The Wall Street Journal reports today that the world’s elite, gathering in Davos this week, are amazed at how little they know about the economy. There is even talk about how capitalism itself is a failing business model. One participant, who is giving a business leadership seminar there, is quoted as saying:

The capitalist myth is lovely and youthful. It kicked off the industrial revolution, but maybe we need a new one.

Instead of looking for new government quick-fixes, business and government leaders need to discover (I wish I could say, rediscover) what is real capitalism–free-market capitalism–in theory and practice.

Today’s problems can be traced to the government side of the mixed economy, as well as a perverted capitalist ethic in the boardroom.…

This week, the U.S. Environmental Protection Agency released a final rule:

EPA Finalizes Repeal of 2024 Power Plant Regulations, Delivering $300+ Billion in Savings, Proposes Repeal of All Remaining Greenhouse Gas Emissions Standards for Power Plants

that will be followed by a public hearing 15 days after publication in the Federal Register, followed by a 45-day public comment period.

The press release triumphantly stated:

Trump EPA delivers reliable and affordable energy in the largest power sector deregulatory action in U.S. history

Released for maximum effect at the G20 Summit in Houston, Texas, the press release continued:

… U.S. Environmental Protection Agency (EPA) Administrator Lee Zeldin announced the repeal of the majority of the Biden administration’s greenhouse gas requirements for U.S. power plants, an action the agency projects will save $310 billion, and proposed rescinding every remaining greenhouse gas standard for the power sector.

Sam Belfied in his essay, “Climate Activism: ‘It Made Me Feel Like a Good Person’” (August 19, 2026), has a number of interesting insights on the motivations of climate campaigners given the intellectual case that their cause is both futile and wasteful. And ecologically damaging (think wind and solar industrialization). Excerpts follow verbatim; footnotes can be found in the original.

The following commentary and research findings suggest that climate ideology and activism are psychological compensatory responses to painful, emotional, subjective, and even existential aspects of the self. Specifically, the material suggests a deeper and collective psychological malaise, of which anxiety and distress about climate change are an expression, not the root cause….

The climate movement involves guilt, self-loathing and seeking redemption

In discussing the emotions motivating climate activists, commentators have proposed ‘guilt,’ ‘self-flagellation,’ ‘sin,’ ‘self-loathing’ , ‘conscience’, and seeking ‘atonement’ and ‘redemption.’…

“‘For years, the clean tech world had a lot of idealistic founders who felt that the rules of capitalism had changed, that politics would entirely reorient itself around stopping carbon dioxide emissions, and that’s how we were going to make money,’ said Cody Finke, the founder of a start-up called Brimstone. “And I think that was wishful thinking.’”

Brad Plumer, “How Clean Energy Firms Are Trying to Survive the Trump Era.” New York Times (March 28, 2026). Subtitle: “Offshore wind is out. Geothermal power is in. And many climate technology start-ups are looking for ways to carry on without federal backing.”

Clean energy isn’t dead in the Trump era. But it does look different these days.

Since returning to office, President Trump has dismantled federal efforts to fight climate change and vowed to stop new wind turbines from going up.…