European Central Bank Official Admits the Obvious about Greenflation

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The only surprise in this story (to me) is that someone at the European Central Bank, Isabel Schnabel, the member of the ECB’s Executive Board responsible for market operations, has been talking frankly about greenflation. Her motive for doing so may (I’m guessing) come in part from her well-publicized worries about the ECB’s, uh, aggressive use of its balance sheet, but her speech is focused elsewhere than on the quantitative-easing debate.

Schnabel highlights how much energy prices have risen in Europe (a development, it must be said, that’s hard to miss). To be fair, it’s a phenomenon that doesn’t owe a great deal to climate policies (except in the U.K. and, arguably, Germany). However, Schnabel’s key point is that, sooner or later, such policies are going to have a more persistent impact on the cost of energy…

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Who killed Bambi?

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It never occurred to me that one day, I would review Bambi (the novel). If it had, I would not have expected that its story and backstory would, among other surprises, include the Nazis, a communist, pornography and talking leaves. In fact, I didn’t even know that the film had been preceded by a novel. Felix Salten wrote Bambi: Eine Lebensgeschichte aus dem Walde in Vienna, where it appeared as a newspaper serial in 1922 before being published in book form in Germany the following year.

It debuted in America in 1928 as Bambi, a Life in the Woods, translated by none other than Whittaker Chambers, already a communist, but not yet in the Soviet agent phase of his astoundingly protean career. The translation sold well but was eclipsed by Walt Disney’s Bambi (1942), an eclipse probably prolonged by a questionable interpretation of US copyright law. The Original Bambi: The Story of a Life in the Forest is a new, more precise translation of Salten’s original by Jack Zipes, professor emeritus of German and Comparative Literature at the University of Minnesota. Zipes has also written an informative introduction, albeit one that is unmistakably the work of someone on the left side of the political woods:

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A Victim of the Climate Wars: A Warning from the U.K.

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Shell’s decision to pull out of the Cambo North Sea oilfield-development project in early December — which could have also provided enough natural gas for 1.5 million homes for a year — may not seem like something that should concern Americans. Check a little more closely, though, and this grim tale begins to look a lot like an example of how our own oil and gas production is going to be — or is already starting to be — constrained, not necessarily by legislation but by a combination of regulatory overreach, activist agitation, and the increasingly malevolent influence of financial institutions. Many of those in the last group on that list are major institutional investors out to advance a socio-political agenda unconnected, whatever they may claim, to the generation of financial return for their clients. This agenda is often sold under the guise of “socially responsible investing” (SRI), and particularly these days, as “ESG,” a peculiarly virulent variant of SRI under which actual or prospective investments are not only assessed for the money they might make but also for how they score against certain environmental, social, and, much more reasonably, governance benchmarks.

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Charles the Climate Prince

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At a time when the monarch, James I, “the wisest fool in Christendom,” believed in the divine right of kings, it was perhaps tactless of the English jurist John Selden (1584–1654) to write:

A king is a thing men have made for their own sakes, for quietness’ sake. Just as in a family one man is appointed to buy the meat . . .

Commentary such as this meant that Selden spent a short time in the Tower of London. Nevertheless, he lived long enough to see James’s son, Charles, being found surplus to requirements.

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Climate, Democracy, and Other People’s Money

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Reconciling the climate warriors’ agenda with either free markets or basic democratic accountability is not — how to put this — straightforward. Those attending the COP-26 conference now under way in Scotland are not trying that hard to conceal this unpleasant reality. Of course, so far as the d-word is concerned, current circumstances mean that such an exercise would be even more difficult than usual. As the Wall Street Journal’s Joseph Sternberg observed…

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"Too Busy Saving the World"

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To label Kati Marton’s biography of Angela Merkel a hagiography would not be fair—not entirely. That said, when she writes of the chancellor being “too busy saving the world” to have much time for strolling in the woods, the expression may be less of a rhetorical flourish than it should. “The Chancellor” is an impressively researched but, in many respects, devotional work—the reflection of a worshipful establishment consensus that will eventually seem absurd.

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Slanted but Essential

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Shutdown, historian Adam Tooze’s new book—which carries the somewhat premature subtitle How Covid Shook the World’s Economy—is billed by its publishers as “a deft synthesis of global finance, politics and business . . . a tour-de-force account of the year that changed everything.” Whether the coronavirus will, when all’s done, have “changed everything” remains to be seen, but Shutdown is well worth reading as an intriguing, thought-provoking study of a period made unique not by a disease—our species has weathered many—but by how we dealt with it.

“Never before,” writes Tooze, “had there been a collective decision, however haphazard and uneven, to shut large parts of the world’s economy down.” He could have taken a more rigorously questioning look at the rights and wrongs of that decision, one of several missteps in the book that range from his cursory examination of the different course adopted by Sweden to his failure to consider whether prolonged shutdowns would have been justifiable had vaccines not been developed so quickly. The vaccine breakthrough casts the draconian measures taken by authorities in a more favorable light than they may deserve. For how much longer would we have had to shelter at home? Years?

But then Shutdown’s author makes no secret of his preference for strong state action…

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From Pillaging to Prosperity

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The Viking Heart, the latest work by the historian Arthur Herman, is engaging, informative, and highly readable. As Herman deals with four separate topics each of which deserves a book of its own, it is also an extremely ambitious undertaking. His reach may some­times exceed his grasp, but even when that is the case the results are likely to leave readers wanting more — in a good way.

The first topic, taking up a third or so of The Viking Heart’s text, is a history of the “classic” Viking era. The second is a discussion of what happened next — the Vikings did not just vanish into nothingness when the longships ceased setting sail. The third touches on the Scandinavian experience in America. The fourth, which is more of a thread running through the book, is an examination of what Herman dubs “the Viking heart,” character traits (mercifully somewhat evolved since that heart began beating) that, in his view, contributed so much to the development of these northern peoples and the impact they have had far beyond the fjords, forests, and lakes of their homelands.

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