The Summer Surprise — Smoke — And It Isn’t Over Yet
Author: Greg Valliere
June 30, 2023
WASHINGTON DC HAD THE WORST AIR QUALITY in the world yesterday, stinging eyes and keeping people indoors. California residents are used to this during the wildfire season, but it came as a shock in the mid-Atlantic, now under a Code Red warning. The jet stream, which largely controls the weather, is pumping smoke into the U.S. as northwest winds from Canada persist. Global warming clearly has worsened this problem.
CLIMATE EXPERTS SAID YESTERDAY that the acrid air could persist for many weeks, as fires burn out of control in Canada, mostly in Quebec Province. Firefighters apparently are content to let most of the blazes burn themselves out, which could take weeks as Canada grapples with the worst air crisis in its recorded history, with air quality worse than in Beijing. There are 476 active fires in Canada; 234 are deemed as out of control.
ABOUT 31,000 SQUARE MILES already have been torched in Canada this year, an area larger than South Carolina. Much of Canada has suffered from extreme drought, which probably will produce more fires and smoke. The next
target could be New England after the Fourth of July, experts say. Smoke from the fires has drifted thousands of miles across the Atlantic Ocean and is damaging air quality in Portugal, France, Ireland and other parts of Europe.
THOSE TRAPPED IN THE EAST — especially people with asthma — are anxious to flee, but American airports have been paralyzed — not entirely because of smoke and thunderstorms, but because of the airlines’ computer glitches and an acute shorgage of air traffic controlers. Waves of flight cancellations are likely, perhaps becoming a drag on the overall economy.
WHO GETS THE BLAME? The airline industry and Transportation Secretary Pete Buttigieg have to answer for their failure to anticipate computer and personnel problems. Buttigieg surely must wonder why he took the job; he has endured withering criticism. But there’s little that he can do.
BUTTIGIEG WILL HAVE TO SWEAT OUT flight delays through Labor Day, with no easy answers. There’s no solution for the invasion of smoke, which may persist for many weeks. Meanwhile, it’s infuriating to hear some politicians — many in Texas who proclaim that they have created a Promised Land — who say climate change is a hoax. The evidence of a severe crisis is clear to see, if you can see through the haze of smoke.
Happy Fourth of July !! Happy Canada Day !!
We’ll be out on Monday and Tuesday, back on Wednesday
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
©2024 AGF Management Limited. All rights reserved.
