IMF, UN Globalists Launch Fresh Attack on Trump
The IMF are attacking Trump on trade and the UN are trying to scare up some support using climate change. It is a big week for the Globalists as they try to resist the rising political opposition to their vision of the world.
According to the IMF
Rising protectionism, vulnerable emerging markets and record debt levels: The IMF holds its annual meeting this week in earthquake-stricken Indonesia, as it shines a light on tremors in the global economy.
Finance ministers and central bankers from 180 nations will be among 32,000 attendees in Bali for the annual meeting of the International Monetary Fund and World Bank, which takes place every three years outside of Washington. The gathering will be held from Tuesday to Sunday.
The resort island of Bali is 1,125 kilometers (700 miles) from Palu, the city on Sulawesi that wracked by an earthquake and tsunami on September 28 that left more than 1,500 dead and 1,000 missing.
Despite the distance, security is a major concern for Indonesian organizers.
Bali experienced a series of volcanic eruptions over the summer, while the neighboring island of Lombok was struck by a string of deadly earthquakes.
If there is an earthquake, Jakarta recommends participants stay in the conference center, which, like many hotels in Bali, is built to withstand such seismic events.
In case of tsunami risk, attendees would be evacuated to a nearby building.
But the focus of the meeting is averting economic rather than natural disasters.
The trade war launched by US President Donald Trump against China, along with disputes with allies like the European Union, Mexico and Canada, is a key source of concern.
The dispute caused a proliferation of protectionist measures in recent months that is weighing more and more on international trade.
– Risks materialize –
Trump has imposed tariffs on $250 billion of annual imports from China, to try to pressure Beijing to change trade policies he calls unfair, including theft of American technology.
Beijing countered by imposing punitive duties on $110 billion of US products.
Washington also has imposed steep tariffs on steel, aluminum, washing machines and solar panels, drawing retaliation from Canada, Mexico, China and others.
Like the OECD, which lowered its economic growth forecast for the world economy to 3.7 percent for 2018, IMF chief Christine Lagarde signaled the fund would cut the outlook which in July stood at 3.9 percent.
After sounding the alarm in recent years about threats to the global economy, Lagarde said last week “some of those risks have begun to materialize” and “there are signs that global growth has plateaued.” Lagarde has never made a good economic call in her life.
The rise in trade barriers is slowing trade, and dampening investment and manufacturing as uncertainty increases, she said.
And she repeated the warning about rising debt levels which “reached an all-time high of $182 trillion — almost 60 percent higher than in 2007.”
That creates concerns for emerging market economies which will come under increased pressure as the US central bank raises interest rates, while investors are likely to pull out of those markets seeking higher returns.
Argentina and Turkey already have been hit by headwinds, seeing their currencies collapse and forcing Buenos Aires to go the IMF for help.
The fund recently increased support for Argentina by $7 billion to $57 billion in exchange for tough economic policy reforms, although the loan has not yet been approved by the IMF board.
But Economist Monica de Bolle of the Peterson Institute for International Economics said Brazil also was likely to see market turbulence next year and South Africa is vulnerable as well.
“This is not going to end well,” de Bolle said of the emerging market outlook.
There could be broader repercussions in the event China’s economic engine slows sharply amid the trade confrontation.
Group of 20 finance ministers also are due to meet in Bali on the sidelines of the IMF meeting to discuss topics such as US sanctions against Iran or taxes on digital giants. This will the last meeting prior to the leaders’ summit in Buenos Aires at the end of November.
The UN trys to Push a Useless Climate Deal so they can Keep their Funding
Avoiding global climate chaos will require a major transformation of society and the world economy that is “unprecedented in scale,” the UN said Monday in a landmark report that warns time is running out to avert disaster.
Earth’s surface has warmed one degree Celsius (1.8 degrees Fahrenheit) — enough to lift oceans and unleash a crescendo of deadly storms, floods and droughts — and is on track toward an unliveable 3C or 4C rise.
At current levels of greenhouse gas emissions, we could pass the 1.5C marker as early as 2030, and no later than mid-century, the Intergovernmental Panel for Climate Change (IPCC) reported with “high confidence”.
“The next few years are probably the most important in human history,” Debra Roberts, head of the Environmental Planning and Climate Protection Department in Durban, South Africa, and an IPCC co-chair, told AFP.
A Summary for Policymakers of the 400-page tome underscores how quickly global warming has outstripped humanity’s attempt to tame it, and outlines paradigm-shift options for avoiding the worst ravages of a climate-addled future.
Before the Paris Agreement was inked in 2015, nearly a decade of scientific research rested on the assumption that 2C was the guardrail for a climate-safe world.
The IPCC report, however, shows that global warming impacts have come sooner and hit harder than predicted.
– Pay now or pay later –
“Things that scientists have been saying would happen further in the future are happening now,” Jennifer Morgan, Executive Director of Greenpeace International, told AFP.
To have at least a 50/50 chance of staying under the 1.5C cap without overshooting the mark, the world must, by 2050, become “carbon neutral,” according to the report.
“That means every tonne of CO2 we put into the atmosphere will have to be balanced by a tonne of CO2 taken out,” said lead coordinating author Myles Allen, head of the University of Oxford’s Climate Research Programme.
Drawing from more than 6,000 recent scientific studies, the report laid out four “illustrative” pathways to that goal.
The most ambitious would see a radical drawdown in energy consumption coupled with a rapid shift away from fossil fuels and a swift decline in CO2 emissions starting in 2020. It would also avoid an “overshoot” of the 1.5C threshold.
A contrasting “pay later” scenario compensates for a high-consumption lifestyles and continued use of fossil fuels with a temporary breaching of the 1.5C ceiling.
It depends heavily on the use of biofuels. But the scheme would need to plant an area twice the size of India in biofuel crops, and assumes that some 1,200 billion tonnes of CO2 — 30 years’ worth of emissions at current rates — can be safely socked away underground.
“Is it fair for the next generation to pay to take the CO2 out of the atmosphere that we are now putting into it?”, asked Allen. “We have to start having that debate.”
– ‘Hail of silver bullets’ –
The stakes are especially high for small island states, developing nations in the tropics, and countries with densely-populated delta regions already suffering from rising seas.
“We have only the slimmest of opportunities remaining to avoid unthinkable damage to the climate system that supports life as we know it,” said Amjad Abdulla, chief negotiator at UN climate talks for the Alliance of Small Island States (AOSIS).
“Historians will look back at these findings as one of the defining moments in the course of human affairs.”
Limiting global warming to 1.5C comes with a hefty price tag: some $2.4 trillion (2.1 trillion euros) of investments in the global energy system every year between 2016 and 2035, or about 2.5 percent of world GDP.
That amount, however, must be weighed against the even steeper cost of inaction, the report says.
The path to a climate-safe world has become a tightrope, and will require an unprecedented marshalling of human ingenuity, the authors said.
“The problem isn’t going to be solved with a silver bullet,” Ove Hoegh-Guldberg, director of the University of Queensland’s Global Change Institute, told AFP.
“We need a hail of silver bullets.”
The IPCC report was timed to feed into the December UN climate summit in Katowice, Poland, where world leaders will be under pressure to ramp up national carbon-cutting pledges which — even if fulfilled — would yield and 3C world.
The week-long meeting in Incheon, South Korea — already deep into overtime — deadlocked on Saturday when oil giant Saudi Arabia demanded the deletion of a passage noting the need for global CO2 emissions to decline “well before 2030”.
The report was approved by consensus as soon as the Saudis backed down, participants to the meeting told AFP.
Concerns that the United States would seek to obstruct the process proved unfounded.
The Trump administration has dismantled emissions reduction policies domestically, and vowed to ditch the Paris treaty.