…not to mention Jim Hansen. Is it the new Nazism? Thoughts over at AdamSmith.org.
Category Archives: Economics
A View From Inside The Sausage Factory
…from someone who escaped:
In Washington, he used his BlackBerry to determine the bailout sum presented to Congress. His arithmetic: “We have $11 trillion residential mortgages, $3 trillion commercial mortgages. Total $14 trillion. Five percent of that is $700 billion. A nice round number.”
Looking back, he says, he is more confident about the two-by-sixes.
“Seven hundred billion was a number out of the air,” Kashkari recalls, wheeling toward the hex nuts and the bolts. “It was a political calculus. I said, ‘We don’t know how much is enough. We need as much as we can get [from Congress]. What about a trillion?’ ‘No way,’ Hank shook his head. I said, ‘Okay, what about 700 billion?’ We didn’t know if it would work. We had to project confidence, hold up the world. We couldn’t admit how scared we were, or how uncertain.”
I’m glad he got out, and wish him well in his new life in California. But it doesn’t instill confidence in the government, nor should it.
In Which I Agree With Jim Hansen
He wants Kyopenhagen to fail. I don’t agree with his reason, though — he’s opposed because it won’t go far enough in wrecking the global economy.
More Climaquiddick
Crafty use of statistics, lack-of-transparency, wild projections about future calamity requiring government intervention now…Hmmmm.
If all of this is sounding familiar there’s a reason. Stefan Rahmstorf is one of the CRU e-mail clatch and a contributor to Real Climate. For instance, here is an e-mail in which he is desperately seeking help writing a reply to a critic.
Based on this alarmist study, Schwarzenegger and the State of California have put together…a…video which includes the Rahmstorf’s prediction of a 4 foot sea level rise by 2100 and images of San Francisco inundated by rising seas.
By the way, the California Energy Commission which is pushing this is the same group that outlawed future sales of my TV a few weeks ago. Maybe I shouldn’t worry about it since TVs don’t work well underwater anyway.
I’ll be OK. We’re a couple dozen feet above at least, with dunes between us and the beach a mile and a half away.
A Collision
Between jobs prospects and debt realities. Some depressing thoughts from Veronique de Rugy.
Climaquiddick Doesn’t Matter
Because there are so many better reasons to scuttle the nonsense in Copenhagen:
While it’s great fun — and entirely worthwhile — to make a big stink about Climategate, it would be a shame if people believed that Copenhagen’s inevitable failure hinged on this one scandal. Even if the CRU researchers were the model of scientific dispassion, these schemes are pointless. Indeed, even if global warming is the threat the alarmists claim it is, it makes no sense to waste trillions of dollars on “fixes” that will do little to fix the alleged problem.
I like the reference to Canada as the Richie Cunningham of the UN.
Who Needs Coal?
It’s a gas, man:
Just a few years ago, the industry didn’t have the technology to unlock these reserves. But thanks to advances in horizontal drilling and methods of fracturing rock with high-pressure blasts of water, sand and chemicals, vast gas reserves in the United States are suddenly within reach.
As a result, said BP chief executive Tony Hayward, “the picture has changed dramatically.”
“The United States is sitting on over 100 years of gas supply at the current rates of consumption,” he said. Because natural gas emits half the greenhouse gases of coal, he added, that “provides the United States with a unique opportunity to address concerns about energy security and climate change.”
Recoverable U.S. gas reserves could now be bigger than the immense gas reserves of Russia, some experts say.
But it doesn’t require us to tighten our hair shirts, so it’s off the table.
No Fools, They
India won’t sign any binding carbon reductions. They’d be crazy to, just when they’ve finally thrown off much of the socialism that has held them back for decades, and are finally bringing their people out of poverty, particularly when it’s based on flimsy science, and economic ignorance. The Warm-monger religion demands that they remain in poverty for the good of Gaia, but they’ll stick with their traditional beliefs, and fully bellies.
[Update a couple minutes later]
More from Shikha Dalmia:
The resulting emission cuts won’t even make a dent in global temperatures. India’s per capita energy consumption is 15 times less than America’s and half of China’s—the two biggest polluters. To be sure, President Obama is poised to pledge to cut U.S. carbon emissions 80% below 2005 by 2050 at Copenhagen. But it’s an empty promise because there is little to zero chance that he will be able to get Congress to go along. China too announced plans—modest by all accounts—to curb its emissions. So India will certainly face pressure at the conference to act, despite the fact that bigger polluters won’t.
But as a developing country, India can least afford to give up its right to consume as much energy as is necessary to deliver all Indians a living standard comparable to the one that rich countries take for granted. There is every reason to believe that the new License Raj will damage India’s economy every bit as much as the old one in the preliberalization days, when India’s growth rate remained stuck at around 2%. This would be unfortunate at any time, but especially now, when the West itself is in the middle of a huge rethinking on this issue.
Yup.
Climaquiddick And The EPA
It’s about to hit:
I cannot think of any instance where the EPA depended so heavily on non-EPA synthesis reports to justify proposed regulatory action in their almost 39 years of existence.
As a result of this EPA decision, the EPA’s fortunes in regard to regulating GHGs are directly tied to the fate of the IPCC reports.
Let the lawsuits begin.
[Late afternoon update]
Here we go. CEI has petitioned the EPA to suspend its CO2 regulations.
[Bumped]
Panic At The HuffPo
The Huffington Post is desperately trying to fend off Climaquiddick, but Newbusters isn’t having any of it.