by Joseph Vazquez, Staff Writer/ Research Analyst
CNN acted as an echo chamber for Federal Reserve Chairman Jerome Powell as he tried to spin that “profound challenges” to the global economy are coming due to climate change.
CNN Business Lead Writer Matt Egan’spro-Powell story led with a puff headline: “Fed chair Powell warns of ‘profound challenges’ posed by climate change.” Egan propagandized that Powell “acknowledged serious risks the climate crisis poses to the world economy and called for a coordinated response that is led in the United States by elected officials.” Powell reportedly told the climate-obsessed Green Swan Conference June 4: “‘There is no doubt that climate change poses profound challenges for the global economy and certainly the financial system.’”…
JunkScience.com Founder Steve Milloy told the Media Research Center that Powell conceding that the American response to climate change wouldn’t be a question for the Federal Reserve was a heartbreaker for climate activists. Milloy stated:
Not only does the Fed have a dubious record in conducting its own job (e.g., it has destroyed the time value of money by keeping interest rates at near-zero for a decade), but it has no statutory authority to involve itself in climate and definitely no expertise in climate. Climate activists were hoping that the Fed could be used to force banks to stop lending to fossil fuel industries and projects. For the time being, Powell has thwarted the activists. But this is not the last word.