Go to home page

Bank of England Governor and HSBC Are Steering Oligarchy’s Move into Green Financial Bubble

Aug. 4, 2019 (EIRNS)—Among the key forces that created the Green Finance Initiative (GFI) to divert financial flows into Malthusian green projects, to the benefit of the City of London, and the radical reduction of humanity are Mark Carney, governor of the Bank of England; the heads of other central banks; and HSBC (the Opium Wars’ Hongkong and Shanghai Banking Corp.)

It appears that the GFI arose principally as an instrument of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TFCD). The Financial Stability Board was created under the auspices of the G20, to make “policy recommendations to address financial stability risks in securities financing transactions,” according to its website. Its members consist of the heads of the central banks and the Finance Ministers of the world’s major nations. Mario Draghi, the outgoing president of the European Central Bank, was the chairman of the FSB from 2006-2011. From 2012 to the present, Mark Carney, Governor of the Bank of England, has been chairman of the FSB.

The FSB was chartered to make warnings about risk, and recommend policy corrections, concerning national banking systems and the world financial system. It has done nothing to shut down the greatest world financial speculative bubble in history, led by the $1.5 quadrillion in derivatives trading. The leaders of the FSB know that their financial system is hopelessly bankrupt. Instead, in December 2015, in order to add some months of existence to this bubble, the FSB created the Task Force on Climate-related Financial Disclosure, to advise “investors, lenders and insurance about climate related risks.” But using that as a pretext, the TFCD helped spawn in 2016 the Green Finance Initiative to channel what it hopes will be trillions of dollars to green anti-technology investments.

The TFCD’s oligarchical forces work closely with Her Majesty’s government. In July 2019, the British government released a 73-page White Paper, entitled “Green Finance Strategy: Transforming Finance for a Greener Future,” which was principally the work of Philip Hammond, the outgoing Chancellor of the Exchequer. The paper asserts that the purpose of its strategy is “consolidating the U.K.’s position as a global hub for green finance,” and “positioning the U.K. at the forefront of green financial innovation and data and analytics.”

The White Paper declares the centrality of Carney’s TFCD, “One of the most influential initiatives to emerge is the Financial Stability Board’s private sector Task Force on Climate-related Financial Disclosures (TFCD), supported by Mark Carney and chaired by Michael Bloomberg. This has been endorsed by institutions representing $118 trillion of assets globally. An increasingly large proportion of the private sector is now beginning to implement the TFCD recommendations, and in September 2017, the U.K. become one of the first countries to formally endorse them.”

Meanwhile HSBC just announced that it has opened up instruments within the bank “to provide $100 billion in sustainable financing by 2025.”

Back to top    Go to home page clear