This morning's key headlines from GenerationalDynamics.com
- Venezuelan women openly weep as Hugo Chávez faces malignant cancer
- Latest climate charge conference is an even greater farce than previous ones
- Reviewing the 'Climate Change' issue
- Arab League votes $100 million per month in aid to Palestinian Authority
- Mauldin: Looming crisis, state budgets soon to be under siege
Venezuelan women openly weep as Hugo Chavez faces malignant cancer
Hugo Chavez (Trome)
Venezuela's president Hugo Chávez announced late Saturday that his
doctors has found new cancer malignancies, and that he would have
to return to Cuba on Sunday for a fourth operation:
"It has been decided, it is necessary, absolutely
necessary, absolutely essential, to undergo further surgery and
that should happen in the coming days, even doctors recommended it
was yesterday (Friday). ...
[With] the favor of God as in the past, we will be victorious.
Such are the circumstances of life, I still clung to Christ,
clinging to my lord, clinging to hope and faith. I hope and I pray
to God to give them good news in the coming days and we can continue
together to build what we have to do for the homeland."
Chávez said Vice President Nicolas Maduro would take over if he is
incapacitated, and urged supporters to vote for him if an election is
Chávez has had three previous operations in Cuba to remove cancel.
Nonetheless, many Venezuelans were shocked by the announcement, since he had
claimed to be completely cured before his October 7 re-election as president.
Rallies and prayer meetings were held across Venezuela on Sunday to
show support and to pray for a quick recovery. Many were weeping in
sadness, as in the case of housewife Gladys Millan, 45, who said,
"Onward, my president. I love you, we need you, not only us but many
other countries." Trome and Reuters
Latest climate charge conference is an even greater farce than previous ones
Every year, climate change activists expend astronomical amounts of
carbon emissions to attend a climate change conference in some world
class vacation spot. When they get there, they sit by the pool except
to go to an occasional air-conditioned meeting room or to seek out a
BBC reporter in order to whine about how the United States creates all
the evils in the world.
The latest climate change conference ended on Saturday in Doha, Qatar,
the carbon emissions capital of the world. The conference was
characterized by even greater farce than previous conferences.
Previous climate change conferences had the objective of getting the
United States involved in the "carbon trading system," which would
allow banksters to create carbon trade derivative securities that
would put trillions of dollars into banksters' pockets with a new set
of synthetic securities even more fraudulent than synthetic subprime
mortgage-backed securities that caused the financial crisis.
Well, apparently that fraud is now considered to be down the drain.
This week's conference replaced it with a new objective: To get the
United States to pay into a $100 billion "financial reservoir" called
a "Loss and Damage Fund," to be used to pay developing nations huge
amounts of money to compensate for "loss and damage" from climate
change caused by America. The climate change activist freaks insist
that the Loss and Damage Fund could be financed by a tax on financial
transactions or airline levies, or by reducing the "immoral, obscene
level of expenditures" on fossil fuels. They regard all this money as
"free money" that they could use for their purposes, with no loss to
It's embarrassing that the United States participated in this circus,
because President Obama wants to prove how "committed" he is to saving
the world from climate change. But in fact, the climate change freaks
at the conference were FURIOUS at Obama, because he let them down and
didn't agree to pay money into the "Loss and Damage Fund." But fear
not. The Administration agreed to support a "Loss and Damage Fund"
for some unnamed time in the future, allowing them to blame the
Republicans if they win in 2016.
The conference also agreed to extend the moribund Kyoto Protocol,
which was about to expire, to 2020.
You remember the Kyoto protocol, don't you? It was never ratified by
the United States. Al Gore, who is the greatest climate change circus
freak of all, tried to push this through the Senate in 1997, when he
was vice-president. The attempt failed by a vote of 99 to 0 -- a
unanimous vote against it.
So the Kyoto Treaty is a worthless peace of garbage that even
Democrats unanimously rejected, which may explain why the Obama
administration is so devoted to it. We have Wall Street "experts"
openly lying about stock valuations on CNBC, and we have politicians
in Brussels and Washington openly lying about climate change and the
financial crisis, while the Obama administration commits itself to
this farce. Respectable people are gangsters, and gangsters are
treated as respectable people.
Reviewing the 'Climate Change' issue
Let's just go over some things about the climate change issue.
Climate science is not rocket science. When a rocket scientist tests
his conclusions, the whole world can see whether or not the rover
lands on Mars without crashing. There's no politics or guesswork in
the final outcome.
Climate science is "science" only in the same way that sociology is
science. They take measurements of weather around the world, do
statistical analyses and create computer models, and reach some
conclusions. Once they've determined statistically that it's getting
warmer here or getting colder there or getting wetter here or dryer
there, that's the end of the "science." The rest is all guesswork and
Just as sociologists choose ideological targets to "blame" for
poverty, climate scientists choose ideological targets to "blame" for
climate change. Carbon emissions were chosen as the thing to "blame"
because that's where the money is and what the politicians want.
Correlating climate change to carbon emissions is not science, it's
guesswork and politics.
Just to take one other possibility: There are 20,000 or so earthquakes
a year, almost all of them too small or too remote to make the news.
However, there are some reports that the number of major earthquakes
has been increasing in the last 15 years, especially in the "ring of
fire" in the Pacific, where a large number of earthquakes and volcanic
eruptions occur. Is that caused by carbon emissions? Why not?
More to the point, perhaps these 20,000 earthquakes per year and the
volcanic eruptions are modifying and shifting ocean currents, causing
the Arctic ice to melt. That seems to me to be a more likely
explanation than carbon emissions, but you never here it mentioned by
the climate "scientists."
And even if you assume that the climate science is all true, and even
if you assume that carbon emissions are the cause, it's still a
financial scam, because there's no technical solution to the problem
right now, and making trillions of dollars available to banksters will
definitely not solve anything except hasten the worsening of financial
And making billions of dollars available to corrupt warlords and
leaders of developing nations so they can build themselves larger
palaces and larger Swiss bank accounts won't reduce carbon emissions
And even if you assume that the climate science is all true, and even
if you assume that carbon emissions are the cause, and even if you
assume that the technology exists, then some company will market it
and quickly become very wealthy. We don't need Solyndra-type fiascos
to bring carbon-related technologies to market. It will instantly be
as popular as the Model-T Ford that solved the horse crap emissions
problem a century ago.
In fact, I expect new nanotechnology and intelligent computer
technology to begin to provide solutions to the carbon emissions
problems in the 2020s, and this can't be sped up. Things happen in
their own time. You can't invent the car before you've invented the
I have a very long memory. In 1970, I read an article in Ramparts
Magazine that "scientists" had "proved" that because America was
polluting the oceans so much, all the oceans would be covered with a
layer of green algae by 1980. In 1972, the "Club of Rome" published a
report on the Limits of Growth that "scientists" had "proved" that
within a few decades, the world would grind to a halt because of
pollution. It turned out that they had reached their conclusions
because of a bug in their Fortran program. There's no end to this
kind of crap. And recall that we used to believe in "global cooling"
rather than "global warming."
So if you're a "climate change activist," you're welcome to believe
anything you want, but don't confuse what you believe with science.
BBC and Guardian (London)
Arab League votes $100 million per month in aid to Palestinian Authority
The members of the Arab League voted on Thursday to provide the
Palestinian Authority with a $100 million monthly "financial safety
net." On November 29, the United Nations General Assembly voted to
create a state of Palestine, and Israel's reaction was to announce the
building of 3,000 new West Bank settlements, and to withhold $100
million in tax collections to the Palestinian Authority. PA president
Mahmoud Abbas requested the financial aid from the Arab League to
compensate for the loss of the tax revenue. Reuters
Mauldin: Looming crisis, state budgets soon to be under siege
I like quoting analyst John Mauldin, because he's phony in a different
way than almost all the other financial analysts. The ones on CNBC
and Bloomberg television tell full-throated lies about stock
valuations constantly, as I've documented many times, naming names and
quoting quotes. (See, for example, "14-Apr-12 World View -- Wharton School's Jeremy Siegel is lying about stock valuations"
from earlier this year.) Respectable
people are gangsters, and gangsters are treated as respectable people.
Siegel is a moron, but Mauldin actually understands the sophisticated
mathematics behind price/earnings ratios (stock valuations): Divide
the stock price by last year's earnings. That computation is too
complex for the geniuses on CNBC, who are constantly claiming that
valuations are at historic lows, when in fact they've been
historically high continuously since 1995.
But Mauldin understands the math. He just fails to draw the obvious
conclusion -- that by the Law of Mean Reversion, stocks are going to
fall to the Dow 3000 level. He just pretends that stock valuations
will stay historically high forever, so that he won't lose any of his
multi-million dollar clients. As I say, that's a lot less phony than
the liars and morons on CNBC.
In his latest column, Mauldin quotes himself from 2004:
"Unless steps are taken soon, it is possible we can
see shortfalls approaching $1 trillion–$2 trillion in
state-sponsored pension funds within 10 years. A deficit of this
size on the state level can truly be called a crisis. A tax
increase or other adjustments to fund this will be a large drag on
That was a pretty good prediction, though he complains that "I caught
some flak for being so pessimistic about the potential problems,"
which I can understand, since I've been called a crazy psychopath a
number of times, though much more rarely in recent years now that
everything I've been writing keeps coming true.
His column contains an analysis by Ed Easterling of Crestmont Research
which says, in essence, that Mauldin's 2004 prediction is now coming
true, mainly because public sector labor unions are bankrupting the
pension systems and the state taxpayers who are on the hook to make up
the shortfall, and because estimates of stock market returns are wild
overestimates. Easterly concludes:
"The result is an ongoing gap of near 4% annually that
will cause an ever-widening shortfall for state pension plans.
The problem is not a gap created by a unique event in 2008, but
rather it is the result of an environment that started about a
That gap, moreover, will not move at glacial pace presenting a
subtle 4% shift each year. Rather, with the force of an
earthquake, periodic market declines will reveal large
I certainly hope that no long-time reader of these Generational
Dynamics articles is dumb enough to still be in the stock market.
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