prices because of its huge expansion in renewables.
He points out, even though the cost of solar panels declined dramatically between 2011 and 2019, their unreliable and weather-dependent nature meant that they imposed large new costs in the form of storage and transmission to keep electricity as reliable.
California's solar panels and farms were all turning off as the blackouts began, with no help available from the states to the east already in nightfall.
Electricity from solar goes away at the very moment when the demand for electricity rises.
The peak demand was steady in late hours, said the spokesperson for the ISO, and we had thousands of megawatts of solar reducing their output as the sun sets.
So again, take all of your energy offline and then be shocked when you have no energy.
This is the pattern.
And again, understand that for National Democrats, California is the model of what they wish to do environmentally, right?
Joe Biden is out there touting his Inflation Reduction Act, which is not going to reduce inflation.
And he said that it's going to fix the climate.
We're going to save the world.
No, you're not.
You're just going to do a bunch of incredibly expensive, stupid things, and then you're going to end up relying on the old forms of fossil fuels so long as the technology doesn't advance.
That's exactly what's happening in Europe, but that's not going to stop them from continuing to promote this nonsense.
Literally yesterday, Jennifer Granholm said that she supports the California gas vehicle ban by 2035.
...made national headlines by becoming the first state to say, by 2035, we're not going to have any gas-powered vehicles that are new, that are being sold.
You can still drive your old ones, but you can't sell new ones.
You like this concept?
Yeah, I do.
I think California really is leaning in.
And, of course, the federal government has a goal of, the president has announced, by 2030, that half of the vehicles in the U.S., the new ones sold, would be electric.
Wow.
I mean, they're leaning in, guys.
I mean, they're leaning in so far that they're falling over and smashing themselves in the face on the pavement, but they're definitely leaning in.
And we should listen to Jennifer Granholm, our energy secretary, who knows nothing about energy, because after all, Jennifer Granholm is wearing smart people glasses.
That's the way that you can tell whether somebody really knows about energy policies, they wear smart people glasses.
Either that or they fly around in private jets like John Kerry and speak sonorously into the mic.
I believe climate change must be fought like a war.
Jennifer Granholm, by the way, also said we have to double the size of our energy grid using green energy.
Slow clap for this idiocy.
The grid's going to be ready for all this?
The grid's got to be ready.
We have to basically double the size of the nation's electric grid with clean energy.
Do you have any proposals for how to do that, lady?
Because I'm not seeing any actual measures that you're proposing, other than just spending exorbitant amounts of money on really, really inefficient stuff.
People like Jennifer Granholm, they really have your best interests at heart.
They are experts.
These people are experts.
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There's another choice here, which is you can just keep locking down for the climate.
Bjorn Lomborg, who has written extensively, he's been a guest on the program, has written extensively about the environmentalists' emission timetables.
He points out that the goals of the environmentalists radically decrease the availability of actual energy to people.
He wrote in the Wall Street Journal back in September, quote, From the news to late night shows, much of the media makes it sound as if renewables are on the verge of taking over, but that's far from reality.
In 2019, the latest complete year of data, 81% of the world's energy supply came from fossil fuels, according to the International Energy Agency.
Even if all nations were to fulfill their current climate promises, the IEA estimates fossil fuel use would still make up 73% by 2040.
How can this be possible when headlines constantly trumpet the future of solar and wind?
Partly, it's that renewables produce mostly electricity, which is only 19% of all the energy the world consumes.
The rest is used for things like heating, transportation, and the production of goods like steel and fertilizer.
Even if all electricity turned green, most of the world would still run on fossil fuels.
And most electricity isn't green.
Almost two-thirds is still generated by fossil fuels, with nuclear and hydro supplying another quarter.
The solar and wind favored by environmentalists generate 8%.
Though renewables are often touted as the cheapest energy source, that's only true when the sun is shining and the wind is blowing.
If it still might, you need backup power typically from fossil fuels, which makes electricity costlier because you now need to pay for both the solar panel and the gas turbine.
The European Union, which gets 17% of its electricity from solar and wind, also has some of the highest consumer electricity costs.
In fossil fuel use, says Bjorn Lomberg, the greenest continent is Africa because nearly half of its energy comes from renewables, mostly wood, dung, and cardboard burned for cooking and heating.
Which kills about 700,000 people every year in Sub-Saharan Africa with indoor air pollution.
More than half a billion Africans lack access to electricity.
Economic development can move them out of this unenviable position, but it also means Africans will use significantly more fossil fuels than they do today.
To give a sense of how it could grow, California uses more electricity on its pools and hot tubs than all 44 million inhabitants of Uganda consume total.
Cutting fossil fuels as quickly as some environmentalists want will be tremendously difficult.
In 2020, pandemic lockdowns forced the world to cut carbon emissions significantly.
But to fulfill the Paris Climate Accords completely, the UN says global emissions would have to plunge even further every year for the rest of the decade.
By the end of 2030, they'd have to have fallen by 11 times what they did in 2020.
Not exactly realistic.
So it's unrealistic.
It's a waste of money.
It makes people miserable.
And by the way, it has international consequences because you may have noticed that some of America's opponents, some geopolitical powers that don't care about things like carbon emissions, they're simply using energy as a weapon, which by the way, oil has been a weapon since people discovered how to use oil for energy.
Literally, since we began dredging up oil from the ground and using it in vehicles, using it to power the development of industry, since that began, oil has been a serious geopolitical issue.
It's why people cared about the Middle East.
It's the reason probably why Japan ended up attacking the United States at Pearl Harbor, because they were being deprived of the oil supplies that they needed in order to power their war machine through American blockade.
Oil has always been an issue.
It's one of the reasons why Hitler moved into the Soviet Union.
He needed an oil field.
Oil has always been energy use is always an issue.
So if you voluntarily destroy your own energy efficiency because you have some sort of idea about fighting the sun.
That's going to have some real consequences, which is why, by the way, Russia has decided to cut off Nord Stream, the Nord Stream pipeline, right?
They're cutting it off in the middle of a war with Ukraine because they're attempting to freeze Europe out.
Basically, they're now reversing their strategy in the War of 1812 with Napoleon.
Basically, what they are now doing is they're saying, OK, well, if you will not come to Russia winter, we bring Russian winter to you.
If you're not going to invade Russia and then get caught up, you know, like Napoleon or like Hitler in the middle of the Russian steppes and then frozen, we'll just freeze you, right?
We will deprive you of energy in your own homes.
And so Russia is cutting off Nord Stream at the beginning of winter.
Everyone knew this was coming.
We've known this is coming for months.
So you might have figured, hey, maybe they should get ready by, you know, going back to some fossil fuel use in a time of emergency.
And they've tried, but it's a little bit too late.
And so here is the shocked Karine Jean-Pierre saying, you know, Russia is weaponizing energy.
Really?
You mean, wait, hold up.
You're saying energy can be used as a weapon?
Is that what you're saying?
Are you saying that like, I don't know, six months after we decided to freeze out Russia from the oil markets?
You mean Russia can do the same thing to us?
No.
Shocking.
So you've heard us say this, that what what we see Russia's doing, and we've been very clear about this, is that they're using energy, they're weaponizing energy, and it's choosing to one of the things that has been out there to shut down the pipeline of Nordstrom one.
Wow, you know, they're using energy as leverage.
Who could have foreseen such a thing except for every sentient human being since the beginning of this war?
I mean, that's shocking, and unsurprisingly, it is working.
I've been saying for weeks on this program, it was very clear that Ukraine had to make a military push before the winter, because the winter was the end of this war.
Because the Europeans are going to start pushing Ukraine to start making territorial concessions to end this thing, because you know what starts to hit home a lot in Europe?
When your citizens are freezing to death in their apartments.
It turns out that cold kills a lot more people every year than heat.
A lot more people.
I know this runs counter to the prevailing wisdom, which is that global warming is the chief threat.
Cold, when it comes to what kills people, is the chief threat to human beings, not heat.
The head of the EU yesterday had to announce that they're reducing energy use.
They've basically gone into flex energy use the same way as California.
You can blame Vladimir Putin for that, or you can blame the fact that this entire continent decided to follow the advice of an idiot Swedish teenager for no reason other than she was very upset.
I'm outraged.
Greta, she's disappointed in you.
And they were like, oh my God, the 15-year-old Swedish teenager is screaming at us.
Let's make ourselves completely reliant on Russian oil.
And then you have to cut your energy use.
Geniuses over there.
What is expensive?
Because in these peak demands, the expensive gas comes into the market.
So what we have to do is flatten the curve and avoid the peak demands.
We will propose a mandatory target for reducing electricity use at peak hours and we will work very closely with the Member States to achieve this.
Guys, we're back to flattening curves.
Isn't that exciting?
Remember that time when we were going to flatten the curve by staying in our homes and wrecking our businesses and destroying the world economy?
That was great.
Let's do it again, but with energy.
Sounds like a great idea.
Meanwhile, in Britain, one of the solutions that is now being proposed in Britain is actually to, I guess, pay extraordinary subsidies to people for their energy.
So they're now engaging in an energy bailout.
According to Alex Wickham, A reporter at Bloomberg, on top of 130 billion pounds to freeze household energy bills, Liz Truss is nomalling another 40 billion pounds for small business.
That equals the annual National Health Service budget.
It is more than 5% of GDP.
This is what happens when you make yourself reliant on sources of power that are not efficient.
I can't say it enough.
Reality does not care about your energy-efficient priorities when you are green.
It does not care.
And so, more realistic nations are like, yeah, you know what, fine, we're just going to buy oil from Russia.
They don't care.
You know, like, let's stop pretending over here.
India, right, which is a developing and growing nation.
You can tell us all you want, but you know what we're not going to do?
We're not going to make our citizens unable to run whatever air conditioners they have.
Here's India's Petroleum Minister, Hardeep Singh Puri, saying, yeah, we're going to continue buying oil from Russia.
Why wouldn't we?
Yes, we will buy from Russia.
We'll buy from wherever.
A democratically elected government.
And you don't have a moral conflict with the Russians at all?
No, no, it's no conflict.
I have a moral duty to my consumer.
Do I, as a democratically elected government, want a situation where the petrol pump runs dry?
Look at what's happening in countries around India.
But they did invade a democratically elected country.
No, no, I'm not getting into that debate.
It's a question of energy.
By the way, those who wanted to do that ideological punitive action, they're still buying.
I mean, he's right about this, by the way.
The countries are still buying, but through secondary parties.
They're buying secondhand Russian oil.
I mean, remember, when Russia turns off the pipeline, what does that suggest?
It suggests that until five seconds ago, the Europeans were continuing to buy Russian oil, otherwise they wouldn't have been running the pipeline!
What this demonstrates is that unless the West is willing to actually treat geopolitics as a serious business rather than committing suicide with regard to core resources like energy or, for example, semiconductors in Taiwan, unless they're willing to ramp up their own power, it turns out that competitive nations are going to look elsewhere.
If you're India and the West has nothing to offer you in terms of energy supply, of course you're going to turn to Russia.
Why wouldn't you?
You still have a billion citizens.
Like, what do you expect India to do?
This is just stupid.
It's stupid time in the West.
It's a serious time and we have unserious leadership who are consumed with what they have determined is the world's most serious problem, namely the gradual escalation of temperature over the course of the next hundred years.
Over a hundred years.
And the effect on humanity, which it turns out is really good at adapting to problems.
So we're going to do that, but we're just going to hand all power over to Russia and then we're going to yell at India if India decides that it's going to buy oil from Russia to take care of its citizens today.
These geniuses.
I will give a shout out here to my friend Vivek Ramaswamy.
Who has been trying to urge all of these oil companies to stop falling for the soft fascism of the government working in concert with ESG priorities.
So basically the government, left-wing governments, work in concert with groups like BlackRock and Larry Fink over at BlackRock to push oil companies to produce less energy and to get them to commit to environmental social governance.
And when they do that, what they are doing is basically telling energy companies to stop producing energy.
So Vivek has said, because BlackRock owns a big chunk of a lot of these energy companies, Vivek's proposal is, well, what if a bunch of us buy big chunks of these energy companies also, and then we tell them to stop listening to BlackRock, which is an excellent solution.
Good piece over at the Wall Street Journal talking about what Vivek did yesterday.
He sent a letter to Chevron CEO Mike Worth and the company's board.
He said, quote, I want to liberate you from the constraints imposed on Chevron by its ESG promoting quote unquote shareholders.
He writes that he looks forward to engaging with the company before next year's proxy voting session.
The Chevron effort is a response to last year's proxy victory by hedge fund Engine No.
1 at Chevron's rival ExxonMobil Corp.
that forced Exxon to accelerate energy transition efforts.
Strive's letter, that's Vivec's company, calls for energy producers to dump their current strategy of limiting investments and returning cash to shareholders.
It's one of the first formal calls for an oil giant to do so.
So, again, I'm a big fan of this strategy and I think that many of us should invest in things like Strive in order to drive up ownership in important aspects of the economy.
If you think those oil companies are eager to get into the inefficient business of solar, for example, you are off your rocker.
They're doing it because of government pressure.
They're doing it because the government has basically said, we are going to cut all these companies off at the knees by depriving them of their investments through regulatory power.
And so there needs to be some pushback here or the West is going to fall by way of its own hand.
Speaking of which, Joe Biden continues to tout the future of the economy.
We'll get to that in just a second.
The left believes they are winning the culture war.
This is wish-casting.
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Meanwhile, as Joe Biden continues to run the country into the ground, he's optimistic about the future of the country.
Well, maybe that's because he's I believe we're winning the race to the future.
Details matter, though.
Execution matters.
And I look forward to everyone here today giving me an update on your departments.
And I'm incredibly optimistic about the future that we're building here in this country.
But it requires solid work making these laws work.
The devil's in the details.
Inspiring stuff there from our babbling leader.
He also says that don't worry about it.
We're going to spend taxpayer money wisely.
If I spend taxpayer money wisely, he means he's going to load trillions of dollars into a leaf blower and then just sort of blow it out wherever he sees humans who might vote for him.
I suppose that's spending the money wisely.
It's a redefinition.
I'll give him that.
Here we go.
I've asked each relevant cabinet agency to come forward today with a plan to help get the American people and our economy on the right side as fast as possible, and to spend taxpayers' money wisely.
I might add, with all these legislations we've passed, Madam Vice President, we've still reduced the deficit substantially.
You have not reduced the deficit!
Okay, this is the biggest lie in American politics.
Again, if I spend $10,000 over my credit limit last month, and then I spend $4,000 over my credit limit this month, that's not me reducing the deficit.
That's me being wildly irresponsible.
He's spent more money than any president in American history, bar none.
Two weeks ago, he announced the largest executive action in the history of the country.
$500 billion minimum to unconstitutionally, quote unquote, relieve student loan debt.
He spent $1.2 trillion on an Inflation Reduction Act, which is an oxymoron.
You can't spend money on inflation reduction.
That's not how that works.
I'm going to spend more money to reduce the price of this good.
Genius.
And then he calls it a Climate Change Act.
Spent $2 trillion in the middle of an economic recovery to fight COVID or some such.
The American Rescue Plan.
He spent a trillion plus dollars on infrastructure.
That's aside from the $4 trillion budget every year.
He's spending more money than God or man has ever seen.
And then he's telling you he's fiscally responsible.
That the inflation is not his fault.
That he's doing a great job, guys.
He really is.
Well, you know who disagrees is the stock market, which continues to have an awful quarter.
According to the Wall Street Journal, U.S.
stock indices fell on Tuesday, driven by expectations for tighter federal reserve policy and an energy crisis in Europe.
And by the way, This is the pattern of governance.
You do a really crap job and then somebody has to come in and try to put a band-aid on it.
So the Federal Reserve did a really, really bad job in terms of ramping up the inflation during 2020 and continuing to buy up trillions of dollars in assets, injecting money into an already overheated economy in 2021.
But what's really exacerbated the problem is horrible legislative policy from the Biden administration and executive policy in 2021-2022.
And that means now they're begging the Federal Reserve to come in and fix the problem.
It's the same thing with the energy supply issues.
Like, wow, you know, it turns out that the energy supply issues, a systemic problem generated by our bad policy.
What if we could have a Band-Aid?
And the Band-Aid would be in the form of, you know, subsidies.
The Band-Aid would be in the form of buying energy from other states.
Or maybe we'll keep a nuclear plant online a little bit longer.
Bad policy requires you to continue slapping band-aids on the bad policy, but these are gangrenous wounds.
They are only cured by lopping off limbs at this point, and you're not lopping anything off.
You're just sitting there watching as the rot grows and rooting for it.
The rot's good.
The rot is the recovery, you see.
The rot's amazing.
The S&P 500 declined 16 points, or 0.4%, to 3908.19 after the long Labor Day weekend.
The Dow Jones Industrial slid 173 points, 0.6%.
The tech-focused Nasdaq Composite lost 0.7%.
That is down for seven straight trading days, the longest losing streak since November of 2016.
Within the S&P 500, seven out of 11 sectors were in the red on Tuesday, with industrials, healthcare, real estate, and utilities gaining.
There's this weird thing that's going on in the stock market, and it's really, really funny, actually.
And that is, the Federal Reserve will announce that they are raising interest rates, and everybody goes, oh no!
And they sell.
And then five minutes later, they're like, well, maybe they'll get control of it and then they buy.
And then five seconds later, the Federal Reserve is like, we're raising the interest.
Oh no!
You can see the stock market riding that wave like it's a Six Flags ride.
According to Jerome Powell, by the way, they're now looking at another 0.75 point percentage point increase rather than 0.50.
They can go for three quarters of a percentage point increase, 75 basis points.
Fed officials have done little to push back against the market expectation of a third consecutive 75 In a speech August 26th, Powell underscored the central bank's commitment to boosting interest rates enough to lower inflation from 40-year highs.
He says we'll keep at it until we are confident the job is done.
Again, he's been signaling this for a while.
And Mohamed El-Erian over at Allianz, he's been saying, you know, you guys, you should've been tapping the brakes a long time ago.
Now it's a little bit late.
You're going to have to slam on the brakes.
And when you slam on the brakes, the chances are that the economy is going to crash.
Again, globally speaking, a lot of other countries which have been following the United States' lead are about to take it directly on the chin.
Goldman Sachs is predicting 22-point inflation in places like the UK.
Apparently, officials are going to submit their new economic projections at their meeting this month, showing how high they expect to lift the Fed funds rate by year's end.
New York Fed President John Williams said, quote, their next steps need to be guided by where we want to see the interest rates by the end of the year and into next year.
If based on the data, it's clear we need to get interest rates significantly higher by the end of the year.
Obviously, that informs a decision at any given meeting.
Powell is set to speak Thursday in a moderated discussion at the Cato Institute.
Those are his last scheduled public remarks before the coming Fed meeting.
Meanwhile, over in Britain, Liz Truss is attempting to put that country back on the right track, given the fact that they're about to launch off into unprecedented inflation, like the worst inflation that they've seen in maybe a couple of hundred years, depending on how you measure it, because the pound is about to reach parity with the US dollar.
She said yesterday in accepting the gig as PM of the UK, That she was determined to deliver and she's going to do so by lowering taxes, lowering regulation, and hopefully jacking up energy supply, which of course is the proper move here.
Our country was built by people who get things done.
We have huge reserves of talent, of energy and determination.
I am confident that together we can ride out the storm.
We can rebuild our economy.
And we can become the modern, brilliant Britain that I know we can be.
This is our vital mission to ensure opportunity and prosperity for all people and future generations.
I am determined to deliver.
Thank you.
Yeah, and I'm hopeful that Liz tries.
Maybe she's Margaret Thatcher, part two.
Maybe what we get here is Margaret Thatcher preceding a Ronald Reagan here in the United States, because that's what the West needs.
It needs an actual clear-eyed vision about how to ramp up its own power in the face of predatory foreign governments like China and Russia.
I'm just amazed at people in the West who keep saying they want to confront places like, I mean, Joe Biden says this.
He says, we need to confront Russia and Ukraine.
We need to confront China.
And then undermines the economic power of the United States and the military power of the United States.
At the same time, they are getting confrontational with foreign powers.
It's kind of an amazing thing.
Alrighty guys, the rest of the show is continuing now.
You don't want to miss it because we are going to be getting into Jennifer Lawrence, who apparently has been dreaming about Tucker Carlson.
I know it's super weird.
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