The Week That Was: December 7, 2019, Brought to You by www.SEPP.org
By Ken Haapala, President, Science and Environmental Policy Project (SEPP)
Quote of the Week: “The real problem in speech is not precise language. The problem is clear language. The desire is to have the idea clearly communicated to the other person. It is only necessary to be precise when there is some doubt as to the meaning of a phrase, and then the precision should be put in the place where the doubt exists. It is really quite impossible to say anything with absolute precision, unless that thing is so abstracted from the real world as to not represent any real thing.” – Richard Feynman (New Textbooks for the “New” Mathematics)
The world stands on the edge of a cyclical downturn, exacerbated by trade tariffs initiated by America. We know what will happen: the major central banks will attempt to inflate their way out of the consequences. And those of us with an elementary grasp of economics should know why the policy will fail.
In addition to the monetary and debt inflation since the Lehman crisis, it is highly likely the major international currencies will suffer a catastrophic loss of purchasing power from a new round of monetary expansion, calling for a replacement of today’s fiat currency system with something more stable. The ultimate solution, unlikely to be adopted, is to reinstate gold as circulating money, and how gold works as money is outlined in this article.
Instead, central banks will struggle for fiat-based solutions, which are bound to face a similar fate with or without the blockchain technology being actively considered. The Asian and BRICS blocs have an opportunity to do something with gold. But will they take it?
Source: AP Photo/Gillian Flaccus
Just like the 1930s, and again Munich. There’s no question that freedom of science and speech are under heavy attack in Germany after dozens of distinguished but dissenting scientists have seen their long planned science conference cancelled due to intimidation by leftwing extremists.
Germany caving in to leftist extremists. A skeptic climate conference gets cancelled at last minute due to coercion. Image: Antifa action in Phoenix, 2017, cropped from Carptrash – I, Einar Kvaran, License: CC BY-SA 4.0
This latest climate conference cancellation comes just after leftists coerced the University of Hamburg to disinvite political leaders from making speeches.
Re-Blogged From DW
Germany’s parliament voted on Friday to formally accept most of a climate protection packet. The legislation aims to cut Germany’s greenhouse gas emissions to 55% of the 1990 levels by 2030.
German lawmakers voted to enshrine climate protection in law on Friday.
The new legislation will target sectors like energy, transport and housing. It aims to cut Germany’s greenhouse gas emissions to 55% of the 1990 levels by 2030. Parts of the so-called “climate packet” still need approval.
Five charts to contemplate as we prepare for the New Year
1. Gold’s annual returns 2000 to present
In the February edition of this newsletter, we ran an article under the headline: Will 2019 be the year of the big breakout for gold? Though we would not characterize gold’s move to the upside so far this year as ‘the big breakout,’ 2019 has been the best year for gold since 2010 even with the recent correction taken into account. Back in September when the price gold reached $1550 per ounce – up almost 22% on the year – 2019 was looking more like a breakout year. Now with the move back to the $1460 level, the market mood has become more restrained. As it is, gold is up 15 of the last 19 years and still up 14.45% so far this year.