Now we hear reports that the southern hemisphere is experiencing a lot of colder-than-usual weather.
Meanwhile, our politicians are busy thinking up ways to make heating more expensive... or not up to demand like South Africa.
Henry Louis Mencken (1880–1956)... and one could add "not all human problems really are."
“The Divine Afflatus,” A Mencken Chrestomathy, chapter 25, p. 443 (1949)
It was beautiful and simple, as truly great swindles are.... The Government is on course for an embarrassing showdown with the European Union, business groups and environmental charities after refusing to guarantee that billions of pounds of revenue it stands to earn from carbon-permit trading will be spent on combating climate change.
- O. Henry
The Independent (UK)
The Federal Reserve sees no need to cut interest rates in the light of adverse recent economic data, Ben Bernanke said on Wednesday.
The Fed chairman said ”to date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation”.July 21, 2007 My guess is that if there is an interest rate change, a cut is more likely than an increase. The key variables to be watching at this point are real estate prices and the inventory of unsold homes.
"Should the elevated turbulence persist, it would increase the possibility of further tightening in financial conditions for households and businesses," he said.December 11, 2007 Somehow the Fed misses the obvious.
"Uncertainties about the economic outlook are unusually high right now," he said. "These uncertainties require flexible and pragmatic policymaking -- nimble is the adjective I used a few weeks ago."
"The odds of a recession are now above 50 percent," says Mark Zandi, chief economist at Moody's Economy.com. "We are right on the edge of a recession in part because of the Fed's reluctance to reduce interest rates more aggressively." [see my comments of September 11]January 7, 2008 The real problem now is that consumers can't rescue the economy and manufacturing, which is already weakening, will continue to weaken. We've gutted the forces that could avoid a downturn. The question is not whether there will be a recession, but can it be dampened sufficiently so that it is very short.
“The question is not whether we will have a recession, but how deep and prolonged it will be,” said David Rosenberg, the chief North American economist at Merrill Lynch. “Even if the Fed’s moves are going to work, it will not show up until the later part of 2008 or 2009.”January 17, 2008 A few days ago, Anna Schwartz, nonagenarian economist, implicated the Federal Reserve as the cause of the present lending crisis [from the Telegraph - UK]:
The high priestess of US monetarism - a revered figure at the Fed - says the central bank is itself the chief cause of the credit bubble, and now seems stunned as the consequences of its own actions engulf the financial system. "The new group at the Fed is not equal to the problem that faces it," she says, daring to utter a thought that fellow critics mostly utter sotto voce.January 22, 2008 The cut has become infected and a limb is in danger. Ben Bernanke is panicking and the Fed has its emergency triage team cutting rates... this time by 3/4%. ...
Individuals and businesses need stability in their financial cost structures so that they can plan effectively and keep their ships afloat. Wildly fluctuating rates... regardless of what the absolute levels are... create problems. Either too much spending or too much fear. It's just not that difficult to comprehend. Why has it been so difficult for the Fed?
The power of accurate observation is commonly called cynicism by those who have not got it.
US mulls tax on rich to pay for healthcare
By Sarah O’Connor in Washington
Published: July 12 2009 18:51 | Last updated: July 12 2009 21:10
The Obama administration is open to the idea of taxing the wealthiest Americans to pay for healthcare reform, health secretary Kathleen Sebelius suggested yesterday as the House of Representatives prepares to incorporate such a plan in its draft healthcare bill.
"There is danger from all men. The only maxim of a free government ought to be to trust no man living with power to endanger the public liberty." - John Adams
"An enlightened citizenry is indispensable for the proper functioning of a republic. Self-government is not possible unless the citizens are educated sufficiently to enable them to exercise oversight." - Thomas Jefferson
The science is settled, Gore told the lawmakers. Carbon-dioxide emissions — from cars, power plants, buildings and other sources — are heating the Earth's atmosphere.
Gore said that if left unchecked, global warming could lead to a drastic change in the weather, sea levels and other aspects of the environment. And he pointed out that these conclusions are not his, but those of a vast majority of scientists who study the issue.
Members of the committee, Democrats and Republicans alike, listened very carefully to Gore, as they seemed to take to heart his final message: that in a few years this whole debate will look very different.
"This is not a partisan issue, this is a moral issue," Gore said. "And our children are going to be demanding this."
These failures of the projections (predictions) of the 2007 IPCC report, by themselves, should result in the rejection of the IPCC report as representing settled climate science.
As of Sept. 15, the current solar minimum ranks third all-time in the amount of spotless days with 717 since 2004. There have been 206 spotless days in 2009, which is 14th all-time. But there are still more than 100 days left in the year, and Perry expects that number to climb. Perry, who studies sunspots and solar activity in his spare time, received an undergraduate degree in physics at Kansas State University and a Ph.D in physics and astronomy at The University of Kansas. He also has spent time as a meteorologist.From Icecap