Quotulatiousness

June 24, 2010

The unhinged are now running Spanish “green” tech companies

Filed under: Environment, Europe, Politics, Technology — Tags: , , , — Nicholas @ 18:12

As I read this, I kept hoping that it’d be fake:

Spain’s Dr. Gabriel Calzada — the author of a damning study concluding that Spain’s “green jobs” energy program has been a catastrophic economic failure — was mailed a dismantled bomb on Tuesday by solar energy company Thermotechnic.

Says Calzada:

Before opening it, I called [Thermotechnic] to know what was inside … they answered, it was their answer to my energy pieces.

Dr. Calzada contacted a terrorism expert to handle the package. The expert first performed a scan of the package, then opened it in front of a journalist, Dr. Calzada, and a private security expert.

The terrorism consultant said he had seen this before:

This time you receive unconnected pieces. Next time it can explode in your hands.

Dr. Calzada added:

[The terrorism expert] told me that this was a warning.

I have no idea what Spanish law says about this kind of blatant intimidation, but I hope there are charges laid and convictions resulting from those charges.

Spain, of course, recently announced that they were having to cut back on their plans to become the greenest country in Europe, as they couldn’t afford the additional costs, both up-front and in lost opportunities in other industries.

H/T to Ace for the link.

Update, 25 June: In the comments, Ed Darrell says I’ve been taken in and has a long post up with translations of the original article used by Ace and PajamasMedia: here. If Ed is right and I’ve been taken in, I’ll post a retraction. I’m sure he’ll do the same if it turns out to be true.

Update, 28 June: A clarification posted at Ace of Spades HQ makes it seem a bit less like a mock-bomb threat.

The Green company sending the package apparently had its actual package — a report — swapped with car parts at some point in the mailing. [. . .]

It didn’t look like, or feel like, a letter or report, so at that point Calzada got a security guard to scan it — and what was inside was a cylindrical object with wires attached. At that point, the security guard got an expert to examine it, with others in attendance. The contents were a container for diesel of some sort, and some other parts. The expert saw this as a bomb threat, based on a pattern used by, eg., ETA: “This one is a hoax bomb. The next one might not be.”

June 17, 2010

Spain finds its “green” energy unsustainable

Filed under: Economics, Environment, Europe, Technology — Tags: , , , , — Nicholas @ 12:20

Spain can’t afford to subsidize all those “green” jobs anymore:

Dead broke Spain can’t afford to prop up renewables anymore. The Spanish government is cutting the numbers of hours in a day it’s prepared to pay for “clean” energy.

Estimates put the investment in solar energy in Spain at €18bn — but the investment was predicated, as it is with all flakey renewables, on taxpayer subsidies. With the country’s finances in ruins, making sacrifices for the Earth Goddess Gaia is an option Spain can no longer afford. Incredibly, Spain pays more in subsidies for renewables than the total cost of energy production for the country. It leaves industry with bills 17 per cent higher than the EU average.

[. . .]

“Sustainability” has been the magic word that extracted large sums of public subsidy that couldn’t otherwise have been rationally justified using traditional cost/benefit measures. Spain paid 11 times more for “green” energy than it did for fossil fuels. The public makes up the difference. The renewables bandwagon is like a hopeless football team that finishes bottom of the league each year — but claims it’s too special ever to be relegated.

Of course, the lesson won’t be learned by other countries or regions . . . Ontario recently signed on to a similar kind of deal with Samsung. But Ontario taxpayers are getting a bargain: the jobs being created under this scheme will only cost $303,472, compared with the eye-watering $774,000 the Spanish jobs cost.

June 16, 2010

Monty explains it all for you

Filed under: Economics, Europe, France, Humour — Tags: , , , , — Nicholas @ 12:02

Financial worries? Fiscal imbalance? Debt woes? No problem! Monty has the answers (well, answers to some questions, even if they’re not the ones you’re interested in):

And the good news just keeps coming! Slumping cattle and lean-hogs futures may have bottomed out. Screw gold, man; I’m buying swine! (Monty, The Wasteland Bacon Baron. It has a nice ring to it. The potentate of pork! The sultan of swine! The High Lord of ham! The chitlin Chieftain!)

I’m not sure whether this is good news or not: Cramer calls yesterday’s big gain a sucker’s rally and advises people to get out. My rule of thumb is to treat anything Cramer says as the ravings of a lunatic. I consider him a shill and a buffoon. And yet . . . is this a Strange New Respect I’m feeling? Or just the dying embers of that burrito I ate for lunch yesterday?

French financial group AXA experiences a blinding glimpse of the obvious and exclaims, “Ze Euro eez doomed!”. Zut alors! (And no, I don’t know why French guys would be speaking English with a French accent instead of French.)

Spain and Portugal submit their austerity plans to the ECB and IMF. Plans include selling shoelaces at the airport, dancing for nickels, graft, corruption, and murder-for-hire. The ECB and IMF remain skeptical, and suggest that Portugal and Spain might want to look into selling the family silver or something.

And if all of that isn’t enough to get you assembling your Financial Apocalypse Survival kit, how about this?

More bond issues are being denominated in Canadian Loonies and Swiss Francs as investor skittishness regarding the Euro spreads. When investors choose something called the “Loonie” over your currency because it just sounds more stable somehow, dude, you got problems.

June 9, 2010

Confused by international finance? Monty can help

Filed under: Economics, Europe, France, Germany, Government, USA — Tags: , , — Nicholas @ 11:35

If you’re finding the up-then-down-then-under-the-table performance of your investments unfathomable, you’re probably wondering who can explain it all in a way that makes perfect sense and allows you to figure out the best way to handle your personal finances. If you find such a savant, let me know.

For the “real” story about why the markets are doing an imitation of an unstable personality on conflicting medication, here’s Monty’s “Wednesday Financial Briefing”:

Nicholas Sarkozy and Angela Merkel are still waging war against “the speculators” who had the temerity to point out that Euorpean finances were a God Damn mess. A spokesmen for the holders of European sovereign bonds warned the leaders that they were “teasing the gorilla in the monkey-house”. Sarkozy was heard to say that he farted in their general direction and that their fathers smelt of elderberries. Chancellor Merkel only muttered darkly, “I will break you!”

Interbank loans at Spanish banks are drying up. This tightens credit and leads to busted bond auctions. “Fitch can kiss my ass!”, said an unnamed source at Banco Santander who blames the problems on Fitch’s recent downgrade of Spanish debt. Just to show how not-broke they are, Santander bought back their stake in their Mexican unit from Bank of America for $2.5 billion. When asked if this was a wise move given their weak balance-sheet, a Santander representative lowered his trousers and mooned the press-pool.

US debt will climb to 19.6 trillion by 2015, according to a Treasury report to Congress. Tim Geithner assured everyone that, in true Keynesian fashion, every dollar of debt translates directly into GDP growth. Somehow. When pressed on the issue, Mr. Geithner began to cry and had to be excused to the lavatory to pull himself together.

May 3, 2010

The end of a monopoly

Filed under: Economics, Europe, Science, Wine — Tags: , , — Nicholas @ 12:00

Wine bottles have been sealed with natural cork for hundreds of years. It is an extremely good, natural product that has been used by almost all wine producers because it was better than every other economic sealant available. But cork has a problem that, as a natural product, it is subject to certain risks, the worst of which from a wine viewpoint was contamination with the chemical compound called 2-4-6 Trichloroanisole (usually abbreviated as TCA).

It only takes a tiny amount of TCA to ruin a bottle of wine: and it occurs naturally in the trees from which the cork is harvested. Wine producers and consumers were demanding a solution (wine writers have estimated that between 10% and 15% of all wines suffer from TCA tainting). As monopoly suppliers, however, the cork producers did very little — where else were wineries going to get their bottle closures?

Enter the competition:

By the 1990s, retailers and wineries were clamoring for a solution to wine taint but the cork industry didn’t respond. “No industry with 95% to 97% market share is going to see its propensity to listen increase —and that’s what happened to us,” says Mr. de Jesus from Amorim.

The outcry was just the opening needed by Mr. Noel, a Belgian immigrant who in 1998 began making what he calls “corcs,” he says in part to avoid lawsuits from cork producers, in his North Carolina plastics factory.

Mr. Noel, whose company had specialized in extruded plastics such as pool noodles, named the new business Nomacorc LLC. He eventually built a new, highly automated factory that does nothing but churn out the plastic stoppers, 157 million a month.

The business took off as wineries, desperate for closures that wouldn’t cause cork taint, lined up to buy his product. Nomacorc now has plants on three continents, which produce 2 billion corks a year.

I’m not a big fan of plastic corks — I’m starting to prefer modern Stelvin twist-off closures — but at least with a plastic cork, there’s almost no chance of TCA contamination. I don’t buy very expensive wines, so the most expensive wine I’ve lost to cork taint was only about $60, but that’s still more money wasted than I’m willing to put up with.

If you’ve ever had a glass of wine that smelled of mouldy cardboard, you’ve had TCA-contaminated wine.

October 10, 2009

Where High Speed Trains can beat short-haul flight

Filed under: Economics, Europe, Railways, Technology — Tags: , , — Nicholas @ 11:46

Spain has a new high speed railway (HSR) network that appears to be a huge success, according to the Guardian:

Last year’s drop in air travel, which was also helped by new high-speed lines from Madrid to Valladolid, Segovia and Malaga, marks the beginning of what experts say is a revolution in Spanish travel habits.

In a country where big cities are often more than 500km (300 miles) apart, air travel has ruled supreme for more than 10 years. A year ago aircraft carried 72% of the 4.8 million long-distance passengers who travelled by air or rail. The figure is now down to 60%.

“The numbers will be equal within two years,” said Josep Valls, a professor at the ESADE business school in Barcelona.

Two routes, from Barcelona to Malaga and Seville, opened last week. Lines are also being built to link Madrid with Valencia, Alicante, the Basque country and Galicia. The government has promised to lay 10,000km of high-speed track by 2020 to ensure that 90% of Spaniards live within 30 miles of a station. The prime minister, José Luis Rodríguez Zapatero, boasts it will be Europe’s most extensive high-speed network.

While I’m always skeptical of HSR advocates’ larger-than-life claims, the Spanish system may be in a good position to permanently claim a big share of the short-haul air passenger market. The situation works to the strengths of HSR: relatively dense population corridors, short-to-medium length journeys, and government subsidy of construction costs.

HSR cannot be run on the same tracks as regular freight trains and commuter passenger trains: the signalling, degree of curvature of track, and speed differential between the HSR and ordinary trains creates too many risks. HSR must have its own right of way, which pretty much always means that governments must get involved to condemn existing properties and expropriate them for the benefit of the railway.

That HSR is, or may become, a success in densely populated European countries does not make the case for North American HSR efforts, as I’ve posted a few times before.

August 11, 2009

Another way of unconsciously offending

Filed under: History, Religion — Tags: , , , , — Nicholas @ 09:59

I’ve apparently been offending Muslims for years by referring to their places of worship as “mosques”. If Ibraheem Wilson is correct, the word mosque is a French term, invented by Spanish monarchs to associate Muslims with mosquitoes. Who knew?

We are supposed to use the term “masjid” instead of “mosque”. I have no idea of the preferrred pronunciation . . . MAS-dzhid? MAS-yid? mas-DZHEED? But I suspect that whichever one I try to use will be wrong.

Update: Whoops, forgot the H/T to Ghost of a Flea.

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