US Treasury Secretary Janet Yellen is warning of coming losses in asset value… because of climate change.
So losses in value have nothing to do with the policies of the Biden administration…climate change is to blame.
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Why is Biden’s secretary of the treasury even talking about climate change?
GWP reorts: And remember, this is the same woman who claimed that inflation would be transitory.
The Hill reports:
Treasury Secretary Janet Yellen is set to warn on Tuesday that climate change is already having an economic impact in the U.S., cautioning that it could cause asset value losses in the future, according to Reuters.
Yellen is expected to issue the warning to an advisory board that includes academics and leaders from both the nonprofit and private sector, according to Reuters. The secretary will also argue that a slow transition to a net-zero carbon economy could have deep impacts on the country’s financial system.
“As climate change intensifies, natural disasters and warming temperatures can lead to declines in asset values that could cascade through the financial system,” she said in remarks prepared for delivery at the advisory board’s first meeting. “And a delayed and disorderly transition to a net-zero economy can lead to shocks to the financial system as well.”
The climate change alert from Yellen comes as weather disasters in the last year have caused billions of dollars in damage across the U.S. A report from the National Oceanic and Atmospheric Administration concluded that 2022 tied 2017 and 2011 for the highest number of billion-dollar disasters
Note how The Hill doesn’t question Yellen’s ridiculous premise at all. If anything, they jump in to defend her position. The media only speaks truth to power when Republicans are in charge.
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