JPMorgan Chase has announced, according to HIS Markit, that it alone plans to invest more than $2.5 trillion over 10 years to advance “climate action and sustainable development.” This followed Bank of America and Morgan Stanley also having made such “pledges” of marshaling looting funds in the trillions of dollars. And Utility Dive on April 23 reported that during Biden’s “Climate Summit” Edward Morse, managing director and global head of commodities research at Citigroup, said global private “clean energy spending” will exceed $1 trillion in 2021—but included, “Citigroup estimates spending must reach $3-5 trillion per year to keep global warming below 2° Celsius.”
For a bunch of bank analysts, this would demonstrate astonishingly precise knowledge of the relationship between total energy investments and the average temperature of the Earth for the rest of the decade! In fact it is simply Citigroup stating the immense size of the “green finance” bubble the megabanks intend to create, if nations and organized citizens don’t stop them.
The vast sums intended to flow through these Wall Street megabanks – and others in the City of London and peripheral financial centers – are the fruit of a dozen years of furious money-printing by the Federal Reserve, Bank of England, European Central Bank, Bank of Japan, etc., which has given these giant banks huge excess reserves and a huge “overhang” of deposits unconnected to any lending activity. For the “Big 4” Wall Street banks alone, this “overhang” totals $2.7 trillion in deposits over and above those banks’ lending to the economy – even leaving aside whether any of the lending has been productive.
