Green Energy: Greatest Wealth Transfer in History

Green Energy: Greatest Wealth Transfer in History. By Steve Goreham.

We are in the midst of history’s greatest wealth transfer.

Government subsidized wind systems, solar arrays, and electric vehicles overwhelmingly benefit the wealthy members of society and rich nations.

The poor and middle class pay for green energy programs with higher taxes and higher electricity and energy costs.

Developing nations suffer environmental damage to deliver mined materials needed for renewables in rich nations.

Since 2000, the world has spent more than $5 trillion on green energy. More than 300,000 wind turbines have been erected, millions of solar arrays were installed, more than 25 million electric vehicles (EVs) have been sold, hundreds of thousands of acres of forest were cut down to produce biomass fuel, and about three percent of agricultural land is now used to produce biofuel for vehicles.

The world spends about $1 trillion per year on green energy. Government subsidies run about $200 billion annually …

Wind systems receive production tax credits, property tax exemptions, and sometimes receive payments even when not generating electricity …

In England, ordinary taxpayers pay hundreds of millions of pounds per year in taxes that are funneled as subsidies to wind companies and wealthy land owners. ..

US federal subsidies of up to $7,500 for each electric car purchased, along with additional state subsidies, directly benefit EV buyers. The average price of an EV in the US last year was $66,000 … EVs tend to be about 50 percent heavier than gasoline cars, which causes increased road damage. But EVs don’t pay the road tax included in the price of every gallon of gasoline.

Actually, the transfer of real wealth to those who control the manufacture of money out of thin air is much greater and has been going on for over a century now, but that’s just being picky.

Meanwhile, there is simply no way we can mine enough metal to convert the world to renewables using today’s technologies. Joanne Nova has a rather good post on that here.