Daily Digest 5/21 - Tornado Strikes OK Suburbs, How Reliable is the IEA’s Forecast?
Glimpsing The Hereafter 2 (Thomas C.)
In every case where someone else is holding your gold for you, there is some amount of risk. Here's a purely hypothetical example just to illustrate my point. Imagine you have a custodian holding your numbered bars when the revaluation occurs, but then he reports to you the very next day that your bars are missing from the vault. They must have been stolen!
Zerohedge points to rumours of a potential US downgrade from Moody’s. Bloomberg indeed announced that “US policy makers must address debt loads projected to rise later this decade to avoid a 2013 downgrade according to Moody’s Investors Service”. RT adds to it that America’s ticking debt bomb has been reset. “Washington has suspended the debt ceiling, setting a date, and not a concrete dollar sum as a deadline, an unprecedented first in US history.”
Welcome To The Real Space Age (jdargis)
In a landscape redolent of Mars, a group of scientists, many of them young NASA astronauts recently decamped to private industry, practically evangelized about this very moment: Unbeknownst to most of the world, after decades of failed Jetsons-esque promises of individual jetpacks for all, people—civilians, you and me, though with a good deal more means—are finally about to ascend to the heavens. If the twentieth-century space race was about the might of the American government, the emerging 21st-century space age is about something perhaps even more powerful—the might of money. The necessary technology has converged in the hands of a particularly boyish group of billionaires whose Right Stuff is less hard-boiled test-pilot, more high-tech entrepreneuring wunderkind—and whose individual financial means eclipse those of most nations.
Japan’s New Optimism Has Name: Abenomics (jdargis)
The reason for the exuberance? Early — and some say deceptive — signs that new Prime Minister Shinzo Abe’s economic shock therapy, called Abenomics, might just be working.
When significant market failures are present, the free market does not produce the best possible allocation of resources and government intervention can help. Thus, the question for me is whether significant market failures exist in renewable energy research. I believe that they do, and that, if anything, we are not doing enough to promote new energy technology. This is not unique to renewable energy, such market failures are common and underlie government issued patents, research grants, and so on. However, let me be clear that I am not in favor of government “picking winners” by, say, favoring particular companies or products, but I am in favor of generous support for basic research in this area.
Now, the IEA tells us that a "revolutionary" new technology called hydraulic fracturing--actually, a newly deployed variant called high-volume slick-water hydraulic fracturing--is going to cause what it calls a "supply shock" that spells ample and rising oil supplies. But, despite years of such drilling in the United States--which the agency says will be the center of this "shock"--world oil prices remain near all-time highs as measured by the average daily price. And, world oil production (crude plus lease condensate) has only occasionally bounced above 75 mbpd in the last seven years before retreating downward.
The present report describes the results obtained from evaluations of the operation of the E-Cat HT in two test runs. The first test experiment, lasting 96 hours (from Dec. 13th 2012, to Dec. 17th 2012), was carried out by the two first authors of this paper, Levi and Foschi, while the second experiment, lasting for 116 hours (from March 18th 2013, to March 23rd 2013), was carried out by all authors. Both experiments were performed on the premises of EFA Srl, Via del Commercio 34-36, Ferrara (Italy).
Tornado Strikes Oklahoma City Suburbs (jdargis)
"I got a phone call from her screaming, 'Help! Help! I can't breathe. My house is on top of me!'" Thronesberry said.
Thronesberry hurried to her mother's house, where first responders had already pulled her out. Her mother was hospitalized for treatment of cuts and bruises.
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