The Truth Behind Renewable Energy

By Dr. Lars Schernikau – Re-Blogged From WUWT

Can renewable energy sources supply the world with a large share of the energy it requires? While some environmentalists advocate the total replacement of fossil fuels by solar, wind and battery power, Dr Lars Schernikau explains why this is impossible.

Today we hear and read about the climate crisis every day, driven by well-funded campaigns. But we hear little of the perils of switching from conventional energy to wind, solar and battery-powered vehicles. It appears that every second person has become an atmospheric physicist understanding that carbon dioxide is the main driver of global warming and switching to renewables will save us from devastating hurricanes and floods reaching the ceilings of our dream seaside properties. Every other person appears to be an energy specialist being certain that wind, solar and battery-powered vehicles will be a happy, safe and environmentally friendly way to power our everyday electricity and transportation needs. However, little could be farther from the truth.

 

Photo: A young man burning electrical wires to recover copper at Agbogbloshie, September 2019; Wikipedia Free License

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It’s a Good Time to Be Born

By Kip Hansen – Re-Blogged From WUWT

I grew up in a medical household.  My father was one of the leading pediatricians of the Greater Los Angeles, California area.  Every single day I was greeted with pragmatic, practical news on the advances being made in medicine, public health, and especially in the treatment and care of children and their diseases.  And every day, it was plain, when my father came home, if he had lost a patient that day – he was stoic and realistic, but every baby lost, every child that died,  crushed part of him.    That was in 1950.  There was a vaccine for smallpox but almost nothing else.  Children were expected to suffer through measles, mumps, chicken pox and German Measles (Rubella).  We almost all did.  The worst was the dreaded risk of polio.

 

 

 

 

 

 

 

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Anti-White Diversity Training Is Roiling the American Workplace

By John Murawski- Re-Blogged From Headline Wealth

A white physician working in Raleigh, N.C., says he has participated in multiple diversity training exercises – including two in the last two years – without a fuss. But he was taken aback when his employer, Duke University Health System, said this summer it will roll out a comprehensive strategy to purge the last vestiges of racism from the workplace.

The way it looks to him, Duke basically wants him to admit he’s a racist and repent.

Like a growing number of organizations around the country responding to the death of George Floyd and the Black Lives Matter movement, Duke is adopting anti-racist advocacy as an organizational mission. That mission doesn’t mention time-honored workplace goals like color-blindness, meritocracy, or equal opportunity; instead, its target is the so-called complicity of America and its citizens in “structural racism,” “oppression,” and denialism.

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Stories of Us: Brandon Tatum

Brandon Tatum grew up idolizing sports figures like Michael Jordan. After his own dreams of playing in the NFL fell apart on draft day, he was devastated—until a fateful encounter with a new kind of hero helped him discover a new calling as a police officer. But when the nation’s leaders and the media turned against law enforcement, Brandon struggled to reconcile his own experiences with their anti-police rhetoric and began questioning everything he was taught about how he should think as a black man in America.

Please watch the VIDEO

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New Stanford Study Suggests Biden’s Agenda Will Have 4 Devastating Economic Consequences

By Brad Palumbo – Re-Blogged From Foundation for Economic Education
The study concludes that Biden’s interventions would, among other things, distort labor incentives, decrease productivity, and kill jobs.

Sympathetic media outlets have repeatedly asserted that Democratic presidential nominee Joe Biden’s tax agenda would only hurt the wealthy. But a new study shows that Biden’s tax and regulatory agenda could seriously hurt the economy overall.

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Climate science and the Supreme Court

By Judith Curry – Re-Blogged From WUWT

An alternative assessment of U.S. Supreme Court Justice nominee Amy Coney Barrett’s statements on climate change.

For those of you not in the U.S., confirmation hearings on the nomination of Amy Coney Barrett for the Supreme Court are currently underway.  There are many very political issues surrounding this nomination and its timing.  Lets put all that aside for the moment, and consider her statements on climate change.

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One Table And Two Charts Show Why Stocks Are A Bad Place To Be

By John Rubino – Re-Blogged From Dollar Collapse

US stocks are behaving amazingly well given the political and economic near-chaos of the past few months. This is probably the first recession that inflated rather than popped financial asset bubbles.

Why? Because panicked governments and central banks are dumping trillions of play-money dollars into the system, a big part of which flow directly into the brokerage accounts of the 1%.

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Countries Must End Harmful Allegiance to Paris Agreement

By Vijay Jayaraj – Re-Blogged From WUWT

Countries across the globe are at a crossroads. They must choose between competing energy sources.

On the one hand, there are fossil fuels, the long-proven, relatively simple technologies of which provide abundant, affordable, reliable, instant-on-demand conventional energy. Indeed, they provide over 80 percent of all energy used in the world today.

On the other hand, there are “renewable energy sources.” Don’t think of the old reliable ones like hydro, wood, and dung, but of what Bjørn Lomborg, in his new book False Alarm, calls “new renewables,” mainly wind turbines and solar panels. Unlike fossil fuels, wind and solar are diffuse, providing less energy per area of land, and intermittent. Consequently, they are less abundant, more expensive, unreliable, and—when the wind doesn’t blow or the sun doesn’t shine—often completely unavailable.

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Origins of the COVID-19 Virus

By Dave Archibald – Re-Blogged From WUWT

Who does the virus call ‘Daddy’? In the 1950s, oil geologist Michel Halbouty said that “oil is first found in the minds of men“, meaning that someone has to imagine the existence of an oil field before they can go out to find it. The same is true of most of the fruits of mental endeavour.

Similarly, the COVID-19 virus is artificial so someone conceived it in his mind before it was created in the lab.

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Stories of Us: Brandon Straka

WalkAway founder Brandon Straka’s political opinions were once wrapped up entirely in his sexual identity. But after a profound healing experience at an AA meeting, his resentment for heterosexual and conservative people melted away. With a clear mind and open heart, he was soon awakened to the narrative of hate and division that he had bought into. Now free to finally think for himself and honestly investigate the truth, his world turned upside down.

Please watch the VIDEO

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Solar Power Costs 2-3 Times As Much

By David Middleton – Re-Blogged From WUWT

Source: U.S. Energy Information Administration, Power Operations Report

Why? Because California…

OCTOBER 9, 2020
Solar photovoltaic generators receive higher electricity prices than other technologies

In 2019, the average U.S. wholesale price for electricity generated by solar photovoltaic (PV) technology was significantly higher than average wholesale prices for electricity from other technologies. The weighted average wholesale price for solar PV-generated electricity was $83 per megawatthour (MWh) in 2019, more than double the price paid to producers for electricity generated by wind, fossil fuels, or nuclear. The higher average wholesale price for solar PV relative to other technologies is partly driven by geography and timing.

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“Proxies” Claim Half the GBR Corals Dead – But Not in Real Life

By Jennifer Marohasy – Re-Blogged From WUWT

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Greenland and the 1950s Climate Consensus

By Jim Steele – Re-Blogged From WUWT

What’s Natural?

Glaciers around the world reached their greatest size in four thousand years by 1850. Then abruptly the world began to warm. Arctic sea ice lost 40% of its thickness by 1940. Around the Arctic island of Spitsbergen melting sea ice allowed shipping season to lengthen from 3 months to 7 by 1940, meanwhile 400 additional square miles of sea ice was melting along the Russian coasts. By 1950, 96% of Europe’s glaciers were retreating and small glaciers had simply disappeared. In the tropics, Africa’s Kilimanjaro’s iconic glaciers was also shrinking alarmingly.

In the far north, pine forests couldn’t reproduce between 1850 and 1900 due to the cold. But with warming, all age classes of seedlings proliferated. Tree-line rose by about 70 feet in a few decades. Plants were flowering earlier, and seeds and berries ripened earlier. Atlantic cod moved northward creating a new Greenland fishery and several southern bird species moved into Iceland.

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Washington State Blows Away Wind Fantasies

By Ronald Stein – Re4-Blogged From WUWT

The Northwest has spoken loudly as the Benton Public Utility District (BPUD) has documented their actual battleground experiences with intermittent electricity from wind farms that should be a wake-up call to our policy makers. Their message is “no more wind”.

The Washington state utility 16-page report titled “Wind Power and Clean Energy Policy Perspectives” of July 14, 2020 provides a devastating counter attack to the wind lobbyists that they question the efficacy of wind farms for power generation and resulted in the utility’s commissioners saying they “do not support further wind power development in the Northwest.”

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Do Your Own Research?

By Kip Hansen  – Re-Blogged From WUWT

Judith Curry recently highlighted the 9 October 2020  Wall Street Journal piece by Matt Ridley titled: “What the Pandemic Has Taught Us About Science”.  [ It is annoyingly paywalled, so Dr. Curry offers extensive excerpts at her own blog, Climate Etc. ]

[ Full version of Matt Ridley’s piece is available at his own website here. — h/t to Malcolm Robinson]

 

 

 

 

 

 

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They Say Scandinavia But They Mean Venezuela

What do Democratic Socialists like Bernie Sanders and Alexandria Ocasio-Cortez want America to look like? They say they want America to emulate Scandinavian countries like Denmark and Sweden. But do their proposed policies reflect that? Or do they point down a darker path? Debbie D’Souza, a native Venezuelan and political commentator, investigates.

Please watch the VIDEO

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Justice Dept. to File Landmark Antitrust Case Against Google

By Associated Press – Re-Blogged From Headline Wealth

The Justice Department is expected to file a lawsuit Tuesday alleging that Google has been abusing its online dominance in online search to stifle competition and harm consumers, a person familiar with the matter told The Associated Press.

The lawsuit marks the government’s most significant act to protect competition since its groundbreaking case against Microsoft more than 20 years ago. It could be an opening salvo ahead of other major government antitrust actions, given ongoing investigations of major tech companies including Apple, Amazon and Facebook at both the Justice Department and the Federal Trade Commission.

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Powell Says Fed’s Digital Currency Should Complement Payments System

By American Banker – Re-Blogged From Headline Wealth

The Federal Reserve is primarily interested in looking at a central bank digital currency that would improve the payment system, rather than one that would replace the physical dollar, said Chair Jerome Powell.

“Unlike some jurisdictions, here in the United States we continue to see strong demand for cash,” he said Monday during a panel on cross-border payments and digital currencies hosted by the International Monetary Fund. “Moreover, we have robust and mature financial and banking sectors, and we have a highly banked population so that many — although not all — already have access to the electronic payments system.”

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Sayonara U.S.A.

By Michael Pento – Re-Blogged From Silver Phoenix

The Japanese word for goodbye is Sayonara. But it doesn’t just mean goodbye, it means goodbye forever. Unfortunately, that is what our country is doing to American Capitalism.

In the quixotic fantasy world of Keynesian economics, the more money a government borrows and prints the healthier the economy will become. Those who adhere to this philosophy also believe such profligacy comes without any negative economic consequences in the long run. This specious dogma contends that it is ok for a government to dig further into a big deficit hole during a recession because massive public spending will help the economy to climb out faster. And then, a government can cut spending in the good times, which leads to big budget surpluses.

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If You Can’t Beat ‘Em, Join ‘Em

By Craig Hemke – Re-Blogged From Gold Eagle

Suddenly it seems that nearly all of The Banks and Bullion Banks are raising price forecasts and rallying around the precious metals. Is this a good thing or a bad thing?

That’s the question, of course. Banks like Goldman Sachs have earned a reputation for leading their clients into taking the opposite side of whichever trade the firm prefers. If you’ve forgotten the origin of this story, here’s a link from 2012:

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Bushfires, Concepts of Wilderness, and a New Book

By Jennifer Marohasy  – Re-Blogged From WUWT

Journalist Clarissa Bye from the Daily Telegraph has done a really good job of summarizing my concerns and recommendations for better bushfire management across Australia. The article entitled ‘Burning Question on Fires and Climate Link’ has been republished in so many of the News Ltd regional papers including The Frazer Coast Chronicle and The Byron Shire News and is based on Chapter 16 in my new book, ‘Climate Change: The Facts 2020’. Clarissa writes:

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$30+ Silver In 2021

Silver prices rose nearly 163% from its Coronavirus-panic lows of $11.30 to its peak on August 6 of $29.82. However, following that incredible rise, silver has since fallen dramatically: from its August 6 peak down to its September 23 low of $21.64 is a drop of nearly 28% in just six weeks. As this article is going to press, the precious metal is trading in the middle region of that range at $24.50.

What is ahead for silver? Is this sell-off over, or is there more downside to come?

Weekly Energy and Climate News Roundup #426

The Week That Was: October 10, 2020

By Ken Haapala, President, Science and Environmental Policy Project

Brought to You by www.SEPP.org

Quote of the Week: “For a successful technology, reality must take precedence over public relations, for nature cannot be fooled.”— Richard Feynman, Theoretical physicist, co-recipient Nobel Prize in Physics.

Number of the Week: US$3,660 billion [$3.66 Trillion]

Guess and Test – and Re-Test: Writing in the Wall Street Journal, journalist Matt Ridley, author of books such as How Innovation Works: And Why It Flourishes in Freedom (2020) and The Rational Optimist: How Prosperity Evolves (2010), had an outstanding, long essay titled:

“What the Pandemic Has Taught Us About Science

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A Geological Perspective of Polar Bears

By David Middleton – Re-Blogged From WUWT

A Popular Narrative

Polar bears (Ursus maritimus) are the poster child for the impacts of climate change on species, and justifiably so. To date, global warming has been most pronounced in the Arctic, and this trend is projected to continue. There are suggestions that before mid-century we could have a nearly ice-free Arctic in the summer. This increases the urgency with which we must act to reduce our greenhouse gas emissions to delay or avoid some of the worst consequences of climate change.

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America’s Political And Financial Institutions Are Broken

By Clint Siegner – Re-Blogged From Silver Phoenix

America’s key institutions are broken. More people wake up daily to that reality. They are preparing for the moment this realization dawns on Americans at large, which explains why the markets for physical bullion are so active.

Markets certainly aren’t working. Perpetual central bank intervention, rampant Wall Street cheating, high frequency trading, index funds, and many other factors have divorced the price of securities from fundamental realities, such as high unemployment.

The adjacent screen capture from CNBC in April says it all about how badly markets are doing at reflecting true economic fundamentals.

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West Intends Energy Suicide

By Tilak Doshi – Re-Blogged From WUWT

Suicide is viewed as a crime in many countries. In a court of law, it is a serious charge and the evidence needs to be conclusive for such an accusation to stand (e.g., did you actually see him attempt to jump off the bridge?). But when societies (or at least their leaders) attempt it, one can say that it safely falls under the rubric of the sovereign right to misrule oneself. In the hallowed tradition of Western liberal democracy, so long as its political leaders are elected in free and fair elections, misrule leading to societal death by suicide is merely an unfortunate outcome of either gross negligence or culpable intention led by, say, a death-cult ideology. Nevertheless, let us proceed with the case for the prosecution.

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Caught In A Debt Trap

[This author considers Public and Private Debt as equivalent – I DON’T! Private debt intends to create a good or service with more value than the debt incurred, while Public debt intends (though never said this way) to create a political good or service with less value than the debt it is created from. While sometimes – as with the Interstate Highway System –  the public debt can give something of value, most often the value is tiny or even negative. Ignore for a moment that Public and Private Debt inherrently are different, and the following can give reasonable insights.  –Bob ]
By John Mauldin – Re-Blogged From Silver Phoenix

We’re caught in a trap

I can’t walk out Because I love you too much baby

Elvis Presley’s rendition of Suspicious Minds topped the record charts in 1969. The lyrics portray a romance that couldn’t work, but was also impossible to escape. That’s also a good way to describe our relationship with government debt. We know it can’t last, but we can’t walk out. We love government spending and its benefits (like Medicare, Social Security, and unemployment insurance) too much.

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What the Pandemic Has Taught Us About Science

By Dr. Judith Curry – Re-Blogged From WUWT

The scientific method remains the best way to solve many problems, but bias, overconfidence and politics can sometimes lead scientists astray

It’s been awhile since I have been so struck by an article that I felt moved to immediately do a blog post.  Well, maybe because today is Saturday and it is one day after the landfall of Hurricane Delta, I actually have a half hour to do this.

Matt Ridley has published an article in the WSJ What the pandemic has taught us about science, that is highly relevant for climate change as well as for Covid-19.  It is excellent, I agree with and endorse every word of this.

The paper is behind paywall; Dan Hughes kindly sent me a topic of the text.  Here are extensive excerpts

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Geologists Solve Puzzle That Could Predict Valuable Rare Earth Element Deposits

By University of Exeter – Re-Blogged From WUWT

Pioneering new research has helped geologists solve a long-standing puzzle that could help pinpoint new, untapped concentrations of some the most valuable rare earth deposits.

A team of geologists, led by Professor Frances Wall from the Camborne School of Mines, have discovered a new hypothesis to predict where rare earth elements neodymium and dysprosium could be found.

The elements are among the most sought after, because they are an essential part of digital and clean energy manufacturing, including magnets in large wind turbines and electric cars motors.

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Covid-19 Infection Alleviates Chronic Pain

By Eric Worrall – Re-Blogged From WUWT

h/t JoNova; Rajesh Khanna, a University of Arizona professor of pharmacology who specializes in researching pain and pain treatments, has discovered that a Covid-19 viral spike protein appears to block pain signals caused by inflammation. Rajesh has received multiple reports from people who suffer from chronic pain conditions stating that while they were infected, they didn’t experience any pain.

UA scientists study theory that the coronavirus may briefly block pain, masking illness

Amanda Morris

For all its deadly effects, the novel coronavirus may actually have one unexpected side effect.

By attaching to this receptor, called the neuropilin-1 receptor, the virus seems to decrease or stop pain entirely, according to the study’s lead researcher, Rajesh Khanna.

“The pathway for pain is shut off,” Khanna said.

He has received dozens of anecdotal emails since his study published from patients who had chronic pain conditions before getting sick.

“Then they got COVID and now their pain is gone,” he said. “I fully acknowledge that these are anecdotes … but it’s a recurrent theme. It’s mind boggling!”

Read more: https://www.azcentral.com/story/news/local/arizona-science/2020/10/05/scientists-say-coronavirus-may-block-pain-receptors-some-people/3593138001/

Professor Khanna’s study is available here.

Professor Khanna thinks this potent pain masking effect might be an evolutionary adaption. It could allow the infectious to carry on with their normal lives, blocking awareness that they are sick.

Thanks to Professor Khanna’s research, It seems likely that doctors may soon have a potent new pain medication in their arsenal, to help improve the lives of people who suffer from debilitating chronic pain.

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Maldistribution Of Wealth And Silver

The Founding Father and President Thomas Jefferson understood the extreme danger in handing over the issuance of the money to the bankers:

“The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills, or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.” – Thomas Jefferson. (1743-1826).

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The Upbeat Downbeat on Housing and Commercial Real Estate

By David Haggith – Re-Blogged From The Great Recession Blog

I mentioned in a recent article that the weird thing about this recession is that it is the only one in which personal income has gone up during a recession. That, of course, is because of government assistance, which is making it so we don’t have to feel the pain of a recession that the government, itself, caused — through its massive debt, tax breaks for the 1%, reliance on the Fed to solve government’s problems, and most currently through its forced economic shutdown as a response to COVID-19 — something that even the WHO now says was failed policy that should never have happened — even though they helped make sure it did happen!

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Gold, The Simple Math

By John Hathaway – Re-Nlogged From Gold Eagle

The current pullback in the precious metals sector is a buying opportunity. Since trading at a closing high of $2,064 an ounce on August 6, gold bullion has declined 8.34% as of this writing.1 Gold mining shares have followed suit, declining 9.26% since the August high. It is possible that gold and related mining shares could continue to chop sideways to lower until the U.S. presidential election results are known and even into yearend as the implications are sorted out. Whatever the electoral outcome, the path towards monetary debasement is bipartisan. It is crucial for investors to focus on the long-term trend and to avoid the distractions of short-term timing considerations.

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A True Shaggy Dog Story

By Kip Hansen – Re-Blogged From WUWT

The brilliant  zoologist and “bone whisperer” Susan J. Crockford has a new paper just published in the Journal of Anthropological Archaeology.   The new paper is titled:  “Domestic dogs and wild canids on the Northwest Coast of North America: Animal husbandry in a region without agriculture?”.   The other authors are: Iain McKechnie of the University of Victoria and the Hakai Institute as lead author and  Madonna Moss of the University of Oregon.  The paper is about dogs [and not polar bears].

 

 

 

Dr. Crockford is one of the world’s leading experts “… on the evolutionary history of dogs, especially in regards to their domestication and speciation. In 2007, she was called upon as the scientific consultant for the PBS documentary, Dogs that Changed the World, focused upon the domestication of dogs. In the two-part documentary, she was called upon multiple times to give insight into the process of domestication and the emergence of dogs as a separate species from wolves.” [ Wiki ]

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‘The Weaponization of Weather in the Phony Climate War’

By Anthony Watts – Re-Blogged From WUWT

Joe Bastardi, whom I consider a friend and a brilliant weather forecaster with a photographic-like memory for weather events through history, has written a book on the “climate war”, which is a rebuttal to Michael Mann’s use of the same phrase in his gloom and doom book.

The Washington Times had this to say about it:

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Employment’s Recovery Road Comes To An End

By David Haggith – Re-Blogged From Silver Phoenix

Restoring Scientific Debate on Climate

By Jim Steele – Re-Bloggede From WUWT

The political genius of Abraham Lincoln’s efforts to unify the country during America’s most divisive time has been attributed to assembling a “team of rivals”. Likewise, scientific research is published so rivals and supporters of a hypothesis can independently and critically examine it. The great benefits of a team of rivals is also the basis for convening red team/blue team debates.

In 2017, Dr Steve Koonin, a physicist who served as Obama’s Undersecretary for Science in the US Department of Energy, urged convening red-team blue-team debates for climate science in his article A ‘Red Team’ Exercise Would Strengthen Climate Science.  “The national-security community pioneered the “Red Team” methodology to test assumptions and analyses, identify risks, and reduce—or at least understand—uncertainties. The process is now considered a best practice in high-consequence situations”.

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Massive Tax Increase

The Federalist – Re-Blogged From Headline Wealth

Democratic VP Nominee Kamala Harris promised at the Vice Presidential debate Wednesday night that, if elected, she and Joe Biden will raise taxes on the American people.

When asked by moderator Susan Page, USA Today Washington Bureau chief and Nancy Pelosi biographer, about Biden’s plan for the economy, Harris proudly exclaimed that he would be raising taxes and that the Biden administration’s first step would be to remove the tax breaks created by President Donald Trump.

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How to Steal an Election: Mail-In Ballots

By Eric Eggers 

What’s the difference between absentee balloting and universal mail-in balloting? The latter might sound like a great idea, but is it really? Eric Eggers of the Government Accountability Institute answers this vitally important question.

Please watch the VIDEO

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A September To Remember

By David Haggith – Re-Blogged From Silver Phoenix

Try to remember the kind of September,

When life was slow and oh so mellow.

Try to remember the kind of September

When grass was green and grain was yellow.

Try to remember the kind of September

When you were a tender and callow fellow….

–Tom Jones

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Peak Oil Demand and the Middle East

By Tilak Doshi – Senior Visiting Research Fellow, Middle East Institute, National University of Singapore

Re-Blogged From WUWT

It would seem that the Middle East oil producers cannot get enough of bad news these days. The coronavirus pandemic and the collapse in global energy demand in the first quarter of 2020 led to oil prices plunging into the mid-teens as Saudi Arabia launched the oil price war against Russia in early March.

Despite the subsequent historic OPEC+ deal in April to slash output by an unprecedented 9.7 million barrels per day (Mbd), oil prices have been stuck around $40/barrel since June. Prospects for an economic recovery for the Middle East – which already looked precarious after the steep fall in oil prices since mid-2014 as the US “shale revolution” took hold in global oil markets — now look significantly worse than that of other emerging market regions.

Oil pumps silhouette at sunset

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Watchdog Urges More Action to Protect Planes from Hackers

By Associated Press – Re-Blogged From Headline Wealth

Federal regulators have not taken adequate steps to protect computer systems on airliners from hackers, a government watchdog agency reported on Friday.

The agency said the Federal Aviation Administration has not developed a training program for cybersecurity or test airplane computer systems that could be vulnerable to attack.

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WHO Backflips on Virus Stance by Condemning Lockdowns

By Alex Turner-Cohen – Re-Blogged From https://www.news.com.au

Lockdowns have been used to control the coronavirus around the world. Now a WHO official has questioned the success of them.

Please watch the VIDEO

The World Health Organisation has controversially claimed that the world is misusing lockdowns as a way to control the virus.

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An Inflection Point Beckons

By Alasdair Macleod – Re-Blogged From Gold Eagle

Gold and silver continue to consolidate in a narrow range this week, but gold finally broke out on the upside tonight, closing up $35 at $1928, and silver up 5.4% at $25.11.

In the non-active October gold Comex contract, longs totalling 25,165 contracts have been delivered with a further 7,423 to go. Assuming the rest are delivered, it amounts to over 101 tonnes. For the bullion banks, having Comex speculators standing for delivery especially in the non-active months is unwelcome. They will be eyeing December, the next active contract which expires in only seven weeks’ time, with trepidation. For the fact is that while the bullion banks can print paper gold as much as they wish, the physical that underpins all this paper is increasingly scarce.

Is Gold Market Going Back Into The 1970s?

By Arkadiusz Sieroń – Re-Blogged From Gold Eagle

They say that time travels are impossible. But we just went back to the 1960s! At least in the field of the monetary policy. And all because of a new Fed’s framework. So, please fasten your seat belts and come with me into the past and present of monetary policy – to determine the future of gold!

At the end of August 2020, the Fed has modified its Statement on Longer-Run Goals and Monetary Policy Strategy – for the first time since its creation in 2012. As a reminder, the Fed will now target not merely a 2 percent rate of inflation, but an average inflation rate of 2 percent, which allows overshooting after the periods of undershooting. So, the Fed will try to compensate for periods of low inflation with periods of high inflation . Hence, on average , we will see a more accessible monetary policy and higher inflation – Good news for the gold bulls.

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Fed Chairman Begs Congress To Stimulate Beleaguered Economy

By Mike Gleason – Re-Blogged From Gold Eagle

Precious metals investors faced choppy market seas this week. Gold bobbed to a slight decline while silver essentially treaded water through Thursday’s close. Both are advancing strongly today.

Metals markets are being overshadowed by equities markets. The S&P 500 broke out to a 5-week high on Thursday. The rally comes on a rising tide of Federal Reserve liquidity coupled with on again, off again hopes for a stimulus deal in Washington.

More stimulus is definitely coming. The only question is how many trillions and whether they get dished out before or after the election.

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Monetary Distortions of GDP in 2021

By Alasdair MacLeod – Re-Blogged From GoldMoney

This article explains the effect of monetary inflation on GDP. Nominal GDP is directly inflated by additional money and credit, so GDP growth is simply a reflection of additional money in the economy. It gives no clue as to the underlying economic situation. Whether the monetary planners know it or not, targeting GDP growth with monetary expansion is a tautology. They only succeed in covering up a deeper recession, the cost of which will become apparent subsequently as the currency’s purchasing power declines. And despite the wealth destruction being wrought by currency debasement,

in the coming months we will see monetary expansion deployed more aggressively. An inflationary solution cannot succeed; but future GDP numbers will be artificially increased, encouraging policy makers to claim some success. But we should understand the simple relationship between increased quantities of money and the gains they impart to GDP, which will mislead macroeconomic analysts into thinking the economy is more resilient than it actually is.

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Gold-Miner Valuations Low

By Adam Hamilton – Re-Blogged From Gold Eagle

After soaring in a powerful upleg, the gold miners’ stocks have been grinding lower for a couple months now.  This ongoing correction is increasingly draining enthusiasm for this small contrarian sector, working to rebalance sentiment.  Gold-stock price levels relative to gold suggest this necessary and healthy selloff hasn’t fully run its course yet.  But once this passes, current valuations remain very bullish for the gold miners.

Unlike the vast majority of other industries, gold miners’ earnings are almost totally dependent on a single variable.  That’s the price of gold.  The profitability of excavating and selling gold directly levers prevailing gold prices.  The costs of producing this metal are largely fixed, mostly determined during mine-planning stages when engineers decide which gold-bearing ores to mine, how to dig to them, and how to process them.

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The Lakes of Mars

By David Middleton – Re-Blogged From WUWT

Water on Mars: discovery of three buried lakes intrigues scientists
Researchers have detected a group of lakes hidden under the red planet’s icy surface.

Jonathan O’Callaghan

Two years ago, planetary scientists reported the discovery of a large saltwater lake under the ice at Mars’s south pole, a finding that was met with excitement and some scepticism. Now, researchers have confirmed the presence of that lake — and found three more.

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