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Wherever men are assembled

Among the great things about college radio from back in the day – King Missile, Bong Water, a cast of many – ours played recordings of MLK sermons every Sunday morning. It was a great thing to catch, then remember and wait for, “Martin Luther King Speaks,” brought to you by the SCLC. It was Sunday, after all.

I can’t find where these are available, but they have to be. iTunes has a dozen or so formal speeches, many are familiar and all are great. Here’s one he delivered as the keynote speaker of “Religious Witness for Human Dignity, “a multi-faith event held at the Los Angeles Coliseum on May 31, 1964.

But the sermons are more everyday/week Dr. King, and you hear the anger and impatience, along the savant perceptions and legendary cadence. If you can find them, give them a listen. We could definitely use them now.

Image: Photograph by Carl De Keyzer / Magnum

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Tales from the crypt(o)

NBA commentator Jeff Van Gundy’s well-placed, near-extemporaneous “back at the crypt” comment notwithstanding, ubiquitous references to crypto currency range from annoying to cloying. Everything about digital money is either scammy or… that seems to be mostly it. Scammy neatly encompasses the over-hyped, Ponzi-schemed, last-one-in nature of the the collection of binary data that necessarily requires us to put all the usual finance-related terms in quotes: “ownership” “collateral” “token” “transaction.” You could go on.

And besides the obvious downsides of NFT’s – from terrific money-laundering possibilities to the proliferation of really bad art – we’d be remiss in not noting crypto’s climate impacts:

Crypto’s overall climate impact remains massive, with certain currencies swallowing up entire nations’ worth of processing power from individual computing units and data centers—much of whose power comes from fossil fuels. The most common form of cryptocurrency mining, proof of work, requires a massive amount of processing power. Alternative mining methods have a mixed track record so far, with some ostensibly “sustainable” mining systems still requiring significant amounts of dirty or clean power. And transacting any tokens across the blockchain, whether an NFT or a Litecoin, sucks up the collective energy feeding into the transaction, no matter the product at hand. One estimate claims that a single NFT trade across the much-used Ethereum blockchain uses enough energy that could power an entire house for several days. And this is all so the buyer can have bragging rights about “owning” an image.

Celebrities who are selling NFTs and also claim to care about the environment: What are you doing? Whatever it is, there sure are a lot of you. Here’s a list—surely incomplete—of luminaries who brand themselves as climate-conscious yet have also been hawking NFTs in some form or the other, ensuring this bizarre digital culture product will linger in the public discourse while possibly ruining the art world, the planet, and our collective sanity.

Not even-close-to-exhaustive list of scam-adjacent proponents at the link. Yes, engaging in yet another form of workaround for doing not the things we need to do about global warming: what are we doing? The climate question at the center of everything, that we’ve been needing to ask for decades, that we still need to answer.

Image: the crypt in question

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Water in Holy Lands

The Khaju Bridge (above) is one of the five historical bridges on the Zayanderud, the largest river of the Iranian Plateau, in Isfahan, Iran. Both a bridge and a weir, it links the Khaju quarter on the north bank with the Zoroastrian quarter across the Zayanderud.

The Khaju Bridge was built around 1650, under the reign of Abbas II, the seventh Safavid king (shah) of Iran, on the foundations of an older bridge. The existing inscriptions suggest that the bridge was repaired in 1873. There is a pavilion located in the center of the structure, inside which Abbas II would have once sat, admiring the view.

Beneath the archways are several sluice gates, through which the water flow of the Zayanderud is regulated. When the sluice gates are closed, the water level behind the bridge is raised to facilitate the irrigation of the many gardens along the river upstream of the bridge. Because of a sustained drought, and of course related management issues, the sluice gates and riverbed are now the site of gatherings of people worried about these many gardens, as well as crops and more general concerns about sustenance. Compare and contrast

Pictures, 1000’s of words, etc. 2022 is on the way and we need to do better. Soon.

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Ruffling the kleptocracy

In other news – just started a subscription to the FT and wow, there ARE other stories out there. Boring, significant. Anyway, the U.S. is about to ban anonymous shell companies:

The Biden administration’s focus on corruption and money laundering may so far have attracted less notice than its other big policy decisions. But it is the most meaningful manifestation of the US president’s argument that making the economy work for ordinary Americans is intimately connected to US national security and foreign policy interests.

There are many reasons to cheer this turn in policy. First, it is an all-too-rare example of relative bipartisanship in a deeply polarised country. Days before the January 6 attack on the Capitol, the Corporate Transparency Act was passed by overwhelming majorities of the US Congress as part of the annual defence spending authorisation bill. This law will, when implemented, in effect ban anonymous shell companies in the US — a favoured conduit for the world’s corrupt to launder dirty money, as Yellen referred to in her remarks.

Second, the administration means it seriously. The Treasury has issued an implementation rule for the shell company ban. Too often, in the US or elsewhere, good laws on paper have been dead letters in practice, because of loopholes or a failure to put enough resources and political support behind enforcement. This time looks different.

So weird, and not to get/stay meta all the time, but this story even hits the mythical ‘bipartisan’ note somehow, and yet still never rises to the level of the local news. Sure, it was drowned out by a coup attempt, but as the article points out, corrupted government institutions are the very things that abet anti-democratic movements. So, striking back at corruption also strikes a blow in support of liberal democracy. Sounds so quaint, but that’s where we are.

Image: Nicobar spindle shell, typically not itself a threat to democracy.

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Abundance of scarcity

That’s where we are now, or one of the places, so sayeth Matt Levine:

Basically it is easy, using blockchain technology, to create scarce claims. You could I suppose use this technology to create scarce claims to scarce resources: You could put, like, housing deeds or shares of corporate ownership or cargo-container manifests on the blockchain. This would — people have argued for years — have benefits in terms of efficiency and legibility and tradability. It would create value by improving the processes by which real-world assets are transferred and allocated. Classic financial-services stuff. Nobody talks that much about this anymore.

Instead, people like to use blockchain technology to create scarce claims to abundant, or infinite, resources. There is absolutely no shortage of JPEGs, they are infinitely reproducible more or less for free, but that means — or meant — that you couldn’t become a millionaire by having good taste in JPEGs. But now people can create a unique non-fungible token representing ownership of a JPEG and use it as a status symbol or a speculative asset. Nobody will pay you for a number in your computer’s memory, but people will pay you for a scarce number in your computer’s memory.

Stop shaking your head – it’ll hurt your neck. Or just wait.

Theoretical normal person: If you could do a thing that wasn’t just bad for but ruinous to your country’s political system – but it was very good for your profits, would you do it?
Our actual media: Do what?

Such is our national media paralyzed on the question of how to cover Biden, how to normalize authoritarian white nationalism and get Trump back. Ratings are down and they’re in a bad way, which means they’ll gladly put us [all] in a worse one to keep the eyeballs rolling in and the clicks coming.

It’s really something.

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Renewable satire

In a coming-of-age development (and maybe only into adolescence… but still) There’s now a satirical renewable energy ‘news’ site. Sustainably called The Sunion:

In a synthetic discovery broadly compared to the work of Galloway and Leach, NREL investigators tracing energy and capital flows between renewable energy systems, those systems’ project finance assumptions via primary-contracted-offtakers, the primary clients of those offtakers, and, in turn, the primary consumers of those offtakers, have discovered a previously uncharacterized, enclosed, and self-sustaining sunlight-to electricity-to-money-to bros-to-data-to-grift/crypto-to-porn-to-bros-to money-to light-to-electricity ecosystem that is nearly self sustaining without external reference or input and which may soon overtake photosynthesis and geotechnical processes in terms of overall magnitude of energy transfer in Earth’s biosphere.

Sure, why not? I guess it had to happen. Plenty to poke holes in about the way(s) we’re going about all of this, especially all the financialization through-the-looking-glass you’re actually at-an-Arby’s-drivethrough of it all. Bring it.

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EPA nixes ‘grandfathering’

Reporters and editors don’t especially like big, boring problems – they can be difficult to explain, taking up a lot of words and lacking dramatic photos and illustrations. So kudos to Slate for pulling out this new EPA rule nugget that actually matters – a lot.

But the new methane rule goes beyond merely undoing the damage of the Trump years. The proposal is broader than its Obama-era predecessors, and once finalized, will apply to hundreds of thousands of previously unregulated emission sources, like wells, storage tanks, and compressor stations. That is because unlike the prior standards, Biden’s rule will cover equipment of all ages. EPA thus avoids a key conceptual error that has undercut agency initiatives for over five decades under administrations of both parties: The old rules regulated only new facilities, while exempting older ones from emission limits. In contrast, Biden’s rule covers new and old emitters alike.

And methane, the primary ingredient in natural gas, is a big problem. The gas has a startlingly powerful greenhouse effect when released directly into the atmosphere, trapping 86 times more heat over a 20-year period than an equivalent amount of carbon dioxide. As a result, while methane accounts for only 16 percent of global greenhouse gas emissions, it is responsible for almost a third of current, human-caused warming. And here in the United States, oil and gas installations are the largest industrial source of methane, due both to leaks and intentional venting during the production process.

The Obama administration recognized the need to reduce methane emissions from the oil and gas sector back in 2016 and crafted regulations to do so. But those restrictions applied only to equipment constructed in 2015 or later, leaving the vast majority of the sector’s sources and emissions uncontrolled.

This story was troublingly familiar. Regulating new sources of pollution strictly and existing sources laxly or not at all is known as “grandfathering.” The EPA has engaged in the practice before, with disastrous results. Indeed, we wrote an entire book about the terrible consequences of exempting existing power plants from 1970s emission limits on soot- and smog-forming pollutants.

On the subject of other troublesome old mistakes, the EPA had no comment about toxic emissions emanating from all the crazy uncles still out there. Sources say they continue to study the issue.

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Luxury, re-imagined

At the risk of sounding like some past (and very likely coming to screen near you in the adjacent soon) Mercedes Benz and/or other brand advertisement, the luxury of being in a position to do something about climate change is also a handy rationale to not do that something. Worry over the future of polluting industries and their investors as equal to concerns about the planet implies a false choice. And we love those:

Sorry, but there is no Trump Light, or Trump without the fill-in-this-blank. It’s only a sleep walk into fascism, sorry. Listen to what they run on. Banning Beloved would only be a starting place.

Meanwhile in Scotland, some of our betters are engaged in the COP26 think-scussions:

Humm recently shifted Eleven Madison Park from an omnivore’s menu to one focused on plants, a change that took effect this summer after his restaurant reopened from the coronavirus pandemic shutdown. Hearst has focused much of her energy on reducing waste in the New York design house that bears her name, as well as at Chloe, the Paris-based luxury firm where she is creative director. In October, Chloe became a certified B Corporation, which means it meets independent standards for environmental and social performance, as well as transparency.

“It’s not only about climate change, but it’s also about what does luxury mean,” Humm says about their upcoming conversation in Glasgow. “I think we both realize that, you know, not everyone — or only a few people — have access to our restaurant or Gabriela’s clothes. But we do have these incredible resources and this incredible platform that people are actually paying attention to.”

“Some of the ideas of luxury are old ideas that have to be refreshed,” Humm continues. “For example, we are still celebrating caviar as a luxury ingredient … and there is nothing luxurious about caviar. It’s farm-raised. It’s flown in. It’s not rare at all. And it doesn’t even taste good. This is an old idea.”

A future is not THE future. Reckoning with the many complications of the actual problem of a warming planet caused by out-of-control carbon emissions will re-define luxury, and perhaps even put the concept out to pasture. We will realize that enjoying privations is not luxury but sociopathy. Basking in a scarce resource – whether it be time, security, clean water, or perceived reasonableness – has to be treated as wasteful, if not immoral. Like shrugging before you give your vote to a soft authoritarian. That’s a luxury you can’t afford.

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Climate in the Weather Space

F*x news is preparing to channel (sorry!) the weather forecasting and reporting sphere when it launches a round-the-clock weather streaming service next week. Potential problems with this seems quite obvious and the WAPO is only so successful in getting network executives to talk about how (and whether) the service will cover climate change in the context of extreme weather events:

For Fox, which has seen sponsors inch away from its more polarizing political content, weather offers a potential way to hook viewers without turning away advertisers, analysts say. But questions linger as to how the streaming service will cover climate change, given Fox News’s history of questioning the seriousness of climate change and how much humans contribute to it. Asked in September whether human activity played a role in recent extreme weather, contributing Fox News meteorologist Joe Bastardi said that “at the very least, you can’t tell what CO2 is doing.”
A landmark U.N. climate report published in August details “unequivocal” evidence that human activity is warming the planet by emitting heat-trapping gases, primarily carbon dioxide.
Fox Weather declined a request for an interview with one of its executives but has indicated that it will treat climate science more seriously in its new endeavor. Echoing recent remarks from Fox News Media chief executive Suzanne Scott, Sharri Berg, the longtime Fox executive now heading Fox Weather told Variety, “If you’re asking about climate change, climate change is part of our lives. It’s how we live. It’s not going to be ignored,” adding, “we will be reporting facts.”

Okay, so… what are they? Wait – show, don’t tell, remember? But this might be the most revealing aspect of their devious plan:

But, she added, Fox Weather will be courting controversy however it covers climate change. If the service reports accurately on climate science, it could alienate core Fox News viewers, who have been primed to question it, Fisher said.
“There is a line that they are going to have to walk to keep advertisers feeling like their brand is safe there but not going too far away from their base,” she said. “If something major happens, like a hurricane or a heat wave, all eyes are going to be looking to them to see how they are characterizing it.”

Reassuring bullsh*t and attacking liberals in the face of climate catastrophes will not be helpful. So this venture will either be truthful and short-lived, or profitable and very harmful. Teach the controversy all you want, but – there’s no whether.

Image: Thomas Hart Benton, Spring Storm, 1958. Tempura on board.

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Theories about ESG investing

This is some serious inside baseball. But it IS October:

If your basic theory of ESG investing is “we will avoid bad-ESG stocks in order to drive up the cost of capital of bad-ESG things,” it seems to be working:

Years of awful returns and pressure from clients to exit from the oil-and-gas business have left fewer and smaller firms able to take advantage of rising prices and help boost production. The unwillingness of some banks to make energy loans has compounded the challenges to boosting energy supplies.

Those left are moving to increase production, but they are relatively small players who won’t be able to make a significant impact on output. Investors are steering capital away from fossil fuels and toward companies that rank high in environmental, social and governance, or ESG, measures.

“Oil-and-gas has seen the worst returns of any sector over the past five years; the returns are volatile and investors feel ESG pressures,” says Wil VanLoh, who runs Quantum Energy Partners, which manages $18 billion, making it one of the few remaining big energy private-equity funds. “There’s been a huge retreat in available capital.”

That’s from Matt Levine’s Bloomberg daily newsletter, talking game about the game. But the idea that ESG investing is maturing, as he says, is an interesting one. If companies and the courts are no longer going to just line up on the side of fiduciary responsibilities as a way to protect shareholders – and hence, the companies that may continue to pollute and spew for profit – that’s at least a change.

Image: Abraham Lincoln: Baseball Theme Currier & Ives Cartoon, 1860.