Author: Serkadis

  • U.S. Stock Falls Over N. Korea Situation

    After North Korea threatened to take military action against its southern neighbour, some large banks as well as industrial stocks fell over concerns that a conflict with N. Korea might halt the global economic recovery.  The Neo-Stalinist country’s threat comes after an alleged North Korean torpedo attack on a South Korean vessel, which spurred the South along with the United States to take part in some naval muscle flexing close to North Korean waters.



    Among those firms and institutions which saw drops amid the tense situation were Bank of America Corp, which fell by 3.1 percent; and Alcoa Inc., which fell by over 5.1 percent.  According to Art Hogan, chief market analyst at Jefferies & Co in New York, the situation sits as such:  “We have got another round of taking off the risk trade going on around the world, and we’re doing it in pretty dramatic fashion.”

    Furthermore, fears over a conflict with North Korea have also led to similar financial troubles in South Korea; the South Korean government apparently held an emergency session to discuss ways of soothing the fears of investors.

    Related posts:

    1. South Korea Accused North Korea for Firing Torpedo that Killed 46
    2. South Korean-, North Korean situation from the point of view of the U.S.
    3. Clinton warns North Korea that the attack will have its punishment

  • Germany’s Response To Market Weakness: Expand The War On Shorts

    Andrea Merkel

    Well, the recent ban on naked short-selling so well, so… guess what: the ban is being expanded.

    ForexLive cites Reuters headlines saying that a blanket ban on naked short-selling in Germany is coming.

    We don’t think any further comment is necessary.

    Join the conversation about this story »

  • Orders for 2011 Jeep Grand Cherokee are 30-40% higher than initial expectations

    2011 Jeep Grand Cherokee

    A key reason why Chrysler added a second shift at its Jefferson North Assembly Plant was because dealer orders for the redesigned 2011 Jeep Grand Cherokee have exceeded expectations by about a third.

    “Initial orders are 30-40 percent higher than initial expectations,” Jeep brand CEO Michael Manley said on the sidelines at the ceremony. However, the Auburn Hills automaker refused to say what their volume expectations were for the vehicle.

    Click here to get prices on the 2011 Jeep Grand Cherokee.

    At the launch of the 2011 Jeep Grand Cherokee production on Friday, Marchionne said a total of 1,080 employees will staff the second shift with nearly all new hires.

    Chrysler sold a total of 50,328 Jeep Grand Cherokees in 2009, down 32 percent from 2008. The vehicle’s sales peaked at 300,031 in 1999.

    Refresher: The 2011 Jeep Grand Cherokee will go on sale next month and will be available 3 models: Laredo, Limited and Overland. The 2011 Jeep Grand Cherokee Laredo 4×2 model starts at $30,995, while the 4×4 Grand Cherokee Laredo model starts at $32,995. Prices for the 2011 Grand Cherokee Limited 4×4 start at $39,995, while the Overland 4×4 model start at $42,995. All models will be powered by a 3.6L Pentastar V6 unit making 290-hp delivering up to 23 mpg and over 500 miles on one tank of gas. Optional features include a 360-hp 5.7L V8 and a Trailer Tow Group.

    2011 Jeep Grand Cherokee:

    – By: Omar Rana

    Source: Automotive News (Subscription Required)


  • China Blasts Bogus US Report On China’s IP Policies… As US & China Seek New IP Agreement

    It seems the left hand doesn’t always know what the right hand is doing on the diplomatic front, apparently. Late last week, the US and Chinese patent offices signed an agreement promising cooperation, including sharing information and best practices between the two. At the same time, however, it appears the Chinese government is pretty steamed about being included in the USTR’s silly special 301 report (which is basically mocked by everyone outside of the the USTR and the entertainment or pharma industries). To make matters worse, last week’s announcement by a group of elected officials in Congress under the banner of the “anti-piracy caucus,” which blamed China for not stopping file sharing on Baidu, seems to have pushed gov’t officials over the edge. China is pissed off and accusing the USTR of blatant lies:


    “The involved U.S. Congress members should respect the fact and stop making groundless accusations against China.”

    While it’s difficult to take the word of Chinese officials on this matter seriously, we again have to wonder if US politicians (and industry reps) have any idea what they’re setting themselves up for. As we noted recently, under pressure from US companies and politicians, China has begun cracking down on infringement, but has done so almost exclusively against foreign companies. Ticking off China even more on this issue doesn’t seem like a particularly wise strategy.

    Permalink | Comments | Email This Story





  • Gold Is Flat But It’s Surging

    So everyone’s freaking out today. What’s gold doing? Not much.

    But, we wouldn’t be surprised if in fact gold bulls were heartened by the move, because it’s not getting dumped. In some of the recent big swoons, investors dumped gold along with everything else for the “safety” or at least liquidity of dollars and yen. Today, they’re not doing that.

    chart

    Join the conversation about this story »

  • Spy Shots: Is this the new 2011 Volkswagen Jetta?

    Spy Shots: 2011 Volkswagen Jetta

    A forum member over at GM Inside News snapped these photos of two Volkswagen prototype sedans driving around the Metro Detroit area. The two are believed to be the next-generation Volkswagen Jetta sedans, which are scheduled to debut later this fall.

    It may also be a possibility that the two sedans pictured are the upcoming New Midsize Sedan, which will be built at Volkswagen’s new Chattanooga, Tennessee, plant. However, the proportions of the two prototypes don’t seem to have anything “midsize” about them.

    We’re putting our money on the 2011 Volkswagen Jetta.

    Spy Shots: 2011 Volkswagen Jetta:

    – By: Omar Rana

    Source: GMI


  • 25 Questions To Ask Anyone Who Is Delusional Enough To Believe That This Economic Recovery Is Real

    Via Prison Planet.com » Commentary

    The Economic Collapse
    May 25, 2010

    If you listen to the mainstream media long enough, you just might be tempted to believe that the United States has emerged from the recession and is now in the middle of a full-fledged economic recovery.  In fact, according to Obama administration officials, the great American economic machine has roared back to life, stronger and more vibrant than ever before.  But is that really the case?  Of course not.  You would have to be delusional to believe that.  What did happen was that all of the stimulus packages and government spending and new debt that Obama and the U.S. Congress pumped into the economy bought us a little bit of time.  But they have also made our long-term economic problems far worse.  The reality is that the U.S. cannot keep supporting an economy on an ocean of red ink forever.  At some point the charade is going to come crashing down. 

    And GDP is not a really good measure of the economic health of a nation.  For example, if you would have looked at the growth of GDP in the Weimar republic in the early 1930s, you may have been tempted to think that the German economy was really thriving.  German citizens were spending increasingly massive amounts of money.  But of course that money was becoming increasingly worthless at the same time as hyperinflation spiralled out of control.

    Well, today the purchasing power of our dollar is rapidly eroding as the price of food and other necessities continues to increase.  So just because Americans are spending a little bit more money than before really doesn’t mean much of anything.  As you will see below, there are a whole bunch of other signs that the U.S. economy is in very, very serious trouble. 

    Any “recovery” that the U.S. economy is experiencing is illusory and will be quite temporary.  The entire financial system of the United States is falling apart, and the powers that be can try to patch it up and prop it up for a while, but in the end this thing is going to come crashing down.

    But as obvious as that may seem to most of us, there are still quite a few people out there that are absolutely convinced that the U.S. economy will fully recover and will soon be stronger than ever.

    So the following are 25 questions to ask anyone who is delusional enough to believe that this economic recovery is real….  

    25 Questions To Ask Anyone Who Is Delusional Enough To Believe That This Economic Recovery Is Real 140410banner4

    #1) In what universe is an economy with 39.68 million Americans on food stamps considered to be a healthy, recovering economy?  In fact, the U.S. Department of Agriculture forecasts that enrollment in the food stamp program will exceed 43 million Americans in 2011.  Is a rapidly increasing number of Americans on food stamps a good sign or a bad sign for the economy?

    #2) According to RealtyTrac, foreclosure filings were reported on 367,056 properties in the month of March.  This was an increase of almost 19 percent from February, and it was the highest monthly total since RealtyTrac began issuing its report back in January 2005.  So can you please explain again how the U.S. real estate market is getting better?

    #3) The Mortgage Bankers Association just announced that more than 10 percent of U.S. homeowners with a mortgage had missed at least one payment in the January-March period.  That was a record high and up from 9.1 percent a year ago.  Do you think that is an indication that the U.S. housing market is recovering?

    #4) How can the U.S. real estate market be considered healthy when, for the first time in modern history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together?

    #5) With the U.S. Congress planning to quadruple oil taxes, what do you think that is going to do to the price of gasoline in the United States and how do you think that will affect the U.S. economy?

    #6) Do you think that it is a good sign that Arnold Schwarzenegger, the governor of the state of California, says that “terrible cuts” are urgently needed in order to avoid a complete financial disaster in his state?

    #7) But it just isn’t California that is in trouble.  Dozens of U.S. states are in such bad financial shape that they are getting ready for their biggest budget cuts in decades.  What do you think all of those budget cuts will do to the economy?

    #8) In March, the U.S. trade deficit widened to its highest level since December 2008.  Month after month after month we buy much more from the rest of the world than they buy from us.  Wealth is draining out of the United States at an unprecedented rate.  So is the fact that the gigantic U.S. trade deficit is actually getting bigger a good sign or a bad sign for the U.S. economy?

    #9) Considering the fact that the U.S. government is projected to have a 1.6 trillion dollar deficit in 2010, and considering the fact that if you went out and spent one dollar every single second it would take you more than 31,000 years to spend a trillion dollars, how can anyone in their right mind claim that the U.S. economy is getting healthier when we are getting into so much debt?

    #10) The U.S. Treasury Department recently announced that the U.S. government suffered a wider-than-expected budget deficit of 82.69 billion dollars in April.  So is the fact that the red ink of the U.S. government is actually worse than projected a good sign or a bad sign?

    #11) According to one new report, the U.S. national debt will reach 100 percent of GDP by the year 2015.  So is that a sign of economic recovery or of economic disaster?

    #12) Monstrous amounts of oil continue to gush freely into the Gulf of Mexico, and analysts are already projecting that the seafood and tourism industries along the Gulf coast will be devastated for decades by this unprecedented environmental disaster.  In light of those facts, how in the world can anyone project that the U.S. economy will soon be stronger than ever?

    #13) The FDIC’s list of problem banks recently hit a 17-year high.  Do you think that an increasing number of small banks failing is a good sign or a bad sign for the U.S. economy?

    #14) The FDIC is backing 8,000 banks that have a total of $13 trillion in assets with a deposit insurance fund that is basically flat broke.  So what do you think will happen if a significant number of small banks do start failing?

    #15) Existing home sales in the United States jumped 7.6 percent in April.  That is the good news.  The bad news is that this increase only happened because the deadline to take advantage of the temporary home buyer tax credit (government bribe) was looming.  So now that there is no more tax credit for home buyers, what will that do to home sales? 

    #16) Both Fannie Mae and Freddie Mac recently told the U.S. government that they are going to need even more bailout money.  So what does it say about the U.S. economy when the two “pillars” of the U.S. mortgage industry are government-backed financial black holes that the U.S. government has to relentlessly pour money into?

    #17) 43 percent of Americans have less than $10,000 saved for retirement.  Tens of millions of Americans find themselves just one lawsuit, one really bad traffic accident or one very serious illness away from financial ruin.  With so many Americans living on the edge, how can you say that the economy is healthy?

    #18) The mayor of Detroit says that the real unemployment rate in his city is somewhere around 50 percent.  So can the U.S. really be experiencing an economic recovery when so many are still unemployed in one of America’s biggest cities?

    #19) Gallup’s measure of underemployment hit 20.0% on March 15th.  That was up from 19.7% two weeks earlier and 19.5% at the start of the year.  Do you think that is a good trend or a bad trend?

    #20) One new poll shows that 76 percent of Americans believe that the U.S. economy is still in a recession.  So are the vast majority of Americans just stupid or could we still actually be in a recession?

    #21) The bottom 40 percent of those living in the United States now collectively own less than 1 percent of the nation’s wealth.  So is Barack Obama’s mantra that “what is good for Wall Street is good for Main Street” actually true?

    #22) Richard Russell, the famous author of the Dow Theory Letters, says that Americans should sell anything they can sell in order to get liquid because of the economic trouble that is coming.  Do you think that Richard Russell is delusional or could he possibly have a point?

    #23) Defaults on apartment building mortgages held by U.S. banks climbed to a record 4.6 percent in the first quarter of 2010.  In fact, that was almost twice the level of a year earlier.  Does that look like a good trend to you?

    #24) In March, the price of fresh and dried vegetables in the United States soared 49.3% – the most in 16 years.  Is it a sign of a healthy economy when food prices are increasing so dramatically?

    #25) 1.41 million Americans filed for personal bankruptcy in 2009 – a 32 percent increase over 2008.  Not only that, more Americans filed for bankruptcy in March 2010 than during any month since U.S. bankruptcy law was tightened in October 2005.  So shouldn’t we at least wait until the number of Americans filing for bankruptcy is not setting new all-time records before we even dare whisper the words “economic recovery”?

  • Belief In Man-Made Climate Change Collapses In Britain & Germany

    Via Prison Planet.com » Sci Tech

    Climate Fears Turn to Doubts Among Britons

    ELISABETH ROSENTHAL
    NY Times
    May 25, 2010

    Last month hundreds of environmental activists crammed into an auditorium here to ponder an anguished question: If the scientific consensus on climate change has not changed, why have so many people turned away from the idea that human activity is warming the planet?

    Nowhere has this shift in public opinion been more striking than in Britain, where climate change was until this year such a popular priority that in 2008 Parliament enshrined targets for emissions cuts as national law. But since then, the country has evolved into a home base for a thriving group of climate skeptics who have dominated news reports in recent months, apparently convincing many that the threat of warming is vastly exaggerated.

    A survey in February by the BBC found that only 26 percent of Britons believed that “climate change is happening and is now established as largely manmade,” down from 41 percent in November 2009. A poll conducted for the German magazine Der Spiegel found that 42 percent of Germans feared global warming, down from 62 percent four years earlier.

    And London’s Science Museum recently announced that a permanent exhibit scheduled to open later this year would be called the Climate Science Gallery — not the Climate Change Gallery as had previously been planned.

    Full article here

    Belief In Man Made Climate Change Collapses In Britain & Germany 140410banner4

  • More Blank Checks to the Military Industrial Complex

    Via Prison Planet.com » Commentary

    Ron Paul
    Campaign For Liberty
    May 25, 2010

    Congress, with its insatiable appetite for spending, is set to pass yet another “supplemental” appropriations bill in the next two weeks. So-called supplemental bills allow Congress to spend beyond even the 13 annual appropriations bills that fund the federal government. These are akin to a family that consistently outspends its budget, and therefore needs to use a credit card to make it through the end of the month.

    If the American people want Congress to spend less, putting an end to supplemental appropriations bills would be a start. The 13 “regular” appropriations bills fund every branch, department, agency, and program of the federal government. Congress should place every dollar in plain view among those 13 bills. Instead, supplemental spending bills serve as a sneaky way for Congress to spend extra money that was not projected in budget forecasts. Once rare, they have become commonplace vehicles for deficit spending.

    The latest supplemental bill is touted as an “emergency” war spending bill, needed to fund our ongoing conflicts in the Middle East. The emergencies never seem to end, however, and Congress passes one military supplemental bill after another as the wars in Iraq and Afghanistan drag on.

    Many of my colleagues argue that Congress cannot put a price on our sacred national security, and I agree that the strong, unequivocal defense of our country is a top priority. There comes a time, however, when we must take stock of what our blank checks to the military industrial complex accomplish for us, and where the true threats to American citizens lie.

    More Blank Checks to the Military Industrial Complex 150410banner7

    The smokescreen debate over earmarks demonstrates how we have lost perspective when it comes to military spending. Earmarks constitute about $11 billion of the latest budget. This sounds like a lot of money, and it is, but it is a drop in the bucket compared to the $708 billion spent by the Pentagon this year to expand our worldwide military presence. The total expenditures to maintain our world empire is approximately $1 trillion annually, which is roughly what the entire federal budget was in 1990!

    We spend more on defense than the rest of the world combined, and far more than we spent during the Cold War. These expenditures in many cases foment resentment that does not make us safer, but instead makes us a target. We referee and arm conflicts the world over, and have troops in some 140 countries with over 700 military bases.

    With this enormous amount of money and energy spent on efforts that have nothing to do with the security of the United States, when the time comes to defend American soil, we will be too involved in other adventures to do so.

    There is nothing conservative about spending money we don’t have simply because that spending is for defense. No enemy can harm us in the way we are harming ourselves, namely bankrupting the nation and destroying our own currency. The former Soviet Union did not implode because it was attacked; it imploded because it was broke. We cannot improve our economy if we refuse to examine all major outlays, including so-called defense spending.

  • Technical Analysis /12:10 GMT/ (EUR/USD, GBP/USD, EUR/JPY, GBP/JPY) 25.05.2010.

     

    EUR/USD (short term):. The pair is capped by a bearish channel. Sell under: 1.2315. TP at 1.2200 and 1.2150. Key levels: 1.2045, 1.2150, 1.2200, 1.2216, 1.2315, 1.2400, 1.2480

    GBP/USD (short term): The pair is under pressure. Further downside moves are likely. Buy Sell under 1.4400. TP 1.4235 and 1.4150. Key levels: 1.4070, 1.4150, 1.4235, 1.4283, 1.4400, 1.4470, 1.4530

    EUR/JPY (short term): The pair is likely to fall to it’s previous low. Sell under 111.20. TP 109.30 and 108.05. Key levels: 107.65, 108.50, 109.30, 109.65, 111.20, 111.90, 113.50

    GBP/JPY (short term): The pair is under pressure. Sell under 129.50. TP 127.70 and 126.75 Key levels: 125.80, 126.75, 127.70, 128.38, 129.50, 130.50, 131.50

    Related posts:

    1. Technical Analysis /18:25 GMT/ (EUR/USD, GBP/USD, EUR/JPY, GBP/JPY) 20.05.2010.
    2. Technical Analysis /12:18 GMT/ (EUR/USD, GBP/USD, EUR/JPY, GBP/JPY, USD/JPY) 07.05.2010.
    3. Technical Analysis /latest update/ (EUR/USD, GBP/USD, EUR/JPY, GBP/JPY, USD/JPY) 22.05.2010.

  • Lord Monckton wins global warming debate at Oxford Union

    Via Prison Planet.com » Sci Tech

    Anthony Watts
    Watts Up With That?
    May 25, 2010

    I’m waiting for actual photos of the event from the official photographer, but for now I’ll make do with what can be found on the Internet. For those who don’t know, the Oxford Union is the top of the food chain for scholarly debate. This is a significant win.

    File:OxfordUnionTwo20040228CopyrightKaihsuTai.png The Oxford Union Debate Chamber – image from Wikimedia 

    Founded in 1823 at the University of Oxford, but maintaining a separate charter from the University, The Oxford Union is host to some of the most skillful debates in the world. Many eminent scholars and personalities have come and either debated or delivered speeches in the chamber. Monckton was invited as part of the formal Thursday debate.

    It is described as follows:

    The Union is the world’s most prestigious debating society, with an unparalleled reputation for bringing international guests and speakers to Oxford. It has been established for 182 years, aiming to promote debate and discussion not just in Oxford University, but across the globe.

    Here is a view inside from a previous debate:

    http://mba.sbsblogs.co.uk/wp-content/uploads/2008/12/06-the-oxford-union-debating-chamber-pic-courtesy-rajiv-dabas-2.jpg The Debate Chamber – Photo by: Rajiv Dabas 

    From the SPPI Blog, an account of the debate:

    Oxford Union Debate on Climate Catastrophe

    Source:  SPPI

    Army of Light and Truth 135, Forces of Darkness 110

    For what is believed to be the first time ever in England, an audience of university undergraduates has decisively rejected the notion that “global warming” is or could become a global crisis. The only previous defeat for climate extremism among an undergraduate audience was at St. Andrew’s University, Scotland, in the spring of 2009, when the climate extremists were defeated by three votes.

    Last week, members of the historic Oxford Union Society, the world’s premier debating society, carried the motion “That this House would put economic growth before combating climate change” by 135 votes to 110. The debate was sponsored by the Science and Public Policy Institute, Washington DC.

    Lord Monckton wins global warming debate at Oxford Union 260310banner2

    Serious observers are interpreting this shock result as a sign that students are now impatiently rejecting the relentless extremist propaganda taught under the guise of compulsory environmental-studies classes in British schools, confirming opinion-poll findings that the voters are no longer frightened by “global warming” scare stories, if they ever were.

    When the Union’s president, Laura Winwood, announced the result in the Victorian-Gothich Gladstone Room, three peers cheered with the undergraduates, and one peer drowned his sorrows in beer.

    Lord Lawson of Blaby, Margaret Thatcher’s former finance minister, opened the case for the proposition by saying that the economic proposals put forward by the UN’s climate panel and its supporters did not add up. It would be better to wait and see whether the scientists had gotten it right. It was not sensible to make expensive spending commitments, particularly at a time of great economic hardship, when the effectiveness of the spending was gravely in doubt and when it might do more harm than good.

    At one point, Lord Lawson was interrupted by a US student, who demanded to know what was his connection with the Science and Public Policy Institute, and what were the Institute’s sources of funding. Lord Lawson was cheered when he said he neither knew nor cared who funded the Institute.

    Ms. Zara McGlone, Secretary of the Oxford Union, opposed the motion, saying that greenhouse gases had an effect [they do, but it is very small]; that the precautionary principle required immediate action, just in case and regardless of expense [but one must also bear in mind the cost of the precautions themselves, which can and often do easily exceed the cost of inaction]; that Bangladesh was sinking beneath the waves [a recent study by Prof. Niklas Moerner shows that sea level in Bangladesh has actually fallen]; that the majority of scientists believed “global warming” was a problem [she offered no evidence for this]; and that “irreversible natural destruction” would occur if we did nothing [but she did not offer any evidence].

    Mr. James Delingpole, a blogger for the leading British conservative national newspaper The Daily Telegraph, seconded the proposition, saying that – politically speaking – the climate extremists had long since lost the argument. The general public simply did not buy the scare stories any more. The endless tales of Biblical disasters peddled by the alarmist faction were an unwelcome and now fortunately failed recrudescence of dull, gray Puritanism. Instead of hand-wringing and bed-wetting, we should celebrate the considerable achievements of the human race and start having fun.

    Lord Whitty, a Labor peer from the trades union movement and, until recently, Labor’s Environment Minister in the Upper House, said that the world’s oil supplies were rapidly running out [in fact, record new finds have been made in the past five years]; that we needed to change our definition of economic growth to take into account the value lost when we damaged the environment [it is artificial accounting of this kind that has left Britain as bankrupt as Greece after 13 years of Labor government]; that green jobs created by governments would help to end unemployment [but Milton Friedman won his Nobel Prize for economics by demonstrating that every artificial job created at taxpayers’ expense destroys two real jobs in the wealth-producing private sector]; that humans were the cause of most of the past century’s warming [there is no evidence for that: the case is built on speculation by programmers of computer models]; that temperature today was at its highest in at least 40 million years [in fact, it was higher than today by at least 12.5 F° for most of the past 550 million years]; and that 95% of scientists believed our influence on the climate was catastrophic [no one has asked them].

    Lord Monckton repeatedly interrupted Lord Whitty to ask him to give a reference in the scientific literature for his suggestion that 95% of scientists believed our influence on the climate was catastrophic. Lord Whitty was unable to provide the source for his figure, but said that everyone knew it was true. Under further pressure from Lord Monckton, Lord Whitty conceded that the figure should perhaps be 92%. Lord Monckton asked: “And your reference is?” Lord Whitty was unable to reply. Hon. Members began to join in, jeering “Your reference? Your reference?” Lord Whitty sat down looking baffled.

    Lord Leach of Fairford, whom Margaret Thatcher appointed a Life Peer for his educational work, spoke third for the proposition. He said that we no longer knew whether or not there had been much “global warming” over the 20th century, because the Climategate emails had exposed the terrestrial temperature records as defective. In any event, he said, throwing good money after bad on various alternative-energy boondoggles was unlikely to prove profitable in the long term and would ultimately do harm.

    Mr. Rajesh Makwana, executive director of “Share The World’s Resources”, speaking third for the opposition, said that climate change was manmade [but he did not produce any evidence for that assertion]; that CO2 emissions were growing at 3% a year [but it is concentrations, not emissions, that may in theory affect climate, and concentrations are rising at a harmless 0.5% a year]; that the UN’s climate panel had forecast a 7 F° “global warming” for the 21st century [it’s gotten off to a bad start, with a cooling of 0.2 F° so far]; and that the consequences of “global warming” would be dire [yet, in the audience, sat Mr. Klaus-Martin Schulte, whose landmark paper of 2008 had established that not one of 539 scientific papers on “global climate change” provided any evidence whatsoever that “global warming” would be catastrophic].

    Lord Monckton, a former science advisor to Margaret Thatcher during her years as Prime Minister of the UK, concluded the case for the proposition. He drew immediate laughter and cheers when he described himself as “Christopher Walter, Third Viscount Monckton of Brenchley, scholar, philanthropist, wit, man about town, and former chairman of the Wines and Spirits Committee of this honourable Society”. At that point his cummerbund came undone. He held it up to the audience and said, “If I asked this House how long this cummerbund is, you might telephone around all the manufacturers and ask them how many cummerbunds they made, and how long each type of cummerbund was, and put the data into a computer model run by a zitty teenager eating too many doughnuts, and the computer would make an expensive guess. Or you could take a tape-measure and” – glaring at the opposition across the despatch-box – “measure it!” [cheers].

    Lord Monckton said that real-world measurements, as opposed to models, showed that the warming effect of CO2 was a tiny fraction of the estimates peddled by the UN’s climate panel. He said that he would take his lead from Lord Lawson, however, in concentrating on the economics rather than the science. He glared at the opposition again and demanded whether, since they had declared themselves to be so worried about “global warming”, they would care to tell him – to two places of decimals and one standard deviation – the UN’s central estimate of the “global warming” that might result from a doubling of atmospheric CO2 concentration. The opposition were unable to reply. Lord Monckton told them the answer was 3.26 plus or minus 0.69 Kelvin or Celsius degrees. An Hon. Member interrupted: “And your reference is?” Lord Monckton replied: “IPCC, 2007, chapter 10, box 10.2.” [cheers]. He concluded that shutting down the entire global economy for a whole year, with all the death, destruction, disaster, disease and distress that that would cause, would forestall just 4.7 ln(390/388) = 0.024 Kelvin or Celsius degrees of “global warming”, so that total economic shutdown for 41 years would prevent just 1 K of warming. Adaptation as and if necessary would be orders of magnitude cheaper and more cost-effective.

    Mr. Mike Mason, founder and managing director of “Climate Care”, concluded for the opposition. He said that the proposition were peculiar people, and that Lord Monckton was more peculiar than most, in that he was not a real Lord. Lord Monckton, on a point of order, told Mr. Mason that the proposition had avoided personalities and that if Mr. Mason were unable to argue other than ad hominem he should “get out”. [cheers] Mr. Mason then said that we had to prepare for climate risks [yes, in both directions, towards cooler as well as warmer]; and that there was a “scientific consensus” [but he offered no evidence for the existence of any such consensus, still less for the notion that science is done by consensus].

    The President thanked the speakers and expressed the Society’s gratitude to the Science and Public Policy Institute for sponsoring the debate. Hon. Members filed out of the Debating Chamber, built to resemble the interior of the House of Commons, and passed either side of the brass division-pole at the main door – Ayes to the right 135, Noes to the left 110. Motion carried.

  • 12 Charts On The Crisis In European Banking (STD, UBS, LYD, RBS)

    chart

    All eyes are on the health of the European banks.

    Let’s take a look at some ones to keep an eye on, and how far they’ve fallen.

    Banco Santander (Spain)

    Banco Santander (Spain)

    Source: Stockcharts.com

    Lloyd Banking Group (UK)

    Lloyd Banking Group (UK)

    Source: Yahoo Finance

    RBS (UK)

    RBS (UK)

    Source: Yahoo Finance

    Barclays (UK)

    Barclays (UK)

    Source: Yahoo Finance

    Societe Generale (France)

    Societe Generale (France)

    Sourece: Google Finance

    Allianz Bank (Germany)

    Allianz Bank (Germany)

    Source: Yahoo Finance

    UBS

    UBS

    Source: Yahoo Finance

    Deutsche Bank

    Deutsche Bank

    Source: Yahoo Finance

    Credit Agricole (France)

    Credit Agricole (France)

    Source: Yahoo Finance

    BNP Paribas (France)

    BNP Paribas (France)

    Source: Yahoo Finance

    Banco Popolare (Spain)

    Banco Popolare (Spain)

    Source: Yahoo Finance

    Bnaco Bilbao Vizcaya (Spain)

    Bnaco Bilbao Vizcaya (Spain)

    Source: Stockcharts.com

    Now don’t miss…

    Now don't miss...

    The complete guide to the Spanish debt crisis >

    Join the conversation about this story »

  • KBB names the top 10 coolest cars under $18,000 in 2010

    2011 Ford Fiesta

    Is your new car budget under $18,000? Well, you’re in luck because automakers seem to be stepping up their game in the sub-$18k segment, typically a gas-sipping and obviously affordable bunch. The folks at Kelley Blue Book decided to compile a list of the top 10 coolest new cars under $18,000 in 2010.

    “Certainly, there are many good cars available for less than $18,000 that will get you from point A to point Z with a minimum of fuss,” kbb.com said in a statement. “However, many of them also will do it with a minimum of fun, which is something the kbb.com editors feel is “just plain wrong” for their coolest cars list.”

    Click here to get prices on the 2011 Ford Fiesta.

    Of course, Detroit’s new pride and joy, the 2011 Ford Fiesta, topped the list.

    “The marketplace for ‘cool,’ versatile, affordable cars, bursting with personality and boasting the same (if not better) technology as some luxury cars with triple their price tags, is only getting more crowded,” said Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue Book’s kbb.com. “This signals a great time for car buyers, especially younger first-time buyers or those just looking to save some cash, as steep competition in the under-$18,000 range will inevitably lead to great deals.”

    Hit the jump to see the full list.

    2010 Top 10 Coolest New Cars Under $18,000:

    • 1. 2011 Ford Fiesta
    • 2. 2010 Honda Civic
    • 3. 2010 Honda Fit
    • 4. 2010 Hyundai Elantra Touring
    • 5. 2010 Kia Soul
    • 6. 2010 Mazda3
    • 7. 2010 Mitsubishi Lancer
    • 8. 2010 Nissan Cube
    • 9. 2010 Scion xB
    • 10. 2010 Suzuki SX4

    – By: Kap Shah

    Source: kbb.com


  • NY’s second-tallest building wins highest ‘green’ certification

    bank of america tower

    Eco Factor: Sustainable high-rise building constructed using recycled material.

    It is one hell of a task for designers to construct a structure that incorporates advanced green technologies to meet terms with sustainability and set example for others to follow. But it seems like Cook&Fox Architects has succeeded in doing just that by erecting the 54-story building that has recently received the U.S. Green Building Council’s highest rating for environmental performance and sustainability – the “platinum” certification.

    (more…)

  • Female race car drivers

    List of female race car drivers name from A-Z is all here. These female drivers are best in driving race car and they are hot and sexy in race track! They have done whatever guys can do and some of the female racers even done better than guys. This article is to contribute to all the greatest female car racers who are talented, hot, and sexy.

    Female race car drivers

    A

    Amanda Stretton
    Anne-Charlotte Verney
    Ashely Force Hood – a funny car drag racer for John Force Racing. Ashely is the daughter of 14-time NHRA Funny car national champion John Force.

    B

    Betty Skelton Erde
    Bia Figueiredo

    C

    Carmen Jordá
    Catharina Felser
    Christina Surer
    Corentine Quiniou
    Cyndie Allemann

    D

    Danica Patrick – Indy car racer.
    Dorothy Levitt

    E

    Eliška Junková
    Ellen Lohr
    Erica Enders – A beautiful young junior dragster driver who is the most successful female Pro Stock Driver in NHRA history. She became first woman to qualify No. 1 in Pro Stock Recorded runner-up finish at Gatornationals in Gainesville in 2006.
    Erin Crocker – In 2006, Erin Crocker has rock the world as she was the only woman to compete full time in the NASCAR Craftsman Truck Series. Other than that, she also ran in the ARCA and NASCAR Busch Series.

    F

    Fiona Leggate

    G

    Giselle Klein

    H

    Hellé Nice

    J

    Janet Guthrie
    Jannine Jennky
    Junko Mihara

    K

    Katherine Legge – A lovely British auto racing driver. Katherine Legge became the first woman to win a developmental open-wheel race in North America.
    Kathy Rude
    Karlīne Štāla
    Kay Petre

    L

    Laleh Seddigh – Iran’s foremost female driver. Laleh is the only female driver who has been given permission by the authorities to race in the male races and has won on most occasions.
    Leanne Tander
    Leilani Münter – A race car driver and environmentalist bringing two worlds together.
    Liz Halliday – Liz has won three times while finishing runner-up in the P2 driver’s championship in the American Le Mans Series.
    Lyn St. James

    M

    María de Villota
    Maria Teresa de Filippis
    Melanie Troxel – appear in racing track when she was just 16 using a car with a self-build engine from her high school. In year 2005, she clocked a 4.458 second pass and 330.31 mph speed in Dallas and this has make her became one of the fastest female race car drivers in NHRA.
    Michele Bumgarner
    Mildred Bruce
    Milka Duno – Beautiful and strong competitive spirits female car racer. Milka Duno is the first Venezuelan woman to start a career in professional motorsports at an international level.
    Mishael Abbott

    N

    Natacha Gachnang
    Natasha Firman
    Nettan Lindgren-Jansson

    P

    Patsy Burt
    Patty Moise
    Pippa Mann

    S

    Sabine Schmitz
    Sarah Fisher – She is the first female racer to win the pole position and youngest (when she was 19 years old) to compete in the Indy 500.
    Shawna Robinson
    Sheila van Damm
    Shirley Muldowney – the “First Lady of Drag Racing”, first woman to receive a license from NHRA (National Hot Rod Association) to drive a top fuel dragster. Shirley has won the NHRA Top Fuel championship in 1977, 1980, and 1982, becoming the first person to win two and three Top Fuel titles.
    Shirley van der Lof
    Simona de Silvestro
    Susie Stoddart

    T

    Tracy Shayhorn

    V

    Vanina Ickx
    Vicki Butler-Henderson

    Y

    Yuri Mitsui

    They are all time cool, hot, and sexy female race car drivers.
    female-race-car-drivers Female race car drivers

    Source: Cars, Fast Cars, Cool Cars, Sports Cars

  • AutoblogGreen for 05.25.10

    Milburn unveiled $1,000 EV with 100-mile range, swappable batteries back in 1920 [w/video]
    You’ve come a long way, maybe.
    Japan EV Club drives 623 miles on a single charge
    It’s not what we can expect in daily driving, but it is pretty cool.
    Amusing: Zoe Renault doesn’t want there to be an electric car called the Renault Zoe
    Ford Fairlane agrees.
    Other news:

    AutoblogGreen for 05.25.10 originally appeared on Autoblog on Tue, 25 May 2010 06:03:00 EST. Please see our terms for use of feeds.

    Read | Permalink | Email this | Comments

  • U.S. Is Said to Expand Secret Military Acts in Mideast Region

    Via Prison Planet.com » World News

    MARK MAZZETTI
    NY Times
    May 25, 2010

    The top American commander in the Middle East has ordered a broad expansion of clandestine military activity in an effort to disrupt militant groups or counter threats in Iran, Saudi Arabia, Somalia and other countries in the region, according to defense officials and military documents.

    The secret directive, signed in September by Gen. David H. Petraeus, authorizes the sending of American Special Operations troops to both friendly and hostile nations in the Middle East, Central Asia and the Horn of Africa to gather intelligence and build ties with local forces. Officials said the order also permits reconnaissance that could pave the way for possible military strikes in Iran if tensions over its nuclear ambitions escalate.

    While the Bush administration had approved some clandestine military activities far from designated war zones, the new order is intended to make such efforts more systematic and long term, officials said. Its goals are to build networks that could “penetrate, disrupt, defeat or destroy” Al Qaeda and other militant groups, as well as to “prepare the environment” for future attacks by American or local military forces, the document said. The order, however, does not appear to authorize offensive strikes in any specific countries.

    In broadening its secret activities, the United States military has also sought in recent years to break its dependence on the Central Intelligence Agency and other spy agencies for information in countries without a significant American troop presence.

    Full article here

    U.S. Is Said to Expand Secret Military Acts in Mideast Region 150410banner1

  • Hubble discovers planet being devoured by star

    Via Prison Planet.com » Sci Tech

    London Telegraph
    May 25, 2010

    The Hubble space telescope has discovered a planet in our galaxy in the process of being devoured by the star that it orbits.

    An artist's image showing planet WASP-12b which is being eaten by a star.

    The doomed planet, dubbed WASP-12b, has the highest known surface temperature of any planet in the Milky Way – around 2,800F (1,500C).

    But it could be enveloped by its own parent star over the next ten million years, the paper’s authors have concluded.

    Using a new instrument called the Cosmic Origins Spectrograph that was installed on Hubble in 2009, the researchers observed how the planet was whipped into an elongated shape by gravitational forces.

    Full article here

    Hubble discovers planet being devoured by star  260310banner2