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Europe Turned an Energy Crisis Into a Green Energy Sprint

February 25, 2023

This was supposed to be a winter of energy crisis in Europe. Beginning last spring, not long after the Russian invasion of Ukraine, the fear of gas shortages spread across the continent, along with fears of what might follow. The coming winter crunch was compared to wartime, with energy experts less focused on whether it would bring rationing than how much. Others suggested that spectacular price spikes would mean suspensions of energy markets and that the continent as a whole would experience not a “cost of living crisis” but a crisis of “molecules” — in which there wasn’t enough energy to be had, no matter the price. A recession was simply taken for granted among the commentariat — almost like a badge of honor demonstrating the moral valor of standing up to Vladimir Putin.

Europe as a whole has indeed endured a lot through the cold months: dramatic spikes in energy prices, with wholesale prices for electricity and gas growing as much as 15-fold, often accompanied by similar spikes in government relief. Countries from Germany to Denmark and Italy spent more than 5 percent of G.D.P. to shield citizens from the crunch, enacting public conservation measures that darkened city streets and limited power use in other ways. In Britain, average bills were expected to grow by 80 percent before the government artificially lowered the average annual household energy bill to about $3,000. Across the continent, people turned their thermostats down and snuggled with hot water bottles at night. Industry was dialed back in places but also often found alternative power supplies.

All told, though, the worst has not come to pass. There were no blackouts, as experts were warning as recently as December…

…click on the above link to read the rest…

The New York Times is Orwell’s Ministry of Truth

January 30, 2023

The New York Times is Orwell’s Ministry of Truth

As today dawned, I was looking out the window into the cold grayness with small patches of snow littering the frozen ground. As light snow began to fall, I felt a deep mourning in my soul as a memory came to me of another snowy day in 1972 when I awoke to news of Richard Nixon’s savage Christmas bombing of North Vietnam with more than a hundred B-52 bombers, in wave after wave, dropping death and destruction on Hanoi and other parts of North Vietnam.

I thought of the war the United States is now waging against Russia via Ukraine and how, as during the U.S. war against Vietnam, few Americans seem to care until it becomes too late. It depressed me.

Soon after I was greeted by an editorial from The New York Times’ Editorial Board, “A Brutal New Phase of the War in Ukraine.” It is a piece of propaganda so obvious that only those desperate to believe blatant lies would not fall down laughing. Yet it is no laughing matter, for The N.Y. Times is advocating for a wider war, more lethal weapons for Ukraine, and escalation of the fighting that risks nuclear war. So their title is apt because they are promoting the brutality. This angered me.

The Times’ Editorial Board tells us that President Putin, like Hitler, is mad. “Like the last European war, this one is mostly one man’s madness.” Russia and Putin are “cruel”; are conducting a “regular horror” with missile strikes against civilian targets; are “desperate”; are pursuing Putin’s “delusions”; are waging a “terrible and useless war”; are “committing atrocities”; are responsible for “murder, rape and pillaging,” etc.

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Loss of Russian Oil Leaves a Void Not Easily Filled, Straining Market

March 10, 2022

Loss of Russian Oil Leaves a Void Not Easily Filled, Straining Market

Global production will take time to ramp up, so the U.S. and other buyers will chase limited supplies, creating upheaval unseen in decades.

A Rosneft refinery. Russia is the world’s No. 3 oil producer, after the United States and Saudi Arabia.

Credit…Andrey Rudakov/Bloomberg

HOUSTON — Before its forces invaded Ukraine, Russia provided one out of every 10 barrels of oil the world consumed. But as the United States and other customers shun Russian crude, the global oil market faces its greatest upheaval since the Middle East tumult of the 1970s.

An energy price shock will probably last as long as the confrontation goes on, since there are few alternatives to quickly replace Russia’s exports of roughly five million barrels a day.

Oil prices were already rising fast as the world economy emerged from Covid-19 shutdowns and producers stretched to meet growing demand. International oil companies had cut back investment over the last two years.

Now traders are bidding up crude prices to levels not seen in years, expecting that Russia — one of the top three oil producers, along with the United States and Saudi Arabia — will be sidelined. With the announcement of the American embargo on Tuesday, prices will probably climb higher, energy analysts say.

“We are catastrophically tightening,” said Robert McNally, a former energy adviser to President George W. Bush. “What we need right now is countries producing more oil.”

That will not be easy. Only Saudi Arabia, the United Arab Emirates and Kuwait have spare capacity, together a little more than 2.5 million barrels a day. Venezuela and Iran could contribute about 1.5 million barrels a day to the market, but that would require lifting American sanctions against those countries…

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The World Is Still Short of Everything. Get Used to It.

September 1, 2021

The World Is Still Short of Everything. Get Used to It.

Pandemic-related product shortages — from computer chips to construction materials — were supposed to be resolved by now. Instead, the world has gained a lesson in the ripple effects of disruption.

Credit…Tim Gruber for The New York Times

Like most people in the developed world, Kirsten Gjesdal had long taken for granted her ability to order whatever she needed and then watch the goods arrive, without any thought about the factories, container ships and trucks involved in delivery.

Not anymore.

At her kitchen supply store in Brookings, S.D., Ms. Gjesdal has given up stocking place mats, having wearied of telling customers that she can only guess when more will come. She recently received a pot lid she had purchased eight months earlier. She has grown accustomed to paying surcharges to cover the soaring shipping costs of the goods she buys. She has already placed orders for Christmas items like wreaths and baking pans.

“It’s nuts,” she said. “It’s definitely not getting back to normal.”

The challenges confronting Ms. Gjesdal’s shop, Carrot Seed Kitchen, are a testament to the breadth and persistence of the chaos roiling the global economy, as manufacturers and the shipping industry contend with an unrelenting pandemic.

Delays, product shortages and rising costs continue to bedevil businesses large and small. And consumers are confronted with an experience once rare in modern times: no stock available, and no idea when it will come in.

In the face of an enduring shortage of computer chips, Toyota announced this month that it would slash its global production of cars by 40 percent…

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“The Enemies of the State”: The New York Times and The Fluidity of Advocacy Journalism

July 30, 2021

“The Enemies of the State”: The New York Times and The Fluidity of Advocacy Journalism

We have been discussing the rise of advocacy journalism and the rejection of objectivity in journalism schools. The New York Times has been at the forefront of this shift away from traditional reporting but has increasingly found that the fluidity of advocacy journalism leaves it without any clear framework or standards. Consider the latest scandal at the Times. Justice Department reporter and MSNBC contributor Katie Benner went on a rave about Republicans and called Trump supporters “enemies of the state.” She also made a not-so-veiled call for readers to vote against them. The Times has been in total radio silence over what, just a few years ago, would have been viewed as an outrageous violation of journalistic standards. Yet, just recently, it fired another reporter for a comparatively mild tweet supporting Biden. Professional ethics, it seems, has become entirely impressionistic in the age of advocacy journalism.

Notably, many of us denounced Donald Trump for calling the New York Times and other media outlets the “enemy of the people.” The media was aghast and the Times publicly condemned such rhetoric as “inflammatory.” Now, however, journalists like Benner are engaging in the same inflammatory rhetoric and the Times is conspicuously silent.

We have have been discussing how writers, editors, commentators, and academics have embraced rising calls for censorship and speech controls, including President-elect Joe Biden and his key advisers. This movement includes academics rejecting the very concept of objectivity in journalism in favor of open advocacy. Columbia Journalism Dean and New Yorker writer Steve Coll has denounced how the First Amendment right to freedom of speech was being “weaponized” to protect disinformation…

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Leaked Documents Show How China’s Army of Paid Internet Trolls Helped Censor the Coronavirus

December 25, 2020

Leaked Documents Show How China’s Army of Paid Internet Trolls Helped Censor the Coronavirus

As the coronavirus spread in China, the government stage-managed what appeared on the domestic internet to make the virus look less severe and the authorities more capable, according to thousands of leaked directives and other files.

In the early hours of Feb. 7, China’s powerful internet censors experienced an unfamiliar and deeply unsettling sensation. They felt they were losing control.

The news was spreading quickly that Li Wenliang, a doctor who had warned about a strange new viral outbreak only to be threatened by the police and accused of peddling rumors, had died of COVID-19. Grief and fury coursed through social media. To people at home and abroad, Li’s death showed the terrible cost of the Chinese government’s instinct to suppress inconvenient information.

Yet China’s censors decided to double down. Warning of the “unprecedented challenge” Li’s passing had posed and the “butterfly effect” it may have set off, officials got to work suppressing the inconvenient news and reclaiming the narrative, according to confidential directives sent to local propaganda workers and news outlets.

They ordered news websites not to issue push notifications alerting readers to his death. They told social platforms to gradually remove his name from trending topics pages. And they activated legions of fake online commenters to flood social sites with distracting chatter, stressing the need for discretion: “As commenters fight to guide public opinion, they must conceal their identity, avoid crude patriotism and sarcastic praise, and be sleek and silent in achieving results.”

The orders were among thousands of secret government directives and other documents that were reviewed by The New York Times and ProPublica. They lay bare in extraordinary detail the systems that helped the Chinese authorities shape online opinion during the pandemic.

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Custer’s Last Stand Meets Global Warming

May 21, 2019

Custer’s Last Stand Meets Global Warming

Photograph Source: Charles Marion Russell – Public Domain

A recent article in Arctic News on the outlook for global warming foresees a frightening scenario lurking right around the corner. Hopefully, the article’s premise of impending runaway global warming (“RGW”) is off the mark, by a lot. More to the point, off by really a lot in order to temper the sting expected when abrupt temperature increases hit hard, as projected in the article, which is entitled: “Greenhouse Gas Levels Keep Accelerating.” Oh, BTW… the worst-case scenario happens within one decade!

Here’s a snippet: “… such a rise in greenhouse gas levels has historically corresponded with more than 10°C or 18°F of warming, when looking at greenhouse gas levels and temperatures over the past 800,000 years….” (Source: Greenhouse Gas Levels Keep Accelerating, Arctic News, May 1, 2019)

Obviously, it goes without saying no sane person wants to believe, and likely won’t believe or accept, studies about killer temperatures locked, loaded, and ready to fire, right around the corner. That fact alone serves to christen the title “Custer’s Last Stand Meets Global Warming.”

Furthermore, and for journalistic balance, it is important to mention that mainstream science is not warning of imminent Runaway Global Warming (“RGW”), as outlined in the Arctic News article.

Still, the article does have credibility because it is the product of academic scientists. Therefore, metaphorically speaking, one can only hope that their Ouija boards were out-of-whack, misinterpreting the data.

Alas, the Arctic News article would not be out there if only the U.S. Senate had taken seriously Dr. James Hansen’s early warnings about global warming way back in 1988. The New York Times headline d/d June 24, 1988 read: “Global Warming Has Begun, Expert Tells Senate.”

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Cascading Cat Litter

April 12, 2019

Cascading Cat Litter

And so now Julian Assange of Wikileaks has been dragged out of his sanctuary in the London embassy of Ecuador for failing to clean his cat’s litter box. Have you ever cleaned a litter box? The way we always did it was to spread some newspaper — say, The New York Times — on the floor, transfer the used cat litter onto it, wrap it into a compact package, and put it in the trash.

It was interesting to scan the Comments section of The Times’s stories about the Assange arrest: Times readers uniformly presented themselves as a lynch mob out for Mr. Assange’s blood. So much for the spirit of liberalism and The Old Gray Lady who had published The Pentagon Papers purloined by Daniel Ellsberg lo so many years ago. Reading between the lines in that once-venerable newspaper — by which I mean gleaning their slant on the news — one surmises that The Times has actually come out against freedom of the press, a curious attitude, but consistent with the neo-Jacobin zeitgeist in “blue” America these days.

Anyway, how could anyone expect Mr. Assange to clean his cat’s litter box when he was unable to go outside his sanctuary to buy a fresh bag of litter, and was denied newspapers this past year, as well as any other contact with the outside world?

US government prosecutors had better tread lightly in bringing Mr. Assange to the sort of justice demanded by readers of The New York Times — which is to say: lock him up in some SuperMax solitary hellhole and throw away the key. The show trial of Julian Assange on US soil, when it comes to pass, may end up being the straw that stirs America’s Mickey Finn as a legitimate republic.

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A Place of Your Own

March 9, 2019

A Place of Your Own

Do you know your place? In these days of hysterical Wokesterism, the question would surely provoke a riot of cowbell-clanging Antifa cadres, fainting spells in the congressional black caucus, and gravely equivocal op-eds from David Brooks of The New York Times. Yet it’s a central, unacknowledged quandary of our time that so many Americans have no place and suffer terribly from it.

Human beings need a place in the social order, in the economic order, and in actual geography in order to function optimally in a life fraught with the normal challenges and difficulties that reality presents. Let’s take these places in reverse order.

It’s a fact that most Americans live in everyday environments that are, at best, not worth caring about, and at worst actively punishing to human neurology. Have you taken a good look at the American landscape and townscape lately? How do you feel venturing down the six-lane commercial boulevards lined with cartoon architecture? Either anxious or numb, would be my guess. Or a Main Street of empty storefronts? Or an avenue of looming, despotic glass skyscrapers? Or a vast subdivision of identical McHouses where the buffalo once roamed? Is it any wonder that Americans require more antidepressant medication than people in other lands? Or, that failing to find treatment, they self-medicate with alcohol, opiates, sugary snacks, and anything else that takes them out of the soul-crushing reality of their surroundings.

I don’t think you can overstate the damage we’ve done to ourselves in the sheer material arrangement of our national life. A decade ago, I sat in on many zoning board meetings called to approve new WalMarts and other chain-stores around my region of upstate New York and southern Vermont. Inevitably, the companies organized a claque of locals in the meeting hall — itself a depressing, low-ceilinged chamber of cinder blocks and fluorescent lighting — to fill the seats and yell in support of “bargain shopping.”

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Holiday Doings and Undoings

November 24, 2018

Holiday Doings and Undoings

Somehow I doubt that this Christmas will win the Bing Crosby star of approval. Rather, we see the financial markets breaking under the strain of sustained institutionalized fraud, and the social fabric tearing from persistent systemic political dishonesty. It adds up to a nation that can’t navigate through reality, a nation too dependent on sure things, safe spaces, and happy outcomes. Every few decades a message comes from the Universe that faking it is not good enough.

The main message from the financials is that the global debt barge has run aground, and with it, the global economy. That mighty engine has been chugging along on promises-to-pay and now the faith that sustained those promises is dissolving. China, Euroland, and the USA can’t possibly meet their tangled obligations, and are running out of tricks for rigging, gaming, and jacking the bond markets, where all those promises are vested. It boils down to a whole lot of people not getting paid, one way or the other — and it’s really bad for business.

Our President has taken full credit for the bubblicious markets, of course, and will be Hooverized as they gurgle around the drain. Given his chimerical personality, he may try to put on an FDR mask — perhaps even sit in a wheelchair — and try a few grand-scale policy tricks to escape the vortex. But the net effect will surely be to make matters worse — for instance, if he can hector the Federal Reserve to buy every bond that isn’t nailed to some deadly derivative booby-trap. But then he’ll only succeed in crashing the dollar. Remember, there are two main ways you can go broke: You can run out of money; or you can have plenty of worthless money.

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How the Next Downturn Will Surprise Us

September 20, 2018

How the Next Downturn Will Surprise Us

In their campaign to contain the risks that caused the Great Recession, central bankers may have planted the seeds for the next global economic crisis.

Image

CreditCreditJi Lee

After the fall of Lehman Brothers 10 years ago, there was a public debate about how the leading American banks had grown “too big to fail.” But that debate overlooked the larger story, about how the global markets where stocks, bonds and other financial assets are traded had grown worrisomely large.

By the eve of the 2008 crisis, global financial markets dwarfed the global economy. Those markets had tripled over the previous three decades to 347 percent of the world’s gross economic output, driven up by easy money pouring out of central banks. That is one major reason that the ripple effects of Lehman’s fall were large enough to cause the worst downturn since the Great Depression.

Today the markets are even larger, having grown to 360 percent of global G.D.P., a record high. And financial authorities — trained to focus more on how markets respond to economic risk than on the risks that markets pose to the economy — have been inadvertently fueling this new threat.

Over the past decade, the world’s largest central banks — in the United States, Europe, China and Japan — have expanded their balance sheets from less than $5 trillion to more than $17 trillion in an effort to promote the recovery. Much of that newly printed money has found its way into the financial markets, where it often follows the path of least regulation.

Central bankers and other regulators have largely succeeded in containing the practice that caused disaster in 2008: risky mortgage lending by big banks. But with so much easy money sloshing around in global markets, new threats were bound to emerge — in places the regulators aren’t watching as closely.

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Blowback: UniCredit Becomes First Major Corporation To Sever Ties With Facebook Over Ethics

August 7, 2018

Blowback: UniCredit Becomes First Major Corporation To Sever Ties With Facebook Over Ethics

Facebook has lost a major advertiser, UniCredit SpA, which has severed all ties alleging that the social media giant hasn’t acted ethically, reports Bloomberg – which notes that “other large companies” may follow suit.

CEO Jean Pierre Mustier says the bank maintains that Facebook hasn’t acted properly, and the Italian financial group will no longer have any type of business relationship with the Menlo Park, CA company.

Mustier was referring to business activities including advertising and marketing campaigns, a spokesman for UniCredit said. The bank currently has a swath of Facebook accounts — which are regularly updated. –Bloomberg

Facebook has come under intense scrutiny for failing to safeguard user data amid the Cambridge Analytica data harvesting scandal, revealed in March by The Guardian and The New York Times. The data from up to 87 million users, and possibly more, was found to have been “harvested” via the psychological profiling app “Thisisyourdigitallife” – which was created by two psychologists (one of whom currently works for Facebook), and was specially designed to collect and share information.

Despite Facebook’s attempts at damage control, UniCredit says they’re done with the social media giant – and there have been others. Unilever UV and Sonos Inc. have also threatened to pull ads.

In late July, Facebook’s shares fell over 20 percent after second-quarter revenue showed the first signs of user disenchantment in the midst of public scandals over privacy and content. The company has been under fire following revelations that personal information on as many as 87 million users ended up in the hands of Cambridge Analytica, a political consulting firm that worked on Donald Trump’s presidential campaign. Mozilla Corp., which develops the Firefox web browser, said in March it would pause its ads from appearing on Facebook as a result. –Bloomberg

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