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It’s been a major thorn in the world’s side for decades, including fueling Islamic terrorism.
Category Archives: Economics
Does Virgin Galactic Have A License Problem?
It would be nice if they did. That would be a lot easier to deal with than their real problem, which is propulsion.
As Jeff explains, there’s a lot of misunderstanding about the nature of spaceflight regulation in the US, both here and across the pond. As I noted on Twitter:
Let's be very clear: The FAA has NO STATUTORY BASIS 2 withhold a license from VG with regard to passenger safety. No test flights required.
— SafeNotAnOption (@SafeNotAnOption) January 26, 2014
The purpose of VG's test flights is to satisfy THEMSELVES that the vehicle is safe for their customers. The FAA DOES NOT care, legally.
— SafeNotAnOption (@SafeNotAnOption) January 26, 2014
To emphasize, you could have 1% chance of survival, and the FAA will STILL ISSUE THE LICENSE, as long as you've been made aware of that.
— SafeNotAnOption (@SafeNotAnOption) January 26, 2014
This, from Jeff’s article, is a good summation of the license situation, despite the recent misleading stories about it:
The emphasis on a lack of a commercial launch license, then, is something of a red herring. Virgin doesn’t need a launch license now to continue its testing regime, isn’t late now in receiving one, and given current law, there’s no reason to believe the Virgin won’t receive one before it plans to begin commercial flights, so long as as it can demonstrate the vehicle’s safety to the uninvolved public.
Yes.
[Afternoon update]
Jeff Foust also has a summary of the London Times article that’s behind their paywall, with some corrections.
[Update a couple minutes later]
If the reporting is true, and they really are finally running away from the hybrid, and particularly the rubber hybrid, as fast as possible, I wonder what the implications of this are for Sierra Nevada? Will they continue to promote hybrids, and will they still use one in Dream Chaser assuming it flies in three years? I’d bail on it myself and just buy something from XCOR, but they have a lot of PR invested in the technology, thanks to Jim Benson.
The Washington Post
Looks like Bezos really is shaking things up. I’ll be curious to see what it does for their circulation.
New Business Creation
We’re not number one:
A new study by the World Bank and the International Finance Corp. found that the U.S. ranks well behind countries like Rwanda, Belarus and Azerbaijan in terms of how easy it is for an entrepreneur to start a new business. The U.S. did narrowly beat Uzbekistan, though.
So we have that going for us.
Space Journalism
Why oh why do reporters imagine that cosmologists know anything about spacecraft?
Dr Xing Li, an Aberystwyth University expert on astrophysics and cosmology, said as a scientist it would be “beautiful” to be one of SpaceShipTwo’s privileged passengers.
But SpaceShipTwo travels at a super-sonic 2,500mph – more than four times faster than a passenger jet – and Dr Li believes it’s difficult to imagine anything that goes at that speed becoming affordable.
He said: “Now we don’t have supersonic flights because of the cost issue. At the moment I don’t see that it will be possible even in 30 or 40 years. It will only happen if we have some technological advance that would bring down the cost.”
Ask a frickin’ engineer, not a scientist.
Up With The Poor
Down with the LA Times.
It really is embarrassing that we have such an awful newspaper in the second-largest city in the country. Of course, the one in the largest city is pretty bad, too.
ObamaCare
Resolved: It is now beyond rescue.
The question is, will what replaces it be even worse?
ASAP And My Book
Over at Space Politics, Jeff Foust follows up on his book review from yesterday.
Green Energy In Germany
German businesses are considering jumping ship for cheaper energy prices in the developing world or (gasp!) the United States. For households, these subsidies have acted like a particularly regressive tax. The poor [more] feel the bite of higher electricity bills than do the rich. Germany’s new energy and economy minister Sigmar Gabriel is expected to announce a plan to cut renewable energy subsidies later this week in an effort to keep electricity prices down. That will be a step in the right direction, but significant damage has already been done.
And all in the name of junk science and pseudo-religion.
More on the EU’s turnaround at Der Spiegel.
China’s Shadow-Bank Bubble
Is it about to pop?
If too many shadow lenders go under, China’s credit-dependent economy might slow down too much. Of course, this might happen no matter what the government does. Shadow banks have made so many loans the past five years that it’s hard to believe a lot of them won’t go bad. They can borrow more money to try to hide any losses, but that wouldn’t be easy if inflation and interest rates rise. The worst of the worst would go bust, and people might panic once they discover that their guaranteed returns were neither. They might already be. China’s biggest bank just announced that it won’t make investors whole after it sold them a trust product called “Credit Equals Gold #1″—yes, that’s really what it’s called—that looks likely to lose money. It’s China’s version of Wall Street selling people crappy CDOs it told them were risk-free.
Goody.