Weekly eLetter 1/20/2023 – Fighting Climate Change with Hot Air
As you may have noticed the World Economic Forum has once again convened in Davos Switzerland. To give credit where credit is due, I thought we should devote a few paragraphs to this year’s WEF accomplishments and perhaps compare them to previous WEF accomplishments. Sadly, it appears those are seemingly non-existent.
So, if the short list of successes is so short as to not even make up a list, we can still look over some of this year’s key ideas and goals, yes? We can, and we did. What we have found thus far is that this collection of the world’s best, brightest and most luminous of luminaries don’t actually agree on much. The one thing they always agree on is how smart and important they are.
Other things they do agree on are big ‘broad brush’ concepts like Climate Change. On the other hand, they struggle with the hard details like, ‘who’, ‘how’, ‘when’ and the very important ‘what does it cost?”.
There is some agreement that the most technologically and economically advanced societies, such as the EU and the USA, should step up and do the most of whatever there is that might be done. Meanwhile the proponents of these strategies also think that the world’s biggest polluters such as India and China should not be inconvenienced by the potential protocols demanded of the US and EU.
Several journalists on hand in the tiny Swiss resort town have reported that about a thousand private jets came to Davos to ferry the big brains in the manner to which they are accustomed. The thought crossed my mind that this is not the ‘greenest’ way to get these folks together. Have the great thinkers not figured out how to use Zoom?
Closer to home, and back to the things in our own bailiwick — Investing, the actual economy, the actual markets, etc,; we find as much cross-current thinking as there was in Davos. (To be trendy, I am going to begin the next paragraph with the words “I mean”. I have no idea why, but everybody seems to be doing that these days.)
I mean, take a look at the pronouncements of the Fed governor’s speeches this week. I don’t find a lot of harmony there. Rates still going up? Probably. Up to a ‘terminal rate of 5%? Probably. Is the Fed still obsessed with controlling inflation by goosing unemployment? More ‘probably’s.
I used to appreciate the saying “The best way to predict the future is to create it.” These days, I also think there is great value in being, at least a little, suspicious about what the self-appointed visionaries are pushing in the headlines.
There is no Market Minute this week.
Have a nice weekend!
Ronald P. Denk, CFP®
Denk Strategic Wealth Partners
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