Most People Want Price Controls

By Steve Saville – Re-Blogged From The Speculative Investor

Anyone with rudimentary knowledge of good economic theory can explain why government price controls are a bad idea. It boils down to the fact that the optimum price is the price that naturally balances supply and demand, and to the related fact that forcing the price to be above or below the level at which supply and demand would naturally be in balance will lead to either a glut or a shortage. However, even though most people are capable of understanding why price controls are counter-productive, they still want them.

To be clear, most people living in semi-free countries are undoubtedly against the general concept of price controls, but they will be in favour of specific price controls. In a remarkable display of cognitive dissonance, they will simultaneously understand why price controls must cause economic problems and advocate for price controls in certain situations.

They will be in favour of certain price controls due to political leanings or due to being direct beneficiaries of the controls. Here are some examples:

 

1) Anyone who understands how supply and demand inter-relate should understand that minimum wage laws are not only counter-productive on an economy-wide basis but also cause the most problems for the group of workers they have supposedly been put in place to protect. In particular, it is axiomatic that if government intervention forces the price of labour to be higher than it would otherwise be then the demand for labour will be lower, that is, more people will be unemployed, with the additional unemployment occurring mostly within the ranks of the lowest-skilled workers. For example, if the official minimum wage is $15/hour and someone, due to their lack of experience or skills, is only worth $12/hour, then that person will be out of work. He might be eager to work for $12/hour to gain the experience/training he needs to increase the value of his labour, but the government says: “No; you will either get paid $15/hour or you will be unemployed”.

There are countless people who understand all this and yet strongly support minimum wage laws, either because the laws mesh with their political beliefs or because they personally benefit from the laws.

2) Anyone who understands basic economics should be capable of figuring out that it makes no sense for one of the most important prices in the economy to be set by a banking committee or government agency, and yet most people involved in economics and finance believe that there should be a central bank.

3) It is obvious that “rent control” legislation will lead to a shortage of rental properties and lower average standards of maintenance for existing rental properties, but the current/direct beneficiaries of the legislation (the people who live in rent-controlled housing) will often be in favour of this form of price control.

4) Price caps on utility charges will generally seem like a good idea to the people who currently benefit due to having lower electricity or water bills. That will typically be so even if these people have given the matter enough thought to understand that the artificially-low current prices will lead to less investment in future supply and less maintenance on current plant, leading, in turn, to much higher prices and/or a lower level of service in the future.

5) So-called “anti-price-gouging” laws are invariably popular during disasters, but laws that prevent prices from fully responding to a sudden shortage also reduce the incentive to speedily address the shortage. They therefore prolong the supply problem.

6) Here’s an example that I wasn’t aware of until a couple of weeks ago when I read the article posted HERE. The article discusses a dispute between companies that drill for natural gas in the US and landowners who receive royalty payments in exchange for letting the companies drill on their land. The dispute is about whether the drilling companies are entitled to deduct certain expenses from the royalty payments, but what really caught my attention was the reference to a Pennsylvania state law mandating that a landowner must receive a royalty of at least 12.5 percent of the value of the gas produced on his property.

This law was undoubtedly put in place for the benefit of landowners and most landowners are probably in favour of it, but what it means is that if the price of natural gas isn’t high enough to enable the drilling companies to afford a 12.5% royalty then production will stop and the landowners will get nothing. There’s no scope for the royalty payments to be influenced by natural market forces, although it’s possible that the drilling companies are using deductions to get around the law and reduce the effective royalty rate to a level that is economic at the current gas price.

In summary, very few people are consistently opposed to government price controls. Even people who have enough economics knowledge to understand why price controls never work as advertised find reasons to believe in particular price controls. As a consequence, most of the price controls that are now in place have a lot of supporters among the voting public and are therefore likely to remain in place.

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The Three Wise Men

By Egon Von Greyerz – Re-Blogged From http://www.Gold-Eagle.com

Two millennia ago according to the bible, three wise men came to offer Jesus the gifts of gold, frankincense and myrrh. The peak of the Roman Empire is considered to be at the time Jesus was born although it took until 476 AD until the Western Empire finally fell.

Today, just over 2000 years later, we might be standing at another historical peak in the global economy. There are certainly many similarities like deficits, debts and decadence. Just like the Roman Emperors, current leaders have illusions of grandeur of a magnitude that the world has never seen before.

So let’s look at the modern version of the three wise men. What gifts are they bringing the world? As in the illustration below I have picked three central individuals in the world today; Draghi – head of the ECB, Li Keqiang – Premier of China and Abe – Prime minister of Japan. In themselves they are not that important but the country or region they represent is.

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Bubble Blind Central Bankers

By Michael Pento – Re-Blogged From http://www.PentoPort.com

Fed Head Janet Yellen is keeping alive the tradition of her predecessors, Messrs. Greenspan and Bernanke, by showing she is equally as blind-sighted to the bubbles central banks are blowing in the bond and equity markets. During her September press conference, Ms. Yellen stubbornly clung to the misconception that it is only possible to tell if a bubble exists after it bursts. And because of this delusion, in Yellen’s eyes ninety-six months of a virtual Zero Interest Rate Policy (ZIRP) is merely, and I quote, “a modest degree of accommodation.” Her blinders are so opaque that she claims to see, “no signs of leverage building up.” And her feckless ability to spot market imbalances even resulted in this doozy of a Yellen quote: “In general, I would not say that asset valuations are out of line with historical norms.”

Can it really be the case that the woman who holds a dictatorship on the cost of money, which is the most important price signal in an economy, is unaware that the stock market is at a level that is virtually the most overvalued in history? The Median P/E, Price to sales and Total Market Cap to GDP ratios all show that the equity bubble is about as far detached from economic reality than at any other time in history. For example, the market cap of equities in relation to the size of the economy is over 70 percent points higher than the level experienced from 1975-1990.

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Smaller, Faster, Mobile

By Gerald Celente – Re-Blogged From The Daily Reckoning

Our computers are getting smaller.

The demands we make of them are getting bigger.

Portability. Mobility. Versatility.

These are the characteristics of emerging technologies that enable individuals to command a startling array of complex functions from the palm of their hands.

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Massive Twin Deficits To Impact UK Assets

By Mark O’Byrne – Re-Blogged From http://www.Gold-Eagle.com

Sterling is now the worst performing major currency in 2016 and gold the best.

The pound has completed its worst four day performance since Brexit and the pound remains considerably weaker versus the dollar, euro and gold since the Conservative Party conference, when Theresa May promised to trigger article 50 within six months.

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UN Brokers New Global Green Tax on Air Travel

By Eric Worrall – Re-Blogged From http://www.WattsUpWithThat.com

The United Nations has brokered a new international agreement which forces airlines to pay for “green” projects. By 2035, the UN expects the deal will siphon $24 billion / annum from the pockets of air travellers.

Aviation pact on global warming wins go-ahead

Airlines back UN accord to offset emissions growth by funding green projects.

Delegates from nearly 200 nations approved the accord at the UN’s International Civil Aviation Organisation in Montreal in a step the agency’s head, Fang Liu, described as a “historic first”.

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Housing Bubble II – It’s Happening Again

By Andy Sutton & Graham Mehl – Re-Blogged From http://www.Gold-Eagle.com

This will be a bit different article because we are not reporting on something that has already happened; we’re dealing with something that is ongoing and developing. Graham will handle roughly the first half of the article, then Andy will handle the second. Please bear with us as we try to break this editorial into two distinct pieces. You’ll understand as you read it why we chose to handle this in such a fashion.

Since everything in the blogosphere goes by what is officially declared by who, so forth, and so on, ditto, ditto, etc, etc, we are officially declaring there is yet ANOTHER bubble – this one in housing. Again. Perhaps ‘still’ is the proper word rather than ‘again since the first one never really was totally washed out of the system. As an addendum to our very well-received ‘American Economics’ piece, we’ll add a corollary: binges are good, purges are not to be tolerated unless absolutely necessary. If a purge becomes necessary, it will be only enough to give the Proletariat the idea that the problem is actually gone. A purge will never last longer than is absolutely necessary since that might affect consumer spending and the consumetariat’s voracious appetite for debt and financial self-mutilation.

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Capitalism, Socialism, and Pigs

cropped-bob-shapiro.jpg   By Bob Shapiro

240 years ago, Adam Smith wrote “The Wealth of Nations.” Largely, he described what he observed in the Economy, and provided a reasonable explanation. For example, Pigs.

He observed that the production of pigs fluctuated, as did the price of pork. His explanation – the Pig Cycle – was that, if the production was low, the relative shortage caused prices to rise, which encouraged greater production. The higher production eventually might cause prices to fall, which led to reduced production.

All this unfolded irregularly over a 3-5 year period, and repeated. Prices for any individual product (or service) do not remain the same over time – they fluctuate.

Image result for pig

But there are other forces which affect prices. A pig farmer may develop better methods or adopt some new technology. All else being equal, he will produce more over time, meaning that pig prices will tend to decline over time – even though those prices will continue to fluctuate according to the Pig Cycle.

The farmer may choose to work longer hours (or shorter hours) causing increased (or decreased) production, and the changed supply will lower (raise) prices. Of course, this is self-limiting as the farmer has to sleep sometime.

The demand for pigs may go up (or down) as population and food preferences change. Demand also may appear to go up if more new money is printed. If the money supply change is a one shot deal, then any change to demand and prices is akin to the farmer working longer hours – but of course the result is opposite.

The greater demand will cause prices to rise, stimulating greater production. As the money supply increase works its way through the Economy, pushing prices for each and every product and service up somewhat, then the higher general Cost of Living will equalize the apparent demand, although at a higher nominal level. “Adjusted for Inflation,” the Pig Cycle will be back where it started before the money printing.

Image result for money printing

In today’s world, money printing certainly is NOT a one shot deal. The FED and other world Central Banks (and other banks through the fractional reserve banking system) continue printing indefinitely. Eventually, the expectation of future price increases due to the money printing will nullify the effects of the monetary inflation, and production will settle back in where it would have been without the money printing.

All the while, the FED et al benefit from getting the new money out of thin air, while everyone else is penalized from the increase in the general price level. As Keynes said, “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”

Many times, the deliberate debasement of the country’s money leads to general price rises so high that the public demands that inflation be controlled. In response, the money supply increases are slowed (or even stopped!).

But the reduced apparent demand within the Economy then causes prices to fall, leading to a reduction in production – a Recession or a Depression. Yes there are natural price and production fluctuations within any Economy, and better methods and technology will lower prices continuously – but this money supply normalization is another animal altogether.

Bread Line

The Recession or Depression caused by a halt to money supply increases is totally artificial – totally outside the normal fluctuations of any dynamic Economy. The bad times are caused directly by the previous theft of purchasing power through money printing. Central banks benefit when they print, but when they stop printing, the rest of us suffer – sometimes mightily.

Another factor affecting our Economy wide Pig Cycle is taxes. There is an old saw which says, “If you want more of something subsidize it, and if you want less of it then tax it.”

Taxes take some of the price that the producer receives. His apparent lower price leads to lower production. The lower production leads to higher prices which restore the production level. Producer taxes – regardless of whether they are sales taxes, income taxes, or whatever, wind up being passed partly onto consumers. And with less revenue available, the employees also receive a smaller share of what’s generated by the private, productive sector of the Economy.

The price level reaches a new equilibrium, where profits, wages, and consumer prices all reflect what’s left after taxes. It makes no difference what the tax money goes to buy. That tax money is used to buy something other than what each one of us would have bought if we had been able to keep our money. The Economy is reduced by taxation.

The natural fluctuations of the Pig Cycle can’t be undone. They are… natural. They are part of Capitalism. The natural reductions to prices over time, through innovation and invention, also are part of Capitalism. All of us benefit by the efforts of others.

Money Supply manipulation and Taxation are not natural – they are man-made. They are part of Socialism, and they hurt everyone in the Economy except the favored few. You may want some of what Socialism offers, but still you should recognize that it is Socialism, and your benefit comes at someone else’s greater loss.

Next Recession Looms Large

By Peter Schiff – Re-Blogged From http://www.Gold-Eagle.com

Currently economists and market watchers roughly fall into two camps: Those who believe that the Federal Reserve must begin raising interest rates now so that it will have enough rate cutting firepower to fight the next recession, and those who believe that raising rates now will simply precipitate an immediate recession and force the Fed into battle without the tools it has traditionally used to stimulate growth. Both camps are delusional, but for different reasons.

Most mainstream analysts believe that the current economy can survive with more normalized rates and that the Fed’s timidity is unwarranted. These people just haven’t been paying attention. The “recovery” of the past eight years hasn’t been just “helped along” by deeply negative real interest rates, it is a singular creation of those policies. Since June 2009, when the current recovery began, traditional economic metrics, such as GDP growth, productivity, business investment, labor force participation, and wage growth, have all been significantly below trend. The only strong positives have been gains in the stock, bond and real estate markets. We have had an “asset price” recovery rather than a bona fide economic recovery. This presents unique risks.

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Inflation…The Simple Explanation Is Theft

By GE Christenson – Re-Blogged From http://www.Silver-Phoenix500.com

Inflation is theft. It is a simple concept that a single mother and a retiree understand…but a PhD in Keynesian Economics probably does not. Examples:

In 1971 take $1,000 in crisp new $20 bills and place them in a safe while watching President Nixon blame speculators for the loss of Fort Knox gold. (He “temporarily” severed the last connection between gold and the U.S. dollar.) Spend those dollars in 2016 and you will feel ripped off because they would have bought most of a car in 1971, and in 2016 they might buy only four tires.

Take $400,000 and purchase an airplane in 1971. Today that $400,000 will purchase the helmet for an F-35.

A cup of coffee in 1971 probably cost about $0.25. Today it is $2.00.

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Major Hurricane Landfall Drought Continues: 4001 Days and Counting

[Hurricane Matthew is/was a major hurricane inflicting a lot of damage, but it never made landfall in the US, staying about 50 miles offshore US. -Bob]

By Anthony Watts – Re-Blogged From http://www.WattsUpWithThat.com

Dr. Roger Pielke Jr. has done one very important climate thing today – he’s updated his now famous graph of hurricane drought.

He writes on Twitter:

pielke-4001-tweet 4001-days-pielke

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The Milky Way Galaxy’s Spiral Arms and Ice-Age Epochs

[One theory explaining natural climate change says: more active sun gives more solar wind, which blows away galactic cosmic rays. Since GCRs help seed clouds, more active sun means less clouds so more of sun’s heat reaches earth making temps rise. And, less active means lower global temps. This article looks at very long time frames and varying GCR production. -Bob]

Re-Blogged From http://www.sciencebits.com

1. Ice Age Epochs and Milky Way Spiral Arm Passages:

The link between solar activity cosmic rays and climate on Earth

Figure 1 – The cosmic ray link between solar activity and the terrestrial climate. The changing solar activity is responsible for a varying solar wind strength. A stronger wind will reduce the flux of cosmic ray reaching Earth, since a larger amount of energy is lost as they propagate up the solar wind. The cosmic rays themselves come from outside the solar system. Since cosmic rays dominate the troposphere ionization, an increased solar activity will translate into a reduced ionization, and empirically, also to a reduced low altitude cloud cover. Since low altitude clouds have a net cooling effect (their “whiteness” is more important than their “blanket” effect), increased solar activity implies a warmer climate. Intrinsic cosmic ray flux variations will have a similar effect, one however, which is unrelated to solar activity variations.

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Weekly Climate and Energy News Roundup #243

The Week That Was: October 1, 2016 Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Hubris: Michael Kelly, Emeritus Prince Philip Professor of Technology of Cambridge University has written an excellent, short book review of Hubris: The Troubling Science, Economics and Politics of Climate Change by Michael Hart, a scholar who has spent a decade working on the book.

Kelly’s comments reflect many of the views held by SEPP (British spellings):

“[T]he global climate is changing, and has always been changing. The earth has warmed by 1C over the last 150 years. That is not the issue. The issue is whether the human emissions of carbon dioxide since 1850 are heralding an imminent and certain global climate catastrophe that could be averted by engineering projects.”

To which SEPP would add…or require drastic national and international energy policy restricting the emissions of carbon dioxide (CO2). Kelly goes on to state:

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Can You Imagine The Fed Raising Rates In This World?

By John Rubino – Re-Blogged From Dollar Collapse

I know it’s bad form to express sympathy for the people running the world’s central banks. But come on, they’re human beings in an impossible spot with no idea how to escape. The pain they feel is both intense and legitimate, and we should respond with at least a bit of empathy.

Just kidding. It’s schadenfreude all the way down.

The Fed in particular has painted itself into a very tight corner with its never-ending threats to raise interest rates while the rest of the world is still cutting. Millions of words have been written about its reasons for behaving this way and the difficulties of the road it has chosen. But for now it’s enough to note that Yellen et al are still at it, dropping hints that come October rates are really, seriously going up because the US is a healthy, well-run country whose borrowers should borrow more and whose voters should reward incumbent politicians with four more years!

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Next Financial Crisis Will Come From Europe!

By Chris Vermeulen – Re-Blogged From http://www.Silver-Phoenix500.com

A financial system stability assessment report from the International Monetary Fund (IMF), about one bank in Europe identified Deutsche Bank AG (NYSE: DB) as the TOP bank that poses the greatest systemic risk to the global financial system. Systemic risk was identified as a major contributing factor in the ‘financial crisis’ of 2008. This is essentially the risk of contagion by the failure of one firm leading to failures throughout its industry.

On February 24th I talked about DB (Deutsche Bank) as the next major bank to fail. Since then price has plunged 31% and it’s likely headed much lower yet.

IMF: The Top Bank That Poses Global Financial Risk Is DEUTSCHE BANK! Continue reading

Did OPEC Just Cry Uncle?

By Frank Holmes – Re-Blogged From http://www.Gold-Eagle.com

OPEC Decision Helps Oil Post Its Second Straight Month of Gains

You’ve probably heard by now that, in an effort to lift oil prices, the Organization of Petroleum Exporting Countries (OPEC) tentatively agreed to a production cut at its meeting in Algiers last week. The cartel, which controls more than a third of world output, plans to limit daily production to between 32.5 million barrels and 33 million barrels, down from 33.2 million barrels.

This comes more than two years since oil prices were kneecapped, wreaking havoc on several OPEC member nations’ economies. Saudi Arabia currently faces a steep budget deficit, as oil revenues make up close to 90 percent of the country’s budget. Meanwhile, Venezuela’s currency, the bolivar, has become so worthless that it’s now cheaper to use it as a napkin than to buy actual napkins. Airlines flying to the U.S. won’t even accept bolivars. (Of course, this has more to do with the government’s woeful mismanagement of the country than oil prices.)

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South Australia’s Wind Energy Blackout Were Foreseeable – and Foreseen

By Larry Hamlin – Re-Blogged From http://www.WattsUpWithThat.com

From the “it’s a 50 year storm I tell you” department, comes this interesting find by Larry Hamlin. While apologists rush to blame “climate change enhanced severe weather” for failure of the grid in South Australia, Hamlin finds that this problem with wind turbine farms maintaining frequency and causing a blackout was foreseen and published. If only some people had the sense to pay attention.

In a 2014 report issued by the Australian Energy Market Operator Ltd (which operates the national energy market) & Electranet (which operates the national electricity transmission grid) these agencies examined the credible events that could occur in South Australia (SA) with loss of electrical system control that could lead to a state wide black out.

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Hungarians Vote 98% AGAINST Forced Muslim Quotas For Their Country

By Walid Shoebat – Re-Blogged From http://freedomoutpost.com

The divide between East and West, Christian and Muslim just became deeper after not only the Hungarians voted against the European Union’s Muslim “quotas” for Hungary, but they rejected it by an overwhelming 98% margin:

98.3% of Hungarian voters have rejected mandatory EU asylum seeker quotas in a referendum proposed by PM Viktor Orban. But the opposition boycott of Sunday’s ballot appears to have worked, as turnout failed to clear the key 50 percent threshold.

Only 1.7 percent of the voters answered ‘Yes’ to the question “Do you want the European Union to be able to mandate the obligatory resettlement of non-Hungarian citizens into Hungary even without the approval of the National Assembly?

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Muslim Refugee Moratorium

cropped-bob-shapiro.jpg   By Bob Shapiro

One reader reminded me of the terrific positive effect on the US Economy of the couple of hundred years of the US allowing immigrants into the country. He is absolutely right!

In recent articles, mostly re-blogs, US-Issues.com has called for a halt (or at least a slowing) of the importation by our government of so called refugees from Muslim countries, most publicized in the media from Syria.

President Obama has bragged about bringing in his 10,000th Syrian refugee (how many Muslims in all?), and federal judges have ruled that individual states cannot prevent settlement with their borders. President Obama even has imported foreign Muslim Imams to teach the refugees proper Sharia!

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Inflation Has Always Been About Theft

By Steven Saville – Re-Blogged From http://www.Silver-Phoenix500.com

In 262 AD, plans were being put in place to celebrate the “decennalia” (10 years on the throne) of Roman emperor Gallienus. The following excerpt from the fourth book in Harry Sidebottom’s “Warrior of Rome” series is part of a discussion between Gallienus and his senior advisors regarding how an appropriately-grandiose “decennalia” would be funded:

“The a Rationibus, in charge of the finances of the imperium, did not hesitate. “Celebrating your maiestas is without price and, as you know, Dominus, plans are in place to debase the precious metal in the coinage again. It will be a few months before the merchants catch up.””

In the end Gallienus decides to pay for the celebrations using direct theft (by confiscating and then selling the estates of his enemies and those of their families), but the final sentence of the above excerpt from a work of historical fiction reveals more knowledge of how monetary inflation works than is found in the writings of most Keynesian economists.

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An Open Letter to Donald Trump

cropped-bob-shapiro.jpg   By Bob Shapiro

Dear Mr Trump,

During your campaign speeches, you have referred to your Democratic opponent as “Crooked Hillary,” and the crowds have responded positively because they know you are speaking the truth. I suggest that you carry this line of attack forward into the remaining debates.

First, when Hillary comes out and makes a big show of shaking your hand – don’t do it. Look at her hand and say, “I don’t think so.”

Among other things, this will make an opening for you to explain why. I suggest that you say something like:

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It’s Not Just Deutsche Bank. The Entire Financial Sector Is Sick

By John Rubino – Re-Blogged From http://www.DollarCollapse.com

These are great times for financial assets — and by implication for finance companies that make and sell them, right?

Alas, no! Just the opposite. Each part of the FIRE (Finance, Insurance, Real Estate) economy is imploding as “modern” finance hits the wall.

Interest rates, for instance, have fallen for three decades…

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Entire State of South Australia Has Power Black Out Because of Flawed Climate Change Energy Policy

Governor Brown has California on same “dark ages” renewable energy path as South Australia

By Larry Hamlin – Re-Blogged From http://www.WattsUpWithThat.com

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The entire state of South Australia suffered a complete power black out on Wednesday September 28  plugging it’s nearly 1.7 million residents, communities and businesses into darkness.

Loss of available power from transmissions lines feeding the region from other states coupled with South Australia’s ill-considered climate change energy policy of forced shutdown of the states operating coal plants to promote heavy use of renewable energy created this latest power debacle.

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The Experiment: Capitalism versus Socialism

What if we could have an experiment to compare the two systems? Wait – we already did.

By David R. Legates – Re-Blogged From http://www.WattsUpWithThat.com

Experimentation is a major tool in the scientist’s arsenal. We can put the same strain of bacteria into two Petri dishes, for example, and compare the relative effects of two different antibiotics.

What if we could do the same with economic systems? We could take a country and destroy its political and economic fabric through, say, a natural disaster or widespread pestilence – or a war. War is the ultimate political and economic cleansing agent. Its full devastation can send a country back almost to the beginning of civilization.

We could then take this war-torn country and divide it into two parts. It would have similar people, similar climate, similar potential trading partners, similar geography – but one part is rebuilt using capitalism as its base, while the other rebuilds using socialism and its principles. We’d let the virtues of each system play out and see where these two new countries would be after, say, fifty years.

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Weekly Climate and Energy News Roundup #242

The Week That Was: September 24, 2016 – Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Testing EPA’s Endangerment Finding – The Hot Spot: Advances in scientific knowledge are based on evidence – not on untested theories and untested mathematical models. The testing, often called hypothesis testing, can be lengthy and exhausting. For example, the theory of relativity, though virtually universally accepted, is still undergoing testing. Although over 35 years old, the concept that human emissions of carbon dioxide (CO2) will cause unprecedented and dangerous global warming has not been thoroughly tested and is highly questionable.

As explained in the February 6 TWTW, in his written testimony to the U.S. House Committee on Science, Space and Technology on February 2, John Christy of the University of Alabama in Huntsville submitted the results of 102 IPCC CIMP-5 Climate Model runs for the Global Bulk Atmospheric Temperature. (Surface to 50,000 feet (15,240 meters)). CIMP-5 is the latest version global climate models used by the UN Intergovernmental Panel on Climate Change (IPCC))

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Is A Dollar Crash Imminent After the Senate Overrides Obama Veto on Saudi 9/11 Bill And September 30th D-Day Approaches?

By Jason Hamlin – Re-Blogged From http://www.Gold-Eagle.com

President Obama just had his first veto override of his entire presidency today, as the Senate and House both voted to override his veto of the 9/11 victims bill, Justice Against Sponsors of Terrorism Act (JASTA). As of this moment, the Sept 11 bill is now law.

Intense lobbying by both the Obama Administration and the Saudi government didn’t amount to much in the end, with strong public support leading to a 97-1 veto override vote today. The long defector from the unanimous vote back in May was Sen. Harry Reid (D – NV). The House easily cleared the two-thirds threshold with a 348-77 vote.

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