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Posted on Sustainabilitank.info on November 16th, 2008 Subject: Chaos or New World Economic Order?
Date: November 15, 2008
Interest Rates [Credit] are the Cause and Consequence of
the Explosion of Income/Wealth Disparities and,
Hence, of the Inherent Instability of this Economy:
The Ominous Keynes’ Liquidity Trap.
Origin of Economic Chaos.
As Far as we Know, As of Today No Other Economist Has Yet Discovered
The Link Between Income Distribution and the Liquidity Trap.
None of the Traditional Tools of Governements Will Work:
The Helpless Leaders of The G20 Countries Are Pathetic, Aren’t They?
***
“Probably not. Global forces can now override most anything that monetary and fiscal policy can do. Long-term real interest rates have significantly more impact on the core of economic activity than the individual actions of nations. Central banks have increasingly lost their capacity to influence the longer end of the market. Two to three decades, ago central banks were dominant throughout the maturity schedule. Thus, the more important question is the direction of long-term real interest rates.” Chairman Sir Alan “El Maestro” Greenspan The Great Irony of Success ZEIT online, 30.1.2008 When Long-Term Interest Rates Ar So Low As Not to Reward the Risk
People Stop to Invest. Wouldn’t You? Who Can Coerce Them to Lose Money?
Because It Is Through Investments That Money Is Created.
The Blood of the Economy Stops to Flow,
It is the Ominous Keynes’ Liquidity Trap, The Root of Economic Chaos.
The Crash Will Be Brutal, With NO Prior Warning…
You Need to Be Prepared.
1776- Annuit Cœptis Can’t Avoid the Crash
it Can Shield You From Its Consequences
Everyone Need an Economy, Don’t You?
There Is One Solution That Works:
What Else?… What Is Exactly the Other Option?
No One Will Chose the Chaos, Will You?
Anyone Can Join But Still Needs to Be Prepared. Shouldn’t You?
“At the present moment people are unusually expectant of a more fundamental diagnosis;
more particularly ready to receive it; eager to try it out, if it should be even plausible.
But apart from this contemporary mood, the ideas of economists and political philosophers,
both when they are right and when they are wrong, are more powerful than is commonly understood.
Indeed the world is ruled by little else. Practical men, who believe themselves to be quite
exempt from any intellectual influences, are usually the slaves of some defunct economist.
Madmen in authority, who hear voices in the air, are distilling their frenzy
from some academic scribbler of a few years back. Emperors and armies come and go;
but unless they leave new ideas in their wake, they are of passing historic consequence.
I am sure that the power of vested interests is vastly exaggerated compared with the
gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval;
for in the field of economic and political philosophy there are not many who are influenced by new theories
after they are twenty-five or thirty years of age, so that the ideas which civil servants
and politicians and even agitators apply to current events are not likely to be the newest.
But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil.”
John Maynard “Invisible Hand” Keynes,
The General Theory of Employment, Interest, and Money,
13 December 1935, p. 383.
Quoted by Chairman Sir Alan “El Maestro” Greenspan
Adam “Defunct Economist” Smith
At the Adam Smith Memorial Lecture, Kirkcaldy, Scotland
February 6, 2005
It is NOT to Fix This Economy Which is Already Beyond Repair.
The Intention Is to Create a New Economy
With the Assets of the Old One Without its Liabilities.
1776- Annuit Cœptis Will Jump Start Its Economy When:
It Declares the State of Systemic Economic Collapse (Market Crash)
AND
The Number of Its Registred Participants Reaches 100,000,000
Why Not Insure Against the Worst Case Scenario?
It Is the Age of Turbulence: Adventures in a New World Economic Order.
“Even apart from the instability due to speculation, there is the instability due to the characteristic of human
nature that a large proportion of our positive activities depend on spontaneous optimism rather than on
a mathematical expectation, whether moral or hedonistic or economic.
Most, probably, of our decisions to do something positive, the full consequences of which will be drawn
out over many days to come, can only be taken as a result of animal spirits—of
a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of
quantitative benefits multiplied by quantitative probabilities.
Enterprise only pretends to itself to be mainly actuated by the statements in its own prospectus, however candid and sincere.
Only a little more than an expedition to the South Pole, is it based on an exact calculation of benefits to come.
Thus if the animal spirits are dimmed and the spontaneous optimism falters, leaving us to depend on nothing
but a mathematical expectation, enterprise will fade and die;—
though fears of loss may have a basis no more reasonable than hopes of profit had before.”
Sir John Maynard “Invisible Hand” Keynes
The General Theory of Employment, Interest and Money,
Chapter 12: The State of Long Term Expectation, VII
December 13, 1935
1 7 7 6 - Annuit Cœptis believes that it won’t have time to contact you again till it declares the state of systemic economic catastrophe. However please read our Strict Direct Contacts Policy
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Posted on Sustainabilitank.info on October 13th, 2008 Monday, October 13th - Columbus Day 2008 - In Financial Markets The Chefs Of Europe Came To Washington to Save the Old World - The Week Will End With The Europeans Fighting Among Themselves For Positions at the UN. The good news are that this Monday is much better then the Monday of last week. This because after serious tutoring by the Chefs of Europe, the US was softened to accept what George Soros and a few others said for quite a while - you do not just bailout those that undermined the economy because of their greed, that was allowed to grow thanks to a wrong headed concept of “Less Government Is Best Government.” You re-capitalize the banks and take equity position in them, so you can re-establish rule of ethics in those institutions. The Europeans started by Nationalizing their weak institutions rather then let them fail (like the Lehman case in the US) or bail them out (like the Goldman-Sachs case in the US). As George Soros said, by letting the system in the hands of Goldman-Sachs graduates, you really do not signal that you want to see change indeed. (We add to this that it would be like seating McCain in the Oval Office when the need is to create deep change in Washington.) Further - just look at The Financial Times of today - for example at page 11 - “Goldman Connection Raises Questions Over Conflict of Interest’ and Page 24 - “Key Lehman Figures Stay On In Europe” - this after Japan’s Nomura bought the European and Middle East operations of Lehman Brothers. Then see page 24 - “Is Nationalization the answer to banks behaving badly?” and look for what went on in Iceland where the whole banking system was Nationalized. Look at the argument - “shareholders win - taxpayers lose” and the question “why not resolve it by making the two groups identical?” That is neither socialism nor demagoguery. It is not Corporate Socialism but plain “Country First” argumentation that has nothing to do with “me interrupt the campaign and go to Washington to pass the Paulson three page non-plan.” OK, President Bush listened to the G7 on Friday - and magic - after he declared that the US will now buy into banks - not just the “toxic assets” of those banks, the New York Stock market this morning, followed the example of global markets over the week-end, and started returning value to the share-holders. While I write this, Monday at noon, the New York Stock Market DOW is up 520 points. Clearly, not because they trust now Messrs. Paulson & Bernanke more then they did a week ago - it did happen because they trust more the Gordon Brown, Nicholas Sarkozy, Angela Markel consortium of individuals. But, do not jump yet at conclusions - this article is not exactly an ode to old Europe. You can conclude that I trust more The Financial Times then the Wall Street Journal, but I will also point out the show of hands that will happen at the end of this week at the UN, and that will bring to the limelight also shadier aspects of Europe 2008. *** The event will happen on Friday, October 17, 2008, when the UN General Assembly elects five non-permanent members of the UN Security Council. Outgoing council members are Belgium, Indonesia, Italy, Panama, South Africa. Uganda is the sole candidate for Africa and will replace South Africa. Mexico is the sole candidate for Latin America and will replace Panama. But for Asia there are two candidates and Japan has the definite advantage over Iran as replacement of Indonesia. The only real fight will be for the European two seats where Austria, Iceland and Turkey will be fighting for the two seats vacated by Belgium and Italy. Conventional wisdom at the UN says that Turkey will be a shoo-in with the 192 States voting, but Austria and Iceland will be in a tough fight for the second seat. And this is the reason for my bringing up now these elections. The last months was very hard on Austria and Iceland. Think of the complete melt-down of the Iceland financial system, and the melt-down of the Austrian governing scheme. *** Let us start with Iceland, as this is the easier case - it is on the surface only about money, but then also about eventual political freedom. Richard Portes writes in The Financial Times of today “The shocking errors behind Iceland’s meltdown.” Iceland’s Glitnir Bank was the first casualty of Washington letting down Lehman, and precipitating the hermetic closure of the global credit market. Like fellow Icelandic banks, Landsbanki and Kaupthing, they were all solvent and posted good first-half results and had healthy capital adequacy ratios. And that is important - NONE HAD ANY TOXIC SECURITIES. All of them were very well managed for the last two years, but when the credit crisis hit Glitnir, the Icelandic Central Bank (CBI) did not help and moved to Nationalize the bank, creating in its wake a run on all banks. All this triggered a fall of the Krona and a margin call from the European Central Bank. Eventually the banks became collateral damage and some foreign branches taken over. The problem was that the Icelandic banks were highly leveraged, and like in the UK and Switzerland, too large relative to the domestic economy. The joke was that the large Icelandic banks had a small country attached to them. The CBI did some terrible mistakes. They announced on Monday a peg of the Krona to the Euro at a rate well above the market that was unsustainable, and abandoned by Tuesday. They contacted the International Monetary Institutions in Washington and when help was not forthcoming they asked for $4 Billion from Russia that was answered positively, but the deal was not yet consumeted. Now, following the Friday agreements in Washington, it is probable that Iceland will be the first country in this crisis to be helped by the IMF. Perhaps also the Russian deal will be finalized this week, and the question is at what political price will this be for a small country, not an EU member, and positioned from Russia at the opposite end of Europe. For our story here - What will this do to Iceland obtaining the votes it wants at the UN General Assembly, in its quest for a first-time membership at the UNSC - this as part of the group of Nordic States (that at the EU are indeed part of Europe). Will they get now sympathy votes, or will they be considered as economically non-viable? *** The other contestant is Austria, and its problems seem even worse. The problem is purely political and this week-end it got thrown into total chaos by the auto-racing death of its fast talking right wing politician Joerg Haider. The Story started with the brake-up of the traditional governing Red-Black coalition. That is the the left of center Socialists broke up their “Grand Coalition” with the right-of center Peoples Party. The voters at the polls punished both of them and elevated by a close to 30% the two infighting extreme right parties, leaving 9% to the Austrian Greens. OK, one could go back to a diminished “Grand Coalition”with both parties - the Reds and the Blacks - headed by new leaders. This would be a punishment for their lack of acceptance of the previous debacles when these parties flirted with the extreme right. The Austrian Freedom Party (FPO - the Blue Party), a small party of 5% of the electorate, entered into a controversial coalition as junior partner to the Reds in May 1983 and remained in power with that party until January 1987. Appears Joerg Haider and in September 1986 he defeated the Austrian Vice-Chancellor Norbert Steger in a vote for the FPO leadership at the party conference in Innsbruck: many delegates feared that Steger’s liberal views and his coalition with the Social Democrats threatened the party’s existence. Haider attempted to increase his party’s standing by appealing to those opposed to the EU, those against immigration, and those who thought “the Third Reich was not all bad”, including its work creation programmes, and who believed that its crimes were exaggerated. Plain and simple - a Neo-Nazi ideology. Under Haider’s leadership the FPO went from 4.98 per cent of the vote in 1986 to 26.9 per cent in 1999, putting it on a par with the Blacks. The outgoing Reds could not find a coalition partner and months of negotiations followed until in 2000 the Blacks formed a coalition with Haider’s FPO. This caused a sensation - both in Austria and across Europe - the heads of the governments of the other 14 EU members decided to cease co-operation with the Austrian government. The coalition remained in office until 2007, although Haider stepped down as the FPO’s chairman in 2000. Without him his party’s voting bloc seemed to evaporate: at the 2002 election it lost nearly two-thirds of its support. Haider remained the FPO’s major figure until 2005, when he founded the Bündnis Zukunft Österreich (BZO, or Alliance for the Future of Austria), the Orange Party. He was expelled from the Blues but the Orange’s increasing popularity won it 11 per cent of the vote in the September 2008 general election. Last week, Haider and Heinz-Christian Strache, the leader of the Blues, negotiated to put aside their differences following their combined success at the polls. The results for their two parties came to 28.2 per cent of the ballot, as against 15 per cent in 2006. This placed them on a nearly equal footing with the “winning” Social Democrats. *** Mr Haider, 58, whose fatal car accident early this Saturday morning, October 11, 2008, left Austria in a state of shock. He was travelling near Klagenfurt in the southern province of Carinthia, his home Province - the Province where he was Governor. He was going at 88mph (142kph) along a stretch of road which has a 42mph speed limit. State prosecutors investigating the crash said his car, a three-month-old Volkswagen Phaeton V6, careered off the road after overtaking another vehicle and flipped several times, causing the populist leader massive injuries to his head and chest even though he was wearing a seat-belt. An ambulance took Mr Haider to Klagenfurt hospital where he was pronounced dead on arrival. Ruling out foul play as a cause of death, Gottfried Kranz, the chief prosecutor, said: “Further speculation about other causes for the accident are invalid.” Mr Haider, who had been on his way to his mother’s 90th birthday party, had been at a party at a night club less than a hour before the crash. State prosecutors declined to say whether they had found alcohol or traces of drugs in his blood. Police said the Volkswagen Phaeton that he was driving at speed went off the road. *** Haider was born in 1950 in the Upper Austrian town of Bad Goisern. His father was a shoemaker, his mother a teacher. Both had been more than nominal members of the Nazi party – his father served as a lieutenant in the Wehrmacht in the Second World War. After attending secondary school in Bad Ischl, where he had first contacts with nationalist youth organisations, in 1968 he moved to the University of Vienna to study law. In 1973 he graduated and shortly after was called up for military service, volunteering for extra service on top of the mandatory nine months. In 1974 he started work at the University of Vienna in the department of constitutional law. Haider had joined the youth wing of the Freiheitliche Partei Österreichs (FPO, or Austrian Freedom Party), founded in 1955 as a mixture of political currents opposed to the two main parties, the Catholic-orientated Österreichische Volkspartei (OVP, Austrian People’s Party) and the Sozialistische Partei Österreichs (SPO, Socialist, later Social Democratic Party). These two had ruled Austria in coalition from 1945-66. With its roots in the Pan-German movement, the FPO included both nationalists and liberals. In 1970 Haider became leader of the FPO youth movement, until 1974. He was party secretary of the Carinthian FPO from 1976 until 1983. In 1979, aged 29, he became the youngest MP of the 183 members of the federal parliament, serving until 1983. He served again in parliament from 1986 to 1989 and from 1992 to 1999. In September 2008 he was elected again to Parliament. Today’s Independent writes: “Jörg Haider: Charismatic right-wing politician whose controversial beliefs and policies led to isolation for Austria.” The article of The Financial Times is titled: “Demagogue who stirred up Austrian politics.” “A talented demagogue, he railed against asylum seekers, Muslims and the small Slovene minority in his home province of Carinthia. In 1995 he whipped up anti-EU sentiments. He praised a member of Hitler’s notorious Waffen SS convicted of eradicating the population of an Italian village as someone “who did his duty.” He said Nazis had created “a good policy of employment.” he condemned the “laziness of the southerners” - meaning immigrants from lands south of Austria, describing their countries as “the place of criminality and corruption.” And in a mocking reference to the first name of Vienna’s Jewish leader, Ariel Muzikant, Haider said: “I don’t understand how someone called Ariel can have so much dirt on his hands.” *** OK, Haider is dead now, and Haider was never Austria, but Austria has no government at this time, and there is a new bloc of 30% of people-haters that he has managed to gather - indeed only 11% of these seemingly bigots marching under his world-hating Orange flag, while the others might be just plain conservative people. Nevertheless, if this bloc returns to the Austrian Government, what face will Austria have on the international stage? The best thing that could happen for Austria is if the Reds and the Blacks seize the moment and declare by this Thursday the return to the “Grand Coalition.” If that does not happen, we feel sorry for the good Austrian Ambassador to the UN, H.E. Mr. Gerhard Pfanzelter, who labored for two years with the goal to get for Austria this coveted UN Security Council seat. Neil MacFarquhar, in the New York Times of this Sunday, October 12, 2008, describes the Icelandic and Austrian UN “charm offensives” in order to woo country votes in the Friday UNGA election. Pfanzelter even brought the Vienna Philharmonic to New York to serenade the 192 Ambassadors and their wives. Austria has had indeed a historic commitment to the UN. It knew to get the third UN Center, after those in New York and Geneva, to be established in Vienna. That was a very important achievement at a time that Austria was trying to safeguard its security and independence with the two superpowers breezing hard close-by in the days of the Cold War. The International Atomic Agency and the UN agencies for Development (UNIDO) and narcotics are housed there. IIASA or the International Institute for Applied Systems Analysis - the cold war days’ scientific link between East and West is still housed, and doing work at Schloss Laxenburg near Vienna. Today studies like “Atmospheric Pollution and Economic Development” are again the latest rage and very much in fashion. Then, don’t forget also that OPEC is headquartered in Vienna, and personally, I am beholden because of the studies on Energy Policy I was involved at Laxenburg during the end of the 70s - mid 80s. That is when the word Energy was extended from oil, coal, and nuclear, to include also natural gas, and eventually biogas and renewable energy. Those days I had a hand in much of this, and I could see Austria retaking its central position in energy policy for the 21st Century. Considering above, I hope a miracle happens and Austria’s politicians come up this week with a plan that makes up somewhat for the mess they created this summer. We will wait to see the UN show of hands this Friday, and when the voting becomes available, we will analyze the outcome. Permalink | ### |
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Posted on Sustainabilitank.info on September 30th, 2008 Scotland to build world’s first ‘wind farms under the sea.’ http://news.scotsman.com/scotland/Scotla… By Jenny Haworth, Environment Correspondent, The New Scotsman, September 29, 2oo8. SCOTLAND has taken a major step towards leading the way in marine renewable energy with the announcement that the world’s first tidal farms could be built within three years. Two tidal projects, each with up to 20 turbines, could be installed on the seabed in the Pentland Firth and the Sound of Islay. A third is planned off the North Antrim coast in Northern Ireland. The aim is that all the underwater turbines would be constructed in Scotland, kickstarting the renewables industry in this country. ScottishPower Renewables will apply for planning permission for the three tidal projects next summer. If permission is granted, they would be the first commercial underwater tidal turbine farms built anywhere in the world. The structures stand 30 metres tall and can work as deep as 100 metres. The 20-metre blades would turn at least 10 metres below the surface to avoid shipping, developers said, and the zones would be off-limits to trawlers for safety reasons.
He said Scotland has the best tidal resources in Europe, with the Pentland Firth alone containing enough energy to meet a third of Scotland’s power requirements. “The rapid technological advance of tidal power has been startling and is now allowing us to progress plans for substantial projects delivering major environmental and economic benefits,” he said. “Tidal power is completely renewable, being driven by the gravity of the sun and moon, with no carbon dioxide emissions, plus the added benefit of being entirely predictable.” First Minister Alex Salmond, who will visit Caithness, near the potential site of the tidal farms, described the announcement as “significant”. He said: “We have an estimated 25 per cent of Europe’s tidal resource and 10 per cent of its wave potential. That is why this announcement is so significant.” Before it can be deployed, a £6 million prototype will have to be tested for about a year in Scottish waters, probably off Orkney. Engineers rising to the challenge of harnessing tidal power: Even though the devices seem likely to be the first to be used in a large-scale commercial tidal farm, many other machines are in development in what is set to become a very competitive market. Marine Current Turbines, based in Bristol, installed a 300kw tidal turbine called Seaflow off Lynmouth, Devon, in 2003. It’s a two-bladed rotor connected to an electrical generator mounted on a single steel tower drilled into the seabed. The Engineering Business, based in Newcastle, is developing the Stingray tidal generator, which uses the flow of the tide over a hydroplane, similar to an aeroplane wing, to generate electricity. In 2002 the 180-tonne, 150kw machine was tested in the Yell Sound, Shetland. SMD Hydrovision, based in Tyne and Wear, has developed the TidEL concept, which consists of a pair of contra-rotating 500kw turbines, mounted together on a single crossbeam. The unit is buoyant and tethered to the seabed, allowing it freedom of movement. The turbines can automatically align themselves downstream of the tidal flow as it changes during the day. *** IN NUMBERS: 40 - Turbines that could be built in Scottish waters by 2011. 40,000 - Homes that could be powered by the three turbine farms. 80 - The percentage of the UK’s potential tidal power in Scottish waters. Permalink | ### |
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Posted on Sustainabilitank.info on August 1st, 2008 Nordic Climate Solutions – Scandinavia´s annual marketplace for low carbon economy leaders – takes place on November 25th and 26th, 2008, in Copenhagen. The event is jointly organized with the Nordic Council of Ministers and a series of industry leaders from the Nordic Region. Towards and beyond the Copenhagen UN Summit, NCS gathers a significant number of business and industry leaders. In 2007 the event gathered more than 600 decision makers. This year more than 1000 delegates are projected for the event in November. As we would like to offer our delegates key insight from experts WE ARE CURRENTLY LOOKING FOR SPEAKERS for the following sessions: - Building the Future – Energy Efficiency: What energy and carbon savings could be realized if older commercial buildings had the energy consumption of the newer commercial building stock? How can we improve the incorporation of different energy efficiencies into different types of domestic and non-domestic buildings? And what will it take to achieve mass deployment of carbon neutral buildings? - Adaptation in the Third World – Markets Beyond China and India: As a global problem, climate change demands global solutions – yet the majority of the technology and financing for these solutions are not accessible to emerging economies and developing nations. India and China are naturally the center of attention when it comes to CDM projects or other climate action projects and policies, but how can we ensure that countries in Africa, Asia and South and Central America also have the capacity and the technology to develop in a sustainable and climate friendly manner? - The Future of CDM – The Post 2012 Scene: At the moment, there are more than 3,000 CDM projects in progress. What is the potential of the CDM on the post 2012 scenario and what concrete measures will be presented a the COP15 to improve this mechanism and ensure that it is contributing to global emission reductions and to technology transfer to all developing nations Climate Solutions for China: China is on its way to become the largest energy market in the world, with the greatest environmental challenges. This creates an enormous potential for the Nordic companies. The current five-year plan of China contains 250 billion dollar for investments in energy savings and environmental considerations and a range of ambitious goals. Thinking Outside the Barrel: President George W. Bush has stated that: “America is addicted to oil.” At times when the price approaches $150 per barrel – it is an expensive addiction to have. Fortunately, several alternatives exist. The Finance of Climate Change – A Guide for Governments and Corporations: The financial markets hold an increasingly important role in government and corporate initiatives designed to fight climate change and make the transition to the low carbon economy. Less is More – Energy Efficiency (End Use): Improved energy efficiency is often the most economic and readily available means of reducing greenhouse gas emissions. Nevertheless, there exists a difference between the actual level of investment in energy efficiency and the higher level that would be economically beneficial from the consumer’s point of view. The Local Market of the Nordic: Russia: Recently the Russian economy has been developing at a very high pace and significant investments are being made in the energy and environmental sector, as well as in restructuring. Adaptation - Urban Climate Solutions: Even with substantial reductions in emissions today, the delay in the climate system means that emissions we have already released into the atmosphere will continue to affect the climate for years to come. The impact on cities and the people living there will be significant. De-linking Economic Growth from Emissions – Bypassing the Western Route to Low Carbon Economy: The interrelations between economic growth, energy and CO2 have a tremendous influence on the possibilities of a global ambitious treaty being drafted at the COP15. EU – Framework Conditions: This year a new EU energy market package has been submitted. The ambition is to create framework conditions for efficient and functioning sustainable energy markets. How can the EU balance energy policies between the aims of security of supply, competitiveness and sustainable energy? Renewable Energy Production; With a raising stream of billions of dollars into the sector, the investments in renewable energy production reach new records each year.The Nordic Region has great experience in renewable energy production from a wide spectrum of sources. How may this experience and knowledge be utilized in the global market and what are the barriers to expanding the renewable portfolio standard? Please reply to mwi at mm.dk Thank you for any guidance/recommendations you can provide. Meik Wiking Monday Morning T: +45 33 93 93 23 NORDIC CLIMATE SOLUTIONS - NOVEMBER 25TH AND 26TH - 2008. WWW.NORDICCLIMATESOLUTIONS.COM Permalink | ### |
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Posted on Sustainabilitank.info on July 29th, 2008 Opinion: Polar Race. http://www.truthout.org/article/polar-ra… Guy Taillefer argues in Le Devoir that the US Geological Survey’s most recent evaluation of the polar depths - that they contain 412 billion barrels of oil, or a third of the planet’s proven reserves - will put additional strain on the already-fragile international understandings with respect to polar sovereignty and development. The North Pole. Guy Taillefer writes, “Northern governments and oil companies have never salivated to quite the same extent over the Arctic, which becomes all the more hospitable to them as the ice melts … If one were a cynic, one would say that in this instance it is altogether to Ottawa’s advantage to drag its feet in the fight against greenhouse gases …” Cut to the quick, then-Foreign Affairs Minister Peter MacKay decreed that the region Russia coveted was “unquestionably” Canadian. We posted several days ago: “Reuters Reports That China Is Planting its Flag in the Arctic and Antarctic Regions. Actually they started already at least in 2003, so this is not just a reaction to the Russian Flag-posting of August 2007.” Posted on Sustainabilitank.info on July 27th, 2008
So, face up to it - China is also in this game. And why should not Nauru or Grenada also be entiled to some of the profits? if they cannot afford the expense of drilling - bet you Brazil or Japan, even Korea and India, and who knows who else - can!
OK - Now Let Us Sit Down And Talk. For Once We Are Behind China and Expect The Dragon To Stand Its Ground.
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