Nuclear Power: Magic Thinking Isn’t an Energy Plan

Nuclear Power Energy

Buckle up… Because I’m going in. One of the key reasons why Europe dominated the Industrial Revolution is now a pariah in today’s global markets. The entire continent sat on top of a mountain of coal. Yes, the same dirty coal has been demonized to the point that many producers went bankrupt over the last decade. 

The very global economy that grew and flourished – and the economic systems that evolved to support billions of people and help those billions escape poverty – relied on carbon-based energy. Today, the world operates – overwhelmingly – on oil, natural gas, gasoline, and other hydrocarbons. 

And oil isn’t only for making gasoline. It’s in all the plastics that you buy. It’s necessary to make clothing and keep you warm. This industrial revolution – carbon-based – started hundreds of years ago. But – somehow – global leaders are convinced that a system based on non-carbon energy production will somehow emerge and replace the infrastructure of global prosperity within 10 to 30 years. It’s a shorter time than you think.

Such a hasty transition – championed by the people who flew by private, gas-guzzling jets in large entourages to Glasgow, Scotland for a climate conference – is why you see protests on the streets of Europe over rising coal, natural gas, and basic electricity costs. 

Nations across Europe have closed some dirty plants and even carbon-free nuclear plants, and still convinced themselves that they are going to save the world. I don’t know how to tell them. So, I’ll just be honest. This process is like trying to make the human circulatory system that is entirely based on processing oxygen run on lithium.  

Transitioning Away From Carbon-Based Energy

When I look at the numbers – my core concern is this: The threat of tearing that industrial system down so quickly with a haphazard plan is infinitely more dangerous to society than the temperature going up by a few degrees in a period of 70 years. The New York Times has already written articles suggesting that leaders are worried about social unrest due to these policies. Well… duh. People don’t like the price of food and energy soaring – and their quality of life declining?

We are talking about massive centralization of power and capital to redirect the world in someone else’s image. That doesn’t typically work. I’ve written a book about this. I’m not denying climate change. I’m questioning the plan itself and the people in charge. I can’t take some of them seriously. 

Yes. I’m not happy these jet-flying politicians and activists are warning that they personally need more power and control… And I find myself confused that some of these same-minded politicians have bought or are buying beachfront property in Miami or Martha’s Vineyard.

But how about something simple? These people are shunning nuclear power – NUCLEAR POWER – in their pursuit of a low-carbon future. This shows they are unserious people with unserious goals and unserious leadership qualities. Nuclear power is scalable, can provide energy to the masses through existing systems, and is completely carbon free.

Yet, they’re leaving their single strongest tool for a carbon-free future on the sideline. A simple presentation about nuclear fusion would change a lot of minds. (In fact, I just put together a free report on this groundbreaking technology that you can download right here.)

This Isn’t Just Impossible, It’s Magic Thinking

I poured through Bank of America’s COP26 report – and it outlines the full cost of mitigating all these systems to go net zero by 2050. It’s impossible to take seriously if you simply have a basic understanding of available land mass, mining capacity, food supply, and human tolerance for inflationary conditions. 

The idea that you’ll rip the plumbing out of an economy that operates 84% of fossil fuels is downright dumbfounding. And no amount of listening to John Lennon’s “Imagine” is going to make magical thinking possible. 

Oh. By the way, here’s the price tag. Bank of America puts the cost of net zero by 2050 at $150 trillion. That’s $5 trillion a year for 30 years, and we all know government budgets never go over their projected levels, right? Who pays the tab? Well, not the people in attendance at the COP26, we all know that.

Yet the single most important tool in their arsenal – nuclear power – is largely absent by the plan. The World Nuclear Association had to send out press releases begging for “fair representation” at the COP26 back in August. 

Conclusion: Nuclear Power

So, we’ll rely on unreliable wind and solar power. We’ll claim that we’ll increase geothermal – even though it is only possible in very small places around the world. And we’ll talk a bunch about electric vehicles at a time when lithium shortages are already predicted to start this January 2022.

Again, without nuclear power, it’s all magic thinking. Click your heels together three times, and then hope that somehow turns on the lights. Spoiler: It won’t.

But – hey, if we’re going to drive a dagger through the heart of our economy, I guess we can “get rich” on inflated currencies and inflated equities in the process. I’ll tell you tomorrow who Bank of America recommends for this stimulus-driven circus tomorrow.

Garrett Baldwin
Garrett Baldwin
Garrett Baldwin joined Godesburg Financial Publishing as Chief U.S. Markets Analyst in early 2021. A Johns Hopkins-trained Economist, he’s worked with hedge funds, venture capital firms, angel investors, and economic advisors to the U.S. government. Baldwin specializes in market anomalies and alternative investments. He’s written extensively on momentum, value, insider buying, and other unique strategies that provide investors that elusive edge.
Garrett Baldwin
Garrett Baldwin
Garrett Baldwin joined Godesburg Financial Publishing as Chief U.S. Markets Analyst in early 2021. A Johns Hopkins-trained Economist, he’s worked with hedge funds, venture capital firms, angel investors, and economic advisors to the U.S. government. Baldwin specializes in market anomalies and alternative investments. He’s written extensively on momentum, value, insider buying, and other unique strategies that provide investors that elusive edge.

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