The latest BIS report has a segment on ESG investing, highlighting that it is now as big as Mortgage Backed Securities were back in 2007. While the BIS finds this worrying from a banker perspective (yet another dotBomb or GFC?), the punitive attendant controls promise even more worries for our global energy transition.

Which is more repugnant? Coal being used, or people not having the energy they need to get through a winter? Green policies at any cost echo the sentiments of Mellon.

liquidate coal, liquidate oil, liquidate the industrialists, liquidate plastics. Purge the rottenness out of the system. High CO2 levels and high living will come down. ... eco-aware people will pick up the wrecks from less competent people.

We all have our notions of what is repugnant, and that's fine. The not-fine is when those notions are organized -- eg. CO2 as above, or 内卷 -- because (a) pricing is no longer accumulating offsetting errors, and (b) collective actions present even bigger targets for manipulation, eg. RT-Deutsch ist gesperrt.

Despite the number of people who have talked about a multi-polar world, few people seem ready for it. ie. any transition can be bumpy, however going increasingly multi-polar will require a lot more real-politik thinking than is currently observed.