Tim Yeo: no headline can do him justice

Slimeball of the year

Yeo: Yeuchh!

I’ve just gone and voted for Tim Yeo MP in Bogpaper.com’s Slimeball of the Year competition. I hope you will too. The competition is stiff (Ed Balls, Keith Vaz, Lord Deben – truly, with his silver salver of golden-wrapped balls of suppurating ordure the ambassador is spoiling us) but for me the winner is still a no brainer.

We’ve detailed one or two of the Problems With Tim “Trougher” Yeo here several times this year.

Just Why Is Tory MP Tim Yeo So Passionate About Green Issues?

Tim Yeo: like a cross between Ebola and Chris Huhne? (I was threatened with legal action after that one by the World Ebola Council, which argued I had no business sullying the name of a blameless disease with such dodgy associations)

Tim Yeo MP – even when he’s right he’s wrong.

and

Tory sleaze is worse than ever: Yeo and Deben must go!

Guido had a few good ones this year too. There was the one about Tim Yeo’s China Bonanza. and the one about the highly beneficial deal he struck regarding London Taxi legislation which, even Yeo eventually seemed to recognise, might be seen as pushing his conflicts of interest a bit too far. Then there’s this one (about fracking) and this one, where Guido spells it out once more:

Conflicted Energy and Climate Change select committee chairman Tim Yeo is at it again today:

“Lumbering the economy with a centralised power system largely reliant on gas would be like running an office using a fax machine in the age of the iPad. I think the choice facing Britain is clear. We can embrace the technology of the future, set a target to reduce our present heavy dependence on fossil fuels and upgrade our electricity system, or we can cling to the combustion-based technologies of the past, gamble the future on assumptions about the availability of abundant cheap gas and slow down the process of decarbonising our economy.”

Tim Yeo’s green interests in full:

Chairman of AFC Energy, company developing alkaline fuel cell technology. Wage: £4,340-a-month.
Chairman of TMO Renewables, which develops and supplies technology for second generation biofuels. Wage: £5,832-a-month.
Director of ITI Energy, manufacturer of environmentally friendly ‘clean’ gasification technology.

My main worry about Tim Yeo, though, is that he is not merely routinely unpleasant but actively dangerous. Among the few to have noticed just how dangerous he is is Richard North at Eureferendum, who notes the terrifying, eco-fascistic undertones of a speech Yeo gave recently at Bloomberg’s HQ.

Instead of “lumbering the UK economy with a centralised power system largely reliant on gas”, Yeo wants, “super efficient solar cells, anaerobic digestion, wind power, new nuclear reactors, wave and tidal power and carbon capture and storage”. These, he declares, are the technologies of the future. “Smart meters, new grid technology and increased interconnection across the continent will lead to a new ‘energy internet'”.

What we then see for our money is, “decentralising electricity generation, giving consumers much more control of their use of energy, and empowering people and businesses, both large and small, to produce and sell electricity back to the grid themselves”.

But what Yeo then describes should chill the very marrow of your bones. “The dynamic demand management allowed by these new technological developments”, he tells us, “will help to address the problem posed by increasing proportions of intermittent generation in the system; gradually reducing the amount of gas back up that is needed”.

If you can’t see what the problem is here, let me explain. Up until now we have all lived in a world where we expect to enjoy electricity on demand. When we want a cup of tea, for example, we take it for granted that we can put on the kettle there and then. It would strike us as barmy beyond measure that we might have to wait for two or three hours until such time as the National Grid deemed it fit to provide us with the electricity we desired. Yet this is the principle behind those “smart meters” and “new grid technology” which Yeo is advocating. Yeo and his fellow green ideologues and eco-profiteers are trying to usher in a new world in which it is the State – through the National Grid – which decides when, where and how much electricity you get to use, not you the consumer.

I first cottoned on to this when I was researching Watermelons:

You hear “smart” employed in its new meaning quite often by environmental propagandists and technocrats these days, as for example, in an interview on BBC Radio 4 in March 2011 with Steve Holliday, chief executive of Britain’s electricity connecting network the National Grid.“The grid is going to be a very different system in 2020, 2030. We keep thinking that we want it to be there and provide power when we need it. It is going to be much smarter than that. We are going to change our own behaviour and consume it when it is available and available cheaply.”

Traditionally “smarter” has tended to mean positive things like “more intelligent”, “better designed” , “sharper” or “quicker”. But not in this context. “The time when consumers were free to use electricity whenever they wanted is coming to an end,” Holliday is basically saying. “Now we must prepare ourselves for a new golden age of environmental righteousness, when power is rationed according to the whim of Big Brother.”

It’s no surprise that self-confessed watermelons like Caroline Lucas MP should be four square behind such schemes. But what, you might not unreasonably ask, is a Tory MP doing trying to advance something so inimical to conservative principles as state-controlled energy rationing? This is eco-fascism, pure and simple. It’s not about free markets; it’s not about consumer choice; it’s not about a healthy economy; and it’s most definitely not about rationalism or common sense. Remember, we are about to enter a new era of abundant, relatively cheap, home-grown energy – the shale gas revolution. This revolution will make a mockery of all the assumptions behind so-called “smart growth” – ie that scarce resources need to be preserved, that we need “energy security”, and that the only way we can achieve this is through “rationing” sexily rebranded as something desirable and “smart.”

At the moment “smart growth” is just an unpleasant twinkle in the eyes of a few (very well-placed) green ideologues. But just you watch as, with the help of eco-fascist-dominated government departments like DECC, hard-left lobbyists like Friends of the Earth and Greenpeace, hairshirt anti-prosperity movements like Transition Towns and their amen corner on the Guardian’s Environment pages, the concept slowly mutates from “What? Energy rationing by the government? We’d never stand for it” to linchpin of government energy policy.

The single best thing the Conservatives could do in 2013 is boot Tim Yeo out of every position of power he holds and watch as he crosses the floor to his natural home: Caroline Lucas’s barmy, misanthropic, anti-capitalist Greens.

Related posts:

  1. Millionaire Chris Huhne finds new ways to waste your money
  2. Tory sleaze is worse than ever: Yeo and Deben must go!
  3. Broken Britain
  4. Climategate 2.0: Lawson squishes Huhne

3 thoughts on “Tim Yeo: no headline can do him justice”

  1. Phoenixw2 says:4th January 2013 at 12:15 amThe Eagles’s had a lyric, ‘You can’t hide those lyin’ eyes’ …. well.
  2. rtj1211 says:7th August 2013 at 7:33 pm‘Self-serving, deceitful, unprincipled, dishonourable cunt’ perhaps??

    Can’t say that in HOC of course.

    But then again, if Hitler had been in there you couldn’t have called him dishonourable either!

    About time that the HOC had a mechanism for calling the dishonest, the dishonourable what they really are.

    CACAC and CACAC I call it.

    Unfortunately I”d be named by Bercow if I used it on the floor of the House.

    Why, I really can’t understand…….

  3. rtj1211 says:7th August 2013 at 7:33 pm‘Self-serving, deceitful, unprincipled, dishonourable cunt’ perhaps??

    Can’t say that in HOC of course.

    But then again, if Hitler had been in there you couldn’t have called him dishonourable either!

    About time that the HOC had a mechanism for calling the dishonest, the dishonourable what they really are.

    CACAC and CACAC I call it.

    Unfortunately I”d be named by Bercow if I used it on the floor of the House.

    Why, I really can’t understand…….

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Red Pill, Blue Pill

Resolving the economic crisis

The other day m’learned colleague Ambrose Evans Pritchard wrote a piece in praise of money-printing. What the world needs is more Quantitative Easing, he argued, though this time deployed in “nuclear force.”

I have no doubt that this would bring about a full recovery very fast if conducted with enough panache, but is it possible to marshal political consent for such revolutionary action?

The Tea Party Congress, like Europe’s bourgeousie, would rather wallow in liquidation, Puritan cleansing, and mass default than tolerate the possibility of a solution.

I couldn’t disagree more violently with this analysis. Nor, happily could most of you. The most popular comment response – approved by over 300 readers –  countered:

In reality, economics is not the fiscal rocket-science you make it sound. Capitalism itself is based on good old-fashioned honesty. The money at the heart of it must be both an honest store-of-value and an efficient medium of exchange. It ceases to be so when the inherent deceits of fractional reserve banking allow trillions of false credit to be pumped into the system, thus forcing up prices (booms) which inevitably lead to over-valued commodities (busts).

What happens next is that the banks, having privatised their gains in the good times, simply socialise their losses onto the tax-payer. It’s a crime. Simple as that really.

Reading these words – and seeing how many “likes” they got – did my heart good. “So I’m not alone, after all,” I thought to myself. “There are others out there who’ve taken the red pill too.”

The red pill – for those who haven’t seen The Matrix – is the one which shows you the world as it really is rather than cosy, fantasy confection of the popular imagination. The red pill is not for the fainthearted because it involves confronting painful, ugly reality rather than living the dream.

Let me give you an example of what taking the red pill entails. It’s a report from last year by the Boston Consulting Group showing that the amount of household, corporate and government debt which needs to be eliminated stands at $21 trillion. The cost of dealing with this “debt overhang” will entail the loss (ie confiscation by the government) of one third of the wealth of the asset-owning classes. Some time in the next few months, weeks or years, we’re all going to be taking a 30 per cent hair cut.

Here’s another fascinating report, this time about where gold is headed. Conservatively it estimates its target price at $2,300 an ounce.

Whenever I mention such things, I’m always amused by the rage it generates in some quarters from “experts” who passionately believe that gold is overvalued, that it’s a bubble that is about to burst. Well fine. If that’s what you think, don’t go and buy gold bullion. No one’s forcing you to – and what I say makes no difference either way to the market price: you can’t ramp gold like you can share prices. I just happen to think you’re making a big mistake which you could easily avoid were you to acquaint yourself with the most basic principles of Austrian economics.

What you need to understand is that the value of gold is not about to go up. What’s going to happen is that paper money is going to become increasingly worthless – meaning you’ll need that many more worthless paper notes to buy the same amount of gold. This is what Quantitative Easing does. And the reason you’re holding gold is not as some kind of crazy speculative investment which might just make you rich, rich, rich! You’re doing it for the much less exciting and more depressing reason that all your savings are about to be inflated away and gold is just a way of stopping you growing any more poor.

I’m holding quite a bit of gold at the moment by way of various investments. But believe me, I’d much rather live in a world where the economy was in the kind of shape where it made more sense to buy shares instead.

Besides your response to Ambrose’s piece, the other thing that has given me tremendous hope on Telegraph blogs in the last few weeks has been the arrival of the brilliant Thomas Pascoe – whom I hereby recruit, if he’ll let me, as my wingman. (Hannan’s probably Guy Gibson; I think I’m more like one of those suicidal Polish fighter aces.) As he showed in his piece the other day on the manipulation of the gold price, Pascoe, too has taken the red pill. He too, recognises, just how potentially dire things might get before this global economic crisis is resolved.

Quite how bad things get in the next few weeks and years really depends on how quickly the red pill faction manages to win the political and economic arguments. At the moment, the blue pill faction holds sway everywhere from Ben Bernanke’s Fed to Osborne’s Treasury to the entire crumbling mechanism of the EU. Given most people’s reluctance to deal with reality, I wouldn’t bank on a remotely happy outcome. Especially not in a world so barmy that men like Joseph Stiglitz are actually given the Nobel prize for economics…

Oh, and you can hear me talk more about this over on my podcast for Bogpaper.com. Take the red pill. T-a-a-k-e the RED PILL. It’s the only way any of us are going to get out of this one alive.

Related posts:

  1. Vote Blue, Go Green, Ruin Britain
  2. Dizzee Rascal speaks up for the City. Probably.
  3. The case against Dr Phil ‘Climategate’ Jones
  4. Greenpeace goes postal

 

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Radio Free Delingpole XVI: Buying Britain’s gold back

June 30, 2012

Today’s Radio Free Delingpole is dedicated to one of my new obsessions: gold. Partly I’m interested in it for the same reason Gollum was in the ring – because it’s shiny and precious and makes me feel like I can control all Middle Earth. But mainly it’s because I think our global economic policies are steering us inexorably towards monetary collapse. Gold, historically, has a proved a useful store of value in times of inflation or hyperinflation. I see no reason why this shouldn’t happen again WTSHTF (as we Austrian-survivalist-anarcho-capitalist types like to call the coming event).

Which is yet another reason, of course, why we should all so viscerally loathe Gordon Brown – and never ever forgive him for what he did to our gold reserves. Not only did he sell them off at a pittance –  395 tonnes of the stuff at a rock bottom $275 an ounce – but he actually got even less than he could have done by “butchering the trade.” This is the City phrase for telegraphing your sale in advance. In other words, if you announce to the world that you’re going to sell large quantities of your gold reserves – as Gordon did – gold holders will naturally sell off their own reserves beforehand, anticipating the inevitable price drop. As I detail in this Spectator article, what this also meant is that Britain has dropped way down the league of gold-owning nations.

The Chinese are surreptitiously building up their reserves; so too are basket cases like Venezuela. Britain, however, now languishes at a mere 17th in the international bullion-owning league table. And when it comes to gold holdings per capita we don’t even make the top 20. (The Swiss come top with – in 2011 figures – $6,000 worth of gold per person; the Lebanese are next; then the Germans. Britain has the lowest per capita holding in the EU).

This is why I think it’s such a totally brilliant idea that my friends Ralph, Jan and Will from the Real Asset Company are campaigning for us to Buy Britain’s Gold Back. Well, obviously, being a company where you can buy gold bullion that’s just the sort of thing they would say. And if you are going to buy gold, let me warn you right now, it’s not a one-way bet: I bought a thousand quid’s worth last year on the understanding that by this time the world’s economy would collapse and my bullion would be worth at least double. Instead, the world economy didn’t collapse and my shiny precious is now worth less than one thousand quid.

Nonetheless,  for what my ignorant amateur’s opinion is worth, I do agree with those who argue that gold (currently priced around the $1500 dollar mark) is going to hit $2,000 an ounce before it hits $1000 an ounce. Partly, this will be because of the inflationary effects of Quantitative Easing (of which, insanely, our government for one is planning more). Partly, it will be because of intriguing – and under-reported – policy shifts like the US Federal Reserve’s proposals to have gold bullion declared a “zero-risk-weighted” asset (currently it has a 50 per cent risk-weighting), making it less likely that in future capital-impaired banks will feel the need to dump their gold holdings.

Anyway, you can take or leave this stuff, as you will. I’m not trying to turn you all into goldbugs. In fact I hope you don’t become goldbugs because you’ll only end up weird and obsessive and shunned by people at parties. But if you want to read further, I do recommend the excellent Cobden Centre (“for honest money and social progress”) or Bogpaper.com (“Getting you out of the s**t since 2012”) or, if you really want to freak yourself out and live every day like it’s the last before the world ends, there’s the monumentally depressing Zero Hedge.

Related posts:

  1. Radio Free Delingpole: Popes and Puppies
  2. Radio Free Delingpole 40: Dirty Pictures
  3. Radio Free Delingpole XIV: Fracking, Thrones and Ninjas
  4. Radio Free Delingpole: Stupid Liberal Things

One thought on “Radio Free Delingpole XVI: buying Britain’s gold back”

  1. Alois Klein says:6th July 2012 at 10:32 amJames
    Read watermelons-need more like you to spread the truth

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Why Money-Printing Is like ‘Global Wwarming’

Sceptical of printing money

Yeah, that’ll work…

Here’s a must-read post by Aussie blogger Jo Nova – and it’s not on her usual topic climate change. The title says it all: The Ground Zero of Global Corruption: it starts with The Currency.

It’s like this. The governments and their central banks make as much free money from thin-air through fractional reserve banking and other methods as they can get away with — it benefits those who “spend that new money first”. They spend it at current prices, and pay it back later, after inflation has decreased its value. The people who pay the difference are those who saved and held money while its purchasing power fell. Speculators grow rich, while retirees and savers get poorer.

In a free market this would quickly lead to inflation, and people would rush to the only currencies the government can’t inflate (or “print” for free)  — they’d buy and hold gold or silver and keep their purchasing power. Remember, gold and silver are the currencies that evolved in the marketplace over the last 5,000 years and are not directly under the control of government. (And “so?” you say?). The point is, if the prices of gold and silver rise fast, people would abandon bonds and get into metals instead, thus correcting the situation by making the printing and speculating game vastly less attractive while saving and production became more attractive. Essentially, people dump the government money and go for the competitor, which means the government (and or Fed) has to increase the interest rate and pay more for its money, and nobody wants that: God forbid that Governments or Banks should pay people a fair rate for borrowing “their” money.

Bonds and “treasuries” (US Treasury Bonds) are fancy words for loans to the government. But if no one wants to buy them, then the government has trouble raising funds for its massive pork barreling vote-buying schemes, and the investment bankers pay higher interest payments which takes all the fun out of Grossly Huge and Obscene Mergers, the SubPrime Parties and the High Frequency Festivals.

I had a similar awakening a few months back when I went to see Detlev Schlichter talk to a small group of (somewhat terrified) MPs about his book Paper Money Collapse in a meeting organised by the Cobden Centre. Here is Schlichter explaining why Ben Bernanke’s, George Osborne’s and the European Central Bank’s money printing experiment will only prolong the depression.

Economies are not growing because of the massive imbalances that have accumulated as a result of years and decades of cheap credit. A cleansing correction  – in balance sheets, state budgets and debt levels – is urgently needed. Present policy doesn’t allow it. So the economy won’t grow.

He’s right, of course. But how do I know? I’m not, after all, an economist any more than I am a climate scientist, so why do I feel that I am qualified to comment? Why, for that matter, does Jo Nova?

I riff on this theme quite a lot in Watermelons – or Killing The Earth To Save It (Connor Court), as it’s called in the Australian edition, which I shall be shortly visiting Oz to publicise. You should read it. There’s a great section in which my old Kathy-Bates-in-Misery admirer Blobby is invoked and where I liken myself to the Robert Redford character in Three Days of The Condor (“He reads”). Anyway, all is explained there, so I’m damned if I’m going to give myself RSI regurgitating all the best bits here. Suffice to say, yes I am an Interpreter of Interpretations. It’s what I do and do well. I should have a card printed, one day.

But why should climate sceptics also be sceptical of money-printing, fiat currency, fractional reserve banking and gold and silver market manipulation? It’s a question Jo has pondered too.

If you wonder how corruption in climate science could be connected, look no further than Climate Money. Without the printing presses running flat out at the Fed, which politicians would have had the luxury of glorious schemes to control the weather? How could they hand out grants to send, say, aquariums on tour to warn of impending storms? Underneath it all, if large financial institutions were not looking forward to a brand-spanking-new $2 Trillion market to trade carbon, who would have found millions to install 70 foot Carbon-Clocks, 50 page science reports and to donate and push into “green” education campaigns? Funny money makes for funny decisions. Shame no one is laughing.

If real people had to earn real money, investment bankers would need to make real decisions, scientists would have to find real evidence, and politicians would have to come up with real reasons.

Exactly, Jo. Welcome to the Austrian School – the only economic education worth having right now.

Related posts:

  1. Millionaire Chris Huhne finds new ways to waste your money
  2. UN reveals its master plan for destruction of global economy
  3. ‘Global warming’: time to get angry
  4. ‘Global warming? What global warming?’ says High Priest of Gaia Religion

One thought on “Why money-printing is like ‘global warming’”

  1. Philip Neal says:23rd March 2012 at 9:23 pmWhat you say here may well be right, but as one free market, less government conservative to another I appeal to you not to make a big issue of questions which divide our side. In Watermelons you rightly argue that the Green ideology isn’t really about science at all, that the heart of it consists of economic fallacy about limits to growth, the nature of scarcity and the relationship between wealth and knowledge. You will do much better to focus on areas where the Left is hopelessly wrong rather than arguing about exactly which free market school – Austrians, monetarists etc – has the exact truth. Also, there are right wing cranks aplenty with fringe views about central banks, gold and so on: propagandists on the other side would like nothing better than to tar you with that brush. You are a polemicist and one of the best in the trade. Please concentrate on attacking the enemy.

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