Daily Digest

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Daily Digest 9/15 - How The West Was Lost, No Way To Avert The Next Financial Crisis

Saturday, September 15, 2018, 9:10 AM


The next financial crash is imminent, and China’s resource crisis could be the trigger (Paul D.)

As long as mainstream economic institutions remain blind to the fundamental biophysical basis of economics, as masterfully articulated by Charles Hall and Kent Klitgaard in their seminal book, Energy and the Wealth of Nations: An Introduction to BioPhysical Economics, they will remain in the dark about the core structural reasons why the current configuration of global capitalism is so prone to recurrent crisis and collapse.

There's no way to avert the next financial crisis, warn former regulators from 2008 meltdown (Thomas R.)

The collapse of the Lehman Brothers investment bank 10 years ago sparked a panic that rippled across Wall Street, and forced an unprecedented rescue of the financial system. Millions of Americans lost their homes to mortgage foreclosures in the Great Recession, and the jobless rate hit 10%.

A Whimper and a Bang (thc0655)

Goldman Sachs’ bear market indicator, for example, is at a 50-year high. Most likely, we won’t see asset prices this high again – in real terms – in our lifetimes.

In a Whimper, prices go down, money disappears, and the economy goes into depression. What happens after that is less sure. But our guess is that the Whimper will be followed by a Bang.

France Considers Requiring that All Local Police Carry Guns (thc0655)

It should be noted that the recommendation to arm all officers did not emerge from a vacuum. On January 19, 2015, 12 days after the Charlie Hebdo attackers gunned down unarmed French police, the Associated Press reported French police unions were urging Interior Ministry officials to provide “more” guns and “heavier” guns, as well as “protective gear, better training for first-responders, and more legal tools to guard against terrorists.”

What Does It Mean To Live Our Entire Lives Under Digital Surveillance? (Thomas R.)

Every embarrassing moment of our childhood is lived out not in the privacy of our homes with friends and families, but rather broadcast to the world in realtime through social media, preserved for posterity to haunt us as we reach adolescence. Instead of a few precious photographs documenting a handful of firsts, our entire lives are captured almost moment by moment in a sort of dystopian reality television.

The U.S. Is The World’s Top Oil Producer, But For How Long? (Thomas R.)

The EIA disclosure comes as oil markets are trying to make sense out of both supply and demand questions as well as geopolitical uncertainty. Since President Trump decided in May to reimpose sanctions against Iran over its nuclear development program, uncertainty has seized the market. The first row of new sanctions against Iran were put in place in August, while more hard-hitting sanctions against the country’s energy sector will take effect on November 4.

Hungrier insects will bite into world’s crops (Paul D.)

Altogether the scientists calculate that with a 2°C rise – and average global temperatures have already risen by about 1°C – by 2050 the median increase in losses of yield across all climates could be 46% for wheat, 19% for rice and 31% for maize: all of it to ever-hungrier caterpillars, beetles and borers.

Landfall, Storm Surge and the Waffle House Index: Hurricane Terms and What They Mean (Thomas R.)

The storm can make a “direct hit” on a particular location, an “indirect hit” or a “strike,” depending on its spatial relationship to the storm’s track and the strength of winds and tides. Here is an expanded list of definitions from the National Hurricane Center.

Trump administration, as expected, to stop funding UN Population Fund (from 2017, Paul D.)

The Trump administration has vowed to cut all dollars for climate change programming, and also restored the so-called global gag rule, which prohibits funding to non-governmental groups that support even voluntary abortions.

On Waste Plastics at Sea, She Finds Unique Microbial Multitudes (tmn)

Findings like these have alarmed ecologists and infectious-disease experts. But getting rid of ocean garbage patches isn’t as simple as deploying cleanup boats, according to Pedrotti. For one thing, we don’t yet know how closely the garbage patch microbial system and the larger food web have become intertwined: Eliminating the plastisphere could have unpredictable effects on the ocean ecosystem as a whole. And to some extent, the cleanup question is moot, because it’s impossible to remove even a significant fraction of the plastic from the ocean. Much of it is microscopic in size and cannot be captured even by nets with a lace-fine mesh.

How the West Was Lost (thc0655)

Modern climate wars are new in that they revolve around global warming, but scientists have been battling against deniers since at least the 19th century. The tale of John Wesley Powell, an explorer and geologist who tried and failed to stop the policies that led to the immigrant’s death, is especially resonant today. Before his time, Powell understood that unbridled optimism and headlong land development would lead to environmental ruin and mass human suffering.

An Equator Full Of Hurricanes Shows A Preview Of End Times (tmn)

To be clear, scientists tend to dismiss the idea that climate change and other human interventions could render the entire planet uninhabitable. "This is, of course, nonsense," emails Christopher McKay, a NASA planetary scientist who studies terraforming and life in extreme environments. "What is certain is that the coming changes will be very, very inconvenient to human society and be of enormous cost to human infrastructure. Fires, floods, sea level, heat waves, etc…. Although a cynic might say that the Earth overall will benefit in direct proportion that all things human are decremented."

Gold & Silver

Click to read the PM Daily Market Commentary: 9/14/18

Provided daily by the Peak Prosperity Gold & Silver Group

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."


newsbuoy's picture
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Nyet, We Have No Registration Here

Go where they don't have your registration over there. (sin-seerly V. Putin, IDC of NY)

thc0655's picture
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Is wind power a net positive?

Is this true? This windmill could never produce as much power as was invested in building it?

Michael_Rudmin's picture
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It probably depends on the design

Let me posit a windmill that is a building with vertical vanes all the way up that all point ccw, and drives the wind into a vortex at the center that drives a small turbine and dumps upward. Such a windmill has few moving parts that are expensive and likely to fail; therefore, it will eventually be net energy positive.

So no, it is not always true.

It would be interesting to see whether the statement is ever true. Interested in doing an energy audit?

Michael_Rudmin's picture
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Okay, I checked. No it isn't true.

Google the 2 MW Urban Green energy wind plant: you will see it has a steel weight of about 250 tons... approximately what your blurb said.


From other sources, I confirm that this seems to be about right.

Now google "theoretical energies to produce steel", or somesuch, and go to the back of that 2000 DOE published papor, and you'll find actuals for various processes, including blast furnace (11 GJ/ton) or electric arc furnace (2 GJ/ton). Giga means billion; mega means million, so even the inefficient blast furnace expends 2750 GJ to make a 250-ton windmill. Divide that by 2 MW (2 million joules per second) and you find that it takes 1375000 seconds to pay off that windmill. That's about a year. Because the wind is sporadic, I'll say it takes about 3-5 years.

That isn't "never" by any stretch of the imagination.

Electric arc furnaces will take about 1/5 of that energy.


And the meme isn't true to Thomas Homer-dixon either, it seems:


Funny thing, it looks like he came up with the same numbers as I did: for a good location, 3-5 year return.

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'We don't have any strategy to deal with it': experts warn next

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