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18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
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Trump Mulling Reneging on Another Campaign Pledge, Thanks to Ivanka and Jared Kushner

The global warming activist democrats in Trump’s White House, led by Ivanka and Jared Kushner, are trying to convince the President to reneg on yet another campaign pledge, against the advice of Steve Bannon.

According to Bloomberg, a pro Paris bloc in his administration, which targets greenhouse emissions, is recruiting energy companies to lobby the President to remain in the controversial agreement that he specifically said was a waste of money during the campaign.

Liquified natural gas producer, $LNG, is an ardent supporter of the agreement, obvious reasons.

“Domestic energy companies are better positioned to compete globally if the United States remains a party to the Paris agreement,” Cheniere wrote. The accord “is a useful instrument for fostering demand for America’s energy resources and supporting the continued growth of American industry.”

 

Additionally, Exxon Mobil, Royal Dutch Shell Plc and BP Plc are pro agreement. This is classic crony capitalism. By erecting environmental obstacles, the above energy giants will, effectivley, create a moat around their businesses. No one actually believes BP or Exxon cares about global warming, right?

 

Both Steve Bannon and EPA head, Scott Pruitt want out of the agreement. But, since Trump’s fashion designer daughter wants to keep her liberal NYC friends, the President is said to be weighing his options.

Trump is nearing a decision on whether he will fulfill repeated pledges to withdraw the U.S. from the accord he previously derided as “bad for U.S. business.” The White House postponed a planned Tuesday meeting of senior administration officials, including Pruitt, Tillerson, Kushner and Bannon, to go over the pros and cons of staying in the agreement, according to an aide citing a scheduling conflict.

The administration will decide what to do before late next month, when world leaders gather for the Group of Seven summit in Italy, White House press secretary Sean Spicer said.

Not every energy executive is on board. Coal baron Robert E. Murray has been outspoken in criticizing the deal, arguing it’s “just a way for other countries to get American money.”

Sec. of State,  Rex Tillerson, warned that backing out of the deal might cause the eurofags to retaliate by boycotting US businesses.

The Paris agreement, formed under Obama, commits America to cut emissions by 26% by 2025.

“The Paris agreement is designed to undermine American self government over the long term because the whole point of it is to put the United States inside a political pressure cooker” and influence domestic energy policy, said Marlo Lewis, a senior fellow at the Competitive Enterprise Institute. “The coal companies and oil and gas companies that are flirting with the Paris agreement don’t understand the existential threat that they’re buying into.”

We eagerly await the outcome of yet another Bannon v Kushner battle.

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18 comments

  1. sarcrilege

    Yup. And who is advising Ivanka and Jared Kushner? Where do the Kushners get such bullshit ideas? To get Trump to renege on yet another campaign pledge? From no other than the usual synagogue suspects in the Chabad Lubavitch cult, the Hon. Joe Lieberman, Jack Lew and Leon Wieseltier:
    https://tinyurl.com/nx8mos6

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  2. vandamme

    Oh you don’t say, a coal guy is against the deal? Lol

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  3. thinair

    How can you say no to Ivanka? As long as I have a face, she has a place to sit.

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  4. oldmantrader

    Trump was the only Republican willing to fight the Clintons in the only fashion that would have beat them and a supportive press. Down and dirty. I voted for him knowing their was not an underlying principle guiding him. Hoping that he would back himself into a corner with his promises. I expect a few broken promises but as long as he gets the big things such as repeal of obamacare and tax reform accomplished the country should be fine.

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    • kdog

      Don’t worry…he’s slowly turning into what you love about the Bush’s, Clinton’s and Obama’s. He will eventually be about the same but not as stable IMO. They all have to make concessions or deals with the devil.

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    • macpatton

      let’s see.. “oldman” trader is probably going to be on medicare pretty soon. then you won’t have to worry about obamacare or a single payer health plan.

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  5. ahadbi

    “Trump now wants to bring the war closer to China’s borders. He wants to turn Korea into Obama’s Ukraine. The stalemate in Ukraine will eventually give way. If NATO was going to do something against Russia it would have done it already. The new hotspot is Korea.
    What Trump hopes for is a that a war against North Korea will give him enough justification to blockade China’s sea trade routes all the way down to the South China Sea under the guise of military necessity.
    Trump seems confident that he can blow a devastating strike on North Korea and then follow this up with a blockade that covers the entire China Sea, north, middle and south. In his short-sightedness and arrogance, he thinks that nuclear North Korea is not going to be able to retaliate and that China will sit idle.”

    Would that be bullish for the Japanese and bearish for China ? Or is just throw everyone down the drains ? I don’t understand asian markets at all. I would enjoy hearing your inputs on this Fly.

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  6. john_galt

    LOL Trump is Hillary on steroids. Boy how we got duped.

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  7. roundwego

    Trump is running his presidency like the appentice. He can never fail. He just decides who fail him. Too awsome. The circus is getting fever pitch.

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  8. itinerant

    Nothing on the action in crude?

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    • bushwacker2

      DOE numbers…Gasoline inventories higher than expected which has been driving the sell off in crude, according to a buddy in touch with the trading floor.

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      • The Maven

        Crude stocks down, distillates down, gasoline has been declining. Overblown selloff.

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  9. roundwego

    Oil carnage at the Same point as last time on hourly.

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  10. bushwacker2

    Heh, volume on VIX calls over the last week is nearly 4 standard deviations above average. This type of volume usually signals a peak in the VIX is coming and a rally in stocks over the next month.

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  11. longview

    Oh dear.

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