Say’s Law – Supply Creates Demand

“A well-known dictum of macroeconomics is Say’s Law: that supply creates demand.”

I independently discovered this, I didn’t know it was called Say’s Law.

Before I created the Pet Foil Hat Technology, no one bought foil hats for pets. My supply, created the demand.
The same can be said for plenty of things in dollar stores, and even Value Village shelves at Halloween.

The Bank of England explains how it’s liable to overlook climate change action, until it’s too late.

Human drivers are judged extremely likely to have been the dominant cause of global warming since the mid-20th century.
The horizon for monetary policy extends out to 2-3 years. For financial stability it is a bit longer, but typically only to the outer boundaries of the credit cycle – about a decade.

In other words, once climate change becomes a defining issue for financial stability, it may already be too late.

This paradox is deeper, as Lord Stern and others have amply demonstrated. As risks are a function of cumulative emissions, earlier action will mean less costly adjustment.

The desirability of restricting climate change to 2 degrees above pre-industrial levels leads to the notion of a carbon ‘budget’, an assessment of the amount of emissions the world can ‘afford’.

Such a budget – like the one produced by the IPCC – highlights the consequences of inaction today for the scale of reaction required tomorrow.

What Are Market Predictions?

“Mon, Aug 17, 2015 – 8:15 AM
Bill Baruch, chief market strategist, iiTrader joins BNN to discuss why he’s watching crude oil to move sharply higher today.”
“oil will rally today” is the BNN video title, but I didn’t hear the trader say that, but he did say a rally by midweek. In the video he notes $35 oil is realistic in the near term (which was actually a better prediction), and it will be unlikely to rebound to $60 if production levels stay similar to now.

Crude’s drop below $38 marks ‘epic’ time in the oil market
Published: Aug 24, 2015 11:27 a.m. ET

The MarketWatch graph shows there was no rally on the 17th, oil finished the day down.

Quite the “midweek” “rally”.

In early trade on Monday morning, the price of West Texas Intermediate was down about 5.7% and traded as low as $38.13 a barrel, a new post-financial-crisis low for the commodity that has been getting hacksawed this year.

WTI prices are down about 60% against a year ago, and after finding some stability earlier this year,

If oil gets down to below about $30, the Tarsands are no longer profitable to exploit! No wonder the Premier of Sask is shitting bricks about his bet on oil while totally neglecting renewable energy investments.

Brad Wall On “Sustainably Developing Our Energy Resources”

Originally posted on John Klein - Regina:

Brad Wall says “…we need to do better in terms of more sustainably developing our energy resources…”

Unfortunately what he means is he wants to find ways of ensuring fossil fuels and uranium come out of the ground at an increasingly profitable pace, no matter the world’s demand/need for such things.
Greg Fingas views it as such, too.

He notes that oil pride goes “Before the fall”. (Although technically oil prices have already fallen.)

The government’s climate change policy works like this: extract every last drop of fossil fuel then pray to God that no one uses it.” – G. Monbiot
I’ll add that they hope no one uses it, so long as someone first buys it. Perhaps we need to consider if…

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Shared Knowledge Conference – Regina

These videos are from the second day of the Shared Knowledge Conference at the Core Ritchie Centre, the second weekend of June.

Jim Elliott with many interesting (and terrifying) facts about Regina’s watershed system.

James and Brooke of Sound Solar Systems:

Next, I presented on Bitcoin and alternate currencies being used to build alternate economies apart from the monetary systems provided by governments.

Dan B. of Tradebank Regina

Lindsay H. wraps up with what’s in store for next time.

With Millions To Spare, Here’s How to Save Thousands of Lives

This rich couple is doing good with their money.

Regina caught sight of a jacket in the water during the cruise, and when she asked about it, she was told it might belong to a dead migrant who was trying to find safety in Europe.

While some Europeans criticize the rescue operation, saying it draws more migrants to the sea, Xuereb says that’s just not true. People are desperate, undertaking the journey to find a better life. They deserve to live, he says.

Last year, about 218,000 people made this journey — a record. Some 3,500 people drowned. And the numbers are growing.

American and Canadian Food Waste Both Staggering

Here’s a very interesting and instructive blog post about American food waste.

As my last blog entry on food waste, Rob Greenfield brought the previous link to my attention. Canada’s $31,000,000,000.00/year of wasted food has to change, as does America’s “food waste fiasco“.

Regina lost one of its few grocery stores without a food wasting compactor, a couple years ago. A pickup truck’s worth of unwanted food could be going to food banks in Regina every day from each grocery store here. As long as the food isn’t spoiled, they are protected in law.

The Baseload Mistake

One of the hangups some of my friends have about converting the electrical grid to renewable energy, has been the difficulty in storing electricity generated for use when energy input is reduced. Tesla Energy should help with that logistical problem.

In the meantime, we’re dealing with homes, power grids, and even an economy that cannot easily survive even short interruptions of constant energy input. That has to change to make our way of life even close to sustainable.

Is “baseload” power from coal even that important in grids of the near future?

“We all know that the wind doesn’t blow consistently and the sun doesn’t shine every day,” he said, “but the nuclear industry would have you believe that humankind is smart enough to develop techniques to store nuclear waste for a quarter of a million years, but at the same time human kind is so dumb we can’t figure out a way to store solar electricity overnight. To me that doesn’t make sense.”

Arnie Gunderson is right that it shouldn’t sit right with people.

Forbes wonders if nuclear power is now going to die. Not anytime soon, there’s too many billions of dollars already sunk into the technology and that industry is not going to go peacefully into the night as it runs out of money to manage security for all of the nuclear and industrial wastes it’s created.