Here's my summary of the key news overnight in 90 seconds at 9 am, including news US stocks fell 1.6% overnight on growing fears a European summit on Thursday will not deliver any comprehensive solution to the Euro-zone debt and economic crisis.
The S&P 500 index of US stocks fell 1.6% and the Dow fell 1%. See more here at Bloomberg.
The disappointment over the European summit was focused around fresh comments from German Chancellor Angela Merkel that she was against Euro-zone bonds where, essentially, Germany guarantees the debt issued by Southern Europe's governments.
Merkel dismissed the ideas of "euro bonds, euro bills and European deposit insurance with joint liability and more" as "economically wrong and counterproductive", and against the German constitution.
Many believe the only long term solutions to the European debt crisis that would avoid a Euro-zone breakup include Euro-zone bonds, European Central Bank buying of European bonds with printed money and a European banking union with a common deposit insurance scheme.
“It’s not a bold prediction to say that in Brussels most eyes -- all eyes -- will be on Germany yet again,” Merkel was quoted as saying.
“I say quite openly: when I think of the summit on Thursday I’m concerned that once again the discussion will be far too much about all kinds of ideas for joint liability and far too little about improved oversight and structural measures.”
Her intransigence unnerved markets who had hoped the summit would yield some progress.
Meanwhile, Cyprus asked for a bailout from its fellow euro-zone members and Spain formally requested a bailout for its banks. See more here at Reuters.
This euro-zone uncertainty saw global investors move out of riskier assets and take 'risk off' the table, which in turn dragged the New Zealand dollar down.
It fell to 78.7 USc this morning from over 79 USc yesterday.
No chart with that title exists.
23 Comments
Bernard you missed the big news
Pay hike for SOE directors
Directors of state-owned energy companies to be partially privatised could have their fees doubled to $2400 a day after the Government gave permission to increase their payments, documents obtained by the Greens show.
http://www.stuff.co.nz/business/7168634/Pay-hike-for-SOE-directorsImagine if the Government governed and set a playing field with senisble rules; and imposed constraints before they sold the companies.
e.g. (Elec)
Cannot grow prices by more than rateofinflation-25% p.a.(to force the company to be more efficient).
Cannot grow non-clean production more than 5% p.a. (forcing the companies to help other companies/individuals to be moer efficient! - to the extent of handing out low energy bulbs rather than face the fine for breaking the 5% rule).
Cap on renumeration unless it is truly Profit-Realted-Pay and/or linked to some REAL targets but with constraints on staff cuts etc. (See balanced scorecard).
Alas; all the MPs/Banks lining up to buy shares might not like this; so probably won't happen will it.
And it's sad all this is to hand over funs to a global ponzi scheme in its death throws anyhow.
:(
They may be more damaging; and in that case they should be regulated.
But it's the Goverments job to govern and set the playing field rules and let companies play on that field.
It would be interesing to see if the damage of the bulb offsets the carbon used in powering a non eco-bulb... and of course we are then back to hitting the generators in the pocket for using non wind/wave/sunlight for power to generate power.
Nothing is ever simple... and if it was; economists would be right more often ;)
Sadly, from my experience, you need to step down from 240v to say 5v for an LED light.
For the "just replace you bulb" type of bulbs; then you are plugging in a bulb into a 240v socket... so each bulb has to have a transformer that steps the voltage down to 5v...
So each "plug in replacement bulb" for LED is $70...
Dont expect the prices to crash...
The goverment COULD govern and say that all new buildings past 2013 must have led lights; so the Sparkies would then run 5V round the lighting circuits; but come on... this is NZ and is that likely to happen.
Some enterprising Sparkies can retorfit 5V into existing lighing circuits; but I doubt it's likely to catch on.
:/
>> An alternative I'm thinking of asking about, is a switchable 12vdc-230vac supplied to the meter board. Under todays conditions the lighting circuits would be connected to the grid, but flick the switch, and the lighting circuit gets supplied via a inverter converting to 230v. As far as the switch and meter board look, it would all just be 230vac. But I'm a lot dubious about NZ sparkies, and home handypeople, being safe to handle a meter board with 2 points of suppy.
I looked for a fuse replacement that was a trasnformer (with built in transformer).... so the wire out is DC 5v. Never found one...
>> Add the lighting, to solar hotwater, double glaze and proper insulation
IMHO;
1 .Insualtion (min R5) [This may involve putting poly in walls like I did - but remember to use the purple wire - your sparks will know abut this] MOST IMPORTANT
2. Double Glaze
3. Central Heating system (with Radiators in each room) [Boiler Real Fire if you have access to Wood and/or a backup oil/whatever boiler]
4. ON GRID Solar Panels (less maintenance and can sell suplus to grid with meridian just about to launch a 5 yr guraenteed 1-1 buy back plan... and will do this once the plan is out)
Its a VERY cosy house....
Purple Wire is used when you are using polystyrene. There is a belief (BELIEF) that the coating on wires is affected by the Ploystyrene and purple wire is hareded.
There is only a small gap in the timber frame used in NZ houses. So filling it with Polystyrene rather than fibreglass increases the insualtion massively; to get R5.
Builders will only build to the minimum spec (they have to to compete)... so unless the government changes the minimum spec all NZ homes will still be cold or expensive to heat.
Agreed re insulation. Batts don't do too well over time, they compress. Styrene is hygroscopic, though. Needs moisture sealed.
The temp difference in our house (100mm styrene walls, 125mm roof, no in-wall framework) is often 25deg or more, and the moisture-carrying capacity is obviously an issue, unlike with older houses. You can expect precipitation in-wall. It's outwards, not inwards - something folk don't usually realise.
Same under concrete - folk pour c/crete straight on the poly - it's only a matter of time before it's wet. Two sheets of black plastic - one over the poly - does it.
Mist - have you built with panel? 135 squares house, outer walls and roof assembled 2 adults 2 kids, 10.5 hours. $16,100 delivered, cut to length off the plan, our colours either side, every last flashing, fixing...... Single storey, it supports itself, no frame. Two storey, depending on where you are, it might need help with the snow loading.
Indeed the wiring is a major plus. If you use LEDs with MR16 type fittings you can of course run a 12V system through your house, without having to have the eletricians qualification, which is rather neat.
As an aside, I've been mulling over the circuitry required in order to run the lights from 12V batteries in the event of the mains failing (as it has been known to happen here in CHCH).
Or I suppose you could run them all the time from batteries, and just use the mains to charge the batteries, but then how you switch the lights is the question - shouldn't use a regular wall switch really.
So for instance you are probably in-correct. Newer designs are far less "messy", but you are correct in that looking at just one aspect of a problem say CO2 and ignoring or not considering others is a big mistake.
For instance,
"In areas with coal-fired power stations, the use of CFLs saves on mercury emissions when compared to the use of incandescent bulbs. This is due to the reduced electrical power demand, reducing in turn the amount of mercury released by coal as it is burned." and col emits other nasties.
Also even with say wind turbines, using eco bulbs means that you need and hence manufacture less turbines......
So the key is what is the least harmful overall effect...
regards
Mist - you get so near at times, then you go 'blind mantra'.
The market came first. Governance came second, and fulfilled an obvious need.
Your market is 'short term gain', and we need long-term sustainability. You still need to understand that 'price' will (sooner rather than later) reflect what people will be able to pay, which in turn is related to what they can do.make, real-time.
I built my own LED lights - but the price is dropping like a stone (as long as you can pay for them).
What form would a society take where long term sustainability is the goal? How could that be woven into the fabric so to speak? How can greed and the desire to work for more be incorporated into a system that is sustainable? (don't say don't be greedy because that's just how people are and it cannot be changed)
I use besthongkong.com
Never failed, always supply what they say, tracked to your door, about a week from order to deliv.
I use two parallel wires screwed to the ceiling, and chains of LED's (10mm superbright in my case) between them. This spreads the light - one of the failings of LED's is their narrow focus.
I use 4 in a chain, with no current limiter (and no failures after 4 years with the 10mm ones, although the older 5mm were not so reliable) but those who know better would tell you it's better to use 3 and a limiter. I object to throwing energy away as heat!.....
Ah, the professional look. I wonder what that kind of arrogance has cost us, in environmental terms?
Too much, is my guess.
I stand to be corrected, but current-limiting (I wasn't advocating resistance) still has to entrophy as heat-loss. Almost everything does.
Your bigger problem is the need to obtain rental for said properties:
http://www.energybulletin.net/stories/2012-06-26/take-home-messages-aspo-2012-conference-europe
A wide consensus emerged that the financial system will inevitably collapse, because outstanding debts are borrowed future growth, which will not happen anymore as it was fueled by cheap resources. Fiat money is no longer working if energy prices increase constantly. Hence many European countries are now printing money for buying the oil they can no longer afford – the EURO crises being a direct effect of the oil crunch.
Nate Hagens: Money is created through loan. Before this wasn't a problem. Money was scarce and there were many opportunities; now this has changed. Debt is a reallocation of resources over space and time: from the periphery to the center and from future to present generations. Now every dollar of debt produces only one dollar or less. The problem is that standard economists thought that oil would behave like any other product - become cheaper and cheaper. Without debt we would be in recession since 2008 - what we do now will make the fall sooner and steeper - debt speeds up extraction process.
Talk to Philips Rep.
Very Helpful (and passonate); they worked out a plan for our "indoor dressage arena" for no cost; although I did end up using phillips lights for the job.
What comes first - price increases or inflation?
Those that can (monopolies/duopolies/bigger suppliers at the start of the supply chain and the like) will increase prices to either maintain profit margins or increase profit. These price increases then show up in the CPI.
Suppliers right through the supply chain then apply inflation to their prices and the end consumer just sees ever increasing prices and ever decreasing/stagnant income. If inflation decreases do we see price reductions of the difference?
How does this fit in with the definition of inflation? You can't say constant price increases in the necessities/basic cost of living is caused by the money supply ie more money chasing fewer goods/services especially when we have more goods/services than ever before.
Is the problem that economics is only ever a theory to rationalise/normalise irrational behaviour?
Is the problem that economics attempts to apply only financial measures to behaviour that isn't financial to start with, the financial aspect comes after the fact?
Is the problem that finance/money is a creation and has evolved far beyond just being a means of exchange?
More on those PPP that JKey is so keen on. Goiung down like a lead balloon in the UK.
The trust runs three hospitals - Queen Mary’s in Sidcup, Queen Elizabeth in Greenwich and Bromley - serving more than a million people and employing more than 6,000 staff. However, it is thought to have been crippled by the costs of two Private Finance Initiatives used to rebuild two of its hospitals. The schemes, which totalled more than £1 billion, cost more than £60 million annually in interest payments alone.
http://www.telegraph.co.uk/health/healthnews/9355452/Ministers-take-ove…
Andrew j...
Spot on...twice.....
Are ye going for the jackpot.
PPP has inflated all projects it ever was aimed at in UK.
Tiz a model that needs fixing.....here, before it gets completely out of hand.
As usual, someone has to pay.......and with this model, it is....paying TWICE....it is so broken.
Seems the SOE's are not gonna be cheap either...at any price, the way they keep doubling up on them fees..........................TOO.
Paying twice is not quite the jackpot they deserve.....nor we can afford...
But ye get my vote.....to day.......... AndrewJ....cos ye have already hit the jackpot.
(If ye follow the LISTENER....so has burnhard....seems a 5 fold increase in traffic is in his interest).
"To grasp the full insanity of these revelations, one must step back and consider all this information together: the bribes, yes, but also the industrywide, anti-competitive bid-rigging scheme. It turns into a kind of unbroken Möbius strip of corruption: the banks pay middlemen to rig auctions, the middlemen bribe politicians to win business, then the politicians choose the middlemen to run the auctions, leading right back to the banks bribing the middlemen to rig the bids."
Interesting case of banks fiddling rates,
http://theautomaticearth.org/Finance/this-is-not-america.html
regards
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