Daily Digest

Daily Digest 8/20 - China's Flexible Currency, America's Eroding Middle Class, The Search For A Petroleum Replacement

Friday, August 20, 2010, 10:51 AM
  • China's Currency: Wiggle it. Just A Little Bit
  • Bernanke Serves Up Another Round
  • The Erosion of America's Middle Class
  • Fidelity Sees Record Number Raid Their 401(k)s
  • Iraq's Oil: Hard To Get Out
  • Wind Energy And Politics: Not On My Beach, Please
  • Finding New Ways to Fill the Tank
  • Energy Consumption: Watts Up?
  • Woods Hole Says Oil Trapped Deep, Degrading Very Slowly

Crash Course DVDTake home the Crash Course DVD for an insightful look at the next twenty years (NTSC or PAL)

Economy

China's Currency: Wiggle it. Just A Little Bit (jdargis)

In a series of speeches last month, Ms Hu argued that a freer exchange rate liberates China’s monetary policy; spurs innovation in China’s export industries; and channels investment to its service sector, where many of China’s new jobs will be found. China’s decision on June 19th to make its currency more flexible was therefore an “important move”.

But in the two months since, the yuan has hardly budged.

Bernanke Serves Up Another Round (Ilene)

We made 3 aggressive upside spreads looking for a big finish for the week in yesterday morning’s Alert to Members on SSO, QLD and DDM. Fortunately our timing was good as my call to look for a run once we got past the 10:30 oil inventory report was on the money but then we were very disappointed by the size of the sell-off in the afternoon – even though we were short at that point (we can root for the bulls while betting against them). It’s all about jobs this morning and we need to see less the 450,000 pink slips handed out in the past week to get a little more aggressive.

The Erosion of America's Middle Class (Farmer Brown)

Suddenly twice as many people were taking advantage of his social service organization's free meals program, and some were even driving up in BMWs -- apparently reluctant to give up the expensive cars that reminded them of better times.

Finley calls them "the new poor." "That is a different category of people that I think we're seeing," he says. "They are people who never in their wildest imaginations thought they would be homeless." They're people who had enough money -- a lot of money, in some cases -- until recently.

Fidelity Sees Record Number Raid Their 401(k)s (Robert C.)

"People tend to be taking home less," she said. "As a result the percentage of individuals initiating hardship distributions is one of the things we're concerned about." Fidelity administers 17,000 plans, which represents 11 million participants. In the second quarter, some 62,000 workers initiated a hardship withdrawal. That's compared with 45,000 in the same period a year ago.

Energy

Iraq's Oil: Hard To Get Out (jdargis)

Iraq’s bloody-minded and inefficient bureaucracy is one of several problems oil majors face. Many are still hopeful about the country’s prospects, but the euphoria of last year, when the government started auctioning large fields, has given way to caution. Increasing Iraqi oil production from 2.5m barrels a day to 12m, a quarter more than Saudi Arabia pumps now, will take more than the six to seven years that the government projects, not least because of Iraq’s continuing political violence.

    Crash Course DVDTake home the Crash Course DVD for an insightful look at the next twenty years (NTSC or PAL)

Wind Energy And Politics: Not On My Beach, Please (jdargis)

The odd thing about conflicts over wind is that, usually, each side claims to be greener than the other. Opponents say a unique landscape or seascape is being overshadowed, to the detriment of tourists and residents alike. Wind power does undoubtedly pose some hazard to birds and other fauna; some say it harms humans. Others simply find wind turbines ugly, an eyesore in any location. Yet, compared with other power sources, the green credentials of wind are pretty convincing: it creates no waste, uses no water and (unlike solar panels) doesn’t need much room.

Finding New Ways to Fill the Tank (jdargis)

Most research on renewable energy has focused on replacing the electricity that now comes from burning coal and natural gas. But the spill in the Gulf of Mexico, the reliance on Middle East imports and the threat of global warming are reminders that oil is also a pressing worry. A lot of problems could be solved with a renewable replacement for oil-based gasoline and diesel in the fuel tank — either a new liquid fuel or a much better battery.

Energy Consumption: Watts Up? (jdargis)

The [study] results, published this week in the Proceedings of the National Academy of Sciences, suggest that although people do grasp basic energy trends, they are decidedly hazy on the details. On average, participants underestimated both energy use and energy savings by a factor of 2.8—mostly because they undervalued the requirements of large machines like heaters and clothes dryers. As a result, they failed to recognise the huge energy savings that can come from improving the efficiency of such appliances.

Environment

Woods Hole Says Oil Trapped Deep, Degrading Very Slowly (jdargis)

The Woods Hole researchers tracked a 1.2-mile-wide cloud of diluted oil and gas, more than 3,000 feet under the surface and starting about 3 miles from the wellhead. They reported in the journal Science that the plume was degrading very slowly in the cold, dark depths, worrying researchers that the pollutants could spell harm for marine life.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

17 Comments

saxplayer00o1's picture
saxplayer00o1
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Posts: 4149
Re: Daily Digest 8/20 - China's Flexible Currency, ...

"WASHINGTON - The Congressional Budget Office predicted Thursday that the budget deficit for fiscal year 2011 will be $1.066 trillion, revised up from an estimate of $996 billion in March.

The nonpartisan agency's semiannual budget report is likely to add fuel to the November midterm election debate over reducing the deficit at a time when the nation's economic recovery may call for more stimulus.

The report estimated that the deficit will be 7 percent of the nation's gross domestic product in 2011.

Congressional Budget Office Director Doug Elmendorf said the agency's projections haven't changed significantly since its March forecast, reflecting an economy that struggles to recover from recession and the prolonged impact of bailouts and other spending designed to spur growth."

"“Even if states uniformly eliminated generous early retirement deals and raised the retirement age to 74, the unfunded liability for promises already made would still be more than $1 trillion,” Joshua D. Rauh, associate professor of finance at Northwestern University’s Kellogg School of Management in Evanston, Illinois, said in a statement. "

"The research used the typical fund’s assumption that investments will earn about 8 percent annually. That is a gap of $1.26 trillion -- more than double the shortfall of a year earlier, according to a study by the Pew Center on the States.

Using more conservative investment assumptions, such as the rate of return on U.S. Treasury zero-coupon bonds on June 30, 2009, the liabilities are $5.28 trillion, Rauh calculated.

Cost of Living

Benefit reduction strategies such as cutting annual cost- of-living increases for retirees by 1 percent per year would reduce the total cost to $4.71 trillion, according to the report. Eliminating cost-of-living adjustments altogether would still leave a liability of $3.89 trillion, it said."

"WASHINGTON (MarketWatch) -- The Treasury Department said it plans to sell $109 billion in notes and bonds next week. The U.S. government said it will auction $37 billion in 2-year notes, $36 billion in 5-year notes and $29 billion in 7-year notes. The government will also sell $7 billion in 30-year Treasury Inflation Protected Securities, also know as TIPS. This is a reopening. "

"The ex-city administrator who now serves as a legal consultant earned seven figures in each of the last four years, records show. Others in Bell's neighboring city got $570,000 to $800,000 last year.

Bell isn't the only city that has paid huge salaries: In neighboring Vernon, a former city administrator who now serves as a legal consultant has topped the $1-million mark for each of the last four years, records show.

Eric T. Fresch was paid nearly $1.65 million in salary and hourly billings in 2008, when he held the dual jobs of city administrator and deputy city attorney, according to documents obtained by The Times through the California Public Records Act."

"Real estate prices on U.S. commercial properties dropped 4 percent in June, according to data released by Moody’s Investors Service Thursday."

"The Moody’s/REAL Commercial Property Price Indices (CPPI) is now 41.4 percent below the peak that was recorded in October 2007, after the June price drop."

"Chadwick says every year the city pays what it owes to cover current retirees. That came to about $32 million this year. But, what about the liability building up for employees who will retire in the future? There are currently more than 10,000 of them. Chadwick says the city has hired an actuary to estimate the liability, which currently stands at $1.3 billion

“The city has a retiree health trust to address the growing liability,” he says, “but I think that fund only contains about $57 million.”

That still leaves an unfunded liability of more than $1.2 billion."

  •  Other news and headlines:

Fed Buys $3.609 Billion of Treasuries in Second Round of Purchase Program

Weber Says ECB Should Plot Out Exit in First Quarter

China Gold Stocks to Extend Rally on Inflation Outlook, Central China Says

S. Korean banks' bad loan rate rise to six-year high in Q2

Bullard says Fed may need to buy more Treasuries-UPDATE 2

Greece Finance Ministry Officially Requests EU6.5 Billion Aid

Greece's Central Govt Debt Rose EU6.6 Billion in Second Quarter

Greece should cut spending by 4 bln euro more in 2010-EU

Romania Fails to Sell Debt for Third Time Since July

State faces growing list of transit woes ("most of Connecticut's bridges were built in the 1950s and 1960s")

Budget deficit widened to P229.4b in 7 months (Philippines)

State budget cuts of $1.5B are looming, Norris warns (Tennessee)

State owes $2.2 billion to feds for unemployment benefits (Illinois.."31 states and the Virgin Islands had borrowed $38.7 billion to pay jobless claims as of this week.")

GM pension funding improves slightly ("underfunded by $26.3 billion as of June 30.")

Irish, peripheral euro-zone CDS spreads widen

Nebraska senators at odds over Medicaid report

Schwarzenegger budget plan would borrow from CalPERS

MANSFIELD -- The city was declared in fiscal emergency Thursday -- becoming Ohio's largest city in that condition.

State Agencies Close as Workers Go on Furlough in California

France cuts 2011 growth forecast to 2%: report

Finland's Aging Population Hinders Pre-Crisis Output Growth, Katainen Says

US budget office warns over extending tax cuts ( Would "add more than $3,200bn to the US budget deficit over the next decade")

BP Oil Spill Leaves a 22-Mile Plume Migrating in Gulf of Mexico

Egon von Greyerz...Hyperinflation Is Coming And Western Civilization Is About To Collapse (CNBC Video)

And Now We're Headed For The GREATEST Depression, Says Gerald Celente (Tech Ticker Video)

printfaster's picture
printfaster
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Wind Energy And Politics: Not On My Beach, Please

On:

Wind Energy And Politics: Not On My Beach, Please

I have been through Europe, and find the huge modern windmills completely out of character with the countryside in which they are deployed.  The windmills are hideous and an affront.  Offshore windfarms make a lot more sense.

One awful aspect is that windmills never produce anything near their rated power.  Their rated power often comes when the power is least needed.  This leads to the building and installation of more powerplants to supply peaking power such as pump reservoirs, and natural gas generators.  The pump reservoirs are also a blight since the lakes become unusable due to widely varying levels.

Another aspect is that this is the same reasoning that has kept offshore drilling away from places like Florida and California.  It is the sight of offshore platforms that the rich and idle despise.  The pollution from natural oil seepage may in fact be greater than any well leaks.  I have been to plenty of CA beaches that are dotted with crude where the nearest platform is 200 miles  away.

We have become a nation of "let them eat cake".

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Poet
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The Erosion of America's Middle Class

 

Re: The Erosion of America's Middle Class

I know of someone who is teacher, makes good money, lives in a house with close to zero rent due to a favorable arrangement. Unfortunately, significant other is a drug addict and won't work and refuses to (and can't be trusted to) take care of the kids, so daycare is over $1,000 per month and that person drives their SUV to eat lunch at a soup kitchen 5 days a week.

Sometimes it's not their fault AT ALL. And sometimes it is ALL their fault. It's not just economic decay, it's moral decay.

Poet

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Full Moon
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Re: The Erosion of America's Middle Class
Poet wrote:

 

Re: The Erosion of America's Middle Class

I know of someone who is teacher, makes good money, lives in a house with close to zero rent due to a favorable arrangement. Unfortunately, significant other is a drug addict and won't work and refuses to (and can't be trusted to) take care of the kids, so daycare is over $1,000 per month and that person drives their SUV to eat lunch at a soup kitchen 5 days a week.

Sometimes it's not their fault AT ALL. And sometimes it is ALL their fault. It's not just economic decay, it's moral decay.

Poet

But for the grace of God go I .

 One or two bad choices ( anyone can make them   an accident  perhaps )and any one of us could be there .   It seams we just can not see every possible bump in the road .    Pride goes before a fall .  Ones spouse leaving can cut the wealth in half . An Illness can take away your income .     There is just too many reasons people could need a hand up .   But we have to try as hard as we can to take care of what we have and earn our way .  

 Depending on Govt. or anyone else's  help leads to bondage  and will strip that pride .

   I too had a very smart friend  , He could not solve all the problems of the world and it burdened him so .  He turned to Alcohol to forget .. lost his job .. drank himself to death and was found two weeks later .     We can not even be too proud of our intellect .

   Moral decay yes , self righteousness  ... not our place to judge .  Easy for us to see other peoples faults .

FM

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Hindenburg Omen

I'm not a great believer in technical indicators, but nonetheless an interesting article.

http://www.thestreet.com/story/10835851/1/hindenburg-omen-reached-again-is-a-stock-market-crash-imminent.html

NEW YORK (TheStreet) -- It may just be the summer doldrums, or the ominous occurrence of a Friday the 13 in mid-August, but the Hindenburg Omen -- a technical indicator of an impending stock market crash -- has reared its head for a second time within a month.

The blog Zero Hedge, writing in a vein that seems made for professional boxing or WWE pay-per-view event hype, describes the Hindenburg Omen as "Easily the most feared technical pattern in all of chartism (for the bullishly inclined). Those who know what it is, tend to have an atavistic reaction to its mere mention."

According to Sentimentrader.com we had a second Hindenburg Omen trigger yesterday. Some technicians regard this as confirmation of the first reading hit on Aug. 12 and, therefore, a much more dire situation.

Writing on RealMoney.com today, Rev Shark notes that there continues to be some statistical support for the indicator. "One month later, we have had a mean loss of 1.7% and have been positive just 41% of the time. So it isn't just a sensationalistic name. There has tended to be a pattern of weakness when the Omen is triggered," he said.

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Poet
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Re: The Erosion of America's Middle Class
Full Moon wrote:
Poet wrote:

Re: The Erosion of America's Middle Class

I know of someone who is teacher, makes good money, lives in a house with close to zero rent due to a favorable arrangement. Unfortunately, significant other is a drug addict and won't work and refuses to (and can't be trusted to) take care of the kids, so daycare is over $1,000 per month and that person drives their SUV to eat lunch at a soup kitchen 5 days a week.

Sometimes it's not their fault AT ALL. And sometimes it is ALL their fault. It's not just economic decay, it's moral decay.

Poet

But for the grace of God go I .

 One or two bad choices ( anyone can make them   an accident  perhaps )and any one of us could be there .   It seams we just can not see every possible bump in the road .    Pride goes before a fall .  Ones spouse leaving can cut the wealth in half . An Illness can take away your income .     There is just too many reasons people could need a hand up .   But we have to try as hard as we can to take care of what we have and earn our way .  

 Depending on Govt. or anyone else's  help leads to bondage  and will strip that pride .

   I too had a very smart friend  , He could not solve all the problems of the world and it burdened him so .  He turned to Alcohol to forget .. lost his job .. drank himself to death and was found two weeks later .     We can not even be too proud of our intellect .

   Moral decay yes , self righteousness  ... not our place to judge .  Easy for us to see other peoples faults .

FM

Full Moon

I like you. Thank you for reminding me that it's not my place to judge.

Poet

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Full Moon
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Re: Daily Digest 8/20 - China's Flexible Currency, ...

 You are welcome Poet ,      As time goes on we will all need encouragement and reality checks as to where our help really comes from .     This is going to be overwhelming in our own strength .    Even those among us that thinks they have all their i's dotted and t's crossed will find somewhere that they need help.

   You know that song  that says "  I am nothing on my own , I make mistakes and often slip just common flesh and bone ....      Well I can not finish it here .   But  have a blessed day .

  FM

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Re: Wind Energy And Politics: Not On My Beach, Please
printfaster wrote:

I have been through Europe, and find the huge modern windmills completely out of character with the countryside in which they are deployed.  The windmills are hideous and an affront.

I live in southwest MN, seeing the windmills on the Buffalo Ridge trigger a warm and fuzzy feeling.

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Re: The Erosion of America's Middle Class
Poet wrote:

 

Re: The Erosion of America's Middle Class

I know of someone who is teacher, makes good money, lives in a house with close to zero rent due to a favorable arrangement. Unfortunately, significant other is a drug addict and won't work and refuses to (and can't be trusted to) take care of the kids, so daycare is over $1,000 per month and that person drives their SUV to eat lunch at a soup kitchen 5 days a week.

Sometimes it's not their fault AT ALL. And sometimes it is ALL their fault. It's not just economic decay, it's moral decay.

Poet

 

Yeah, because that applies to most people, right?

 

You have millions of jobs lost and millions of mortgages underwater because of "moral decay"?

 

If it happens to a few people, then it's individual.

 

When it's happening to the entire country and world at the same time, it's a little bit above people's individual choices at that point.

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Locavoring not all it's cracked up to be?

From the New York Times Opinion page:

http://www.nytimes.com/2010/08/20/opinion/20budiansky.html

But the local food movement now threatens to devolve into another one of those self-indulgent — and self-defeating — do-gooder dogmas. Arbitrary rules, without any real scientific basis, are repeated as gospel by “locavores,” celebrity chefs and mainstream environmental organizations. Words like “sustainability” and “food-miles” are thrown around without any clear understanding of the larger picture of energy and land use.

The result has been all kinds of absurdities. For instance, it is sinful in New York City to buy a tomato grown in a California field because of the energy spent to truck it across the country; it is virtuous to buy one grown in a lavishly heated greenhouse in, say, the Hudson Valley.

Of course, an opinion like this cannot exist in a world running out of cheap fossil fuels...

 

Full Moon's picture
Full Moon
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Re: Locavoring not all it's cracked up to be?
dave s wrote:

From the New York Times Opinion page:

http://www.nytimes.com/2010/08/20/opinion/20budiansky.html

But the local food movement now threatens to devolve into another one of those self-indulgent — and self-defeating — do-gooder dogmas. Arbitrary rules, without any real scientific basis, are repeated as gospel by “locavores,” celebrity chefs and mainstream environmental organizations. Words like “sustainability” and “food-miles” are thrown around without any clear understanding of the larger picture of energy and land use.

The result has been all kinds of absurdities. For instance, it is sinful in New York City to buy a tomato grown in a California field because of the energy spent to truck it across the country; it is virtuous to buy one grown in a lavishly heated greenhouse in, say, the Hudson Valley.

Of course, an opinion like this cannot exist in a world running out of cheap fossil fuels...

 

I can not even imagine the price of banana's, oranges , coconut  if we had to get them by sailing ships or  wagon freight .  It an not be cheaper to buy  a can of tomatoes grown in Italy and shipped to Indonesia for packing before it gets shipped to our market and then driven home .  Yet still how many ,many things we can buy cheaper than raise ourselves .  Fruit trees are an unbeatable investment ... yup things will be different for sure .   And we will be complaining all the way .      I guess after we have our basics covered  stocking up on some of those far away treasures like spices will be a very good thing .

 Those who can sail may be a man in demand .

 FM

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Re: Wind Energy And Politics: Not On My Beach, Please
Denny Johnson wrote:
printfaster wrote:

I have been through Europe, and find the huge modern windmills completely out of character with the countryside in which they are deployed.  The windmills are hideous and an affront.

I live in southwest MN, seeing the windmills on the Buffalo Ridge trigger a warm and fuzzy feeling.

I live in the Hudson Valley of NY.  On the rare occasions I end up about an hour's drive NW of home, I also get a warm fuzzy from seeing the big honkin' windmills in the W Catskills...

 

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Re: Daily Digest 8/20 - China's Flexible Currency, ...

But, you guys are reminding me that we most definitely need to keep doing these two things...

(a) make sure our own "acts are cleaned up." Whether you define your "vices" as the preacher at church did or by some biological yardstick (such as "obesity=bad because it will enslave you to the drugs and make you susceptible to the downgraded healthcare system and death panels or whatever, etc") each of us needs to realize that the goal is to be able to maintain one's own abiility to thrive no matter what circumstances surround us. If you have to make a judgment or a thousand judgements of yourself to do this, then "live your judgements" and you will be better off.

and

(b) recognize when we can help others and do it when possible. Example:  I have an acquaintance who was worn down by "the system" and never followed up on receiving her Social Security survivor benefits when her husband died a few years ago. Now, she's most definitely scratching to get by on a very meager salary but still has a job and is somehow making it. She even took in a friend who is homeless and jobless! So, I have decided it isn't taking me a lot of trouble to get this timid soul the info and the guts up to apply and reappy online using the Internet at the library, and it is fine with me to give her pep talks until she sees this thing through and gets the benefits she and her dead husband paid for. Encouragement is just one little thing I can do and it may pan out to making a big diff. in her life.

As far as worrying about making judgements, I guess I'll leave that discussion up to you guys. I am comfortable with folks making judgements as long as we act on our judgements in our own lives and in helping others along the way, as times are getting very tough for many.

Hope this didn't offend you. It shouldn't I don't think.

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Re: Wind Energy And Politics: Not On My Beach, Please
SagerXX wrote:
Denny Johnson wrote:
printfaster wrote:

I have been through Europe, and find the huge modern windmills completely out of character with the countryside in which they are deployed.  The windmills are hideous and an affront.

I live in southwest MN, seeing the windmills on the Buffalo Ridge trigger a warm and fuzzy feeling.

I live in the Hudson Valley of NY.  On the rare occasions I end up about an hour's drive NW of home, I also get a warm fuzzy from seeing the big honkin' windmills in the W Catskills...

 

Me three- Windsor, Ontario.  Not just a warm fuzzy, but pride and hope and relief that we are managing to get SOME things right. 

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Full Moon
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Re: Daily Digest 8/20 - China's Flexible Currency, ...
aufrance wrote:

But, you guys are reminding me that we most definitely need to keep doing these two things...

(a) make sure our own "acts are cleaned up." Whether you define your "vices" as the preacher at church did or by some biological yardstick (such as "obesity=bad because it will enslave you to the drugs and make you susceptible to the downgraded healthcare system and death panels or whatever, etc") each of us needs to realize that the goal is to be able to maintain one's own abiility to thrive no matter what circumstances surround us. If you have to make a judgment or a thousand judgements of yourself to do this, then "live your judgements" and you will be better off.

and

(b) recognize when we can help others and do it when possible. Example:  I have an acquaintance who was worn down by "the system" and never followed up on receiving her Social Security survivor benefits when her husband died a few years ago. Now, she's most definitely scratching to get by on a very meager salary but still has a job and is somehow making it. She even took in a friend who is homeless and jobless! So, I have decided it isn't taking me a lot of trouble to get this timid soul the info and the guts up to apply and reappy online using the Internet at the library, and it is fine with me to give her pep talks until she sees this thing through and gets the benefits she and her dead husband paid for. Encouragement is just one little thing I can do and it may pan out to making a big diff. in her life.

As far as worrying about making judgements, I guess I'll leave that discussion up to you guys. I am comfortable with folks making judgements as long as we act on our judgements in our own lives and in helping others along the way, as times are getting very tough for many.

Hope this didn't offend you. It shouldn't I don't think.

Aufrance ,    

 Wonderful example of living your convictions and being an example .    

 Your friend has a big heart and open arms and you will be blessed for helping her .

FM

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Doug
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Posts: 3159
Re: Wind Energy And Politics: Not On My Beach, Please
yoshhash wrote:
SagerXX wrote:
Denny Johnson wrote:
printfaster wrote:

I have been through Europe, and find the huge modern windmills completely out of character with the countryside in which they are deployed.  The windmills are hideous and an affront.

I live in southwest MN, seeing the windmills on the Buffalo Ridge trigger a warm and fuzzy feeling.

I live in the Hudson Valley of NY.  On the rare occasions I end up about an hour's drive NW of home, I also get a warm fuzzy from seeing the big honkin' windmills in the W Catskills...

 

Me three- Windsor, Ontario.  Not just a warm fuzzy, but pride and hope and relief that we are managing to get SOME things right. 

Me four.  There is a stretch of road in western NY on which I stopped counting at 100 wind turbines.  I know the line continues several miles farther because I have seen other sections of it on drives in other parts of the region. It is somewhat reassuring that they are being built, but the percentage of power generated by them is still miniscule.

Doug

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deggleton
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Posts: 250
Re: Locavoring not all it's cracked up to be?
dave s wrote:

From the New York Times Opinion page:

But the local food movement now threatens to devolve into another one of those self-indulgent — and self-defeating — do-gooder dogmas. Arbitrary rules, without any real scientific basis, are repeated as gospel by “locavores,” celebrity chefs and mainstream environmental organizations. Words like “sustainability” and “food-miles” are thrown around without any clear understanding of the larger picture of energy and land use.

The result has been all kinds of absurdities. For instance, it is sinful in New York City to buy a tomato grown in a California field because of the energy spent to truck it across the country; it is virtuous to buy one grown in a lavishly heated greenhouse in, say, the Hudson Valley.

Of course, an opinion like this cannot exist in a world running out of cheap fossil fuels...

Do people living for today and people living for today and tomorrow ever (try to) acknowledge that difference?  They might, but the media do not report that kind of detail.  Disputes are so entertaining!

Why should preppers (I count locavores among them) be portrayed as demanding that everyone live today as they imagine themselves, if not most people, living someday?  The associated shift in consumption patterns must be discouraged by any/all means?

David

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