Wednesday, January 23, 2013

Nuclear Stand-off Hotting Up

(c) N Drew 2013
The business pages of the Telegraph are a favourite platform for commercial vested interests. De Rivaz of EDF has used them before to 'frame' the context of the farcical bluffing contest being conducted over what outrageous guaranteed price (and other ultra-valuable concessions) he can screw out of HMG for getting started on just the first of his 4 'promised' new UK nukes. And here he is again, the little Gallic tease - 'framing' for all he is worth. We must assume the 'negotiations' are at a critical juncture.
 "Almost all of the necessary pieces are in place. Our new build project at Hinkley Point is 'shovel ready' and only a few crucial milestones remain to be passed. ... Yet I am still asked – should the UK do it? And if so, do we have the industrial capacity and expertise to pull [it] off?" 
Careful with the 'we', monsieur.
"Just two more pieces need to be put in place. First, we await a final planning decision." 
I think you'll find that's a given, matey: this lot have long since bent over for the shafting. Or do you perhaps want some sort of new environmental indemnity thrown in for good measure ...?
"Secondly, and, most crucially, there must be a balanced, stable and durable agreement on the price of the electricity generated. To be durable, this price needs to be fair and balanced for both our company and the Government." 
'The Government': how sweet. What about the people ?! 
"I believe we can reach an agreement with the Government which will transparently display the economic viability of new nuclear, and which can underpin a robust business case for investors. EDF is now closer than ever to being able to make a decision." 
Ah yes, economic viability. And while we are at it, tell us again will you, about the security of supply for all that uranium you get from, errrr, Niger. Surely, a great age of eco-satire is upon us.


This piece first appeared on Capitalists@Work 


Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Tuesday, January 22, 2013

Should China stop burning coal?

See the Energy Page here.

Should China stop burning coal?

See the Energy Page here.

China, pollution and the future of coal (Part 1)

A few days ago, there was an unprecedentedly bad smog in China: the two satellite pictures below compare January 3 to the situation 11 days later (htp: Barry Ritholtz):

Beijing and Tianjin: January 3, 2013
 
Beijing and Tianjin: January 14, 2013

It was partly a consequence of the coldest winter in 30 years, prompting rural Chinese to burn more solid fuel (which is no longer permitted in cities). But air pollution has been on the rise generally, because of increased numbers of power plants (many coal-powered) and cars. As well as the hazards of dangerous gases (such as sulphur dioxide and carbon monoxide), airborne particles below 2.5 microns in diameter are small enough to get deep into the lungs (ironically, this also happens to be an issue for eco-minded Westerncities that choose to incinerate waste.)
Geography is another factor. Like London and Los Angeles, Beijing is liable to periodic temperature inversions that trap particulates in a bowl of cold air, lidded by a warmer layer above. This relief map shows the mountains to the north and west that help to hold in the smog, and the January 13 picture above shows the pollution being pushed up and over them by the southern breeze.

China is hardly the only Asian country with that problem, as the Guardian newssite points out, citing the 4,500 pollution-related deaths in Tehran last year. And the West has long had similar experiences itself: the London smog of December 1952 is estimated to have killed 12,000 and harmed a further 100,000, and In the USA, despite Los Angeles officials battling atmospheric pollution since 1947, it was still reported in 2006 to be killing 9,000 Californians annually.
Last week’s foreign reportage offered more criticism than sympathy: the Wall Street Journal turned it into a story about official secretiveness undermined (said ABC News) by a Twitter feed from the US Embassy in Beijing, which has an atmospheric particle monitor on its roof. The New Yorker’s Evan Osnos hinted at future civil unrest: “Someday, I’ll write about the political effects of environmental pollution [...] Hungary and Taiwan...” In fact, the Chinese authorities are concerned about the issue: Time magazine has reportedon a study co-sponsored by Peking University that linked 8,500 premature deaths to pollution in four cities.

Perhaps there is an undercurrent of envy in the Western reports: it is almost as though the Chinese are supposed to suffer for their hard-won economic success. If so, the feeling is completely unjustified. What has happened over the past 30 years of international trade is reminiscent of the way that Britain exploited the Indian textile industry in the second half of the eighteenth century, when the East India Company ruled there: the low indigenous labour costs undercut British workers, until such time as technological improvements increased our own productivity. In the same way, the West has exported industrial jobs for decades, and now there is the beginning of a trendtowards “reshoring” – which will not be the job-saver for which Middle America might hope, since part of the process will be the increased use of automation.
If there is to be societal unrest, it is just as likely to occur among us as in the East, for US median real wages have stagnated since the 1970s, and now we face growing unemployment plus severe pressure on debt-saddled personal and public finances. This was foreseen by billionaire venture capitalist Sir James Goldsmith, who warned in 1994 of the consequences of the GATT talks then ongoing. And it’s not even as though all the profits of the trade imbalance have accrued to the Chinese: I was startled to read in James Kynge’s book  that “all of the work done in China – the sourcing, manufacturing, transportation and export – rarely qualifies for a return of more than 10 or 15 per cent from a product’s sales revenue.” The lion’s share of profit has been captured by a relatively small group of Western entrepreneurs and financiers and the resulting increase in inequality is straining social relations.

Increasingly free of restriction, the cash tsunami that roars around the world has upset stability in developing nations, too. China has experienced a speculative construction boom that has left 64 million residential units unoccupied, and has become uncomfortably dependent on its near-bankrupt export customers. Others are worried, too: the 2008 Doha round of GATT was quickly stalled by countries that realised the threat to their domestic agricultural production, and it seems significant that this was the time that the US chose to involve itself in the Trans-Pacific Partnership, which until then was a small-scale affair but now looks as though it could be used by the US as an alternative method to force the products of its competitive large-scale agribusiness onto foreign markets.
This is a challenging time for the balance of the world economy, not only for the above reasons but also because of ecological concerns about alleged climate change. However, the USA has refused to ratify the Kyoto Protocol and Canada has withdrawn, so they can hardly criticise China for its emissions.

And China can’t afford to stop its economic development. This study of China’s demographics shows that its population is expected to rise by only another 90 million (or 8% of its 2010 total) by 2030, and then decline. However, the underlying picture is that while not enough children are being born to replace those that die, the people are (thanks to the benefits of modern civilisation) living far longer. Proportionally, there will be fewer people in work, and they will on average be older. Without modern technology, how will they support the country’s dependants?
Coal is vital to China at this stage. The nation has the world’s third largest reserves, but is by far the biggest producer and consumerof coal, and (after Japan) the second biggest importer, too. Such is the rate at which this resource is being exploited in the breakneck pace of development that China is estimated to have used up its reserves in 35 years’ time (others say, half a century to a century).

*******************
Part 2 will look at coal, coal-burning technology and coal's future in China and the West.

Copyright. Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Death of a Chinese sage

See World Voices here.

Death of a Chinese sage

See World Voices here.

China: Death of a master

 
Leading Chinese blogger De Day reported the death of Master Nan Huai-Chin in September. Until now, I had never heard of Nan, though he has a following among Western Budhhists.
 
De Day's post (oddly, his last) lists Nan's many writings, most of which have never been translated into English. Yet Nan's school, founded in 2006 when Nan was 89 years old, is influential in both academic and business circles.
 
His scholarship is a fusion of traditions (Buddhism, Taoism, Confucianism) and offers a balance of spiritual and practical, which is why he is revered in China, a country that is struggling to develop materially without losing its soul. 
 
The blogger comments:
 
大师认为人生的最高境界是佛为心,道为骨,儒为表,大度看世界。技在手,能在身,思在脑,从容过生活。
 
- which Google Translate renders as: *
 
"Gurus believe that the highest state of life to Buddhism for the heart, said as bone, Confucianism for the table, and generosity to see the world. Technology in hand, in the body, thinking brain, calm lived."
 
The English is a little fractured but it is wonderful that we can read Chinese at all, thanks to this program. When the peoples of the world can talk to each other directly, we may find peace easier to achieve.
 
By the way, the billion-plus figure at the bottom left of the picture above is the number of hits on De's blog.
 
UPDATE
 
* I am deeply obliged to commenter Qingyun for the following elegant translation:
 
"Buddha's teachings as one's heart,
Taoist teachings as one's bones,
Confucius' teachings as one's countenance,
Gives one a broad worldview.

Skills in one's hands,
Ability in one's body,
Thoughtfulness in one's mind,
Allows one to live at one's pace."

Monday, January 21, 2013

Transhumance

Writing about moving South for the winter, CIngrams makes a passing reference to transhumance, and that sets me off on another few minutes' happy diversion through byways on the Internet. I'd known about seasonal movement of herds in the Swiss Alps, but not the ancient and widespread trails through Spain that were followed well into the twentieth century. CIngrams comments, "Now it has gone for good, and good riddance. It was a very tough way to live, but seen from a distance, there is romance and beauty in it."

I wonder whether much of the fidgety irritation of comment and protest on the Internet is related to the cellular instinct in us to roam as our ancestors did. From the Great Rift Valley we wandered out and along the riverbanks and coastlines of the world, reaching Australia maybe 50,000 years ago. We must have eaten a lot of oysters on the way.

Even now, that restlessness is in the bones of bikers like Richard and Longrider. I have it, too - wanting to change house, job, get to know new people, start new projects. In a way, the nomadism hasn't gone, after all.

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Sunday, January 20, 2013

Spain: Crispulito the hedgehog


From the Spain-based Sounds In The Hickory Wind:

Hedgehog Fetishism Revisited

My spiny co-blogger is a creature of strange habits. I have previously accused him of having an underwear fetish as he will run off with any bit of used clothing that happens to get left on the floor. They used to end up in one of his nests, which is why I assumed he liked being surrounded by the smell of human intimacy. But I may have misjudged him (slightly).

I now wonder if he just likes playing with things that smell like us, and he left them in his bed partly for warmth and partly to be sure he could find them again. But now that the heat is really beginning (it's 90º and we're only in spring) and he's been with us long enough to know his way around and to treat us as no more than a harmless, and sometimes useful, inconvenience, he just leaves them lying around when he's finished playing.

Because playing it is. In the summer he keeps them in his bed, too, but in summer we're in the mountains and it cools down rapidly once the sun goes down. But now, the days are hot and the nights are sweaty and he doesn't need a blanket. So he plays with underwear, and socks.

He pushes them with his snout, unable to see where he's going, following the sock as it veers left and right, until it gets caught on something or hits a wall. Then he stops, evaluates the situation, changes its position with his teeth, and goes off again, running behind it until it gets away from him again. He can do this for long periods. Then he will suddenly tire, leave the sock where it is, and go off to eat, drink, or run round in circles, something else he is very fond of.

He used to have a larger circuit, involving several rooms each with more than one door, so he could arrive back where he started and go round again. The region thus created was not simply connected, and I assumed that was part of the fun. However, he has recently taken to running round in much smaller circles, of two or three feet, beside the bed, and he does it so quickly that he often loses his rear legs on the polished wooden floor like a F1 car taking the chicane late in a race. Quite why he finds this entertaining I couldn't say, though I do have a theory.

The problem, I suspect, is that, like all animals, he has hormones, instincts, sap, urges, an understanding of the phases of the moon etc, but he doesn't know that there is such a thing as a hedgesow. If he ever met one I can imagine his face clearing and his shoulders untensing as a lot of things suddenly fell into place. As it is, he is forced to expend his energies and seek an explanation of his inner feelings in forms of play.

Yes, Crispulito is a geek, a Trekkie, obsessed with the details of objectively pointless pastimes because he can't "pull".

Copyright. Reproduced with the kind permission of the author, who says of himself and his friend:

"I am an Englishman who has spent his adult life in Spain, mostly as an English teacher, translator and occasional writer of textbooks. For the last 13 years I have lived in a small city in La Mancha, the hot and dry area south of Madrid. Here I run a language Academy, teach in a high school, teach the odd course at the University, translate articles for anyone who needs it, and drink cold beer while moaning about the government, You might say I am a professional Englishman. We spend the summer, and weekends whenever possible, in the lake district of Ruidera, 70 miles east of here, where we have a house. [Many of the photos on the blog are of that area]
 
Some five years ago my wife saw a hedgehog in a petshop and informed me she wanted it. Being a loving husband I obliged, and he has had the run of the house ever since. Aside from his documented fetishism, he is rather paranoid, never quite sure if he can trust you, and selfish with food, in that when he finds anything especially tasty he looks at you out of the corner of his eye and then runs under the nearest piece of furniture to enjoy it in peace. We have told him that we have chocolate and nuts of our own, and we have no wish to share his beetles, but he isn't taking any chances. He likes to be with us, sleeping under the bed and coming to run around the living room as soon as he gets up in the evening, but he isn't very keen on being picked up and stroked. He has a special, put-upon expression which he reserves for these occasions.
 
He is now nearly five, as I said, but is a happy- if slightly neurotic- and healthy hedgehog, who still spends the night running around the house, eternally optimistic that around the next corner there will be another little morsel. Which we usually make sure there is. In the summer he loves the farm because it smells of the wider world and he cleans the floor of ants and spiders and so on every night. When we arrive there I swear his face lights up."
 
I confess to sharing this writer's erinaceous weakness, as my family raised an orphan hedgehog to fat and sassy adulthood in Cyprus, many years ago. For more on Crispulito's charming ways, and the love of Spain generally, please see CIngrams' blog "Sounds In the Hickory Wind" (Europe bloglist in sidebar).

Saturday, January 19, 2013

Fiji: trouble in Paradise

Fiji's blogwires are humming with discontent at Prime Minister Bainamimara's decision to scrap a draft Constitution that would have required respect for democratic principles. The island has been under military rule since 2009, but has suffered civil unrest since the late 1980s.

As in Ulster, the establishment of peaceful, settled democracy in Fiji is permanently problematic, and for the same reason: the historic importation of outsiders. In 1879, five years after becoming a British colony, indentured labourers began to arrive from India, mostly to work in the sugar industry; some 60,000 were brought in until the scheme ended in 1916.

The workers' contract allowed them to return home after five years, but at their own expense (likely unaffordable); otherwise, free passage would be provided at the end of the tenth year. The subtlety of this plan was that naturally, by that time many of the workforce would be married, have young families and generally have put down roots.

It looks like another legacy of colonialism in the service of business interests. You can follow developments on some of Fiji's blogs on our World Voices page - see the sidebars there.

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Fiji: trouble in Paradise


Fiji's blogwires are humming with discontent at Prime Minister Bainamimara's decision to scrap a draft Constitution that would have required respect for democratic principles. The island has been under military rule since 2009, but has suffered civil unrest since the late 1980s.

As in Ulster, the establishment of peaceful, settled democracy in Fiji is permanently problematic, and for the same reason: the historic importation of outsiders. In 1879, five years after becoming a British colony, indentured labourers began to arrive from India, mostly to work in the sugar industry; some 60,000 were brought in until the scheme ended in 1916.

The workers' contract allowed them to return home after five years, but at their own expense (likely unaffordable); otherwise, free passage would be provided at the end of the tenth year. The subtlety of this plan was that naturally, by that time many of the workforce would be married, have young families and generally have put down roots.

It looks like another legacy of colonialism in the service of business interests. You can follow developments on some of Fiji's blogs on our World Voices page - see the sidebars there.

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

China: Inside an iPad factory

 
The New Yorker's Evan Osnos interviews Li Liao, an artist who got himself hired by Foxconn in Shenzhen so he could make a gallery exhibit of the experience. Not quite as bad as blood diamonds, of course, but.

And according to Liao, they'll take just about anybody.

Friday, January 18, 2013

Nick Drew: Why Germany is forced back to coal

Our expert explains why eco-minded Germans have returned to the energy source we thought we needed to stop using.

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Nick Drew: Why Germany is forced back to coal

Our expert explains why eco-minded Germans have returned to the energy source we thought we needed to stop using.

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Thursday, January 17, 2013

When money velocity stabilises, inflation will let rip

A while back, before the trillion-dollar-coin idea that was publicly kited and then smacked down, I too was wondering why, if the government can conjure up money out of thin air and lend it to itself, it can't similarly forgive itself.

Insofar as banks are allowed to get involved brokering the deal, I suppose debt cancellation might deprive them of some of their income stream, but other than inconveniencing a few thousand banking families it wouldn't seem to be a bad scheme. As President Andrew Jackson famously said, "You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! " One longs today for such un-mealy-mouthed leaders.

But this kind of living on debt causes real damage, whether or not it is ultimately extinguished. Because the government is trying to keep things normal in the economy, and spends the borrowed money on salaries and other benefits. This is increasing the stock of cash in the economy.

The reason we don't have high inflation at the moment is that money is changing hands more slowly during the recession - its "velocity" is dropping, and counteracting the boost in the quantity available to spend.

When the velocity stops dropping, inflation will begin properly. (Food and energy prices may be rising at the moment, but there's other factors at work there. Houses, cars and all sorts of other things are trading at a discount still, for ordinary people. Overall, I think we are still experiencing deflation, partially disguised by increased prices for the things rich people buy because they are benefiting from the collapse of the middle class.)

If velocity increases, inflation will roar. Unless government removes money at just the right rate (by taxation, or higher interest rates) - and it will be reluctant to do so because it won't want to be seen to be "killing the recovery". Ordinary savers will be sacrificed for the sake of apparent health in stock and property markets. But the economy will still not have been fundamentally set right, and sooner or later we will need some reset in the currency. In real terms, in the currency of "stuff", the average Western person will be poorer.

And that is why smart, privileged money is pouring into tangible assets. A small fraction of the population will become the "Sultans of stuff".

UPDATE:

Charles Hugh Smith thinks the deflation is unstoppable. But there will be an end, however far off it now seems.  I think spotting the turn and moving out of cash fast will be the test for investors.

John Ward opines, "...there is no such thing as a gradual panic. Those ahead of the panic are openly opting for the last place left offering financial long-term and physical short-term safety: top-end property." Not all of us can afford it. It's the small saver who is being hauled to the stone table.

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

What Lessons From Germany and Denmark? [3]

German energy policy has evolved scrappily, with unintended consequences aplenty.  In particular it was (presumably) not foreseen that the very large amount of subsidised solar electricity-generation capacity would seriously distort the wholesale electricity market.  This is greatly to the detriment of unsubsidised gas-fired power stations which would expect to make their money providing peak power during the middle part of the day, at prices commanding a premium over baseload (24/7) prices - a premium that has been substantially eroded by solar.

This situation could probably be sustainable if it were the end of the story.  In logistical terms, after all, it is not fundamentally problematic to introduce a source of electricity that peaks at roughly the same time as demand (midday, in Germany's case).  Unfortunately for German electricity consumers it is only the start of the tale.  For on top of the solar capacity is another large new tranche of renewables - wind power.  This is similarly subsidised and has a marginal cost close to zero.  But far from having the predictable output of solar, it is of course subject to the vagaries of the wind.  It has a similar distorting impact on the wholesale market as solar, but at essentially random times, creating a radically unstable market dynamic.

The purely physical aspects of the system problems caused by intermittent wind generation can generally be resolved with a combination of good engineering and operational practices, and enough money - provided the challenge is on a sufficiently limited scale.  However, in Germany these problems are on a large and growing scale, and the patchwork of solutions available to grid operators is not robust.

It is fairly self-evident that a situation like this requires, inter alia, a lot of flexible power sources.   The best solution is generally to access hydro-electricity.  With sufficient quantities of water stored at the top of a hydro facility, it can respond literally in seconds when called upon to back up some deficiency in supply at short notice - the Danish solution (using Norwegian hydro).

Where, as in Germany, there is inadequate availability of hydro power, gas-fired plant is the obvious second-choice.  It is not as flexible as hydro, but can nevertheless provide a useful contribution to flexibility requirements, albeit at sub-optimal efficiencies.

However, a market-based approach to bringing on flexible resources requires appropriate price-signals.  As we have seen, for much of the time solar power undermines the key price signal, namely the premium of peak price over baseload price, by dint of which it is exactly gas-fired plant that has been rendered uneconomic.  At the time of writing most German gas-fired plant lies idle; and no-one is building any more.

Imports from neighbouring countries therefore feature significantly in balancing the German grid - including hydro from Norway and Switzerland, when available, but predominantly nuclear (France), hard coal and lignite (Poland and the Czech Republic).  We have noted the ironies before.

(Confusingly, Germany also sometimes exports power; and inevitably this is at times of wind and solar surges.  Greens make great play of this, sometimes asserting it proves German energy policy is a roaring success.   But total capacity was never the issue: it is achieving an efficient and reliable balance in the system at all times between naturally variable demand, and increasingly unpredictable supply.)

So if gas is uneconomic, and nuclear is being phased out, where will Germany source its reliable power ? Another key component in the mix (and another irony) is the large-scale building of new coal and lignite (brown coal) power plants within Germany itself.  The ever-growing policy-driven renewables capacity seemingly cannot be halted: but at least the large German coal- and lignite-mining industries can support a new generation of highly efficient fossil-fuel plant.  The cost of CO2-burning permits is at rock-bottom; coal is cheaper than gas and is still economic to burn; and a new plant operates at much greater efficiency and significantly lower emissions than the old coal-fired plant it replaces.  Unfortunately it offers less flexibility than gas, but can make a contribution to this requirement also.

How much pleasure is derived by greens from the large programme of newbuild coal plants is anyone's guess; but it is how practical German power engineers are attempting to square the circle.

There is no guarantee they will succeed.  The final piece in this series will consider the effects and the costs of dysfunctional German energy policy - and a warning to the rest of us.    

READ ON:
PART FOUR (CONCLUSION)

PREVIOUS:
PART ONE
PART TWO


Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Wednesday, January 16, 2013

Nick Drew: "Green" initiatives have contradictory effects

See our energy expert's latest squib here.

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Nick Drew: "Green" initiatives have contradictory effects

See our energy expert's latest squib here.

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Tuesday, January 15, 2013

The Only Solution Is My Solution

The following Grauniad headline gets my prize for best of 2013 so far:

Rogue geoengineering could 'hijack' world's climate
"The deployment of independent, large-scale "geoengineering" techniques aimed at averting dangerous warming warrants more research because it could lead to an international crisis with unpredictable costs to agriculture, infrastructure and global stability, said the Geneva-based WEF in its annual Global Risks report"
Haha ! They don't like it up 'em, Captain Mainwaring. But aside from 'independent' not fitting with 'dictated by the green lobby', what exactly is the problem ? Let's turn to the report:
"A long series of ethical, legal and scientific questions quickly arises about countless knock-on effects that might be much more difficult to assess ... Almost any change in weather and climate patterns is likely to create winners and losers, but determining causation and quantifying impacts on any given region or country would be a massive challenge."
What, unintended consequences ? Well, b****r me ! That would be like, err, when you subsidise biofuels and discover that entire forests are being felled, and food-stocks diverted, for use as fuel ? Or when you subsidise solar power and find that your electricity grid can't cope ? Or when you implement 'green' policies and find that your CO2 emissions are rising ?

"Determining causation and quantifying impacts would be a massive challenge" !!   Are they reading what they are writing ?  


This piece first appeared on Capitalists@Work

Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content, whether incorporated in or linked to this blog; or for unintentional error and inaccuracy. The blog author may have, or intend to change, a personal position in any stock or other kind of investment mentioned.

Saturday, January 12, 2013

Ancient underground city in Turkey!

Seen on Nourishing Obscurity: a fantastic, multi-level underground city that housed up to 10,000 people in siege times, a thousand years ago. Discovered only in 1963, when a Turkish man demolished an interior wall in his dwelling. Don't miss it!

Part 1
Part 2