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.
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.
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.
Over the past weekend, temperatures in Italy plunged suddenly by between 10 and 15 degrees, resulting in the country’s coldest September in 50 years and leading to snowfalls much earlier than usual, Italian media reports.
The cold has been particularly intense in Milan and Turin which recorded 5°C and 4°C degrees respectively on the night of Sunday 27 September.
By Eric Worrall – Re-Blogged From WUWT
Renewable energy does not deliver a useful product, but some greens appear to be having trouble accepting this simple simple explanation for why the green revolution is faltering.
Climate change action stymied by Australian business lobby, UK think tank finds
By The Business host Elysse Morgan
Posted Yesterday at 9:01pm, updated Yesterday at 10:14pm
Note: all references to inflation are of the quantity of money and not to the effect on prices unless otherwise indicated.
In last week’s article I showed why empirical evidence of fiat money collapses are relevant to monetary conditions today. In this article I explain why the purchasing power of the dollar is hostage to foreign sellers, and that if the Fed continues with current monetary policies the dollar will follow the same fate as John Law’s livre in 1720. As always in these situations, there is little public understanding of money and the realisation that monetary policy is designed to tax people for the benefit of their government will come as an unpleasant shock. The speed at which state money then collapses in its utility will be swift. This article concentrates on the US dollar, central to other fiat currencies, and where the monetary and financial imbalances are greatest.
By Clive Maund – Re-Blogged From Silver Phoenix
[This is a little more Alarmist than the usual article I post, but it provides a very different perspective on current events. –Bob]
The year 2020 will surely go down in the annals of history as one of the worst of all time, although the seeding event, the virus, occurred late in 2019. It is hard to comprehend the magnitude of the devastation that has been inflicted this year, all in pursuit of the objective of absolute power by a narrow clique of plutocrats.
The global economy, already teetering on the brink due to extremes of debt, has been severely impacted by their gigantic wrecking ball, with countless thousands of businesses destroyed or on the brink of failure, countless millions made unemployed, whole industries leveled, including the airlines, the catering industry, the event and hospitality industry, travel and tourism and restaurants, but even worse has been the damage inflicted on the social fabric.
Rep. Liz Cheney of Wyoming asked the Department of Justice in September to investigate whether Russia and China are working to infiltrate environmental groups to influence U.S. environmental policy, the Daily Caller News Foundation has learned.
Russia and China may be infiltrating non-governmental groups in an attempt to meddle in domestic energy and environmental policy, Cheney wrote in a Sept. 4 letter to Attorney General William Barr obtained by the DCNF. The Republican lawmaker said in the letter that Russia had in the past worked to spread anti-fracking propaganda inside the United States.
By Judith Curry – Re-Blogged From WUWT
Subtitle: our failure to live in harmony with nature.
I’m taking a breather today from nonstop hurricane stuff. Well, ‘breather’ may not be quite the right word.
As I’m writing this, I’m looking out into the smoke from the California fires that are blowing into Reno (not to mention much of the rest of the U.S.). Schools in Reno are supposed to be open (they have a good COVID protocol), but have been closed more than half the time for the past month owing to bad air quality from the fires.
The mantra from global warming activists that manmade global warming is causing the fires, and therefore fossil fuels must be eliminated, is rather tiresome, not to mention misses the most important factors. More importantly, even if global warming is having some fractional impact on the wildfires, reducing fossil fuels would fractionally impact the fires but only a time scale of many decades hence.
By Nic Lewis – Re-Blogged From WUWT
Much fuss has been made in the UK, not least by teachers’ unions, about recommencing physical school attendance. As this issue applies to many countries, I thought it worth highlighting research findings in Europe.
While it is evident that school age children can be infected by the SARS-CoV-2 virus, it is extremely rare for them to become seriously ill with COVID-19, and their risk of dying as a result of infection is almost zero. The relevant issue is therefore how much children’s contribution to the spread of COVID-19 to adults, by themselves or via other children, is affected by school attendance.
A train pulls into the Odenplan subway station in central Stockholm, where morning commuters without masks get off or board before settling in to read their smartphones.
Whether on trains or trams, in supermarkets or shopping malls — places where face masks are commonly worn in much of the world — Swedes go about their lives without them.
Here’s another example illustrating just how volatile and unreliable wind energy really is.
Wind energy proponents like to claim that although turbines installed on land don’t produce so optimally, the ones at sea are wonderful because the wind there is always blowing and so it all kind of evens out.
The chart below shows the output of all wind turbines installed in Germany, both on land and offshore, from the five major German grid operators:
The dark horizontal line denoting 60,000 MW represents the so-called installed total capacity. Readers will note that less than 10% of rated capacity often gets produced. Only rarely does an output of 33% (20 MW) ever get reached.
In the wake of the Fed’s promise of 23 March to print money without limit in order to rescue the covid-stricken US economy, China changed its policy of importing industrial materials to a more aggressive stance. In examining the rationale behind this move, this article concludes that while there are sound geopolitical reasons behind it the monetary effect will be to drive down the dollar’s purchasing power, and that this is already happening. More recently, a veiled threat has emerged that China could dump all her US Treasury and agency bonds if the relationship with America deteriorates further. This appears to be a cover for China to reduce her dollar exposure more aggressively. The consequences are a primal threat to the Fed’s policy of escalating monetary policy while maintaining the dollar’s status in the foreign exchanges.
Daily coronavirus cases may be down in the United States, but that is no reason to be complacent, especially given that cold and flu season is only a few weeks away, says the nation’s top doctor.
In a roundtable discussion Thursday at Harvard Medical School, Dr. Anthony Fauci warned that “we need to hunker down and get through this fall and winter, because it’s not going to be easy.” He compared the pandemic to the early days of HIV in terms of how quickly it escalated, and how it might continue to escalate, if current trends of low mask-wearing and social distancing continue. “We’ve been through this before,” he said. “Don’t ever, ever underestimate the potential of the pandemic. And don’t try and look at the rosy side of things.”
By Eric Worrall – Re-Blogged From WUWT
The British Government is reportedly considering tax rises of £30 billion+ to plug the hole in the government budget created by the Covid-19 lockdown.
My question – instead of punishing ordinary people by raising £30 billion of new taxes, why doesn’t the British Government plug their budget shortfall by cutting £30 billion of useless expenditure, by cancelling all subsidies for renewable energy, the foreign aid guarantee, and other assorted big government boondoggles?
On July 20, the tanker Cabo de Hornos delivered an estimated 450,000 barrels of crude oil to the Irving Oil refinery’s Canaport storage facilities in Saint John, N.B.
What made Cabo de Hornos’s delivery different was that it was the first time crude oil had arrived in Saint John by ship from Alberta. It came via the Trans Mountain pipeline to the Westbridge Marine Terminal in Burnaby, B.C., and then through the Panama Canal.
By Duggan Flanakin – Re-Blogged From WUWT
It’s not climate change that’s racist, but those who use it to block energy development
Climate alarmists now proclaim that climate change is racist, that it affects minorities more than others. What hypocrisy. By this theory, the Sun, our galaxy and their Creator are racist, since they have driven climate change throughout history.
By Neil Lock – Re-Blogged From WUWT
This is a follow-up to my June paper on the numbers relating to the COVID epidemic world-wide. That paper is at https://wattsupwiththat.com/2020/06/20/covid-19-understanding-the-numbers-coronavirus/. This time, the main focus will be on the question: how well have lockdowns worked in different countries? I will look first at those countries in Western Europe, which show evidence (or not) of the various lockdowns having had a significant effect on the daily new case counts. Then, I will visit some of the more “interesting” countries (from a COVID statistics point of view at the present time) in other parts of the world.
A CENTURY from now, maybe sooner, it’s unlikely we’ll be using coal to make electricity. Or not much of it.
Wind and solar are getting cheaper and they are easier to set up than building a power station that runs on heat, be it from coal, wood, rubbish or anything else.
The problem is that we’re not there yet. Solar doesn’t work at night, the output slips in cloudy weather, and turbines stand idle when the wind doesn’t blow. Even hydro has its limits when rainfall is low and dams don’t fill high enough to drive the turbines. Batteries are getting better at storing energy, but we need baseload power – and lots of it – to run a city such as Chicago or Cape Town.
By Paul Driessen – Re-Blogged From WUWT
Child labor, human rights abuses and deaths are routinely ignored by Greens and Democrats
Marathon Petroleum recently announced it will “indefinitely idle” its Martinez Refinery. The decision will remove hundreds of jobs, billions of dollars, and nearly 7 million gallons of gasoline, diesel and other petroleum liquids per day from the energy-hungry California economy. It will also send fuel prices even higher for minority and other poor families that already pay by far the highest gasoline prices in the continental United States: $1.32 more per gallon of regular than in Louisiana and Texas.
California’s green and political interests don’t want drilling or fracking, pipelines, or nuclear, coal or hydroelectric power plants – or mining for the materials needed to manufacture electric cars. They prefer to have that work done somewhere else, and just import the energy, cars and consumer goods.
By Ed Zuiderwijk, – Re-Blogged From WUWT
About a year ago I read in a Dutch national newspaper an article which elaborately and somewhat aggressively argued that if you had the choice between, say, a 1000MW gas-fired power plant and a few thousands windmill generators the latter was the way to go. It was full of the phoney arguments and broken reasoning well-known to readers of this blog, and was, of course, palpable nonsense. I had a good laugh about it; you can’t argue with purveyors of foolishness and, furthermore, when you know something is utterly wrong it is usually completely uninteresting to precisely analyse why.
I had almost forgotten about it when some conversation with friends brought it back to my attention and made me question (myself) why it was that I knew with such total clarity that the argument put forward in that article was piffle given that I know not much more in depth about the subject than your average informed layman. After some reflection I realised that it was because of something I was taught many years ago at school. That’s what this posting is about.
By E. Calvin Beisner, Ph.D – Re-Blogged From WUWT
Refuting climate alarmists’ counterfactual claims is like playing whack-a-mole. Smack this one here, and ten others pop up there, and there, and there, and ….
In the climate apocalyptic video propaganda category, the newest seems to be The Final Years of Majuro, posted to YouTube August 4.
The film tells us, with all the authority of “science,” that the Marshall Islands (of which Majuro is the capital city), will disappear if global average temperature (GAT) rises beyond 1.5°C above pre-industrial times.
By Eric Worrall – Re-Blogged From WUWT
China is not having a good year. Following China’s largely self inflicted Covid-19 disaster, and months of extreme rain pushing floodwaters against the structurally questionable Three Gorges dam, failure of which could wash away China’s industrial and agricultural heartland with a
31 billion 39 trillion litre inland tsunami, reports are now appearing claiming there is a looming Chinese food shortage.
Make It American
Over the weekend, the Trump administration gave TikTok’s Chinese parent company ByteDance 45 days to sell off the app — or get kicked out of the US market, Reuters reports.
Microsoft is circling the news like a shark and has officially confirmed in a blog post that it’s interested in buying TikTok operations in the US, Canada, Australia, and New Zealand. That means the US software company has 45 days to make the move.
By Paul Driessen and Ned Mamula – Re-Blogged From WUWT
Hold China accountable – or give it even more control?
China unleashed Covid-19 on an unsuspecting world. It knew by early January 2020 (if not by December 2019 or earlier) that it was dealing with a vicious, fast-spreading disease in Wuhan, a city with more people than Chicago and New York City combined. But first it said nothing. Then it lied repeatedly, expelled foreign journalists, and threatened, silenced or “disappeared” Wuhan doctors who tried to warn the world.
The Chinese Communist Party used its influence with the World Health Organization to advance its false claims about the origins of the Wuhan virus (likely a laboratory or wet market in the city) and absence of human-to-human transmission. The CCP even claimed the virus was brought to Wuhan by US soldiers during an October 2019 military sports tournament. It shut down domestic travel to and from Wuhan, while allowing millions to fly between Wuhan and Europe, the United States, Africa and Latin America.
By Uzair Ahmed (View on Facebook at www.facebook.com/TheZair
Boris Johnson pledged to allow millions of Hong Kong residents to seek refuge in the UK if China passes a new national security law. While this decision opens the door of opportunities for Hong Kongers, it leaves many questions unanswered about how challenging it would be for these migrants to get British citizenship.
According to Mr. Johnson, “Britain would have no choice but to uphold our profound ties of history and friendship with the people of Hong Kong”.
“If China imposes its national security law, the British government will change our immigration rules and allow any holder of these passports from Hong Kong to come to the UK for a renewable period of 12 months and be given further immigration rights, including the right to work, which could place them on a route to citizenship,” he added.
The monthly U.S. budget deficit for June 2020 was a heart-stopping record $864 billion. For reference, last year’s deficit for all of fiscal 2019 was just under $1 trillion. In other words, the June deficit was almost as much as the entire amount of red ink spilled one year ago. This year will see the worst annual amount of fiscal hemorrhaging ever—and by a whole lot. The figure will be at least $4 trillion in total, which is $2.6 trillion more than the peak suffered under the Great Recession. One has to imagine that with the Department of Labor reporting, there are now 32 million people collecting unemployment insurance as of June 27th–the amount of additional debt continues to pile up fast.
In somewhere between five and ten million years, the tectonic plates that form Africa are likely to rip apart so much that it’ll eventually split the continent in two.
“We can see that oceanic crust is starting to form, because it’s distinctly different from continental crust in its composition and density,” University of Leeds Ph.D. student Christopher Moore told NBC.
Game Boy Car
It’s stylized like a Nintendo Game Boy, but you won’t be able to play “Super Mario Land” on it.
Instead, the $25,000 device is designed to emulate the signal from a whole host of car makers’ key fobs. In other words, The Drive reports, it’s a skeleton car key — a devious gadget that lets you steal almost any modern car.
The SOS Key Tool is being sold by SOS Autokeys, a Bulgarian company that claims it doesn’t want to break any laws, according to The Drive. But potential owners won’t have to go through a background check, either. So, uh, we’re sure that everything they do will be perfectly legit.
In recent articles for Goldmoney I have pointed out the dollar’s vulnerability to a final collapse in its purchasing power. This article focuses on the factors that will determine the future for sterling.
Sterling is exceptionally vulnerable to a systemic banking crisis, with European banks being the most highly geared of the GSIBs. The UK Government, in opting to side with America and cut ties with China, has probably thrown away the one significant chance it has of not seeing sterling collapse with the dollar.
A possible salvation might be to hang onto Germany’s coattails if it leaves a sinking euro to form a hard currency bloc of its own, given her substantial gold reserves. But for now, that has to be a long shot.
And lastly, in common with the Fed and ECB, the Bank of England has taken for itself more power in monetary matters than the politicians are truly aware of, being generally clueless about money.
Conclusion: the pound is unlikely to survive a dollar collapse, which for any serious student of money, is becoming a certainty.
By Vijay Jayaraj – Re4-Blogged From WUWT
The United States is the only major Western country that is not part of the Paris climate agreement, which seeks to restrict and reduce fossil fuel consumption across the world. But the country is not immune from the impacts of the restrictive energy policies the agreement imposes on its trade partners. One of those is my own country, India.
India imports large amounts of coal, oil, and natural gas from the U.S., mostly to generate affordable power for its electric grid. That grid must grow rapidly to meet the needs of over 1.3 billion people. Over 300 million of them—comparable to the whole U.S. population—currently have no electricity. But they need it desperately for their health and their escape from severe poverty.
By Pasi Autio – Re-Blogged From WUWT
Northern hemisphere summer – the season when forest fires in Siberia are on the loop. And usually every single new article about the Siberian forest fires somehow links them to climate change. Therefore it is good time to see how the forest fires has changed during the years. Is there really an increasing trend of Siberia forest fires as the news suggests and what is continuously predicted based on climate models?
With an area of 13.1 million square kilometres (5,100,000 sq mi), Siberia accounts for 77% of Russia’s land area. Majority of the Siberia is sparsely inhabited wilderness with little or no roads. Therefore, what sets on fire, usually burns until rain or other natural factor ends the fire. Southern Siberia also has extensive logging.
Figure: Natural forest fire in Russia.
A torrential downpour which has lasted over a month is testing China’s vast river flood control infrastructure, and threatening residents of Hubei Province, whose capital is Wuhan.
China’s flood defence network put to the test as it braces for more storms
Almost 20 million people living along the Yangtze River have been affected since late May, with at least 121 killed or missing
Engineer says if severe flooding, torrential rain persist it’s unclear how effective the dams will be
Ambassador for Energy & Infrastructure, Irvine, California
Higher energy costs for Americans are eminent along with worldwide ecological degradation and human right abuses from mining for wind, solar, and EV materials
The social changes with COVID-19 may have been prelude to life with less fossil fuels. With COVID-19 we have seen extensive self-imposed social adjustments to transportation that are very similar to what will be required to live with less fossil fuels in the future, i.e., with virtually no airlines, cruise ships, or automobiles.
Since June 11th (the past month) the Dow Jones continues struggling with what it’s to do next; break above and stay above its BEV -10% line, or break below and stay below its BEV -15% line.
What’s the Dow Jones waiting for? As seen in my next chart showing the weekly changes in the Federal Reserve’s holding of US Treasury Debt, the Dow Jones is waiting for another “injection” of “liquidity.”
By Eric Worrall – Re-Blogged From WUWT
Fuel load in the Aussie bush; a tinderbox waiting for a spark. The above photo was taken a few minutes drive from my house. You don’t have to drive far to find forest management failures in Queensland, Australia. Author Eric Worrall
Former Queensland fire chief Lee Johnson arguing for militarisation of the fire service, to deal with the climate apocalypse. But as the picture above shows, there may be another explanation for bushfire problems in Queensland.
The US has its share of problems right now (see One Crisis Is Manageable. Five Might Not Be).
But China is right up there in the “when it rains it pours” sweepstakes. As the apparent source of the covid-19 pandemic, it’s still battling new cases and may yet be blamed for not just spawning the virus but consciously designing and then releasing it. It’s also battling unrest in Hong Kong, saber-rattling with Taiwan, and navigating a complex trade war with the US.
But those things might pale next what’s happening with the massive Three Gorges dam. Rain has been falling almost non-stop for weeks in Southern China, and floods – much worse than usual for this time of year – have inundated cities and towns (including covid-19 epicenter Wuhan) along the Yangtze River. The New York Times describes this combination of pandemic and flooding as “surreal and difficult”.
By Rob Jeffrey – Re-Blogged From WUWT
It is claimed that wind and solar are the cheapest sources of electricity and these sources should dominate future electricity supply. This paper focuses on known additional costs and subsidies which are not taken into account in the costs of wind and solar put forward by their advocates.
Advocates of wind and solar claim a cost of 0.62 rand (about 3.6 US cents) /kWh. This is, however, the price at the gate of the supplier. It does not include all the costs of supply necessary to convert this electricity from non-dispatchable electricity supply at the gate to dispatchable electricity supply at the point of supply to the customer. These are in effect direct subsidies to solar and wind suppliers, whereas they should be added as a cost to the renewable energy suppliers.
With stockmarkets barely ruffled, few are thinking beyond the very short-term and they are mostly guessing anyway. Other than possibly the very short-term as we emerge from lockdowns, the economic situation is actually dire, and any hope of a V-shaped recovery is wishful thinking or just brokers’ propaganda. But for now, monetary policy is to buy off all reality by printing money without limit and almost no one is thinking about the consequences.
Transmitting money into the real economy is proving difficult, with banks wanting to reduce their balance sheets, and very reluctant to expand credit. Furthermore, banks are weaker today than ahead of the last credit crisis, and payment failures on the June quarter-day just passed could trigger a systemic crisis before this month is out.
By Eric Worrall – Re-Blogged From WUWT
h/t JoNova, MaxD – The United Nations has issued a belated warning that soaring demand for raw materials for the electric vehicle revolution is creating dangerous conditions for children working in toxic mines.
UN highlights urgent need to tackle impact of likely electric car battery production boom
Electric cars are rapidly becoming more popular amongst consumers, and UNCTAD predicts that some 23 million will be sold over the coming decade: the market for rechargeable car batteries, currently estimated at $7 billion, is forecast to rise to $58 billion by 2024 .
Australian Prime Minister Scott Morrison announced this week that Australia will spend hundreds of billions of dollars to significantly ramp up its military capabilities as it faces increasing threats from communist China amid fallout from the coronavirus pandemic.
The announcement comes after the Chinese Communist Party reportedly threatened Australia for pushing for an investigation into the origins of the coronavirus pandemic, which originated in China. China’s attempts to pressure Australia to drop the request for an investigation into the origins of the outbreak only strengthened Australia’s resolve against China, as Australia later came out and backed an initiative to have Taiwan rejoin the World Health Organization (WHO).
Re-Blogged From GWPF
Today the Global Warming Policy Foundation (GWPF) is launching its Energy Justice project, seeking to highlight how reliable energy access is central to the problems of people and businesses in the developing world, and showing how it must be central to any attempts to change things for the better.
By Nic Lewis – Re-Blogged From WUWT
The course of the COVID-19 pandemic in Sweden is of great interest, as it is one of very few advanced nations where no lockdown order that heavily restricted people’s movements and other basic freedoms was imposed. As there has been much comment, some of it ill-informed, on how the COVID-19 epidemic has developed in Sweden, but relatively little detailed analysis published in English, it is worth exploring what their excellent publicly-available data reveal.
I present here plots of weekly new cases and deaths, with accompanying comments. I have been able to access detailed daily data from 2 April on.