The scale of the rot is something to behold. Something is grossly, wantonly wrong with Western Civilization, and lots of people know it, but they don’t know why (and for the next blind rebellion, see, “Occupy”).
But a head of the hydra popped into view last week. First a high profile whistleblower from Goldman Sachs wrote Why I am leaving in the New York Times. Then today (possibly, it’s unconfirmed), an insider from JP Morgan came forward to reveal something far worse, and dark to the core. It’s posted on the CFTC site (that’s The US Commodity Futures Trading Commission – the market watchdog, or rather watch-puppy). [UPDATE: The CFTC have removed the page after 48 hours, a copy of the text is here, screenshot here.]
A Goldman Sachs Executive Director — Greg Smith — resigned from the 143 year old firm explaining he felt ill with the callous culture where people would boast about how much they had ripped off clients, which they called “hunting elephants”, and calling their clients “muppets” and worse. He said that in 12 years the company had completely lost the culture that made him proud to join it. There was nothing left of integrity [...]
Ladies and gentlemen, it’s obvious (to anyone who knows there’s no free lunch) that one way or another this Festival of Funny Money was going to end in tears. And so it flows… but let’s not forget what lead us to this, the problem that lies under all others.
The government can print (base) money from nothing, and they can set interest rates artificially low so as to encourage private banks to create (bank) money from nothing. And governments keep doing it, because it’s so much easier to be elected handing out loaves and fishes, and grants and solar-rooftop-subsidies, in a froth of easy money and rising asset prices. Any fool can spend someone else’s money, especially when the sucker doesn’t even know it was their money.
Thus does inflation steal from all and sundry. Silently.
Watch them print money… say hello to inflation.
In the real world, we have to repay our debts. But the world of the ruling class never has to make ends meet. Alan Greenspan admitted that this weekend — effectively announcing that the US is the United States of Wonderland, where no matter how high the debt is they can never default — because [...]
Thanks to Down To Earth Magazine. Author: DIVYA
All round the world thousands of greenonomists recommend a “free market solution” to our so called pollution problem. But as I keep saying: this “free market” isn’t free. It’s a pale pathetic imitation: a “managed market”.
In Europe, if a factory produces CO2 (what factory doesn’t?) it can pay people in China and India to not produce an-equivalent-amount-of-CO2. Sounds sort of fine in intent except that paying people to not do something they were-going-to-do depends on knowing the future (and reminds us of a process known as extortion). That’s loophole number one. Officially it’s called “additionality”, which is a fancy way of saying people wouldn’t do something-in-particular to reduce emissions unless they got paid in carbon credits.
The Chinese and Indians, not being stupid, immediately gamed the system. Why wouldn’t they?
The irony of unintended consequences. Here’s how it goes: HFC-23 is the godfather of greenhouse gases: it’s 11,700 times as powerful at warming as CO2 is. The chemical makers are paid as much as $100,000 in carbon credits for every ton they destroy… Suddenly making-and-then-destroying HFC-23 is very valuable business, so people rush to fill this “demand”. HFC-23 is a [...]
Just when you thought it couldn’t get worse for the cult of the carbon scare.
Now we need to ask if the world has even warmed? I’ve always said, “global warming is real”, but the recent exposés of shocking corruption in science have made me start to wonder whether even that is true.
Today a study by Joe D’Aleo and Anthony Watts, was announced by the Science and Public Policy Institute (SPPI).
From their media release:
An extensive survey of the literature and data regarding ground and sea surface temperature records uncovers deception through data manipulation, reports the Science and Public Policy Institute (SPPI).
Authors veteran meteorologists Joe d’Aleo and Anthony Watts analyzed temperature records from all around the world for a major SPPI paper, Surface Temperature Records – Policy-driven Deception? The startling conclusion that we cannot tell whether there was any significant “global warming” at all in the 20th century is based on numerous astonishing examples of manipulation and exaggeration of the true level and rate of “global warming”.
That is to say, leading meteorological institutions in the USA and around the world have so systematically tampered with instrumental temperature data that it [...]
UPDATED (see below)
Richard Lindzen is unarguably one of the top meteorologists in the world, with over 200 publications to his name, as well as awards, medals, prizes and is a member of the NAS, AAAS, AGU, AMS. He is The Alfred P. Sloan Professor of Atmospheric Sciences, Massachusetts Institute of Technology and his work includes major contributions to our understanding of the Hadley Circulation, small scale gravity waves on the mesosphere, as well as atmospheric tides and oscillations in the tropical stratosphere. From the beginning, he has questioned the claims that there is a crisis due to carbon dioxide emissions, pointing out that even with the poor resolution of ice cores back in the 1980′s it was still evident that there was a lag—as temperatures declined, carbon stayed high for thousands of years, something which didn’t sit well with the idea that carbon had a strong and constant force on the climate.
What follows are his thoughts on the current state of the science. They must make it awkward for those who can’t help themselves but believe in authority. Here’s a man who knows more than most of us could ever hope [...]
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