COVID-19: Lock-Downs, or Cock-Ups?

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.

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U.S. Companies Fleeing China En Masse

American manufacturing companies are leaving China en masse, according to a new report by a global manufacturing consulting firm, and the coronavirus pandemic could be speeding up that process.

President Donald Trump’s trade war with China produced incentives for companies to return to the U.S., according to an annual reshoring report that was released Tuesday by global consulting firm Kearney.

But China’s mishandling of the coronavirus and its attempts to repress information about the virus’s spread may have accelerated that trend.

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Baltic Dry, Copper, Oil, Tech And China Continue To Call For Market Crash Soon…

By Clive Maund – Re-Blogged From Gold Eagle

In this update we are going to review a small but important range of commodities / lead indicators which strongly suggest that the seemingly endless bullmarket in US equities is living on borrowed time and will end sooner rather than later, and given how long it has lasted and how extremely overvalued it has become, the downturn will likely start with a crash phase.

Regardless of what the eventual impact of the Coronavirus epidemic is, US stockmarkets in particular seem to be in a state of denial about the actual real-world consequences of the Chinese shutdown and impact on the global supply chain and corporate profitability everywhere, and some elements even seem to be gloating about China’s misfortune and predicament, completely oblivious to the fact that this is going to have a negative impact on almost everyone.

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The Brave New World of Ample Oil

By Tilak Doshi – Re-Blogged From WUWT

In the oil universe, the September 14th attack on Saudi Aramco’s oil facilities is comparable to the 9/11 attacks on the twin towers in New York City. Yet, the taking out of half of the Kingdom’s oil output led not to an oil shock but a whimper. Barely two weeks after the brazen attack, oil headlines were once again dominated by fears of over-supply and falling prices amidst a slowing global economy.  Following an initial 20% intra-day price surge after the attack, the benchmark Brent crude oil price quickly retraced its steps back down to pre-attack levels.

The US oil production surge benefits Asia

The shift from a perceived world of oil scarcity to abundance has been brought about in an astonishingly short period of time by the advent of the “fracking” revolution in the US. This combines horizontal drilling and hydraulically-fracturing shale rock with high-pressure liquids to extract “unconventional” oil and gas. In the past decade, US crude oil production more than doubled. By mid-2019, US production was rated at over 12 million b/d, surpassing Russian and Saudi Arabian output as the world’s largest.

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Weekly Climate and Energy News Roundup #385

The Week That Was: November 9, 2019, Brought to You by www.SEPP.org

By Ken Haapala, President, The Science and Environmental Policy Project

Quote of the Week: “It’s a kind of scientific integrity, principle of scientific thought that corresponds to a kind of utter honesty–a kind of leaning over backwards.

You must do the best you can–if you know anything at all wrong, or possibly wrong–to explain it. If you make a theory, for example, and advertise it, or put it out, then you must also put down all the facts that disagree with it, as well as those that agree with it. There is also a more subtle problem. When you have put a lot of ideas together to make an elaborate theory, you want to make sure, when explaining what it fits, that those things it fits are not just the things that gave you the idea for the theory; but that the finished theory makes something else come out right, in addition.”

“In summary, the idea is to try to give all of the information to help others to judge the value of your contribution; not just the information that leads to judgment in one particular direction or another.” – Richard Feynman, Cargo Cult Science

Number of the Week: Down 66%. From 1.9 billion to 650 million.

The Buck Stops Here: President Harry Truman (1945 to 1953) was not well liked by the eastern political establishment, either Republican or Democrat. He was considered ill-educated, crude, and ill-suited for the job. Yet he was well read in history. He was ill-prepared for assuming office on April 12, 1945 because President Roosevelt hid his illness and did not include Truman in important discussions.

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Dinner in Hanoi

By Jeff Thomas – Re-Blogged From International Man

“Trump is doing the right thing. Without him, we have no protection against China. China doesn’t only wish to dominate Asia, but the world.”

Here in Hanoi, so said my dinner companion – a major manufacturer and worldwide exporter of steel products.

He, like so many other major Asian producers, sees an opportunity in international trade for all of Asia to capitalize on.

In the Western world, the argument rages as to whether the US tariff war will benefit the US or not.

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A Trade War Truce Won’t Fix China

By Michael Pento – Re-Blogged From Pento Porfolios

The Main Stream Financial Media would love to have investors believe that the recent problems in the global equity market are all about a trade war with China. Therefore, everything can be made right just because Trump shook hands with Xi Jinping at the G-20 meeting in Argentina. But the truth is, China’s problems are structural in nature–resulting from a centrally-planned economy that goads its citizenry into pre-fabricated urban areas in order to manufacture a pre-determined rate of growth. Nevertheless, what the Chinese government has actually accomplished is to produce a dystopia; one that was erected upon the largest percentage increase in debt the world has ever witnessed.

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Immigrant Population Hits 107-Year High

By Joshua Paladino – Re-Blogged From Liberty Headlines

Some of the largest immigration expansions, as a percentage, between 2010 and 2017 came from war-torn or economically struggling countries…

Asylum Seekers Keep Coming Despite Immigration Law Enforcement

As of July 2017, immigrants —legal and illegal — compose the highest percentage of the U.S. population that they have since 1910.

About one in seven current U.S. residents — 44.5 million — emigrated from a foreign country, according to a study conducted by the Center for Immigration Studies.

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Luddite Eco-Imperialists Claim to be Virtuous

By Paul Dreissen – Re-Blogged From WUWT

Poor families in impoverished countries face formidable foes: an absence of electricity, roads and other infrastructure; corrupt, kleptocratic governments;  nonexistent property rights to secure loans; well-financed eco-imperialists whose policies perpetuate poverty, malnutrition and disease.

Now they face even harder struggles, as a coalition of well-financed malcontents, agitators and pressure groups has formed a social-political movement called “AgroEcology.” Coalition members despise fossil fuels, chemical pesticides and fertilizers, biotechnology, corporations, capitalism, and even farm machinery and all facets of modern agriculture. It’s anti-GMO organic food activism on steroids, promoting all the latest in PC fads and terminology: “food sovereignty,” the “right to subsistence farming by indigenous people” and “the right of peoples to culturally appropriate food,” to cite a few.

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Poverty and Energy

By Andy May – Re-Blogged From http://www.WattsUpWithThat.com

Poverty and access to energy are closely related. Although it probably isn’t possible to show that access to energy is the key reason so many have been lifted out of poverty in recent decades, the data and logic suggests that this so. In the United States, the average person uses about 300 million BTUs of energy per year according to the EIA. This is equivalent to the manual labor of 69 healthy people working hard for 6 hours per day. Worldwide, the average person uses 73 million BTUs, the equivalent of 16 hardworking people.

Prior to the industrial age, which began with the first practical coal- and wood-fired steam engines between 1712 and 1776, slavery, bonded servants and serfs were common, this group made up over 90% of the world’s population in 1800. For a few people to live well they needed lots of servants and domestic animals to do the manual labor for them. Now, in the age of electricity, petroleum and nuclear powerplants, most manual labor can be done by machines. No longer do a few wealthy people live from the labor of others, everyone who has access to energy can live well. Before the industrial age, nearly everyone was extremely poor as seen in Figure 1, today fewer than 10% are extremely poor.

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Gold’s Monetary Rehabilitation

By Alasdair Macleod – Re-Blogged From http://www.Gold-Eagle.com

There is a quiet revolution taking place in the monetary vacuum that’s developing on the back of the erosion of the dollar’s hegemony. It is perhaps too early to call what’s happening to the dollar the beginning of its demise as the world’s reserve currency, but there is certainly a move away from it in Asia. And every time the Americans deploy their control over global trade settlement as a weapon against the regimes they dislike, nations who are neutral observers take note and consider how to protect themselves, “just in case.”

Vide Europe over the Iran issue. And Turkey. These are rifts in NATO. Countries in Africa, and elsewhere are now taking China’s money. And to please the Chinese, Gambia, Burkina Faso, Panama and the Dominican Republic have all recently severed diplomatic relations with Taiwan. Small fry perhaps, but a weathervane showing which way the wind is blowing.

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U.S. Coal Industry Growth

By Andy May – Re-Blogged From http://www.WattsUpWithThat.com

U.S. coal production declined from 2011 through 2016 as it was displaced in U.S. power plants by cheaper and cleaner natural gas. Some of the reduction was also due to the Obama Clean Power Plan regulations. However, the shale gas revolution in the U.S. has not spread to other countries, perhaps due to the “fracking” scare, so worldwide use of coal increased rapidly until 2013. From 2000 until 2013 global coal use increased at a rate of over 4% per year. This led to an increase in U.S. coal exports (see Figure 1) because the U.S. is a low-cost producer of high quality coal. Coal consumption worldwide has flattened and is expected to stay flat through 2040, according to ExxonMobil’s 2018 Energy Outlook as well as the EIA. Currently coal provides 25% of the global energy supply and this is projected to decrease to 20% by 2040 according to ExxonMobil.

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Complacency Reigns Supreme

By Burt Coons (PLUNGER) – Re-Blogged From Rambus Chartology

I had intended to post part III of my interest rate series, however market conditions dictate that I post views on the current market.  This market is now communicating that it is at high risk.  For two months now,  I have been advocating a strategic retreat.  Head for the sidelines and watch the action with an unemotional detachment.  The market is now sounding the alarm and one should be on high alert for a downside acceleration.

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Trade Wars

By Alasdair Macleod – Re-Blogged From http://www.Silver-Phoenix500.com

An overt trade war has commenced. President Trump has fired the starting gun, setting in motion an election promise, part of his Make America Great Again undertaking. It is a blow squarely aimed against China, costing China some trade perhaps, but basically a loser’s last roll of the dice.

The back story appears to be far deeper than some relatively minor tariffs on steel and aluminium would suggest. It comes after a prolonged period of shadow-boxing between America in the blue corner and Russia and China in the red. To pursue the boxing analogy, China and Russia have been soaking up America’s punches on the basis America would simply tire herself out. It has been a replay of Muhammed Ali’s dope-on-a-rope strategy in the rumble-in-the-jungle, with America cast as George Foreman.

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Qatar Runs Out of Sand!

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

qatar_sand

The future of the diplomatic crisis surrounding Qatar may come to hinge on an unlikely commodity: sand.

An analysis of Qatar’s export and import data conducted by Al Arabiya suggests that Qatar is facing serious challenges to meet its construction needs for the 2022 FIFA World Cup.

The precious commodity is vital to construction and Qatar’s push to build the infrastructure it needs to host the 2022 FIFA World Cup will require large sand imports.

Oil was the strategic commodity in the 20th century and in many regions of the world water resources are increasingly the center of geopolitical competition. However, the Qatar crisis has put sand back in the forefront.

The Anti-Terrorism Quartet severed diplomatic and trade ties with Qatar on June 5 over Doha’s ties to terrorist groups.

Among the Quartet are Egypt, Saudi Arabia and the United Arab Emirates – all of which were significant exporters of sand to the country as recently as last year.

[…]

Most extracted natural resource after water

Sand is the world’s second most extracted natural resource after water. However, most of the cost in sand production is in transportation. The global economy has seen local shortages as a result of increased urbanization, especially in Asia where the crisis has been acutely felt. Some regions of India have banned sand-mining in recent months.

Sand is found in a wide range of products, from the glass screen in a smartphone to the fracking solution used in an oil well.

But it’s most common use, by far, is in construction where it is mixed with concrete.

Like much of the Arabian Peninsula, Qatar is home to fields of scenic dunes. However, that desert sand is often too powdery to be used in construction, which relies on coarse riverbed sand.

[…]

Sand stockpiles

Qatar is well-aware of the sand crisis as state-owned media reported on it this year. Qatar has already cancelled some proposed ideas in recent years like a bridge between Qatar and Bahrain which seems politically unlikely given the current crisis. Other commissioned stadium projects plan to use less construction materials.

According to BMI Research, Qatar’s construction industry grew by as much as 14% last year and was expected to grow further this year. That is because Qatar’s budget set aside 47% of total expenditure for major projects in 2017 – a total of some $13 billion.

As recently as 2010, Qatar was exporting to sand to Iraq, according to the New York Times. However, the World Cup infrastructure program has rapidly changed the country’s position regarding the valuable resource.

[…]

Al Arabiya

Who would have ever guessed that a rich, oil-exporting desert nation might run out of sand before it ran out of oil and water?  Have you ever wanted to tell OPEC to “go pound sand”?  Well, you better do it before some of OPEC’s members run out of sand.

Could Qatar be the “sand crisis” version of the “canary in the coal mine”?

Annals of Geology
May 29, 2017 Issue

The World Is Running Out of Sand

It’s one of our most widely used natural resources, but it’s scarcer than you think.

By David Owen

[…]

Sand covers so much of the earth’s surface that shipping it across borders—even uncontested ones—seems extreme. But sand isn’t just sand, it turns out. In the industrial world, it’s “aggregate,” a category that includes gravel, crushed stone, and various recycled materials. Natural aggregate is the world’s second most heavily exploited natural resource, after water, and for many uses the right kind is scarce or inaccessible. In 2014, the United Nations Environment Programme published a report titled “Sand, Rarer Than One Thinks,” which concluded that the mining of sand and gravel “greatly exceeds natural renewal rates” and that “the amount being mined is increasing exponentially, mainly as a result of rapid economic growth in Asia.”

Pascal Peduzzi, a Swiss scientist and the director of one of the U.N.’s environmental groups, told the BBC last May that China’s swift development had consumed more sand in the previous four years than the United States used in the past century. In India, commercially useful sand is now so scarce that markets for it are dominated by “sand mafias”—criminal enterprises that sell material taken illegally from rivers and other sources, sometimes killing to safeguard their deposits. In the United States, the fastest-growing uses include the fortification of shorelines eroded by rising sea levels and more and more powerful ocean storms—efforts that, like many attempts to address environmental challenges, create environmental challenges of their own.

Geologists define sand not by composition but by size, as grains between 0.0625 and two millimetres across. Just below sand on the size scale is silt; just above it is gravel. Most sand consists chiefly of quartz, the commonest form of silica, but there are other kinds. Sand on ocean beaches usually includes a high proportion of shell pieces and, increasingly, bits of decomposing plastic trash; Hawaii’s famous black sand is weathered fragments of volcanic glass; the sand in the dunes at White Sands National Monument, in New Mexico, is mainly gypsum. Sand is almost always formed through the gradual disintegration of bigger rocks, by the action of ice, water, wind, and time, but, as the geologist Michael Welland writes, in his book “Sand: The Never-Ending Story,” many of those bigger rocks were themselves formed from accumulations of the eroded bits of other rocks, and “perhaps half of all sand grains have been through six cycles in the mill, liberated, buried, exposed, and liberated again.”

Sand is also classified by shape, in configurations that range from oblong and sharply angular to nearly spherical and smooth. Desert sand is almost always highly rounded, because strong winds knock the grains together so forcefully that protrusions and sharp edges break off. River sand is more angular. William H. Langer, a research geologist who retired from the U.S. Geological Survey a few years ago and now works as a private consultant, told me, “In a stream, there’s a tiny film of water around each grain, so when the grains bang together there’s enough energy to break them apart but not enough to let them rub against each other.” The shape of sand deposited by glaciers and ice sheets depends partly on how far the sand was moved and what it was moved over. Most of the sand in the Hutcheson quarry is “sub-angular”: the grains have fractured faces, but the sharp edges have been partly abraded away. Sand that’s very slightly more smooth-edged is “sub-rounded.”

Aggregate is the main constituent of concrete (eighty per cent) and asphalt (ninety-four per cent), and it’s also the primary base material that concrete and asphalt are placed on during the building of roads, buildings, parking lots, runways, and many other structures. A report published in 2004 by the American Geological Institute said that a typical American house requires more than a hundred tons of sand, gravel, and crushed stone for the foundation, basement, garage, and driveway, and more than two hundred tons if you include its share of the street that runs in front of it. A mile-long section of a single lane of an American interstate highway requires thirty-eight thousand tons. The most dramatic global increase in aggregate consumption is occurring in parts of the world where people who build roads are trying to keep pace with people who buy cars. Chinese officials have said that by 2030 they hope to have completed a hundred and sixty-five thousand miles of roads—a national network nearly three and a half times as long as the American interstate system.

[…]

One engineer I spoke to told me that transporting sand and stone for ordinary construction becomes uneconomical after about sixty miles, and that builders usually make do with whatever is available within that radius, even if it means settling for materials that aren’t ideal. In some places, though, there are no usable alternatives. Florida lies on top of a vast limestone formation, but most of the stone is too soft to be used in construction. “The whole Gulf Coast is starved for aggregate,” William Langer, the research geologist, told me. “So they import limestone from Mexico, from a quarry in the Yucatán, and haul it by freighter across the Caribbean.” Even that stone is wrong for some uses. “You can build most of a road with limestone from Mexico,” he continued, “but it doesn’t have much skid resistance. So to get that they have to use granitic rock, which they ship down the East Coast from quarries in Nova Scotia or haul by train from places like inland Georgia.” When Denver International Airport was being built, in the nineteen-nineties, local quarries were unable to supply crushed stone as rapidly as it was needed, so vast quantities were brought from a quarry in Wyoming whose principal product was stone ballast for railroad tracks. The crushed stone was delivered by a freight train that ran in a continuous loop between the quarry and the work site.

Deposits of sand, gravel, and stone can be found all over the United States, but many of them are untouchable, because they’re covered by houses, shopping malls, or protected land. Regulatory approval for new quarries is more and more difficult to obtain: people don’t want to live near big, noisy holes, even if their lives are effectively fabricated from the products of those holes. The scarcity of alternatives makes existing quarries increasingly valuable. The Connecticut quarry I visited is one of a number owned by Stanley’s company, and like many in the United States it’s in operation today only because it predates current mining regulations.

[…]

Ten years ago, I spent a week in Dubai, which at the time was one of the fastest-growing cities in the world. Construction cranes and imported laborers were everywhere. The work went on all night, and the city’s extraordinary traffic congestion was continually being made worse by road-widening projects intended to relieve it. Exhaust from cars and trucks, in combination with wind-borne dust from the Arabian Desert and humid air from the Persian Gulf, formed a thick, phlegm-colored haze that made breathing unpleasant—an effect exacerbated by the ferocious heat. (Dubai gets so hot during the summer that many swimming pools are cooled, rather than heated.)

One day, I played golf with an Australian who worked for a major real-estate developer. The course, like Dubai itself, had been built on empty desert, and I commented that creating fairways and greens in such a forbidding environment must be difficult. “No,” the Australian said. “Deserts are easy, because you can shape the sand into anything you like.” The difficult parts, paradoxically, are the areas that are supposed to be sand: deserts make lousy sand traps. The wind-blown grains are so rounded that golf balls sink into them, so the sand in the bunkers on Dubai’s many golf courses is imported. Jumeirah Golf Estates—on the outskirts of the city, next to the desert—has two courses, Fire and Earth, both designed by Greg Norman. The sand in the bunkers on the Earth course is white (the most prized color for golf sand) and was bought from a producer in North Carolina. The sand on the Fire course is reddish brown—more like the desert across the road. Norman’s company bought it from Hutcheson, which mined it at its quarry in Ontario, sifted it to make it firmer than volleyball sand, kiln-dried it, dyed it, and loaded it onto a ship.

Unfortunately for Dubai’s builders and real-estate developers, desert sand is also unsuitable for construction and, indeed, for almost any human use. The grains don’t have enough fractured faces for concrete and asphalt, and they’re too small and round for water-filtration systems. The high-compression concrete used in Dubai’s Burj Khalifa, the world’s tallest structure, was made with sand imported from Australia. William Langer told me that other desert countries face similar shortages. “Mauritania is trying to catch up with the world,” he said. “They’ve got sand all over the place, but it isn’t good even for highway construction.” Stone is so scarce in Bangladesh that contractors commonly resort to making concrete with crushed brick.

[…]

The New Yorker

 

Who would have guessed that desert sand is almost totally useless as sand?  It even makes for “lousy sand traps” on golf courses.

Is the world really running out of sand?

The world has plenty of sand… It’s just in the wrong places…

World Resources: Sand and gravel resources of the world are plentiful. However, because of environmental restrictions, geographic distribution, and quality requirements for some uses, sand and gravel extraction is uneconomic in some cases. The most important commercial sources of sand and gravel have been glacial deposits, river channels, and river flood plains. Use of offshore deposits in the United States is mostly restricted to beach erosion control and replenishment. Other countries routinely mine offshore deposits of aggregates for onshore construction projects.

So, unless global warming ends the Quaternary glacial cycles, sand should remain an abundant, renewable resource.

More Than You Ever Wanted to Know About Sand

chartshephard

 

USGS Sand Nomenclature

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On a Warpath Paved With Rational Decisions

Re-Blogged From Stratfor

North Korea demonstrated at least a rudimentary capability to launch a road-mobile intercontinental ballistic missile with its latest test of the Hwasong-14. At the extreme estimates of its range, the missile has the ability to strike parts of the western United States. More tests and developments will be necessary to increase the Hwasong-14’s range, payload and re-entry system, and questions remain about North Korea’s ability to miniaturize a nuclear weapon and make it rugged enough to mount on the missile. Even so, Pyongyang is clearly well on its way to realizing its goal of a long-range nuclear weapons capability. This is the first installment in a three-part series examining the implications of this development for the United States’ relationship with North Korea.

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Time For A New Gold Standard For Asia

By Alasdair Macleod – Re-Blogged From http://www.Gold-Eagle.com

Over half the world’s population, living in the Eurasian land mass, understands that gold is money. The leaders of the Asian nations also know that this is true as well. The leaders of the security and economic alliance of the Shanghai Cooperation Organisation, which now incorporates most of these peoples, also know that to become independent of Western hegemony and to forge their own way, they must abandon Western financial systems and markets, replacing them with a new monetary order, serving their own needs. This is demonstrated in the establishment of parallel multinational financial institutions, duplicating and replacing dollar-centric development banks and settlement organisations.

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Gold Summer Doldrums

By Adam Hamilton – Re-Blogged From http://www.Gold-Eagle.com

Gold has spent most of June grinding lower on balance, damaging sentiment and vexing traders.  Usual selling leading into the Fed’s latest rate hike contributed, but the summer doldrums are also in play.  Gold has typically suffered a seasonal lull this time of year, on waning investment demand as vacations divert attention from markets.  But these summer doldrums offer the best seasonal buying opportunities of the year.

This doldrums term is very apt for gold’s summer predicament.  It describes a zone in the world’s oceans surrounding the equator.  There hot air is constantly rising, creating long-lived low-pressure areas.  They are often calm, with little or no prevailing winds.  History is full of accounts of sailing ships getting trapped in this zone for days or even weeks, unable to make any headway.  The doldrums were murder on ships’ morale.

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2017 Annual World Forecast

[This is a very comprehensive, very long article. Please be ready. -Bob]

Re-Blogged From Stratfor

The convulsions to come in 2017 are the political manifestations of much deeper forces in play. In much of the developed world, the trend of aging demographics and declining productivity is layered with technological innovation and the labor displacement that comes with it. China’s economic slowdown and its ongoing evolution compound this dynamic. At the same time the world is trying to cope with reduced Chinese demand after decades of record growth, China is also slowly but surely moving its own economy up the value chain to produce and assemble many of the inputs it once imported, with the intent of increasingly selling to itself. All these forces combined will have a dramatic and enduring impact on the global economy and ultimately on the shape of the international system for decades to come.

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The End of Food

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

“So, you’re awake. But you’re still going to die”. The first words I heard spoken by my surgeon, waking from general anaesthetic, after a horrific operation to try to repair the mess created by my ruptured appendix.

Don’t get me wrong, I’m very grateful to the surgeon, whose extraordinary skill undoubtedly saved my life. But that day I believed his warning. I thought I was going to die. After all, he was a highly qualified surgeon, a credible source of information.

I learned something that week about credibility and evidence. People who follow WUWT might be aware of the flimsiness of the evidence behind sensationalist climate warnings. But most people don’t pay much attention to climate issues. Many of them remain susceptible to authoritative sounding scare stories.

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Are the RICO20 Guilty of Racketeering?

By Marlo Lewis, Jr, CEI – Re-Blogged From http://www.WattsUpWithThat.com

Controversy continues to swirl around the September 1 letter from 20 climate scientists to President Barack Obama, Attorney General Loretta Lynch, and White House science adviser John Holdren requesting a RICO (Racketeer Influenced and Corrupt Organizations) investigation of “the fossil fuel industry and their supporters.” The scientists allege that the aforementioned interests “knowingly deceived the American people about the risks of climate change, in order to forestall America’s response to climate change.” In May, Senator Sheldon Whitehouse (D-R.I.) called for a RICO investigation of “fossil fuel companies and their allies.” The scientists “strongly endorse” Sen. Whitehouse’s proposal.

What boggles the mind is not that 20 climate scientists would attempt to stifle debate, drive the market out of the marketplace of ideas, and punish those who do not worship at the altar of “consensus.” There’s no shortage of “progressive” intolerance in these times. Using RICO to silence opponents is fairly tame compared to environmental activist Robert F. Kennedy, Jr.’s demand that fossil-fuel executives be tried for treason (the usual punishment for which is death).

What’s noteworthy about the RICO 20 is the scientists’ lack of self-awareness—their inability to judge themselves by criteria they invoke to condemn others. They have no clue how easily they can be hoist on their own petard.

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Big Bubble In Little China!

OK pardon the play on a 1986 Kurt Russell action adventure flick entitled “Big Trouble in Little China”. China isn’t little but the bubble is potentially big. Apparently, the Chinese stock market has boomed to a value of $6.5 trillion in the past year. That still leaves the Chinese stock market well short of the NYSE whose value in February 2015 was $16.6 trillion. The Shanghai Stock Exchange (SSEC) is up 58% thus far in 2015 and a 152% since the low of 2014. To put that in some perspective the SSEC was up in 2007 129% to the top in October and had run 293% from the low of 2006.  The current market is still about 20% below the highs of 2007.

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