I already reported last year that the market for ESG investments had corrected significantly. The corresponding ETFs have seen significant capital outflows globally. With JP Morgan's decision to withdraw from the 'Climate Action 100+' investment fund, it is becoming increasingly clear that the nonsensical climate policy steered from Davos is coming to an end, as it will at best provide investors with fragile subsidy flows that come with considerable potential for political blackmail. If a player like JP Morgan decides to do this, then it's only a matter of time before other big players realize that they may be sitting on a sinking ship and it's time to pack their bags.

We will see whether the European Union in particular succeeds in keeping the moronic climate plans with the money printer alive. I can't imagine it will, as inflation is literally making the lofty dreams of the gentlemen in Davos vanish into thin air.