Carney Explains to House of Commons, Computer Models? You Ain’t Seen Nothin’ Yet

Oct. 16, 2019 (EIRNS)—Bank of England Governor Mark Carney testified to the House of Commons Oct. 15 about computer models so fantastic that they can do a direct conversion of economic investment into temperature Centigrade, on any scale desired! The Guardian’s report of his remarks does not make clear where Carney got the model or models, but it is evident that they put Prof. Michael Mann’s notorious “hockey stick curve” completely in the shade.

Carney reportedly started by explaining “that the global financial system is backing carbon-producing projects that will raise the temperature of the planet by over 4°C.”  He “said the multitrillion-dollar international capital markets—where companies raise funds by selling shares and bonds to investors—are financing activities that would lift global temperatures to more than 4°C above pre-industrial levels.” Associated global sea level rise is some 40 feet. Count on it, says Carney.

Then for the real special sauce: “Carney told the committee that the GPIF [Japan’s Global Pension Investment Fund] analysis showed it held assets consistent with 3.7°C heating, and that the fund was now trying to manage this down. He said that AXA, the French insurance group, priced U.S. government bonds at 5.4°C, to reflect the carbon-intensive nature of the American economy. The U.K. is much lower, he said.” This gives us an idea of just how wonderfully powerful the “taxonomies” of companies, compiled about them by Wall Street financiers, must be.

All this the paper described as a “stark warning,” although “stark naked warning” might be more apt. It has still not been established by any public pronouncement, that Mr. Carney personally knows anything about climate science or Earth’s temperature record. The total rise in temperature since the often-cited 1880 “start” of the industrial age is 0.4°C in 140 years. Computer models claiming escalating temperature rise after 1990 have consistently proven wrong.