November 2007 - Sustainability

Re: [Sustain] CO2 Cap & Trade?
by Eric Brooks 21 Jul '08

21 Jul '08

Well, the idea is that you put a top limit or 'cap' on how much each county/state/corporations can emit. Concurrently with that, you create a market for trading reductions in CO2 emissions such that corporations get 'credits' (which are worth real money) and sometimes (but not always) corporations receive financial penalties or taxes for exceeding limits. The idea is that you make reducing CO2 emissions desirable by making it valuable. Then, you set up a market in which the CO2 credits get turned into electronic trading notes (a lot like stocks). So, one company, say, a carpet maker, figures out ways to greatly reduce it emissions, and its trading exchange issues that company a given amount of credits for free. Then, another company, say, a cement manufacturer, knowing that it is going to exceed its limits, buys the credits created by the carpet company so that, on paper, the cement company has bought enough credits to -not- exceed its limits; and so, it can therefore avoid emissions penalties (if there are any) or the cost of installing pollution controls (if their state requires any). Depending on the current or future cost of pollution control requirements, and taxes and penalties on fuel use or CO2 production, some companies may see the credits as even more valuable and pay more for them than their set value, and this makes the credits rise in value on the trading 'floor'. Now, as we all know, from any quick glance at the stock market, and especially at markets trading currency values, speculators over the last many decades have developed incredibly clever and complex ways of making money from trading even though they aren't creating any value or production whatsoever. Add this to the fact that corporations have high incentives to use tricks to pretend on paper that they are reducing their emissions when they are not, that corporations will continue to get laws passed to reduce pollution controls and penalties and even to change the way CO2 trading systems work, and it is easy to see that such cap and trade systems are doomed to failure. Indeed, the cap and trade system adopted a few years ago in Europe is already failing dismally. See http://www.heartland.org/Article.cfm?artId=21202 cheers Eric Anne Garrison wrote: I can't even figure out how this cap and trade business is supposed to work. Somebody told me that carbon offsetting meant something fairly simple like paying to plant a tree in exchange for some sort of excess energy use, but I can't even tell how this is supposed to work. If I'm around and anyone can enlighten me at the next meeting, I'd appreciate it. I know it's crap, and don't much feel like sorting it out, but feel like I should.

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Re: [Sustain] [GPCA-Energy] Waste water to hydrogen
by Don Eichelberger 30 Nov '07

30 Nov '07

Interesting that bacteria can be used as pre-digesters, helping release the hydrogen. Looks like regular sewage plants don't have the necessary ingredients. Could need to rethink water treatment strategies. Don At 10:49 AM 11/23/2007, Wren Osborn wrote: ><http://www.reuters.com/article/environmentNews/idUSN1252888620071112>http://www.reuters.com/article/environmentNews/idUSN1252888620071112 > > >Waste water plus bacteria make hydrogen fuel--a study. > >San Diego is asking for waivers--a third time--rather than clean up >the discharge from the sewer treatment plant. Maybe they could make >hydrogen instead. Still at the pie in the sky stage but worth exploring. > >Wren Osborn </blockquote></x-html> Don Eichelberger DJ Fix Independent Productions Green Uprising Blog www.greenuprising.blogspot.com My You Tube http://www.youtube.com/watch?v=ctRp5rGJoUc http://www.youtube.com/watch?v=iySwwyZfDgE http://www.youtube.com/watch?v=8r9rK8nPREA http://www.youtube.com/watch?v=u5UbnJ0kUqo http://www.youtube.com/watch?v=4SktIYTyC1U Donny Fix del.icio.us book marks http://del.icio.us/donnyfix The Hegelian/Marxist goal is emancipation. Marx said it best in 1843: "Human emancipation wll only be complete when the real, individual man (sic) is absorbed into himself the abstract citizen; when as an individual man, in his every day life, in his work and in his relationships, he has become a species-being (politically accountabe to the whole); and when he recognizes and realizes his own power as social powers, so that he no longer separates this social power from himself as political power."

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[Sustain] Fwd: SPECIAL: Home Planet Money Emergency
by Don Eichelberger 29 Nov '07

29 Nov '07

Here is an interesting set of articles comprising a good primer on the current home mortgage crisis and the primary players. Traceable cause?: "The troubles faced by Citigroup are linked to the enormous expansion of speculation by US banks. This speculation has been encouraged by the deregulation of the financial sector, including the repeal of the Depression-era Glass-Steagall Act in 1999. The repeal, carried out under the Clinton administration, broke down the wall between investment and commercial banking. This made conglomerates such as Citigroup possible, and encouraged the closer integration of the banking system with Wall Street. " Banking deregulation has put more power in to a complexity of business relationships overseen by many who practice and make the law. I am increasingly convinced that the legal profession has drawn a large share of unscrupulous practitioners who define the laws by their limits, and what can be transgressed without breaking "legal" boundaries, or in this case, extending the boundaries. I can share my thoughts at a later time on this Cabal that has been forming since Reagan days, and has been enabled by Democrats like Clinton, whose "run government like a corporation" ethic transgresses party lines. But for now, enjoy the heartbreak, Don >To: keith lampe <prez(a)usa-exile.org> >Subject: SPECIAL: Home Planet Money Emergency >From: "President, USA Exile Govt" <prez(a)usa-exile.org> >Date: Thu, 29 Nov 2007 06:48:19 -0500 >FREE UNIVERSITY >Transferring Prime Human Attention from Objects to States of Mind > Via <prez(a)usa-exile.org> > November 29, 2007 > >Dear Friends and Colleagues, > Peter Myers has put together an > interesting mix of pieces on the current > financial meltdown--and here they are. > >Regards, > >Pondo > >From: Peter Myers <myers(a)cyberone.com.au> >Date: November 29, 2007 5:57:00 AM EST >To: Howard Miller <macserve(a)applelinks.net> >Subject: Lyndon LaRouche, ignored at home, but endorsed by Chinese Government > >Critics might say I am a supporter of Lyndon >LaRouche; but I find his material a mixed bag. > >Although he plays only a small role in the US, >Britain & Australia, partly through the medias >demonisation of him (when it is not just >ignoring him), he does play a major role in the >world, because his literature reveals at least >part of the conspiracy running those countries. >Chinas government learns much about what is >really going on, from his literature, and, no >doubt, from conspiracy-revealing websites on the internet. > >In the West, we are rubbished as Conspiracy >Theorists. But on a world scale, we are important. > >(1) Credit crisis reveals widespread accounting manipulation by top US banks >(2) China trying to dump $1.4 trillion in U.S. >Securities for Euro denominated purchases >(3) Lyndon LaRouche, ignored at home, but endorsed by Chinese Government >(4) Chinas press report on Larouches statement on financial crisis >(5) US banking crisis - Citigroup borrows $7.5 billion from Abu Dhabi > >(1) Credit crisis reveals widespread accounting manipulation by top US banks > >From: "Dick Eastman" <olfriend(a)nwinfo.net> >Date: Tue, 27 Nov 2007 14:10:17 -0800 > ><http://www.wsws.org/articles/2007/nov2007/econ-n27.shtml>http://www.wsws.org/articles/2007/nov2007/econ-n27.shtml > > >27 November 2007 > >Credit crisis reveals widespread accounting manipulation by top US banks > >By Joe Kay > >The developing credit crisis in the United >States, linked to the bursting of the housing >market bubble, is beginning to reveal the >accounting manipulations employed by major US >banks to engage in speculative activities and >hide risks. Several major banks have already >announced billions of dollars in losses >associated with subprime mortgages, and in the >next months are expected to announce tens of >billions of dollars in further write-downs. > >Among those most severely affected is >Citigroupan American financial conglomerate >that is the worlds largest company measured by >asset value. CNBC reported on Monday that >Citigroup is planning major cost-cutting in >response to its difficulties, with layoffs of up >to 45,000 of the companys approximately 320,000 employees. > >In a statement, the bank insisted that reports >involving specific numbers of layoffs were not >factual, but acknowledged that the company is >planning ways in which we can be more efficient >and cost effective to position our businesses in >line with economic realities. New cuts would >come on top of 17,000 layoffs announced in April. > >The announcement, coming amidst Wall Street >nervousness over the ongoing credit crisis, sent >Citigroups stock down more than 6 percent. Over >the past six months, the price of the companys >stock has fallen nearly 50 percent. Citi led a >steep market decline on Monday, with the Dow >Jones Industrial Average falling nearly 240 >points, more than wiping out its increase on Friday. > >Chief among the economic realities behind >Citigroups announcement is the credit crisis >brought on by record defaults on home mortgages >in the United States. Citigroup has already >announced a $5 billion write-down related to >home mortgages, which provoked the resignation >of its CEO Charles Prince. It is expected to >announce further losses of up to $11 billion in the fourth quarter. > >The banks exposure could be much greater, >however, as it may be forced to acknowledge >losses that it had previously kept off its >books. An article by Wall Street Journal >reporter David Reilly on Monday (Citis $41 >Billion Issue: Should it put CDOs On the Balance >Sheet?) noted that the bank faces an immediate >threat from troubles involving >off-balance-sheet entities called collateralized debt obligations (CDOs) > >The Journal notes that Citigroup was one of the >biggest arrangers of CDOsproducts that pools >debt, often mortgage securities, and then sell >slices with varying degrees of risk. The bank >may be forced to bring these CDOs onto its >balance sheet. If Citigroup had to include an >additional $41 billion in CDO assets on its >books, the Journal noted, that could >potentially spur a further $8 billion in >write-downs, above and beyond those already >signaled, according to a report earlier this >month by Howard Mason, an analyst at Sanford C. Bernstein. > >Throughout the housing boom of the past several >years, the CDOs, and related entities known as >structured investment vehicles (SIVs), made >substantial returns. SIVs are also >off-balance-sheet entities, but are more >open-ended, investing in other risky securities, >including CDOs. Even those entities closely >associated with banks have been nominally >independent. The independence of these >entities has been entirely fraudulent, however. >They have been critical for the banks bottom >line as sources of lucrative fees, buying up >mortgages and other assets from their parent banks. > >As the CDOs and SIVs have faltered with the >collapse of the housing bubble, the banks have >looked for ways to bail them out. The Journal >notes, Over the summer, [Citigroup] was forced >to buy $25 billion in commercial paper issued by >its CDO vehicles because investors were no >longer interested in the paper. Citigroup >already had an $18 billion exposure to these >vehicles through other funding it had provided. > >The determination with which Citigroup and other >banks have scrambled to bail out these >investment entities is itself testament to the >fact that they were never really independent to begin with. > >Commenting on the way that major banks were able >to shift their risks off their balance sheets, >New York Times economic writer Floyd Norris >noted in an article published November 16 (As >Bank Profits Grew, Warning Signs Went >Unheeded,), Instead of being suspicious, many >analysts believed that banks had found a new way >to prosper. Making a loan and keeping it on the >balance sheet until it was repaid was so >old-fashioned. It was far better to collect fees >for arranging transactions and passing on the risks to others. > >In fact, many of these risks were not really >transferred. Norris notes that the banks often >made arrangements (called liquidity puts) with >the purchasers of their CDO securities that >would allow the purchasers to sell the CDO >securities back to the bank if there was no >other market. That risk may have seemed slight >when the securitization market was booming. But >now the banks are being forced to buy back >securities for more than they are worth. > >In essence, the puts allowed the banks to sell >CDOs and other assets without really selling >them. Use of the puts actually increased as the >housing market began to unravel, as it was >necessary to provide the guarantees in order for >the banks to get investors to buy >mortgage-backed securities whose value was increasingly in question. > >The legality of these operations is highly >dubious, since part of the intention appears to >have been to mislead investors regarding the >financial health of the company. Even if the >operations by banks were legal, the fact that >they were not reported to investors was likely a >violation of accounting rules. > >According to Norris, Citigroup and Bank of >America were among those banks that used liquidity puts heavily. > >All of these arrangements amount to attempts by >banks to gamble on risky investments without >acknowledging the risks they were taking on. As >the market for these investments has begun to >collapse, the real extent of the losses is only >beginning to reveal itselfand no one knows how severe the crisis really is. > >Most banks were involved in such activities. >Earlier this month, the Securities and Exchange >Commission opened an investigation into >investment bank Merrill Lynch that, according to >the Wall Street Journal, is intended to examine >how the bank has been valuing, or marking, >its mortgage securities and how it has disclosed its positions to investors. > >In a November 2 article, the Journal reported >that Merrill arranged one deal with a hedge fund >to sell $1 billion in commercial paper related >to mortgages, while giving the hedge fund the >right to sell it back after one year at a set >price. The newspaper later corrected its article >to note that this deal, similar in many ways to >the arrangements at Citigroup, was rejected >because the bank determined that it was a violation of accounting rules. > >Nevertheless, Merrill is highly exposed to the >housing markets. Earlier reports suggested that >Merrill hid its own exposure to the subprime >mortgage crisis by shifting its assets to >different parts of the company subject to less >strict accounting regulations. (See Wall Street >hides impact of subprime mortgage meltdown) > >As late as July 2007 executives at the bank, >including former CEO Stan ONeal, were assuring >employees that its mortgage risks were under >control. At the end of October, Merrill >announced a $7.9 billion write-down, which was followed by ONeals departure. > >The crisis facing banks is an international >phenomenon. The stock market sell off on Monday >was provoked in part by an announcement from >British-based HSBCEuropes largest bank and the >worlds fourth largest corporation in terms of >assetsthat it would bail out two of its SIVs >and transfer their assets onto its balance sheet. > >Since the credit crisis began in full force this >summer, banks have scrambled to stave off a >reckoning with the enormity of the losses >involved. The hope has been that the economic >crisis will be short-lived and that the housing >market will eventually recover, restoring the value of the assets in question. > >It is unlikely that this will happen, however, >and there is an increasing likelihood of a >recession. In an article published in the >Financial Times on Sunday (Wake up to the >dangers of a deepening crisis), Lawrence >Summers, former Treasury Secretary in the >Clinton Administration, warned, [T]he odds now >favor a US recession that slows growth >significantly on a global basis. Summers noted, >Forward-looking indicators suggest that the >housing sector may be in free-fall from what >felt like the basement levels of a few months ago. > >The initial revelations of accounting >manipulations and indications of fraudulent >activities are only a small indication of the >extent to which the American economy is pervaded >by financial speculation and out-and-out criminality. > >It was the collapse of the dot-com boom in 2001 >that ultimately unwound the elaborate structure >of corruption at companies such as Enron, >WorldCom, and Tyco. These companies were no >longer able to perpetuate their fraudulent >activities once the stock market ceased its continual upward march. > >The major banks were heavily involved in the >activities exposed at that time. In 2003, >Citigroup and JP Morgan Chase were forced to pay >out fines for aiding Enron in disguising loans >as cash to reduce reported risk and liabilities, >thereby defrauding investors. Essentially, the >banks gave Enron loans, but cloaked these loans >in an apparent purchase of assets. This >manipulation improved Enrons financial reports, >which was beneficial for banks that were heavily >invested in Enron stock. (See Citigroup, Morgan >Chase fined for Enron deals: corruption at the heights of American finance) > >The operations involving CDOs and SIVs bear a >certain resemblance in that they too were >evidently intended to disguise risk. Much of the >risk was ultimately held by the bank itself, but >this was not readily apparent to investors. > >Though the banks were involved in the >manipulations at Enron and other companies, the >fraud was generally explained by the media and >the political establishment as the product of a >few bad apples. Several executives were put on >trial and imprisoned, but the underlying >conditions remained and the banks remained >largely untouched. The dot-com bubble was >quickly replaced by the housing bubble, which >had the effect of extending the speculative >mania of Wall Street to a much broader section of the economy. > >The pervasiveness of accounting manipulation is >closely linked to the increasingly dominant role >that speculation has come to play in the >American economy. Vast sums of wealthincluding >tens and hundreds of millions of dollars to top >executives and hedge fund managershave been >made through mechanisms that are largely >divorced from any relationship to actual >production. The importance of these forms of >speculative wealth accumulation has increased as >the underlying health of the American economy has decreased. > >The housing market has been a case in point, as >a small layer of the population has made >billions through high-risk loans to working >class Americans who are now bearing the burden >of a crushing level of debt. The loans have been >used to transfer wealth into the hands of the >ruling elite, and at the same time became a means of speculation. > >Entities such as CDOs and SIVs were set up as a >means for Wall Street to extract enormous >profits, while at the same time cloaking the >extremely fragile foundation for this supposed >economic growth. As the housing market deflates, >this whole structure is beginning to unravel. > >(2) China trying to dump $1.4 trillion in U.S. >Securities for Euro denominated purchases > >From: "Dick Eastman" <olfriend(a)nwinfo.net> >Date: Tue, 27 Nov 2007 15:26:31 -0800 > >From: no matters <atoyuma(a)yahoo.com> (Chris L.) >Date: Nov 27, 2007 3:49 PM > >Arlington Institute issues a Financial Alert based on M·CAM Analytics > >Kenneth Dabkowski, Executive Director -- The Arlington Institute > ><http://www.m-cam.com/display_news?id=240>http://www.m-cam.com/display_news?id=240 > > >Berkeley Springs, West Virginia -- November 19, >2007 -- At a recent board meeting of The >Arlington Institute, Dr. David Martin, CEO of >M·CAM and one of the members of the board was >asked for his assessment of the global financial >situation in the coming months. > >Here are the notes from his response: > >I stand by my commentary in July of '06. > > * The next shoe to fall is consumer credit > >Currently as reports came in on 3rd quarter, >foreclosures were up 470% this quarter alone. >They will be up over 500% this coming quarter >(4th). A foreclosure in our terms is when the >bank has officially declared an account >insolvent and tries to regain the asset (if it >exists). The person who is foreclosed upon can >no longer secure any traditional consumer >credit. This in turn goes straight to the banks >as no one will be able to get the store issued charge cards. > >A minority of people pay off their consumer debt >every month. When one considers the combination >of consumer credit card debt and the compounded >debt of "home equity" financing, we estimate >that less than 20% of people actually carry no >consumer credit from one month to the next. Many >of the ones who don't pay off their carried >consumer debt have at least one credit card at >its limit and therefore lack credit capacity. >Most have their paycheck directly covering bills >and servicing the minimum balance due. > >Therefore people who are foreclosed upon will >not be able to obtain credit and since their >paychecks will be maxed out, there will not be >extra cash left over from the paycheck to service a new debt. > >Next, everybody buys things at Christmas. As >much as 40% of retail sales are done in the 4th >quarter of the year -- i.e. the retail miracle. >The purchase decline in retail goods this fourth >quarter will occur because many credit-only >consumers will lack the credit capacity >mentioned above. Frequently, people overcharge >their limit and the banks (albeit a profit >center for subprime credit users) levy a penalty >by increasing interest rates and charging >additional fees. In the 4th quarter of 2007, the >amount of people overcharging their limits will >be too many for the banks to handle. We do not >have a system in place to deal with overcharge >on that scale. A substantial number of this >December's purchases will go into an overdraft on credit limits. > >... An effort by China to convert its $1.4 >trillion U.S. Treas. holdings into euros is not >viable for many reasons -- not the least of >which is the European Central Bank's inability to absorb such an event. > >As China continues its rush away from supporting >U.S. Treasuries and as Middle Eastern investors >are buying them up in more diversified holdings, >a new "currency exchange" is unfolding. >Realizing that they cannot liquidate their >holdings, it appears that the Chinese are >currently using their U.S. Treasury holdings as >collateral for euro denominated purchases and >long term infrastructure transactions. In other >words, they may be "liquidating" their holdings >as collateral and, in so doing, effectively >migrating to non-dollar value without ever >having to officially dump their current Treasury holdings. > >Therefore, collateralize the credit in dollars >-- especially if you're long in dollars. The >lender/financier won't call the note because you >have it structured in such a way to both allow >it to perform and hold illiquid collateral that >no one wants. This essentially inflates euros. >Although you can't sell dollars, the whole >purpose of collateral is that it is a second >source of payment -- collateral is there to down >rate the risk of the loan. Secondary becomes irrelevant. > >When February comes, the Chinese are going to do >something as they will have to decide what the >exposure is going to be with the treasury. As I >see it they have to just dump the treasury. They >only keep it because they can use it -- they >have 43% direct/indirect of US treasuries so they'll dump them on the market. > >The US Congressional pressures to decouple the >RMB will work, but not in the way we want. Our >plan includes helping them hold on to the >treasuries, it does not involve them not holding >the dollar anymore. The US wanted the tether to >be part of the float. This will cause >disenfranchisement of the US electorate (during >primary season). February is also when public >(media) will realize we won't pull out of this. > >(3) Lyndon LaRouche, ignored at home, but endorsed by Chinese Government > >From: CEC Media Release<mediarelease(a)cecaust.com.au> >Date: 28 Nov 2007 22:08:51 +1100 > >Citizens Electoral Council of Australia > >Media Release 28th of November 2007 > ><http://www.cecaust.com.au>http://www.cecaust.com.au > >China endorses LaRouche's call to solve global monetary crisis > >As the keynote speaker at a November 24 Los >Angeles Forum on U.S.-China Relations, Lyndon H. >LaRouche called for the United States and China >to join hands to reform the world financial >system as it enters the most deadly crisis in recent centuries. > >Specifically, LaRouche's proposal calls for >co-operation of the governments of the U.S.A., >Russia, China, and India, to bring the present >international crisis under control, and, >therefore, to rally a majority of the world's >nations to stabilise the world system through >bankruptcy reorganisation and a new Bretton >Woods fixed-exchange rate system, thus providing >the foundation for general economic recovery. > >Immediately following this intervention, >LaRouche's call became leading news around the >world, including coverage in Chinese, Arabic, >Farsi and Hungarian-language media. The three >official Chinese government press agencies: >Xinhua, People's Daily (the world's largest >circulation newspaper) and China Daily published >an eight-paragraph press release summarising his >proposals. Coming from government agencies, this >is an overt endorsement of LaRouche's policy >prescriptions by the Chinese government. > >By the next day, LaRouche's warning that "the >end of the present world monetary-financial >system is inevitable, unless the system is >replaced by a new world system during a >relatively brief, remaining time" was also >appearing on important Chinese financial >websites, including the China Securities Journal, and the China Business Post. > >The article was listed among the "most popular" >of the previous 24 hours on the People's Daily >website. The Chinese report was also published >in the Xinhua Arabic-language news service. >Iran's Press TV website ran a feature on >LaRouche's contribution to the event, quoting >him saying, "The world financial system has >entered the most deadly crisis in recent >centuries." LaRouche's call was also covered in the Budapest Business Journal. > >Click here for the English-language version of the Chinese press release: ><http://news.xinhuanet.com/english/2007-11/25/content_7140919.htm>http://news.xinhuanet.com/english/2007-11/25/content_7140919.htm > > >(4) Chinas press report on Larouches statement on financial crisis > ><http://news.xinhuanet.com/english/2007-11/25/content_7140919.htm>http://news.xinhuanet.com/english/2007-11/25/content_7140919.htm > > >Economist: U.S., China should join hands to reform world financial system >www.chinaview.cn 2007-11-25 11:04:58 Print > >LOS ANGELES, Nov. 24 (Xinhua) -- The United >States and China should join hands in an effort >to reform the world financial system, which has >currently entered the most deadly crisis in >recent centuries, a renowned U.S. economist said Saturday. > >"The end of the present world monetary-financial >system is inevitable, unless the system is >replaced by a new world system during a >relatively brief, remaining time available," >said Lyndon La Rouche at a luncheon at the Forum >on U.S.-China Relations and China's Peaceful Reunification. > >La Rouche, also a famous political activist, >said the present international financial crisis >could only be brought under control when major >countries like the U.S. and China cooperate. > >"Whenever a powerful combination of national >governments can arrive at a suitable agreement >to change a failed financial-monetary system, a >solution for any modern financial crisis can be found," he said. > >He said that the United States should propose to >form an initial sponsoring group made up of the >governments of the U.S., China, Russia and >India, therefore to rally a majority of nations >in order to stabilize the world system. > >LaRouche lamented that all evidence has >confirmed the current crisis, notably the recent >collapse of the U.S. dollar' exchange rates >against other major currencies, but nothing >visible had been done so far by any government >to change the world financial system to solve the problem. > >The forum, jointly organized by several local >Chinese-American, gathered nearly 100 government >officials, scholars and activists form the U.S. >and China, who were expected to discuss issues >on U.S.-China relations and their implications >on the Taiwan issue during the two-day event. > >"The Taiwan issue remains the sensitive core >issue in China-U.S. relation," said Zhang Yun, >consul general of China in Los Angeles, while >speaking earlier at the forum's opening ceremony. > >(5) US banking crisis - Citigroup borrows $7.5 billion from Abu Dhabi > ><http://www.wsws.org/articles/2007/nov2007/bank-n29.shtml>http://www.wsws.org/articles/2007/nov2007/bank-n29.shtml > > >Citigroup deal highlights US banking crisis > >By Joe Kay > >29 November 2007 > >Use this version to print | Send this link by email | Email the author > >On Monday, US banking giant Citigroup announced >a deal with Abu Dhabi to secure a $7.5 billion >cash infusion. The arrangement is intended to >shore up the banks financing amidst an ongoing >credit crisis, but the desperate character of >the deal is an indication of the deep crisis facing American capitalism. > >Citigroupthe largest US bank and the largest >corporation in the world measured by assetshas >been particularly hard hit by the deflation of >the US housing market, which has called into >question the value of hundreds of billions of >dollars in mortgages and securities. > >Certain basic measurements of the banks >financial health have fallen sharply in recent >monthsin particular its capital ratio, >representing the amount of assets the bank has >relative to its liabilities. To provide a >temporary bandage for this problem, the bank >arranged the deal with the Abu Dhabi Investment >Authority (ADIA), a state institution of Abu >Dhabi, the capital of the United Arab Emirates. > >The structure of the deal is unfavorable for >Citigroup. The $7.5 billion will be exchanged >for equity units convertible into shares in the >company within the next four years. Until the >conversion time, Citigroup has agreed to pay out >an interest rate of 11 percent annuallywhich >exceeds the average rate for junk bonds in the >United States. At the end of the period, ADIA >will be the largest single shareholder of >Citigroup, with up to 4.9 percent ownership. > >In effect, the arrangement amounts to a $7.5 >billion loan at an interest rate of 11 percent. >The principle will be converted into Citigroup >stock at a price only slightly above its recent >record-low. If the stock price rises, ADIA can >make money on the difference between its purchase price and the market price. > >ADIAs share of Citigroup will exceed that of >the current largest shareholder, Prince Al >Waleed bin Talal of Saudi Arabia, who purchased >3.6 percent of the company at the time of its >last major financial crisis, in 1991. > >At the same time, the funding is not enough to >cover the banks enormous obligations. CIBC >World Markets analyst Meredith Whitney, who has >raised questions about Citigroups financial >health, told the British newspaper, The >Telegraph, Theyre desperate. This $7.5 billion >is just not enough money by a long shot. > >The deal was carefully structured so that it >would be accounted neither as a bondwhich would >not have solved the problem of the banks >capital ratioor a stock salewhich would have >led to a dilution of the companys share value. > >Citigroups search for cash has been made >necessary by the loss of tens of billions of >dollars by affiliated but off-balance-sheet >investment entities. These entities include >structured investment vehicles (SIVs), >collateralized debt obligations (CDOs) and >conduits. Each of these is important in >different ways, but they are all invested >heavily in subprime and other home mortgage >securities, which have lost much of their value in recent months. > >Among US banks, Citigroup has most heavily >employed SIVs, CDOs, and conduits to gamble on >the housing market. The collapse of the housing >market has begun to unravel the highly >speculative arrangements that were designed to >disguise the amount of risk that the bank had >taken on. Citigroup has already been forced to >write-down $6.8 billion in housing-related >losses and is expected to write-down $8 billion >to $11 billion in the fourth quarter. > >This is likely only a small part of Citigroups >problems. The bank has tens of billions more on >off-balance-sheet entities that are nominally >independent but are in fact closely tied to the >bank. This includes $83 billion in seven SIVs, >$41 billion in CDOs, and $73 billion in >conduits. Citi is also expected to announce tens >of thousands of job losses as a result of its financial woes. > >The continued existence of Citigroup as an >independent entity is in some question. There >have been some rumors of a possible merger offer >from Bank of America, which is facing its own >severe credit problems. Some investors have >called for the bank to be dismantled. > >Since the credit crisis began several months >ago, several banks have moved to absorb their >off-balance-sheet entities. Citigroup has so far >resisted, however, due to its increasingly precarious financial position. > >In October, Citigroup, along with JP Morgan >Chase and Bank of America, worked out an >arrangement under the direction of the US >Treasury Department, to create a special fund >that would buy up assets owned by SIVs to >prevent them from becoming insolvent. The >establishment of the super-SIV was intended to >allow the banks to avoid any immediate reckoning with the losses involved. > >However, the success of this venture is >doubtful, since many investors and banks have >balked at supporting it. The deal with Abu Dhabi >is another attempt to avoid acknowledging the extent of Citigroups losses. > >ADIA is the worlds largest sovereign wealth >fundinvestment funds run by states, >particularly the oil-rich states of the Middle >East. The fund has begun investing more actively >in US businesses, while it had previously >concentrated on emerging markets. An >ADIA-related fund recently purchased a >significant portion of the private equity firm, >Carlyle Group, which is closely connected with >the US political establishment. The funds used >to invest are largely recycled >petrodollarssurpluses from the export of oil, >the price of which has risen sharply. > >Fortune magazine writer Peter Eavis, in an >article published November 7 (Does Citi have a >capital crisis?) pointed to some of the >underlying problems confronting the bank. In >particular, Citigroups capital levels have >fallen sharply. Citis tier 1 ratio, a >standard measure of a companys cushion to >absorb losses, was at 7.3 percent of assets at >the end of the third quarter of this year, down >from 8.6 percent at the beginning of 2006. It is >likely that it has continued to fall over the past two months. > >Citigroups tangible capital to tangible >equityconsidered by many analysts to be a more >reliable measure of financial healthhas fallen >to 2.8 percent, from 4.3 percent at start of 2006. > >In addition to the immediate problem associated >with its off-balance-sheet entities, Citigroup >also faces future losses from sharp increases in >defaults on credit cards and other forms of >debt, as the American worker and consumer faces increasingly hard times. > >The troubles faced by Citigroup are linked to >the enormous expansion of speculation by US >banks. This speculation has been encouraged by >the deregulation of the financial sector, >including the repeal of the Depression-era >Glass-Steagall Act in 1999. The repeal, carried >out under the Clinton administration, broke down >the wall between investment and commercial >banking. This made conglomerates such as >Citigroup possible, and encouraged the closer >integration of the banking system with Wall Street. > >The problems facing Citigroup are a more >concentrated expression of problems facing the >entire American banking system. In an article >published in the Financial Times on Tuesday >(Why banking is an accident waiting to >happen), columnist Martin Wolf notes that banks >have devised many ways to get around government >regulations on capitalization ratios. The >result of this ingenuity [on the part of banks] >includes special purpose vehicles, [including >SIVs and the like] hedge funds and even, in some >respects, private equity funds. These are all, >in varying ways, off-balance-sheet banks: ways >to exploit the exceptionally profitable >opportunities (and corresponding risks) created >by high leverage and maturity transformation. > >These mechanisms were the vehicles for making a >great deal of money for a small layer of >executives and investors, profiting off the >parasitic extraction of wealth from the working >population as a whole, including its poorest >sections. The process worked fine as long as the >housing market continued to go up, but as the >market deflates, they are all beginning to unwind. > >-- >Peter Myers, 381 Goodwood Rd, Childers 4660, Australia ph +61 7 41262296 ><http://users.cyberone.com.au/myers>http://users.cyberone.com.au/myers >Mirror: ><http://mailstar.net/index.html>http://mailstar.net/index.html >I use the old Mac OS; being incompatible, it >cannot run Windows viruses or transmit them to >you. If my mail does not arrive, or yours >bounces, please ring me: this helps beat >sabotage. To unsubscribe, reply with >"unsubscribe" in the subject line; allow 1 day. > >======================================================================================================================== ></blockquote></x-html> Don Eichelberger DJ Fix Independent Productions Green Uprising Blog www.greenuprising.blogspot.com My You Tube http://www.youtube.com/watch?v=ctRp5rGJoUc http://www.youtube.com/watch?v=iySwwyZfDgE http://www.youtube.com/watch?v=8r9rK8nPREA http://www.youtube.com/watch?v=u5UbnJ0kUqo http://www.youtube.com/watch?v=4SktIYTyC1U Donny Fix del.icio.us book marks http://del.icio.us/donnyfix The Hegelian/Marxist goal is emancipation. Marx said it best in 1843: "Human emancipation wll only be complete when the real, individual man (sic) is absorbed into himself the abstract citizen; when as an individual man, in his every day life, in his work and in his relationships, he has become a species-being (politically accountabe to the whole); and when he recognizes and realizes his own power as social powers, so that he no longer separates this social power from himself as political power."

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Re: [Sustain] My Piece On Agro-fuels In Beyond Chron
by Eric Brooks 29 Nov '07

29 Nov '07

We need to be really dramatic and big about how we challenge biofuels to shake people out of complacent thinking. If we are too polite and reasonable, readers on the fence will have a tendency to view the conversation as a friendly disagreement between two, nearly equal, valid positions; some sort of judgment call. We must get people to understand that biofuels are a critical emergency, and we are not going to accomplish that with tamed down words. cheers Eric Don Eichelberger wrote: > Eric- > > Great article, overall. Had some problem with some of the rhetoric > which left a vague sense of overstatement. I know it is not an > overstatement, and that is the rub. > > But expressions like, "blindly hooked on a devastating, diseased, > biofuels illusion...(a)nd unwitting starry eyed supporters of it like > Willie Nelson and E. "Doc" Smith are the keystone... writes a smarmy > smiling article...." > > are a bit of a turn-off to me, and i believe, to some of the public, > mostly those who do not want to hear the truth, anyway. > > But I can definitely relate to the frustration, and it is mostly a > great article. > > Definitely worth the read, > > Don > > At 08:26 AM 11/26/2007, you wrote: >> Hi all, >> >> I got a good guest editorial spot for a piece I wrote strongly >> criticising biodiesel and the agro-fuels industry. >> >> See below or: >> http://www.beyondchron.org/articles/Guest_Editorial_The_Terrible_Illusion_o… >> >> >> >> *Guest Editorial: The Terrible Illusion of Biodiesel* >> >> >> >> /by Eric Brooks, 2007-11-26 >> /I read with shocked and tired eyes E. "Doc" Smith's recent glowing >> article <http://www.beyondchron.org/news/index.php?itemid=5132> about >> San Francisco's biodiesel program. As an environmental activist with >> over two decades experience, every time I see an article like this, I >> lose another little bit of precious life and hope. >> >> Smith and others like him, trumpeting the valor of biodiesel and >> other biofuels, need to knock it off immediately. Biodiesel does >> -not- produce fewer greenhouse gas emissions than petroleum diesel, >> in fact it produces more. And the reality gets even worse than that. >> Biodiesel and other biofuels have suddenly become a huge booming >> industry which, because of the the nature of how those fuels are >> produced, is now destroying the planet and human civilization much >> faster than global warming. >> >> This needs to be repeated... The new biofuels boom is -worse- than >> global warming. And unwitting starry eyed supporters of it like >> Willie Nelson and E. "Doc" Smith are the keystone that is helping >> massive multi-national corporations get the planet's increasingly >> environmentally conscious public to become blindly hooked on a >> devastating, diseased, biofuels illusion. >> >> Those of us on the cutting edge of fighting the climate crisis have >> been struggling mightily to get people to wake up from this illusion >> for the last decade and we are beginning to get attention; but not >> nearly fast enough to stop corporations like ADM, Cargill, British >> Petroleum (BP), Monsanto, and many others from ramping up a massive >> explosion in biofuels, bioplastics, and biochemicals production which >> is already visibly and measurably increasing our already serious >> global environmental collapse at an almost exponential rate. >> >> The key problem of perception is french fry oil. When told of how >> some people are now running their cars on used vegetable oils that >> would have been thrown away, environmentally conscious people >> immediately get very excited by the idea. I myself long ago, got very >> excited about it. But then I started thinking about all of the work >> that the environmental movement has done to fight corporate >> monoculture agriculture's devastating impact on the the planet. I >> started to crunch numbers in my head, and I immediately realized that >> biofuels could not possibly be a good thing, and that soon they would >> present the worst environmental disaster we have ever faced. That >> grim realization is now becoming a reality. >> >> The problem is one of sheer scale. The amount of fuel that can be >> produced from recycling used cooking oil is only a tiny fraction of >> the total fuel used every day by diesel automobiles. What this means >> is that projects like San Francisco's waste oils biodiesel program >> will quickly run out of those waste oils long before even a small >> part of San Francisco's fleet of diesel cars, trucks and construction >> equipment is converted to biodiesel. At that point there is only one >> place to get the supposedly magical biodiesel; from massive corporate >> plantations of monocrops grown specifically to produce biodiesel. >> >> In fact, because of European requirements for biofuel use, this is >> already happening. As you read this article, huge amounts of both >> rainforest, and food crop land, are being cleared in order to produce >> automobile fuel crops, most prominently, biodiesel from palm oil. The >> impact is already staggering and is getting worse very rapidly. And >> as rainforest and cropland are being destroyed, some grain food >> prices are skyrocketing both because food crops have been replaced by >> fuel crops and because many former food crops themselves are being >> used to produce fuel -instead- of food. >> >> This process is devastating the global ecosystem and economies in the >> global South; the latter which are already staggering under the >> terrible weight of a global agriculture industry that is eating up >> lands which once produced local food, in order to grow and sell to >> the world market, higher priced export crops. Take one look at the >> world's insane love of the automobile, and at the booming production >> of new automobiles for countries like China, and it is easy to see >> that biofuels are the -ultimate- export crop; which will form the >> foundation of a planet and civilization killing industry, if we allow >> their production to proceed any further. >> >> And as this cropland and rainforest clearing rages forward, the >> process, because it is accompanied by realities like top soil >> disturbance (which releases CO2) and the burning of undesirable trees >> and plant wastes, is creating massively higher CO2 releases than even >> petroleum products produce. For example, biodiesel made from palm oil >> produces -ten- times more global warming gasses than petroleum diesel. >> >> To complete the grim cycle, every time someone like Smith, however >> noble and well intentioned, writes a smarmy smiling article about how >> great and progressive biofuel is, the big ag companies go to >> Congresses and Parliaments all over the world with an even further >> gleefully deceived public as back-up, to get increased subsidies for >> this new devastating biofuels industry. >> >> And biofuel is just the beginning. These companies are now branching >> out into bioplastics, biochemicals, and biopharmaceuticals. Companies >> like BP (with its new 500 million dollar labs at UC Berkeley) are >> literally making plans to manufacture everything we produce now from >> petroleum and natural gas, from plant crops instead. The result of >> such nonsense is easily predictable - a much more rapid planetary >> collapse which will be completed in our own lifetimes. >> >> This insanity must be stopped immediately, and the first step is to >> stop painting glowing images of biofuels and start painting the >> accurate, Bosch like nightmare panorama, of biofuels as a disaster, >> which is now eating our planet alive, faster than global warming. >> >> To start getting a sense of the nature and scale of this problem, I >> recommend reading a couple of articles by science writer and >> environmental activist George Monbiot at, >> http://www.monbiot.com/archives/2005/12/06/worse-than-fossil-fuel/ >> and http://www.monbiot.com/archives/2007/03/27/a-lethal-solution/ >> / >> Eric Brooks is Co-Chair of the San Francisco Green Party >> Sustainability Working Group./ >> >> >> -- >> "I am not a liberator. Liberators do not exist. The people liberate >> themselves." -- Che >> Guevara >> _______________________________________________ >> Sustainability mailing list >> Sustainability(a)sfgreens.org >> https://list.sfgreens.org/cgi-bin/mailman/listinfo/sustainability > > > Don Eichelberger > DJ Fix Independent Productions > > Green Uprising Blog > www.greenuprising.blogspot.com > > <http://www.greenuprising.blogspot.com/>My You Tube > > http://www.youtube.com/watch?v=ctRp5rGJoUc > http://www.youtube.com/watch?v=iySwwyZfDgE > http://www.youtube.com/watch?v=8r9rK8nPREA > http://www.youtube.com/watch?v=u5UbnJ0kUqo > http://www.youtube.com/watch?v=4SktIYTyC1U > > Donny Fix del.icio.us book marks > http://del.icio.us/donnyfix > > The Hegelian/Marxist goal is emancipation. Marx said it best in 1843: > > "Human emancipation wll only be complete when the real, individual man > (sic) is absorbed into himself the abstract citizen; when as an > individual man, in his every day life, in his work and in his > relationships, he has become a /species-being/ (*politically > accountabe to the whole*); and when he recognizes and realizes his own > power as /social/ powers, so that he no longer separates this > /socia/l power from himself as /political /power." > -- "I am not a liberator. Liberators do not exist. The people liberate themselves." -- Che Guevara

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Re: [Sustain] [GPCA-Energy] Fwd: No Real Renaissance for Nuke Industry
by Lynda Hernandez 29 Nov '07

29 Nov '07

I was surprised to read a recent interview of James Lovelock (originator of Gaia theory)in Rolling Stone magazine. Lovelock believes that nuclear plants are key to slowing down global warming. Solar and wind are only a drop in the bucket. He also states that global warming is inevitable. The planet will survive but 6 billion people will be removed by 2100. http://www.rollingstone.com/politics/story/16956300/the_prophet_of_climate_… Lynda Hernandez ===================== From: Don Eichelberger <done7777(a)sbcglobal.net> Date: 2007/11/28 Wed PM 05:33:37 CST To: GPCA-Energy(a)yahoogroups.com Cc: sustainability(a)sfgreens.org Subject: [GPCA-Energy] Fwd: No Real Renaissance for Nuke Industry So, nukes want a renaissance, do they? >From: "Susan Swift" <vencejo(a)mindspring.com> >Subject: No Real Renaissance for Nuke Industry >Date: Wed, 28 Nov 2007 09:23:51 -0800 > >At least some scientists believe that nuclear power is a doomed industry! >Thanks to Roger Herried and Tom A. for forwarding this news... > ><http://technology.newscientist.com/channel/tech/nuclear/mg19626313.300-nucl…>http://technology.newscientist.com/channel/tech/nuclear/mg19626313.300-nucl… > >See article below for more details on the report. > > >Subject: [ >Date: Tue, 27 Nov 2007 08:11:07 +0900 >From: >To: > >http://www.greensefa.org/cms/pressreleases/dok/206/206845.nuclear_energy@en… > >Nuclear energy: New report highlights nuclear decline in spite of >industry talk of renaissance > > >The role of nuclear energy is in decline, according to a report >'World Nuclear Industry Status Report 2007' presented by the >Greens/EFA group in the European Parliament today. The report >outlines that the proportion of nuclear energy in power production >has decreased in 21 out of 31 countries, with five less functioning >nuclear reactors than five years ago. There are currently 32 nuclear >power plants under construction or in the pipeline, 20 fewer than at >the end of the 1990s. Commenting on the report and this nuclear >decline, German Green MEP and energy spokesperson Rebecca Harms >stated: > >"In stark contrast to the claims of the nuclear industry and its talk >of a renaissance, nuclear energy is in decline. The shrinking of >nuclear in Europe is particularly notable, with ten power plants >being permanently withdrawn from the network since the last report in >2004.With fewer plants being built and existing plants becoming more >decrepit, it seems clear that the grandiose ambitions of the nuclear >industry will remain in the realm of fantasy." > >False promises for a nuclear revival could lead to misplaced public >expenditure, delaying a more intelligent and sustainable approach to >energy supply. In addition, plans for building new reactors would be >in direct competition for the limited manufacturing capacity that is >already stretched by the maintenance costs for existing (aging) >reactors. > >"The gap between the expectations being promoted by the nuclear >industry and reality are perfectly highlighted by the bungled attempt >to build a new reactor at the Olkiluoto plant in Finland. This first >new nuclear project in 15 years has been blighted by problems.After >only two years of construction the project is already two years >delayed and the budget is set to be overrun by at least 50%, with 1.5 >billion euro in losses and shocking errors in key technical >specifications. Clearly, talk of a nuclear revival is divorced from >reality and political leaders must call the nuclear industry's >bluff," continued Rebecca Harms. > >"Nuclear energy is fraught with risk and these risks have in no way >diminished. Attempts to position nuclear power as the panacea for >climate change are misleading and dangerous. This report reveals that >a nuclear revival is unlikely. We must ignore the nuclear smokescreen >and focus on proven, clean technologies in response to the climate >crisis we are facing." > >(1) Click ><http://www.greens-efa.org/cms/topics/dokbin/206/206749.the_world_nuclear_in…>http://www.greens-efa.org/cms/topics/dokbin/206/206749.the_world_nuclear_in… >and ><http://www.greens-efa.org/cms/topics/dokbin/206/206808.conclusions_world_nu…>http://www.greens-efa.org/cms/topics/dokbin/206/206808.conclusions_world_nu… >ear_industry_statu(a)en.pdf > >Richard More O' Ferrall >Press Officer >The Greens/EFA in the European Parliament >Tel: Brussels +32 2 2841667 / Strasburg +33 3 88174375 >Mobile: +32-477-44-38-42 >Fax: 0032 2 2844944 ><mailto:richard.moreoferrall@europarl.europa.eu>rmoreoferrall(a)europarl.eu.int > >_______________________________________________ >CAN-talk Mailingliste >JPBerlin - Politischer Provider ><mailto:CAN-talk@listi.jpberlin.de>CAN-talk(a)listi.jpberlin.de >http://listi.jpberlin.de/mailman/listinfo/can-talk > > > >-- >Tom Athanasiou >EcoEquity: <http://www.ecoequity.org>www.ecoequity.org ><mailto:toma@ecoequity.org>toma(a)ecoequity.org > Don Eichelberger DJ Fix Independent Productions Green Uprising Blog www.greenuprising.blogspot.com My You Tube http://www.youtube.com/watch?v=ctRp5rGJoUc http://www.youtube.com/watch?v=iySwwyZfDgE http://www.youtube.com/watch?v=8r9rK8nPREA http://www.youtube.com/watch?v=u5UbnJ0kUqo http://www.youtube.com/watch?v=4SktIYTyC1U Donny Fix del.icio.us book marks http://del.icio.us/donnyfix The Hegelian/Marxist goal is emancipation. Marx said it best in 1843: "Human emancipation wll only be complete when the real, individual man (sic) is absorbed into himself the abstract citizen; when as an individual man, in his every day life, in his work and in his relationships, he has become a species-being (politically accountabe to the whole); and when he recognizes and realizes his own power as social powers, so that he no longer separates this social power from himself as political power." __._,_.___ Messages in this topic (1) Reply (via web post) | Start a new topic Messages | Files | Photos | Links | Database | Polls | Members | Calendar Change settings via the Web (Yahoo! ID required) Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe Visit Your Group Real Food Group Share recipes, restaurant ratings and favorite meals. Yahoo! Groups Be a Better Planet Share with others Help the Planet. Free airline tickets Win a free trip home for the holidays from Yahoo! . __,_._,___

2 1

[Sustain] Fwd: No Real Renaissance for Nuke Industry
by Don Eichelberger 28 Nov '07

28 Nov '07

So, nukes want a renaissance, do they? >From: "Susan Swift" <vencejo(a)mindspring.com> >Subject: No Real Renaissance for Nuke Industry >Date: Wed, 28 Nov 2007 09:23:51 -0800 > >At least some scientists believe that nuclear power is a doomed industry! >Thanks to Roger Herried and Tom A. for forwarding this news... > ><http://technology.newscientist.com/channel/tech/nuclear/mg19626313.300-nucl…>http://technology.newscientist.com/channel/tech/nuclear/mg19626313.300-nucl… > >See article below for more details on the report. > > >Subject: [ >Date: Tue, 27 Nov 2007 08:11:07 +0900 >From: >To: > >http://www.greensefa.org/cms/pressreleases/dok/206/206845.nuclear_energy@en… > >Nuclear energy: New report highlights nuclear decline in spite of >industry talk of renaissance > > >The role of nuclear energy is in decline, according to a report >'World Nuclear Industry Status Report 2007' presented by the >Greens/EFA group in the European Parliament today. The report >outlines that the proportion of nuclear energy in power production >has decreased in 21 out of 31 countries, with five less functioning >nuclear reactors than five years ago. There are currently 32 nuclear >power plants under construction or in the pipeline, 20 fewer than at >the end of the 1990s. Commenting on the report and this nuclear >decline, German Green MEP and energy spokesperson Rebecca Harms >stated: > >"In stark contrast to the claims of the nuclear industry and its talk >of a renaissance, nuclear energy is in decline. The shrinking of >nuclear in Europe is particularly notable, with ten power plants >being permanently withdrawn from the network since the last report in >2004.With fewer plants being built and existing plants becoming more >decrepit, it seems clear that the grandiose ambitions of the nuclear >industry will remain in the realm of fantasy." > >False promises for a nuclear revival could lead to misplaced public >expenditure, delaying a more intelligent and sustainable approach to >energy supply. In addition, plans for building new reactors would be >in direct competition for the limited manufacturing capacity that is >already stretched by the maintenance costs for existing (aging) >reactors. > >"The gap between the expectations being promoted by the nuclear >industry and reality are perfectly highlighted by the bungled attempt >to build a new reactor at the Olkiluoto plant in Finland. This first >new nuclear project in 15 years has been blighted by problems.After >only two years of construction the project is already two years >delayed and the budget is set to be overrun by at least 50%, with 1.5 >billion euro in losses and shocking errors in key technical >specifications. Clearly, talk of a nuclear revival is divorced from >reality and political leaders must call the nuclear industry's >bluff," continued Rebecca Harms. > >"Nuclear energy is fraught with risk and these risks have in no way >diminished. Attempts to position nuclear power as the panacea for >climate change are misleading and dangerous. This report reveals that >a nuclear revival is unlikely. We must ignore the nuclear smokescreen >and focus on proven, clean technologies in response to the climate >crisis we are facing." > >(1) Click ><http://www.greens-efa.org/cms/topics/dokbin/206/206749.the_world_nuclear_in…>http://www.greens-efa.org/cms/topics/dokbin/206/206749.the_world_nuclear_in… >and ><http://www.greens-efa.org/cms/topics/dokbin/206/206808.conclusions_world_nu…>http://www.greens-efa.org/cms/topics/dokbin/206/206808.conclusions_world_nu… >ear_industry_statu(a)en.pdf > >Richard More O' Ferrall >Press Officer >The Greens/EFA in the European Parliament >Tel: Brussels +32 2 2841667 / Strasburg +33 3 88174375 >Mobile: +32-477-44-38-42 >Fax: 0032 2 2844944 ><mailto:richard.moreoferrall@europarl.europa.eu>rmoreoferrall(a)europarl.eu.int > >_______________________________________________ >CAN-talk Mailingliste >JPBerlin - Politischer Provider ><mailto:CAN-talk@listi.jpberlin.de>CAN-talk(a)listi.jpberlin.de >http://listi.jpberlin.de/mailman/listinfo/can-talk > > > >-- >Tom Athanasiou >EcoEquity: <http://www.ecoequity.org>www.ecoequity.org ><mailto:toma@ecoequity.org>toma(a)ecoequity.org > Don Eichelberger DJ Fix Independent Productions Green Uprising Blog www.greenuprising.blogspot.com My You Tube http://www.youtube.com/watch?v=ctRp5rGJoUc http://www.youtube.com/watch?v=iySwwyZfDgE http://www.youtube.com/watch?v=8r9rK8nPREA http://www.youtube.com/watch?v=u5UbnJ0kUqo http://www.youtube.com/watch?v=4SktIYTyC1U Donny Fix del.icio.us book marks http://del.icio.us/donnyfix The Hegelian/Marxist goal is emancipation. Marx said it best in 1843: "Human emancipation wll only be complete when the real, individual man (sic) is absorbed into himself the abstract citizen; when as an individual man, in his every day life, in his work and in his relationships, he has become a species-being (politically accountabe to the whole); and when he recognizes and realizes his own power as social powers, so that he no longer separates this social power from himself as political power."

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[Sustain] Australia
by Jeanne 28 Nov '07

28 Nov '07

Did you notice that the Australian Greens got 7.6% of the vote, and according to E.L. Dionne, "played a role in Labor's victory"? I guess they will be part of the new center-left government. Jeanne -- Jeanne Rosenmeier 415 751-0901

2 1

[Sustain] My Piece On Agro-fuels In Beyond Chron
by Eric Brooks 26 Nov '07

26 Nov '07

Hi all, I got a good guest editorial spot for a piece I wrote strongly criticising biodiesel and the agro-fuels industry. See below or: http://www.beyondchron.org/articles/Guest_Editorial_The_Terrible_Illusion_o… Guest Editorial: The Terrible Illusion of Biodiesel /by Eric Brooks, 2007-11-26/ I read with shocked and tired eyes E. "Doc" Smith's recent glowing article <http://www.beyondchron.org/news/index.php?itemid=5132> about San Francisco's biodiesel program. As an environmental activist with over two decades experience, every time I see an article like this, I lose another little bit of precious life and hope. Smith and others like him, trumpeting the valor of biodiesel and other biofuels, need to knock it off immediately. Biodiesel does -not- produce fewer greenhouse gas emissions than petroleum diesel, in fact it produces more. And the reality gets even worse than that. Biodiesel and other biofuels have suddenly become a huge booming industry which, because of the the nature of how those fuels are produced, is now destroying the planet and human civilization much faster than global warming. This needs to be repeated... The new biofuels boom is -worse- than global warming. And unwitting starry eyed supporters of it like Willie Nelson and E. "Doc" Smith are the keystone that is helping massive multi-national corporations get the planet's increasingly environmentally conscious public to become blindly hooked on a devastating, diseased, biofuels illusion. Those of us on the cutting edge of fighting the climate crisis have been struggling mightily to get people to wake up from this illusion for the last decade and we are beginning to get attention; but not nearly fast enough to stop corporations like ADM, Cargill, British Petroleum (BP), Monsanto, and many others from ramping up a massive explosion in biofuels, bioplastics, and biochemicals production which is already visibly and measurably increasing our already serious global environmental collapse at an almost exponential rate. The key problem of perception is french fry oil. When told of how some people are now running their cars on used vegetable oils that would have been thrown away, environmentally conscious people immediately get very excited by the idea. I myself long ago, got very excited about it. But then I started thinking about all of the work that the environmental movement has done to fight corporate monoculture agriculture's devastating impact on the the planet. I started to crunch numbers in my head, and I immediately realized that biofuels could not possibly be a good thing, and that soon they would present the worst environmental disaster we have ever faced. That grim realization is now becoming a reality. The problem is one of sheer scale. The amount of fuel that can be produced from recycling used cooking oil is only a tiny fraction of the total fuel used every day by diesel automobiles. What this means is that projects like San Francisco's waste oils biodiesel program will quickly run out of those waste oils long before even a small part of San Francisco's fleet of diesel cars, trucks and construction equipment is converted to biodiesel. At that point there is only one place to get the supposedly magical biodiesel; from massive corporate plantations of monocrops grown specifically to produce biodiesel. In fact, because of European requirements for biofuel use, this is already happening. As you read this article, huge amounts of both rainforest, and food crop land, are being cleared in order to produce automobile fuel crops, most prominently, biodiesel from palm oil. The impact is already staggering and is getting worse very rapidly. And as rainforest and cropland are being destroyed, some grain food prices are skyrocketing both because food crops have been replaced by fuel crops and because many former food crops themselves are being used to produce fuel -instead- of food. This process is devastating the global ecosystem and economies in the global South; the latter which are already staggering under the terrible weight of a global agriculture industry that is eating up lands which once produced local food, in order to grow and sell to the world market, higher priced export crops. Take one look at the world's insane love of the automobile, and at the booming production of new automobiles for countries like China, and it is easy to see that biofuels are the -ultimate- export crop; which will form the foundation of a planet and civilization killing industry, if we allow their production to proceed any further. And as this cropland and rainforest clearing rages forward, the process, because it is accompanied by realities like top soil disturbance (which releases CO2) and the burning of undesirable trees and plant wastes, is creating massively higher CO2 releases than even petroleum products produce. For example, biodiesel made from palm oil produces -ten- times more global warming gasses than petroleum diesel. To complete the grim cycle, every time someone like Smith, however noble and well intentioned, writes a smarmy smiling article about how great and progressive biofuel is, the big ag companies go to Congresses and Parliaments all over the world with an even further gleefully deceived public as back-up, to get increased subsidies for this new devastating biofuels industry. And biofuel is just the beginning. These companies are now branching out into bioplastics, biochemicals, and biopharmaceuticals. Companies like BP (with its new 500 million dollar labs at UC Berkeley) are literally making plans to manufacture everything we produce now from petroleum and natural gas, from plant crops instead. The result of such nonsense is easily predictable - a much more rapid planetary collapse which will be completed in our own lifetimes. This insanity must be stopped immediately, and the first step is to stop painting glowing images of biofuels and start painting the accurate, Bosch like nightmare panorama, of biofuels as a disaster, which is now eating our planet alive, faster than global warming. To start getting a sense of the nature and scale of this problem, I recommend reading a couple of articles by science writer and environmental activist George Monbiot at, http://www.monbiot.com/archives/2005/12/06/worse-than-fossil-fuel/ and http://www.monbiot.com/archives/2007/03/27/a-lethal-solution/ / Eric Brooks is Co-Chair of the San Francisco Green Party Sustainability Working Group./ -- "I am not a liberator. Liberators do not exist. The people liberate themselves." -- Che Guevara

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[Sustain] German Green speech
by Jeanne 21 Nov '07

21 Nov '07

I went Thursday to hear a talk on international cooperation re climate change by a Dr. Alfred Fuchs, a German Green who is in this country to assume the lead in a Washington-based foundation on climate change. It was a fairly standard "got to do something about climate change" talk, except that he emphasized government policies that would bring market forces to bear on the problem, an emphasis one doesn't often hear from American Greens. He also focussed more than I am used to on soil degradation. At the reception afterward, I got talking to Olof Hansen of the EPA, who has been working with the city on the biofuels from waste fats and oils project. So I asked him our question about toxins in the portion of the raw material that they intend to scrape out of the sewers. He was rather nonplussed, then asked what kind of toxins I had in mind. Well, I wasn't sure either, so I said, "How about heavy metals?" He replied that in general that was not a major issue in SF, because we don't do much manufacturing. He went on to say that restaurant waste would constitute the vast majority of the raw material, to the tune of 10 million gallons of oil per year. And since restaurants usually pay to have the stuff hauled away, they are happy to donate it to the city. FYI Jeanne -- Jeanne Rosenmeier 415 751-0901

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[Sustain] Groundbreaking Natural Oil Clean-Up Movement Launched In SF
by Eric Brooks 17 Nov '07

17 Nov '07

H all, By far, the most inspiring environmental news I have heard in over a decade was in an interview yesterday on KPFA Radio's Terra Verde environmental program. In that half hour show they describe a groundbreaking movement arising, right now, to use natural hair mats and oyster mushrooms to holistically clean-up and then compost into harmless organic material, the San Francisco Bay bunker fuel spill. What the program describes is a critical moment in time and human consciousness in which thousands of people have taken their deep frustration with our fossil-fuel/capitalist/war powered planet, and channeled it into a direct counter assault on our global crisis, clearly lighting a new beacon for a non-petroleum based world. listen at: http://www.kpfa.org/archives/index.php?arch=23320 -- "I am not a liberator. Liberators do not exist. The people liberate themselves." – Che Guevara

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