“If anyone thinks Russia is winning this war then they have not been paying attention. It is essential that Western countries continue to support Ukraine, and it is an insult to the brave Ukrainians to suggest otherwise,” William F. says. 

And Dorothy C. adds: “I am a tenth-generation Ukrainian. The U.S. government should continue to support the people of Ukraine… My people are being wiped out. Americans need to remember most of us descend from different countries and cultures.” 

Along those same lines, but from another perspective: “We need to quit funding this war that is killing Ukrainians,” says Bill F.

 “We have no business in Ukraine. Nothing there affects American liberty or life except for corrupt funding for political elites (Republicans also). 

“Obama started this conflict with his color revolution in 2014. That gave the Russians eight years to map out their response. 

“Now, we are skirting dangerously close to war… Our political elites are political idiots.” 

No arguments here. 

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Your Rundown for Friday, June 1, 2023...

Climate Crimes

There’s science… and then there’s the burgeoning field of “attribution science.” 

According to Adrien Salazar of the nonprofit Grassroots Global Justice, this new field can help calculate — when a disaster occurs — “how much [is] attributed to the climate crisis [and] to the fact that humans have had an impact on the atmosphere.” 

(Sounds like an exact science.)

Nevertheless, Mr. Salazar says attribution science will “help identify with quite some clarity who is responsible for climate pollution… going into the future.”

Which logically leads to the “r” word: reparations. 

Example? “Last week, an analysis published in OneEarth concluded that fossil fuel companies… collectively owe $209 billion a year in restitution for the cumulative climate disasters expected to take place by midcentury,” says an article at The Hill. 

“The paper identifies the state-owned Saudi Aramco as owing the most to affected parties, at $42.7 billion a year, followed by Russia’s GazProm with $20.1 billion, ExxonMobil with $18.4 billion, Shell with $16.3 billion, BP with $14.5 billion and Chevron with $12.8 billion.” 

“But ultimately,” The Hill admits, “the numbers are only the [study’s] authors’ best guess.” 

Huh, you don’t say… 

But climatologist Friederike Otto of Oxford University believes reparations don’t get to the heart of the matter. “Countries of the global North [should] seriously mitigate at home,” she says. 

“We need to rapidly transition from fossil fuels to clean energy… 

“That means not kicking the can down the road any longer but implementing everything we know that needs to be implemented (no private cars in cities, no new fossil infrastructure, no further destruction of health care and social security systems but investing in it).” (Emphasis ours)

Our takeaway? We don’t think “clean” energy is as clean as Ms. Otto thinks it is. And divesting “new fossil infrastructure” in favor of unproven “green” technologies is a quantitatively bad idea. 

Market Rundown for Friday, June 1, 2023

S&P 500 futures are up 0.55% to 4,250. 

Oil is up 2.5% to $71.83 for a barrel of WTI. 

Gold is down 0.35% to $1,988.80 per ounce. 

And Bitcoin’s up almost 1% to $27,100. 

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