Tag Archives: Crisis

Europe’s socialist debt crisis: who suffers most? Can bailouts fix it?

This is the most popular article on Investors Business Daily right now.

Excerpt:

Rational or not, Greece’s street riots and emigration rates signify one thing: Socialism offers very little to the young. So why is the EU’s $172 billion bailout geared toward saving so much of the failed socialist system?

As Europe prepares to deliver a historic $172 billion bailout to Greece in a deal announced Monday, it’s pretty much a given that the austerity conditions required, in the absence of a true free market, will hit youth hardest. Athens will be trashed by another youth rampage, as many youths blame the pain on something other than Greece’s deeply rooted socialism.

A bigger effect will come from Greeks who do recognize reality. They won’t riot. They’ll leave, voting with their feet just as Eastern Europe’s youth once did.

The young in both cases are victims of socialism, which claims to make people equal but, in reality, penalizes the young. For Greece, a country already gutted by a below-replacement birth rate and an aging population, that’s a disaster.

It’s not just Greece, but also every EU state with institutionalized socialism — where high government spending seeks to create a warm blanket insulating everyone from risk, but instead has led to bankruptcy.

[…]One out of five jobs in Greece is held by a bureaucrat, which is why unemployment among the under-24s runs at 42%. A 2010 poll shows that seven out of 10 Greek college graduates seek to leave.

Some 9% of Greek college graduates and at least 51% of Greece’s Ph.D.s are already gone, according to University of Macedonia demographer Lois Lambrianidis.

What jobs there are come from the bottom of a two-tier labor system that shields older workers in Greece’s rigid labor market. Young Greeks earn a 500-and-change euro monthly minimum wage as older workers doing the same work make 700.

In contrast, immigrant-magnet Australia holds packed job fairs at its Athens embassy. In 2011, it took in 249,000 immigrants. In 2012, a 20% rise is expected.

[…]Meanwhile, Spain’s EFE News reports that the Spanish Embassy in Santiago, Chile, has seen a 10% rise in registered nationals to 48,000, while Chile reports a 25% rise in work permits issued to Spanish citizens.

It’s not just jobs that are penalizing Europe’s young. Housing is stacked against youth, too. Eurostat reports that in 2008, 46% of young European adults ages 18-34 lived with their parents — 51 million people.

The two-tier job market, which leans heavily toward unstable contract employment, affects housing choices for the young. Other socialist measures designed to protect current owners against the market also shut out the young.

Perhaps most hostile of all to youth are the EU’s outdated state pension systems — which force the young to pay the pensions of the old as the population shrinks.

In Italy, 14% of all economic output goes to pensions. It’s no coincidence that states attracting Europe’s young, like Chile and Australia, have privatized their social security systems that give youth a real shot at building personal wealth and a credible pension through their own efforts, instead of political favoritism.

This is the direction that the United States is also headed in. What I find mystifying is why young people in the United States are voting for these policies. Young people here have a higher rate of unemployment, and they ought to know that all of these entitlement programs won’t be there for them when they retire. What possible reason could they have for voting for more and more government control?

16 scientists explain why global warming is not a threat

From the Wall Street Journal. (H/T Levin)

Excerpt:

Perhaps the most inconvenient fact is the lack of global warming for well over 10 years now. This is known to the warming establishment, as one can see from the 2009 “Climategate” email of climate scientist Kevin Trenberth: “The fact is that we can’t account for the lack of warming at the moment and it is a travesty that we can’t.” But the warming is only missing if one believes computer models where so-called feedbacks involving water vapor and clouds greatly amplify the small effect of CO2.

The lack of warming for more than a decade—indeed, the smaller-than-predicted warming over the 22 years since the U.N.’s Intergovernmental Panel on Climate Change (IPCC) began issuing projections—suggests that computer models have greatly exaggerated how much warming additional CO2 can cause. Faced with this embarrassment, those promoting alarm have shifted their drumbeat from warming to weather extremes, to enable anything unusual that happens in our chaotic climate to be ascribed to CO2.

And:

Although the number of publicly dissenting scientists is growing, many young scientists furtively say that while they also have serious doubts about the global-warming message, they are afraid to speak up for fear of not being promoted—or worse. They have good reason to worry. In 2003, Dr. Chris de Freitas, the editor of the journal Climate Research, dared to publish a peer-reviewed article with the politically incorrect (but factually correct) conclusion that the recent warming is not unusual in the context of climate changes over the past thousand years. The international warming establishment quickly mounted a determined campaign to have Dr. de Freitas removed from his editorial job and fired from his university position. Fortunately, Dr. de Freitas was able to keep his university job.

This is not the way science is supposed to work, but we have seen it before—for example, in the frightening period when Trofim Lysenko hijacked biology in the Soviet Union. Soviet biologists who revealed that they believed in genes, which Lysenko maintained were a bourgeois fiction, were fired from their jobs. Many were sent to the gulag and some were condemned to death.

Why is there so much passion about global warming, and why has the issue become so vexing that the American Physical Society, from which Dr. Giaever resigned a few months ago, refused the seemingly reasonable request by many of its members to remove the word “incontrovertible” from its description of a scientific issue? There are several reasons, but a good place to start is the old question “cui bono?” Or the modern update, “Follow the money.”

Alarmism over climate is of great benefit to many, providing government funding for academic research and a reason for government bureaucracies to grow. Alarmism also offers an excuse for governments to raise taxes, taxpayer-funded subsidies for businesses that understand how to work the political system, and a lure for big donations to charitable foundations promising to save the planet. Lysenko and his team lived very well, and they fiercely defended their dogma and the privileges it brought them.

Read the whole thing! This is a must-read.

UPDATE: My friend Neil Simpson has found another recent study showing that there has been no significant global warming for 15 years – and the numbers come from the British Met Office, and the University of East Anglia (home of Climategate).

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New study : Earth’s climate is not as sensitive to carbon dioxide as IPCC claims

ECM sent me this article from the Economist concerning some recent research that was published in the prestigious peer-reviewed journal Science.

Excerpt:

Climate science is famously complicated, but one useful number to keep in mind is “climate sensitivity”. This measures the amount of warming that can eventually be expected to follow a doubling in the atmospheric concentration of carbon dioxide. The Intergovernmental Panel on Climate Change, in its most recent summary of the science behind its predictions, published in 2007, estimated that, in present conditions, a doubling of CO2 would cause warming of about 3°C, with uncertainty of about a degree and a half in either direction.

[…]But a paper published in this week’s Science, by Andreas Schmittner of Oregon State University, suggests it is not. In Dr Schmittner’s analysis, the climate is less sensitive to carbon dioxide than was feared.

Existing studies of climate sensitivity mostly rely on data gathered from weather stations, which go back to roughly 1850. Dr Schmittner takes a different approach. His data come from the peak of the most recent ice age, between 19,000 and 23,000 years ago. His group is not the first to use such data (ice cores, fossils, marine sediments and the like) to probe the climate’s sensitivity to carbon dioxide. But their paper is the most thorough. Previous attempts had considered only small regions of the globe. He has compiled enough information to make a credible stab at recreating the climate of the entire planet.

[…]The group’s most likely figure for climate sensitivity is 2.3°C, which is more than half a degree lower than the consensus figure, with a 66% probability that it lies between 1.7° and 2.6°C. More importantly, these results suggest an upper limit for climate sensitivity of around 3.2°C.

I think that it is a good thing for the reputation of scientists that articles like this can be published at all. I have lost a lot of confidence in government-funded science lately, especially when the conclusion of the government-funded research supports the need for more government and high taxes.

In case you missed my recent post on the newly-release Climategate e-mails, then you should read that to see how biased climate scientists can be.

Here are the latest surface temperature measurements.