The Great Crack-Up

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The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function. One should, for example, be able to see that things are hopeless and yet be determined to make them otherwise.”
F. Scott Fitzgerald, The Crack-Up

–Australian director Baz Luhrmann was scheduled to begin filming this month of his 3D version of F. Scott Fitzgerald’s The Great Gatsby, published in April of 1925. But now the project is off until Luhrmann can learn more about Fitzgerald. In a recent interview Luhrmann said, “I’ve been studying Fitzgerald now for three years, and my only act now is to absorb the DNA of his world, his life, the world of the novel.” In support of his cause, today’s Daily Reckoning will attempt to reveal what Fitzgerald’s work says about today’s Australian investment landscape.

–As an aside, you have to wonder what the advantages of filming a 1925 period film in 3D are. Fitzgerald’s greatest book (and perhaps the greatest novel about America by any writer, in our opinion) is a story about reinvention and Westward expansion and the abstract idea of America which he later called, “a willingness of the heart,” personified by the aspiring Jay Gatsby.

–But Gatsby is not an action book, and probably wouldn’t make a good action film. Are insights into the human condition more compelling when filmed in three dimensions? Maybe. But probably not.

–Incidentally, Luhrmann plans to film his version of Gatsby in Sydney, even though the story itself is set in Long Island and Manhattan. That seems appropriate. Sydney is the iconic city of a nation basking in the glow of the most extraordinary period of uninterrupted prosperity in its history, a little like New York in 1925, before the Crash and the Great Depression.

–And now is probably the right time to remake Gatsby, too. Certain stories are more telling at certain times. Gatsby is one of them. It’s a story about wealth as a means to an end…what people will do to get it…and how the pursuit of it for its own sake can ruin others.

–Not to put too fine a point on it, but Tom Buchannan-one of the main characters in the story-is described as a man with a body, “capable of enormous leverage-a cruel body.” Leverage is a word you use in physics and finance. It describes the ability to move something larger with the application of a small amount of force in the right place. It’s an unusual but obviously deliberate word choice from Fitzgerald.

–You can imagine that in 1925 there were plenty of people in New York using leverage to exercise a disproportionate amount of force over current events, financial and otherwise-just like today really, which is one reason the story is especially socially and economically relevant again . The most famous film version of the book starred Robert Redford and was released in 1974, about the time that paper money in the Western world became unhitched from gold.

–Luhrmann should read Fitzgerald’s 1936 essay The Crack-Up, published in Esquire magazine. Before Twitter and YouTube and cable-TV chat shows, celebrity personalities had their mid-life crises and personal breakdowns in three-part articles in nationally distributed magazines. Fitzgerald’s crack-up meltdown is far more “winning” than Charlie Sheen’s because Fitzgerald provides us with this gem, “One should…be able to see that things are hopeless and yet be determined to make them otherwise.”

–Which brings us to the world today. We’d submit for your consideration the simple idea that all the worlds’ political, military, and economic happenings can be best understood as part of a great Crack-Up. When you take away the key inputs of an expanding global system-cheap energy and cheap credit-the whole system a) ceases to expand, b) begins to fracture, and possibly c) utterly cracks up into many non-cohesive pieces.

–In Europe, the crack-up is political and economic. Yields on five-year government bonds in Portugal climbed over 8% for the first time ever. JP Morgan releases a research report which concludes that austerity measures will not pass political muster, throwing Portugal at the mercy of yet another European bailout.

–Not to be outdone, Citibank released a report citing a huge increase in two-year Irish bond yields. The report claims that the Irish banking situation “has all the hallmarks of something that might start to get ugly. It is ‘obvious to a blind man’ that Ireland does not have the ability to meet the present requirements. (Almost certainly not on the level of interest rates or level of debt.)

–How did that happy green island ever get in the position of loaning so much money it didn’t have so people could buy houses they couldn’t afford to capture wealth gains that were really just inflation in disguise? It’s what has to happen in a crack-up. You stop making economic decisions that have even a whiff of rationality to them. You chase the dream with leverage, which as we know can be cruel.

–In the Middle East and North Africa, the political crack-up continues as well. The toll of a weaker U.S. dollar (evidence itself of a bankrupt U.S. empire) continues to rise, regime by regime. Some of the regimes in the region enjoyed explicit U.S. military and economic backing. Some did not. But in one way or another, the whole pre-Tunisia status quo was a product of the 30-year relationship between U.S. energy needs and the security relationship (protection money) the U.S. had with reliable partners in the region (Saudi Arabia).

–All of that is cracking-up. And even the unanimity of America’s central banking cartel is cracking up. “If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when,” said Dallas Federal Reserve Bank President Richard Fisher at a question-and-answer session in Germany.

–Maybe it was the jet lag. Or the lager. But Fisher (for now) is in the inner sanctum of the Fed. He’s superficially criticizing the U.S. Congress (fiscal authorities) for reckless spending. But he’s indirectly criticizing his own Fed (monetary authorities) for buying U.S. government debt with newly created money.

–The whole affair is bigger than that: it’s the crack-up of the Fiscal Welfare/Warfare State funding model. Fisher said the U.S. was near an avoidable “tipping point” where the fiscal crisis led to insolvency. But it may have passed that tipping point.

–A nation has truly cracked up when it believes creditors will continue to finance three wars, annual deficits of $1.5 trillion, and an un-repentant, un-serious political class that refuses to cut spending (not to mention a rent-seeking populace that continues to vote itself benefits that must be paid for by future Americans not yet born).

–So far, all these external crack-ups have been good for Australia. The Aussie dollar is riding high. And Australia has plenty of energy commodities that should gain in value as energy itself is re-priced for the new geopolitical instability in the Middle East and the doubts about nuclear power stemming from Japan’s nuclear crisis.

–But the world-wide crack-up is as much a state of mind-a zeitgeist that goes with the end of a huge credit bubble-as it is a specific event. So it was just a matter of time before Australia’s politicians had to find a way to join the crack-up. They’ve chosen the Carbon Tax.

–The main justification for taxing carbon dioxide emissions seems to be the assertion that carbon dioxide is “pollution”. This is why Green’s Senator Bob Brown unhelpfully refers to power generators as “polluters” rather than the companies who make sure your lights go on when you flick the switch.

–Since “pollution” isn’t something people want, there is no market price for it. Thus, according to the argument we’ve seen, a price on carbon dioxide is needed in order to figure in the social economic cost of the “pollution”, which is not currently being paid by anyone.

–Make the polluters pay! That seems to be the strategy of the Gillard government and the Greens. And they assure us that it’s only the polluters that will be pay. The carbon tax won’t be passed on in the form of higher energy prices to consumers because…consumers will be eligible for compensation and rebates to offset higher energy prices.

–So who is going to pay for the compensation? Hmmm.

–It’s a crack-up by the Greens to think that you can run an industrial economy like Australia’s on a mix of sun, wind, water, and warm fuzzies. Part of the carbon price crack-up, then, is a kind of mental breakdown by people who have emotionally given up on the modern world and want a simpler, more bucolic kind of life-and are happy to force it on you whether you like it or not.

–Is it a stretch to characterise the pro-carbon tax position as a crack up? Well, if you don’t accept the assertion that carbon dioxide is pollution, then the whole logic for carbon tax falls apart. The argument for the tax then relies on a kind of “emotional logic”. According to that logic, human beings are a parasite killing the planet by engaging in unnatural energy behaviours.

–The solution-driven by “emotional logic”-is to “power down” the planet. Or, to put it more simply, the hope is that if Australia can just can its carbon dioxide emissions (via a carbon tax and then an emissions trading scheme) it can lower the Earth’s temperature, save humanity from itself, and create jobs!

–It’s complete crack-up nonsense. It’s also a completely self-imposed economic self-harm that’s not necessary. Not even a starry-eyed dreamer like Jay Gatsby would believe that an Australian carbon tax can save the world. Gatsby might not even believe that carbon dioxide is pollution and should have a price, anymore than oxygen should have a price.

–But in a crack-up boom, people seem to find ways to destroy if life doesn’t do it for them. The saving grace of a crack-up is that it passes. You just hope that too much lasting damage isn’t done while the nation is the grip of the madness.

Dan Denning
For Money Morning Australia

(Scott Fitzgerald original image source : http://en.wikipedia.org/wiki/File:F._Scott_Fitzgerald,_1921.png)

Dan Denning
Dan Denning examines the geopolitical and economic events that can affect your investments domestically. He raises the questions you need to answer, in order to survive financially in these turbulent times.
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45 Comments on "The Great Crack-Up"

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Tim
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Started off so well Dan, then you had a GBCU (great big crack up). The rubbish about carbon pricing shows how far off the mark you are. I can’t think of anyone who advocates putting a price on a pollutant (don’t get this one mixed up, CO2 and CH4 ARE pollutants at the rate we create them) who wants a return to agragrian low tech society. How do you class me. Strongly pro market, strongly pro-environment, well educated, strongly sound money. Bit silly to class people pro-carbon signal as some sort of lunatic fringe. The first part of your article… Read more »
Doug
Guest
Dan, you make a plausible case for the financial industry having stuffed up the economy. You argue convincingly that economists are blinded by faulty theory and are unwilling to accept evidence that past (and present) actions are wrong. Do you think that you are a bit like the economists in your attitude to carbon dioxide? If you don’t think too much of it is a bad thing, go back to university and do a science degree. Or else listen to the opinions of those who already have a science degree and have studied this at some length. By all means… Read more »
Don
Guest

“Or else listen to the opinions of those who already have a science degree and have studied this at some length.”

I guess this rules out Ross Garnaut then yeah?

Ross
Guest
Go Don! I would have given Dan’s effort today lots of stars but he cited that duplitious Texan shit Fisher who will be a politician on any day of his choosing and claim apolitical immunity as a reserve banker the very next day. His antiinflationary narrative will last only as long as his vote doesn’t count, he’s the hawk colour in the reserve board voting pantomine. Talking of colour, you should hear Fisher wax on to college kids about China’s barbaric use of the death penalty … he being from the state that orders employees to kill inordinant numbers of… Read more »
Gerry
Guest
I don’t have to accept that carbon dioxide is a pollutant to want less of it in the atmosphere, for it may just suffice for me to accept that too much CO2 in the atmosphere prevents heat escaping etc and warms up the atmosphere, until the planet becomes unlivable. The surface of mercury is cooler than the surface of venus even though mercury is closer to the sun. In basic terms venus just happens to have a very hostile atmosphere and heat is retained more than at Mercury. CO2 is a necessary gas but it has also proved dangerous when… Read more »
Greg
Guest

I have a science degree and I have also studied the global warming allegations at some length.

And I also think that the whole global warming / climate change fear campaign is a load of crap.

And Tony Abbott is gutless for refusing to unambiguously state the truth when he knows it.

Biker
Guest
Looks like a fairly even debate. I don’t know enough to argue whether climate change and global warming are exacerbated by man’s activities or not. Both are real and both are increasing… . I’m on record as pro-nuclear, if new technologies can be found; but I no longer hold that view. I think we’re going to see nuclear accidents frequently… and more no-go zones… within our lifetimes… and forever. Tectonic plate movement may see the US west coast next affected. Indonesia? MAJOR disaster waiting to happen if their four projects go ahead. I don’t share the view that rejection of… Read more »
jenny
Guest
This is the first article I have read where carbon dioxide is named as the carbon to be taxed. Do you have this in writing some where.According to my limited knowledge we have many carbons including diamonds, carbohydrates and monoxide to name only three and unless the wording is specific this dumb or very tricky new legislation could end up taxing all the carbons.The world needs carbond dioxide one to keep all the trees the farmers parks and heritage reserves planted, with the nutrients we were told that were needed to keep the australian atmosphere clean. Two to keep us… Read more »
gary
Guest
Greg, I have a science degree and I have studied this too but I come to the totally opposite opinion. Along with the Royal Society and the Academies of Science of the USA, Russia, China, etc etc. I remember doing an experiment in science class where we measured how heat flow from a sealed container was effected by the co2 concentration of the atmosphere in the bottle. CO2 is a greenhouse gas and that’s a fact. Its increasing in concentration in our atmosphere and that’s a fact. However, that aside, I’m struck by how people can get an opinion in… Read more »
Don
Guest
My crack at Garnaut is an attempt to stop this “only if have a science degree” or “only if you have been to uni” rubbish. Anyone who has the will to learn can get up to speed with the current debate and issues if they want to put their mind to it. The more people that do and base their opinions on actual knowledge and understanding the better off we will all be in all facets of life.Leaving it to the experts is just asking for trouble – sooner or later you will be let down. As for Garnaut –… Read more »
Ross
Guest
Ask the Brits and the Spanish what covered bonds did for them. http://www.businessspectator.com.au/bs.nsf/Article/Govt-opens-door-to-new-bond-class-report-pd20110323-F8NG5?OpenDocument&src=hp6 . That’s a percentage of assets quoted, not of deposits. If there is an Australian banking crisis you might think the government has your back on these deposits. And maybe they even will …. but when you look at it historically, when exactly if ever are they going to make good is the first question. So the four pillars collapse, the government is going to make good your deposit the next day? Or more likely maybe the next decade when it is inflated away like a 1960’s… Read more »
Greg
Guest
Gary, did you get your own science degree after studying at a recognised university or did you just photocopy somebody else’s? Given your confusion between convection and the greenhouse effect, I suspect that it is the latter. I’m also struck by how people can get an opinion in their head and somehow get mental “blinkers” that won’t allow them to see the obvious. For example, “global warming” has stopped. The warming cycle is over. Nobody denies this, which is why your religion was renamed “Climate Change” (ie if the weather ever changes, then you must be right). All the facts… Read more »
jenny
Guest

did, “i have a science degree” answer any of my questions? No! Did he put trees animals and plants in the bottle. Even I know if I,”Who do’nt have a degree in any thing” put the tail pipe fumes in the car window I intend to kill myself.WHAT is the ratio of carbon dioxide in the atmosphere?A political answer which means I do not know, but it is a green house gas the experts said. Defination of AN EXPERT a drip under pressure

Biker
Guest

Great to hear that global warming has ceased, Greg. Please tell my creek.

Over twenty years ago it flowed eleven months of the year. It flows 7 – 8 months now, if we’re lucky. Drill holes around our property indicate the water table is no longer within reach of our knotted measuring rope… .

To compensate, our 80+ citrus now thrive. Expect we’ll be growing mangoes, bananas and pineapples before too long. It’s not _all_ bad news!~ :D

Greg
Guest

You know better than that Biker.

Weather patterns can have cycles of hundreds of years, and any differences over 20 years are just noise.

Even the global warming alarmists don’t claim that CO2 affects water table levels (although give them time), although it does allegedly cause sea levels to rise a few centimeters over 100 years or so.

Stillgotshoeson
Guest
I have little doubt that earth is going through a period of climate change, it is and has been ongoing for billions of years I seriously doubt mankinds influence on the said climate change is as dramatic as “climate change alarmists” would have us believe. Pro Climate Change believers have yet to offer any definitive proof that the current period of climate change is caused by mankind, they have a theory.. that’s it. There are also other theories backed by scientific studies as well. Massive destruction of forest, trees are the lungs of the world, they absorb Carbon Dioxide. Enhanced… Read more »
Biker
Guest
Biking around the world, we always check out the glaciers, Greg. Many countries have mileposted the position of the(ir) glacier(s) during the last 100 – 200 years. Whereas the melts were small 150 years ago, they’ve accelerated immensely over the last fifty years. Be aware that I’m not aligning this with man’s industrial footprint. I’ve stated previously that I’m unqualified to reach that conclusion. I simply don’t know. At some time in the last few decades, flooding has lifted debris high into the trees along our creek. We’ve never witnessed that spectacle, but it’s nearly two decades since we’ve enjoyed… Read more »
Joe
Guest
Enough scientific theories have been shelved for generations until scientific fact and engineering technology has evolved to permit us to demonstrate that the theories are valid. This has happened many many times. In theory and in practice the green house principle has been proven. In theory and in practice if you increase the density of carbon dioxide in air, it improves the insulating abilities of the air whilst still allowing sun-light to pass through unhindered. In theory, if you combine these two things together there will be an increase in the retention of heat from radiated sunlight. Is it really… Read more »
Davo
Guest
In my opinion, Brisbane’s climate is certainly hotter and more humid than it was 20 years ago, to the extent that I’d seriously consider moving somewhere cooler and less humid in summer when I retire. God forbid, I might have to move to northern NSW. Whether this change is a natural event or manmade, I’m not sure, but I don’t like 34C days in late March. Opposite end of the scale benefit is warmer winters in Brisbane. I can remember years ago the westerlies we get in August used to cut straight through you, but last year I hardly wore… Read more »
gary
Guest
Greg, Whoever mentioned convection? Not I. Here’s pretty much the setup we used http://www.espere.net/Unitedkingdom/water/uk_watexpgreenhouse.htm No convection there. Just good old CO2 greenhouse effect. Check it out and perform it for yourself if you don’t trust me. I believe the evidence of my eyes, not what some shock jock on a ratings/power trip might tell me. Not to mention having aforesaid academies of science on my side as opposed to Andrew Bolt on yours. And as far as “the warming has stopped” ? What planet are you living on? Of the 20 warmest years on record, every year from 1998 to… Read more »
Ned S
Guest

As the Russian climatologist living in Siberia said: “Remind me – What’s the downside to global warming again?”

Ross
Guest
Have a look at the AUD this morning against all currencies, watching the rise is not funny any more. Long have Lachlan and I talked about a rising AUD as a clear ASX short term buy signal. With all the intervention on the Yen I’ve just dropped that strategy and I’ll keep selling thank you. And on Portugal I’ve forgot – the biggest loser? The same mercantilist Britain that has teamed up with Sarkozy for soem mopre North African mercantilist adventurism. It was ordained from the very day Sarkozy sealed the deal at his audience with Lizzie II (owing to… Read more »
Lachlan
Guest

“I guess this rules out Ross Garnaut then yeah?”

Brilliant Don, loved it :)

In summing now, the consensus is settled. AGW is a fraud.

Lachlan
Guest
When I left town the earlier this week I was in two minds about the market Ross. A drop for the asx200 to 4100 or so would look balanced on the chart and I said earlier 4800ish would be a shorting point. Then gold has been getting crunched by the banks at every breakout…a sign of a larger shake-out and repositioning for banks. But then little ol silver was not playing nice threatening a leap higher. Got back last night to find silver 2bucks into a new high and gold just managing to break a small higher high. And markets… Read more »
brc
Guest
I see even this place has it’s own resident science-spruikers and people suffering from carbon dioxide phobia. You would think a contrarian investment newsletter would induce some clear thinking in it’s readers, but apparently the co2 hating faithful have a blindspot in this one. So, co2 phobics, please inform us how a small tax on co2 in Australia is going to change anything? What’s it going to cost? What’s it going to achieve? Everything else is just finger pointing and postulating. Even if the IPCC science is 100% accurate, it’s too little, too late. If the IPCC science is 100%… Read more »
Ross
Guest

Lachlan, its the banks and energy where the hot money is finding its home. I don’t have much of either to sell. Perhaps Dan can have a shot at explaining how a currency intervention overcomes a real flow of yen buys and in turn immediately morphs into hot flows into risk market equities. I think Greg Atkinson was down south in Japan wasn’t he?

Ross
Guest

@brc, I think the foremost factor is creating another financial asset that can be leveraged across borders for wealth transfer. Beat down those dirty production economies and transfer wealth to those clean services economies. Masters and serfs.

Stillgotshoeson
Guest

An emissions TRADING scheme is really a business model, not an environmental issue.
By the creation of tradeable “energy certificates” you create a buy/sell market.
A business.. Government are all for it because the business creates another “revenue” source.

The envirnmental benefits…. zero
Economic benefits.. negative

Ian
Guest
What a pile of tosh ! Anyone who does not believe global warming is happening just needs to look at the weather in the world and its impacts on crops. What is Australias No. 1 issue – lack of water leading to drought, leading to massive problems east Coast with farming. What about the fires in Victoria ? What about the many many “Hottest summers” on record every year ? Repeat the above for every country in the world (China, Thailand, etc etc). Then to compound it, its followed by a La Nina, which again is one of the worse… Read more »
Joe
Guest
Stillgotshoeson, An emissions TRADING scheme is really a business model, not an environmental issue. The envirnmental benefits…. zero Economic benefits.. negative Since it is cheaper to just slash and burn as there is no cost on the byproduct of this process, how can making something that does not slash and burn a worthwhile investment other than making it less financially beneficial to slash and burn. The whole idea of pricing carbon emissions is to encourage people to seek alternative none carbon processes to provide the service or product you are charging for. Business without a framework to make them will… Read more »
Lachlan
Guest

My point is Joe that there is no environmental benefit and CO2 is not a pollutant. Therefore it’s just business. Science and honesty are the losers in the transaction. Though I’m sure we’ll get the tax regardless of who governs. The sooner we get it, the sooner we can all forget the false premise and adjust to a new way.
I do think that Blue Scope will be fine. They know which side their bread is buttered on.

Stillgotshoeson
Guest
Comment by Joe on 26 March 2011: Stillgotshoeson, You have scant regard for the intelligence of our government Yep, good summary. I also believe that a person is smart, people are stupid. Mob mentality is a big driver in the actions of many. Your earlier post on individuals whom were ridiculed and chastised by the masses that were found to be correct are examples of my statement. “Whilst the categorical proof has not been found that the World is warming (due to the absolute variability of the World’s weather system(s)) sufficient evidence to be able to extrapolate a clear trend,… Read more »
Ned S
Guest

“demonic deniers” – I get confused by the politics of it all. Are climate change ‘deniers’ the opposite of climate change ‘nazis’?; OR the same as them! ;)

PS: Cute little Krissy Keneally’s mob got their arse kicked in NSW as predicted. Can’t say it makes me at all sad.

Stillgotshoeson
Guest
Comment by Lachlan on 25 March 2011: Anyhow just to be sure I left a sell on FML, I did Mr Shoes and at 9.2 which went through. I will have some cash if 4100 (approx) turns up. I should have cash for any correction. Granted I know you (Ross and Shoes…and Mr Bonner) are diligent for a larger capitulation. And I don’t blame you for I see the need for deleveraging on a gargantuan scale like PE (potential energy). But I bet the counterfeiter will trump it a while longer. It seems the Watcher looks for a massive correction… Read more »
Lachlan
Guest
Six stocks left here Shoes but my policy is to have some cash when chances of correction are higher than normal. My secret San Jauns took off from 29c to a intra-day high of 41 last week although finished at 38c. All up though some down and some up but still above water collectively. If the correction takes a hard leg down this week then we’ll just have to see. This week could well be decisive for the index (direction). To Ian… its the best season in ten years on the east coast of Oz. Shame there is no money… Read more »
Stillgotshoeson
Guest

Holding 11 stocks at the moment. Probably all but 3 will go next month I think.

May double my holdings in the Bolivian based Gold Miner. Could be a 1000% gain in 18 to 24 months.
Could also go nowhere ;) I think they are worth a little more exposure to, however I would not bet the farm on it.

Ross
Guest

Maybe Dan or Watcher have a long term chart on the Australian reources booms and busts that we could layer over a global liquidity map?

http://www.news.com.au/business/rba-tips-120bn-flood-of-capital-as-dollar-hits-post-float-record/story-e6frfm1i-1226029144547

I’ll have to dig back through that Ron Manners book to see if he has something.

Lachlan
Guest

AUD/USD going nuts upside too Ross.

Lachlan
Guest

an inflatsunami BP…my bet all the big guys are positioned

Ross
Guest

Hot trade SIP trading at 0.47 have announced a special dividend 0.15 with record date 11 Apr, paid 11 May. Long term they are fighting suppliers contracting third party logistics organisations and direct distribution, short term buyer beware but fruity.

Joe
Guest
Stillgotshoeson on 26 March 2011 There is proof however that the world has ceased warming over the last decade or so. Been reading too much of Bolt if you believe that. No that is a false representation. OK, the World ‘on average’ may not be warmer than it was last year, so the increase is not linear, but, the mean temperatures have remained elevated. There has been no return to long term norms. What happens say in 2013 when we have yet another record average annual global temperature. Does that mean we’re all doomed tomorrow. No, clearly not, but given… Read more »
Lachlan
Guest

Nobody in the general public knows what figures to believe anymore on temps I think Joe. Too much fudging been going on. I think we all know here that the science of economics has been fudged to suit the stautus quo and likewise with the science of climate…. which is poorly developed at any rate. The credibility is just gone all over the place.
Over and out for a few days gang.

Stillgotshoeson
Guest
Average global temps have varied for thousands of years. There is as yet insufficient proof of humans adding to the speed of climate change.. Trending sideways? The last 20 years has seen huge growth in India and Chinese industries. More population on the planet (approaching 7 billion now) so we have more people, more industry more production of CO2 and yet the world has stopped rising in temp. It is a mute point discussing this further, with out absolute proof you have a theory, A theory that I do not believe is correct and you can offer no definitive evidence… Read more »
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