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Yes, inflation is real. But the panic around it is, if you will, wildly inflated and horribly misreported by the American corporate media. As Paul Waldman notes at WaPo this afternoon, "Inflation is a genuine problem, but it's hardly spinning out of control. Inflation PANIC, on the other hand, is getting ridiculous." Our guest on today's BradCast made the same argument last week as the media touched off the panic. He joins us to explain and go even further than Waldman. [Audio link to full show is posted below this summary.]

But, first up, the so-called 'QAnon Shaman' Jacob Chansley, the guy with face paint and a horned hat who took control of the dais in the U.S. Senate during the Trump-incited attack on the U.S. Capitol on January 6, was sentenced to 41 months in prison on Wednesday. That's more than three and a half years, for a man with mental issues who was not particularly violent while serving as a henchman for Trump's attempt to steal the 2020 Presidential election that day. Meanwhile, the organizers and planners of the assault --- namely Donald Trump himself and a whole bunch of others --- have faced zero accountability, much less jail time for their crimes lighting the fire in the first place.

In more accountability news, Arizona's far-right Republican Rep. Paul Gosar was censured by the U.S. House in response to an animated video he posted to Twitter, appearing to show him murdering Rep. Alexandria Ocasio-Cortez (D-NY) and threatening the same for President Biden. House Republicans refused to reprimand him, so a rare censure vote was held today and Gosar was removed from his House committee assignments in the bargain. He's the second Republican to be removed from committee seats this year, after Rep. Marjorie Taylor Greene (R-GA) faced a similar punishment for support of violent threats against Democrats prior to being elected and a similar failure by her own caucus to take action in any way. Accountability is always good, but, as with Chansley's punishment, there are some nuances and concerns worth discussing on this point as well today.

And, before we get to our guest, President Biden on Wednesday asked the Federal Trade Commission to investigate potentially "illegal conduct" by Big Oil companies such as ExxonMobil and Chevron who may be inflating gas prices, even as their profits have risen and the cost of refined fuel has fallen. But the recent spike in prices at the pump has helped fuel economy-wide inflation. That, in turn --- thanks, at least in part, to some really bad reporting by the American corporate media --- has also undercut Biden's approval ratings, and is being used (disingenuously) to try and jeopardize passage of Biden's Build Back Better (BBB) social spending and climate change reconciliation bill.

Unlike the recently signed $1.2 trillion bipartisan infrastructure bill, the $1.75 trillion BBB is fully paid for with increases on taxes to corporations and the wealthy. And, unlike stimulus bills passed recently under both this President and the previous one, the BBB's spending is spread over the next decade, instead of as a quick jolt to the economic system. Thus, the consensus of economic experts is that it will not cause inflation and its expansion of the economy may, in fact, help ease inflation in several ways, particularly for the working class.

Still, West Virginia's obstructionist Democratic Senator Joe Manchin is using inflation fears again to try and put the brakes on the BBB package, and the corporate media are certainly helping him. For example, while largely ignoring undeniably positive news about the economy in recent months --- on everything from record job growth to very low unemployment to three months of rising retail sales --- last week, the media offered breathless reports on new inflation numbers from the U.S. Bureau of Labor and Statistics.

You may recall some of the panic when the media informed us that inflation had risen to a record 6.2% in October! If true, a one month 6.2% increase in prices would be a panic. But, in truth, inflation was just 0.9 percent last month. As our guest today points out, "products that cost $10.00 in September now cost a terrifying $10.09." But lost in the panicked coverage was that the 6.2% rise in retail prices was in comparison to what they were a full year ago, in the middle of the worst of the pandemic. They didn't rise "6.2% in October" as many have misleadingly reported.

But all of that also ignores something else that most Americans do not understand about inflation, according to our guest today: It can actually be good for the working class and very very bad for corporations, in particular, for big banks. That may be just one of the reasons why media are so quick to report on inflation numbers as terrible, terrible news for the country.

We're joined today by JON SCHWARZ of The Intercept to explain all of this, as he detailed recently in an article with what he admits is "a little bit of a troll-y headline", "Inflation is Good for You". In fact, as we discuss, he's not entirely "troll-y" on that point. For one, the booming economy has resulted in rising wages (for the first time in years) at almost the same rate as inflation over the past year. He notes at The Intercept: "As prices increased 6.2 percent over the past year, wages for regular people went up 5.8 percent. In other words, inflation barely touched their purchasing power."

The larger point, however, that he explains today is why inflation can be actually be good for workers but not for big corporations like banks: "Household debt in the United States is a gigantic number, difficult to comprehend. It's like $14.5 trillion --- that is mortgages, credit card debt, student debt, it's a whole bunch of things... And when there's inflation of this kind, 6.2%, that is around $850 billion-worth of that debt falling in value. That is a transfer of wealth from creditors, the people who loaned out the money, to borrowers."

Those creditors/lenders "are the richest people in America, and they are losing a lot of money. And they don't like that! People with tons of money do not like losing enormous amounts of it," Schwarz notes. "Inflation is the absolute worst for people who have loaned out a lot of money. It is something that is never discussed, because it is a sort of clear class issue. It makes you realize that, just as a great economy for regular people is not so great for people at the top, it makes you think about what inflation actually does, and who it affects the most."

While he recognizes that "inflation can be real trouble for some people," (and there is some nuance here) the overall effects are often more positive for the working class and not even particularly harmful to those on a fixed income, such as the elderly living on Social Security, which increases each year as its tied to inflation.

There is a lot to discuss on this matter that the corporate media fail to adequately cover (for reasons which we also discuss) while misleading the nation and delighting Republicans and, yes, Joe Manchin, who has fresh (if false) evidence to use in further cutting back on Biden's Build Back Better agenda or even stopping it dead in its tracks.

Finally, as long as we're myth busting today, Congress is preparing to approve the annual National Defense Authorization Act, with nearly as much spending --- for one single year --- as BBB would cost over ten years. Yet, you'll hear almost nothing about how the U.S. can't afford to spend so much money, or that it might lead to inflation, etc. Sen. Bernie Sanders (I-VT) has a thought or two on all of that, with which we close today's program...

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IN TODAY'S RADIO REPORT: BoJo dramatically kicks off landmark U.N. climate conference in Glasgow, Scotland; Big Oil CEOs testify in U.S. House on their decades of climate deception; PLUS: U.S. Supreme Court case seeks to dismantle EPA's authority to regulate emissions... All that and more in today's Green News Report!

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IN 'GREEN NEWS EXTRA' (see links below): White House Sets Climate Spending At Up To $555 Billion; Fossil fuel messaging has won over Republican voters, poll reveals; Release of EPA Methane Rules Expected This Week; Indigenous Leaders Push Land Tenure Rights As Climate Solution At COP26; Human Rights Group To Investigate Uranium Contamination On Navajo Nation; Gulf Arab states, squeezed by climate change, still tout oil; Wildfires, Cutting, Heating Turn 10 Unesco Forests Into Carbon Sources... PLUS: Amplify Energy Cashed Out Cleanup Fund While Racking Up Violations... and much, MUCH more! ...

While the nation claws its way out of a pandemic and the Republican party continues to crack up --- or carry out its slow-motion attempted coup, take your pick --- a landmark moment occurred for the planet a week or so ago, which has left the fossil fuel industry reeling and describing as "Black Wednesday", even as it's received much less attention than it should have. On today's BradCast we aim to make up for that imbalance a bit. [Audio link to full show is posted below this summary.]

First up today, however, while Donald Trump has reportedly been telling anyone who will listen that he expects to be "reinstated" as President of the United States in August, the rightwing Charlie Cooke at the rightwing National Review confirms that reporting himself, while attempting to offer a dose of reality to his party at the same time. As he explains, even if it's true that Joe Biden and the Democrats and dead Hugo Chavez and Dominion Voting Systems and China actually did hack thousands of voting systems to steal the election from Trump (and, as he notes, they absolutely didn't), there is still no legal or Constitutional mechanism to simply "reinstate" Trump as President. It doesn't work that way in America, and the idea is, as he describes, both "otherworldly and obscene". Anyone who is deluded to the contrary, Cooke correctly explains, is "unmoored from the real world" and "living in a fantasy world" along with the disgraced former President.

But has Trump actually lost touch with reality while living in exile at Mar-A-Lago? Or is there another, more insidious reason entirely that he would want his MAGA Mob to believe he is about to be reinstated to the White House this summer? Yes, in fact, there is such a reason, as we discuss.

Then, it's on to "Black Wednesday". For context, however, we go back to an explosive report from 2018 [PDF] in which the non-profit Center for International Environmental Law (CIEL) detailed a treasure trove of internal documents from Royal Dutch Shell, going back to the 1950s, revealing that the company's scientists were not only aware at the time, but very concerned about the threat of climate change due to the release of CO2 from the burning of their products. In 1962, one of their scientists warned, according to the memos unearthed by CIEL, that "greatly increasing use of the fossil fuels...is seriously contaminating the earth's atmosphere with CO2," leading their Chief Geology Consultant at the time to urge "serious consideration of the maximum utilization of solar energy."

By 1991, the company had even produced a documentary called Climate of Concern, warning of the threat of global warming thanks to the unfettered release of greenhouse gasses into the atmosphere. Just a few years later, however, Shell took a u-turn and joined with Exxon and other major fossil fuel producers to fund the climate change denial industry, while lying to shareholders about the threat of our now-worsening climate emergency and the stranded assets all such companies are likely to face in the years ahead.

That denial, however, may have come to a screeching halt a week ago Wednesday for Royal Dutch Shell, following a court ruling by a Dutch court ordering them to cut emissions by 45 percent and, on the very same day, by shareholder "rebellions" at both Chevron and ExxonMobil. That landmark day, May 26th, which our guest today describes as "sending shockwaves" through the industry, has now come to be known as "Black Wednesday".

We're joined today by CARROLL MUFFET, President and CEO of CIEL, whose report on Shell from three years ago (which he joined us to discuss at the time), helped play a role in last week's court ruling against Shell. Today he explains those "shockwaves" throughout the industry and just how momentous "Black Wednesday" will likely prove to be for Shell, Chevron, Exxon and others, after their very bad day in both the courtroom and the boardroom.

"This last week has been nothing short of extraordinary," Muffett extolls. "It's been a watershed moment for the industry, and a watershed moment for those us who have been working for decades to hold the industry accountable --- not only for its past, but for what its business models mean for the future."

For Chevron that day, shareholders voted to impose long-overdue emissions targets on the company, and Exxon's shareholders elected at least three "activist" candidates to the company's 12-member Board of Directors, displacing the company's preferred directors with climate advocates from a newly formed investment firm. The vote at Exxon was backed by major investors like BlackRock and Vanguard.

Muffett describes the "remarkable convergence" of that day. "Liabilities that we've been warning about for a decade, responsibilities that we've been warning about for a decade, and financial risks that we've been warning about for a decade, are finally no longer fringe. They are mainstream. And now it's investors and courts saying to these companies what we've been saying for a very long time."

He explains how the Dutch court held Shell "responsible for all of the emissions that result from its operations. And that includes not only the emissions that come from Shell pulling the oil out of the ground, but the much greater emissions that come when the oil and gas are sold and burned." He also details how the shareholder votes at both Chevron and Exxon ("the biggest shakeup of them all") was even more stunning in a number of ways, as all three companies will now be forced to make "significant changes" to their business models and what they invest in. In Shell's case, for example, "the court is saying that it is not enough to reduce the emissions associated with producing the oil, you effectively have to produce less oil."

That ruling has sent an unmistakable message, he suggests, to all of the major oil companies, one which they should have heard --- and, arguably did, but ignored and/or lied about --- long ago. "It's important to recognize that, if you look at the major oil and gas companies, they've been under-performing the S&P 500 for a decade," Muffett tells me. "Even before the pandemic began, they were losing money, losing value, they had begun writing off billions of dollars in assets --- phenomena that were accelerated by the pandemic. What's become clear to a growing number of investors is that these business models are putting not only the planet, not only human rights, not only human lives on the line, but they're also putting investors' money on the line. Unfortunately, that's what it took to get investors engaged."

But with both investors and courts now engaged, "Black Wednesday" has become both a "remarkable shockwave" and "a wake-up call" to investors and, hopefully, the world. "I would say that the entire future of these companies will be defined by litigation of one kind or another. How long that future will last, I don't know.  It is unlikely to outlast the litigation," says Muffett...

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Desi and I are back on today's BradCast, after a week of non-stop jackhammers outside of our studio. The construction is still ongoing, but the jackhammers, we are told, are mostly done. So, we're trying to work around the noise as best as possible this week. (Though if a rerun unexpectedly shows up, that will be why!) And, happily, we're back just in time to report on the fights both for and against democracy in the great state of Texas over this past Memorial Day weekend. [Audio link to show is posted below summary.]

To that end, the loudest noises heard across the nation over the weekend, weren't jackhammers, but the march of Democrats, fighting to save democracy in Texas by walking out of the state House of Representatives on Sunday night, leaving behind no quorum to pass the GOP's major anti-voting bill. In a state dominated by Republicans --- in the Governor's mansion and both chambers of the state legislature --- Democrats were successfully able to kill one of the most onerous pieces of voter suppression legislation introduced by any state following the 2020 elections, by running out the clock. At least for now.

In Texas last November, things went very well, with the Secretary of State's office declaring the 2020 elections had been both "smooth and secure". Donald Trump easily won the state by about 630,000 votes, and Republicans held on to their majorities in both houses of the state legislature.

Unfortunately for the GOP, however, voter turnout --- in one of the lowest turnout states in the nation --- actually increased last November, including in Democratic-leaning jurisdictions like Harris County (Houston). Well, Republicans can't have that! They see the writing on the wall! More people voting, means more Democrats winning and more Republicans losing. So, over the weekend, at the very end of this year's legislative session, Republicans in state House and Senate, deliberating in secret, produced a whopper of a voter suppression bill that would make it much more difficult to vote by mail (which is already extraordinarily restricted in the Lone Star State); shorten weekend voting hours, including those used by Souls to the Polls efforts by black churches; make it a jail felony for election officials to send absentee ballot request forms to voters; outlaw drive-thru and 24-hour voting sites (used by some 140,000 last year to vote in Houston, where turnout increased by 10%); outlaw driving more than two non-family members to the polls without permission from the government; and deeply lower the threshold for overturning an election based on fraudulent ballots, even if the ballots in question were not cast for the winner of the initial vote count. All of that, among other new restrictons to make it more difficult to vote in a state that a recent study found was already the most difficult state to vote in.

But, after the wee-hours party-line passage of the 67-page bill, made public just before the final vote in the Senate late on Saturday night of the holiday weekend, the plan for final passage in the House went awry, thanks to a Democratic walk-out that left the chamber without the required two-thirds of its members needed for a quorum to hold a vote. As it happened on the last day for passage in the legislative session, the measure, Senate Bill 7 (obnoxously named the "Election Integrity Protection Act"), died a welcome death --- "welcome" at least to supporters of voting rights and democracy. Governor Greg Abbott (decidedly not such a supporter) was furious, and has threatened to withhold pay to legislators after the bill was killed. He has also declared the measure to be a "must pass" bill in a special emergency session he has vowed to call...at some point in near future.

The heroic Texas Democratic legislators who fought to keep democracy alive for another day in the Lone Star state by using the "last tool in [their] toolbox" to block the measure, subsequently pleaded with Congressional legislators in D.C. to pass the For the People Act and John Lewis Voting Rights Act at the federal level, to help stave off the worst elements of the Texas bills, and others like it, which have already passed by some 14 states, with more on the way.

Those federal measures to protect democracy, rather than undermine it, are unfortunately being blocked first by Republicans in the U.S. Senate, and secondly by West Virginia's Democratic Senator Joe Manchin, the only Dem of 50 in the upper chamber to not yet sign on as co-sponsor of the For the People Act --- a sweeping bill to reform and protect elections and campaigns in all 50 states. That, as both Manchin and Arizona's Sen. Kyrsten Sinema have been unwilling to reform the Senate filibuster in order to pass the critical election safeguards with a simple majority before 2022. Without filibusterer reform, Dems would somehow need to get 10 Senate Republicans on board to overcome a filibuster, an impossibility.

We explain all of this today in a fairly monster rant.

Next, in case it's still unclear what supporters of democracy are now being forced to contend with in these United States, we have a quick review of the weekend's three-day QAnon conspiracy conference in Dallas. Called "For God and Country: Patriot Roundup", the forum included an appearance by Trump attorney Sidney Powell, who called for the failed former President to be "reinstated" with a "new inauguration date" set, due to "abject fraud" and "obtaining a coup of the United States of America" last year. Of course, there is zero evidence of such fraud, despite her many failed lawsuits which falsely argued otherwise before being largely laughed out of court. As to a "coup", well, another featured guest at the Roundup called for exactly that. Literally.

When Trump's former National Security Advisor, Lt. General Michael Flynn (pardoned by Trump after he pleaded guilty to several criminal federal felonies last year), was asked by an audience member why we shouldn't have a military coup like the one under way in Myanmar. Flynn responded: "No reason," in stunning remarks captured on video tape. "I mean, it should happen here," he told the crowd. But, by Monday, after calls for Flynn to be held accountable for calling for the seditious overthrow of the United States, Flynn offered one hell of a walk back, claiming he didn't say at all what he very clearly said...as captured on video tape.

Finally, amidst the darkness of American democracy under assault as we've not seen since the Civil War itself, some good news. Ironically enough, it comes via our latest Green News Report, wherein Desi Doyen gets us caught up on a remarkably bad day for Big Oil last week, when the planet's three largest fossil fuel companies, Exxon, Chevron and Shell, all took big hits in either the boardroom or the courtroom. All of which is very helpful news indeed for our odds of mitigating the deadly climate emergency that all three companies spent so many years exacerbating and lying about. So, along with cheering on the heroic Dems in Texas, there's a bit more to be happy about as we walk out of today's BradCast!...

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IN TODAY'S RADIO REPORT: Bad day for Big Oil, as landmark decisions in the courtroom and the boardroom hit Exxon, Chevron, and Shell Oil; PLUS: New study shows how fossil fuel industry PR has shifted from outright denying climate change to blaming consumers... All that and more in today's Green News Report!

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IN 'GREEN NEWS EXTRA' (see links below): Exxon and Chevron Got Their Teeth Kicked In, But Shareholders Won't Finish the Job; A ticking climate time bomb in West Texas' Permian Basin; Study Blames Climate Change For 37 percent Of Global Heat Deaths; 'Forever Chemicals' Found In Home Fertilizer Made From Sewage Sludge; Common French Bird Species Face 'Unrelenting' Decline; Texas Storm And Outages Killed Hundreds More People Than The State Says; 'Suezmax' Oil Tankers Could Soon Ply Poisoned Waters of Texas’ Lavaca Bay... PLUS: Regulators Let Pesticides From Factory Pollute Neb. Town For Years... and much, MUCH more! ...

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IN TODAY'S RADIO REPORT: President Biden puts climate change at center of U.S. national security and foreign policy; Pollution from fossil fuels causes 1 in 5 premature deaths globally, new study finds; U.S. wind energy industry just had its best year yet; PLUS: Another oil pipeline spill, this time in San Francisco Bay... All that and more in today's Green News Report!

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IN 'GREEN NEWS EXTRA' (see links below): New Report Charts Path to Net-Zero Carbon Emissions by 2050; Climate crisis pushing great white sharks into new waters; Ocean Acidification Spells Trouble For MA Shellfish Industry; Audit Raises Concerns About Wildfire Risks at US Nuclear Lab; U.S. Trade Authorities Deal Blow To Biden’s Electric Vehicle Plans; State-Owned Fossil Firms' Plan To Invest $1.9Tn Threatens Paris Hopes... PLUS: Mountains, Ice and Climate Change: A Recipe for Disasters... and much, MUCH more! ...

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IN TODAY'S RADIO REPORT: U.S. fracking pioneer Chesapeake Energy files for bankruptcy; BP warns investors of a future with less oil; Sorry, endangered species, U.S. Supreme Court won't stop Trump's border wall for you; PLUS: Flood risks to U.S. homes far higher than previously estimated... All that and more in today's Green News Report!

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IN 'GREEN NEWS EXTRA' (see links below): House Democrats unveil ambitious climate package, steering toward a net-zero economy by 2050; South Pole warmed three times the global rate in last 30 years; PGE first major utility to support bans on natural gas; Democrats’ infrastructure bill has a special delivery: Electric mail trucks; Clean Energy Milestone: First offshore wind installed in U.S. federal waters; China’s CO2 emissions surged past pre-coronavirus levels in May... PLUS: Space agencies unveil site showing lockdown changes to Earth... and much, MUCH more! ...

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IN TODAY'S RADIO REPORT: Supreme Court Justice Anthony Kennedy's retirement is bad news for the climate; New wildfires hit California and five other states; Federal judge dismisses San Francisco's climate liability lawsuit; Natural gas industry leaking far more methane than previously estimated; PLUS: Bright spots in the primaries as progressive climate hawks win upset victories... All that and more in today's Green News Report!

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IN 'GREEN NEWS EXTRA' (see links below): 2 city lawsuits against Big Oil dismissed, but that's not the end of it; Tropical forests suffered near-record tree losses in 2017; Huge stretch of Arctic Ocean is rapidly turning into the Atlantic Ocean; Federal court becoming impatient with EPA over Clean Power Plan; Coral reefs prevent $4.3 billion in flood damage annually; TX Supreme Court strikes down plastic bag bans; 11 states sue Trump Administration over climate super-pollutants used in cooling; Pruitt acts to surrender some EPA veto power over mining, development; Young will pick up climate change bill, advisers warn; Justices give Florida another chance to prevail in water war... PLUS: Kennedy is gone. Now vote... and much, MUCH more! ...

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IN TODAY'S RADIO REPORT: It's Donald Trump vs. reality in energy and water speeches in California; Activist shareholders fail to get oil companies to address climate change; Record rains and flash floods in Houston; Good news for fish in the Arctic; PLUS: New record low for Las Vegas' water supply... All that and more in today's Green News Report!

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IN 'GREEN NEWS EXTRA' (see links below): Scientists Find Still More Antarctic Ice That May Be In Trouble; Enviros Reject Rep. Smith’s Request For Info On Exxon Climate Case; Nuclear Plants, Despite Safety Concerns, Gain Support as Clean Energy; Canada, U.S. Warn of Eight Chemicals in Great Lakes; Can US Protect The Salamander And Its Essential Role In The Food Chain?; U.S. Top Court Backs Property Owners Over Wetlands Permits; African Women Are Breaking Their Backs To Get Water For Their Families...PLUS: Sanders Challenges White House and DNC Over Fracking...and much, MUCH more! ...

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IN TODAY'S RADIO REPORT: Election 2014 Environmental Democalypse Now: get ready for the Republican hegemonic hellscape; Climate denier caucus now in charge; PLUS: At least one note of very good environmental election news... All that and more in today's Green News Report!

Got comments, tips, love letters, hate mail? Drop us a line at GreenNews@BradBlog.com or right here at the comments link below. All GNRs are always archived at GreenNews.BradBlog.com.

IN 'GREEN NEWS EXTRA' (see links below): Energy storage breakthrough revealed; Fracking frenzy brings fears of boom-bust cycle; Peak water in U.S.; New Koch Industries video: "we rearrange your polar bears"; End the GMO madness: try mandatory labeling; GOP wins deal blow to US climate change leadership internationally; Maine's shrimp season cancelled for lack of shrimp ... PLUS: The biggest loser in this election is the climate - and the children of 2100 ... and much, MUCH more! ...

You might call it "The DesiCast", as Desi Doyen of The BRAD BLOG's Green News Report sat in for me at the last minute to guest host The BradCast this week on KPFK/Pacifica Radio as my jury duty continues.

It was her first time going it alone. And I haven't even been able to listen to it myself yet. So, you'll have to let me know how she did.

Her guests: Water resources expert Matthew Heberger of the Pacific Institute on the scramble to address California's epic, record drought with billion-dollar infrastructure projects (but is a dam worth a damn if the rain doesn't come?) and the impacts of climate change on water security around the world. Then David O. Atkins of the Yes on Measure P campaign on why Big Oil is spending millions to stop a local ballot measure to limit fracking in Santa Barbara. Then, a visit from our old friend Margot Paez on her new experiment now set to launch on NASA's next Mars Rover in 2020!

All that, and a bit more (so she tells me), on Desi's maiden outing at the helm (during which she overcame enormous odds, like a power outage in the entire station just moments before air time! Thrilling!), on this week's BradCast...

Download MP3 or listen online below...