Tag Archives: science

The US debt ceiling cash crunch: Millions will not get paid…

Coming US cash crunch...

Practical nightmares. Legal disputes. Ethical dilemmas every which way till Sunday.

That’s what the Treasury Department will face — possibly as early as mid-October — if Congress fails to raise the debt ceiling in the next couple of weeks.

Barring an increase in the nation’s borrowing limit, Treasury won’t have enough cash on hand plus revenue to pay all the country’s bills in full and on time.

Some Republicans say that in that situation Treasury should prioritize who gets paid first.

Their proposal: Pay bondholders and Social Security recipients first. Some GOP lawmakers add active-duty military to the list. If Treasury doesn’t have enough money on hand to pay any of those three things on a given day, some proposals would give Treasury limited authority to borrow just enough to make up the difference.

Treasury, by contrast, has repeatedly rejected such proposals.

“Any plan to prioritize some payments over others is simply default by another name,” Treasury Secretary Jack Lew wrote in a letter to lawmakers.

One thing is certain: Failure to raise the debt ceiling on time will cause a cash crunch — and a cascade of problems.

Related: How will a government shutdown affect you?

Automated payment systems would have to be overhauled: The Treasury pays millions of bills every day. It pays interest to bond investors from one computer system and makes all other payments from another.

So technically it may be possible to at least prioritize interest payments since they’re processed separately. But it would be much harder to prioritize everything else.

“Treasury’s systems are not designed to allow picking and choosing. Payments are automatically made as they come due,” former Congressional Budget Director Donald Marron told Congress last week.

Indeed, analysts at the Bipartisan Policy Center think a massive reprogramming of Treasury’s payment operations may be impossible.

Late payments would pile up: Even if it could reprogram its systems to allow for prioritization, Treasury still won’t have enough cash on hand.

Between Oct. 18 and Nov. 15, Treasury is likely to run about $106 billion short of what’s owed, according to a Bipartisan Policy Center analysis. Translation: It wouldn’t be able to make a third of all payments due.

Related: Never-ending charade of debt ceiling fights

So Treasury will have two main options, both awful: It could either pay some bills in full and delay others; or it could delay all payments due on a given day until it has enough money on hand to pay them all.

Senior Treasury officials indicated in an inspector general’s report that the second option would be the most likely and least harmful of the two. But it’s hardly painless.

Depending on how long the debt ceiling standoff lasts, delays could quickly grow from a day or two to several weeks.

“Either approach would damage the economy. Federal employees, contractors, program beneficiaries, businesses and state and local governments would find themselves suddenly short of expected cash, causing a ripple effect through the economy,” said Marron, who is now director of economic policy initiatives at the Urban Institute.

Deciding who gets paid and who gets stiffed is a perilous game: Who deserves to be paid more? Senior citizens, disabled veterans, families who rely on food stamps or small business owners whose federal contracts provide a large chunk of revenue?

Every bill and benefit that Treasury pays represents a legal obligation that the United States has incurred.

Favoring some over others could create a minefield of lawsuits, penalties and other assorted messes.

It would also mean Treasury would be subject to accusations of politically choosing winners over losers.

To say nothing of the fact that paying some but not all of what the federal government owes would harm the economy and likely upend markets.

“If the confidence in the reliability of [U.S.] payments were cast into doubt, then the consequences for the budget, for the U.S. economy, for the U.S. and global financial systems could be large and lasting and very damaging,” Douglas Elmendorf, the current CBO director, told Congress Thursday.

It would also do great damage to America’s reputation. It will be very hard to justify to anyone why the world’s largest economy and richest country is willfully choosing not to pay what it owes.

“As every other nation understands, if you need to borrow you can only hurt yourself by scaring your creditors,” Marron said.

Even worse, he added, “[it] contributes to the perception that the United States does not know how to govern itself.”

[from CNN Money, New York]

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New bill in US House seeks to protect religious freedom for those who affirm traditional marriage…

Rep. Raúl Labrador (R-Idaho) is sponsoring a bill in the U.S. House of Representatives that would guarantee that no person or group could lose their tax exempt status for affirming traditional marriage, or opposing the redefinition of marriage.

The Marriage and Religious Freedom Act has, at the time of this publication, 75 co-sponsors. Most of them are Republican, but at least two Democrats, Rep. Mike McIntyre (D-N.C.) and Rep. Dan Lipinski (D-Ill.), are also co-sponsoring the bill.

If enacted, no individual or institution could lose tax-exempt status for believing or advocating that marriage should only be between one man and one woman. Many religious institutions in the United States are non-profits and have a tax-exempt status under the U.S. tax code.

In explaining his reasons for the bill, Labrador cited the words of President Barack Obama, from when Obama announced he changed his position on same-sex marriage.

“Regardless of your ideology, we can all agree about the importance of religious liberty in America,” Labrador said Thursday. “Our bill will protect freedom of conscience for those who believe marriage is the union of one man and one woman. This is not a Republican or Democrat issue. As President Obama said, ‘Americans hold a wide range of views’ on marriage and ‘maintaining our nation’s commitment to religious freedom’ is ‘vital.’ We agree.”

Due to recent events, there has been growing concern among religious freedom advocates along with the redefinition of marriage to include same-sex couples in some states. Those who provide wedding services, for instance, have been denied the right to decline working at same-sex weddings, and some religious groups have been denied the right to prefer families with both a husband and a wife for adoption services.

There have also been growing concerns about the abuse of federal power within the Internal Revenue Service, the agency responsible for granting tax-exempt status. In a scandal still under investigation, the IRS reportedly targeted Tea Party, pro-life and conservative religious groups for additional scrutiny and harassment.

Rep. Steve Scalise, chairman of the Republican Study Committee, mentioned the IRS scandal as one reason for his support of the bill.

“I commend Congressman Raúl Labrador for bringing forth this bill and leading on this important issue. As we’ve seen with the IRS scandals, nonprofit organizations and those who support them may be targeted and punished for their beliefs and principles,” Scalise said. “Furthermore, the Supreme Court’s ruling on marriage may embolden those in government who want to impose their views of marriage on faith-based organizations. We need this strong legislation to protect freedom of conscience for those who believe marriage is the union of one man and one woman. Raúl’s bill does exactly that, ensuring respect and tolerance for those who affirm traditional marriage.”

The bill also has the support of the United States Conference of Catholic Bishops, the National Organization for Marriage, Heritage Action, Family Research Council, Focus on the Family, The Ethics and Religious Liberty Commission of the Southern Baptist Convention, and Concerned Women for America.

In June, the U.S. Supreme Court issued two decisions regarding same-sex marriage. In one of those, Windsor vs. United States, the Court struck down a part of the Defense of Marriage Act that defined marriage as between one man and one woman for the purposes of federal law. David Christensen, vice president of government affairs for FRC, argued that the Marriage and Religious Freedom Act is consistent with the Windsor decision.

“This bill affirms that a person’s religious belief in the importance of natural marriage should be treated with tolerance and respect by the federal government,” he said. “The Windsor Court’s ruling urges respect for federalism and the sovereignty of state decisions on marriage law, including laws that define marriage between a man and a woman. This bill merely states that the federal government cannot target or harm a person for their religious views in support of natural marriage.”

[by Napp Nazworth, writing for The Christian Post]

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Breakthrough patent filed in solar energy collection, storage…

Solar energy patent called a "breakthrough"...
In a U.S. patent application, a little-known Maryland inventor claims a stunning solar energy breakthrough
that promises to end the planet’s reliance on fossil fuels at a fraction of the current cost – a transformation that also could blunt global warming.

Inventor Ronald Ace said that his flat-panel “Solar Traps,” which can be mounted on rooftops or used in electric power plants, will shatter decades-old scientific and technological barriers that have stymied efforts to make solar energy a cheap, clean and reliable alternative.

“This is a fundamental scientific and environmental discovery,” Ace said. “This invention can meet about 92 percent of the world’s energy needs.”

His claimed discoveries, which exist only on paper so far, would represent such a leap forward that they are sure to draw deep skepticism from solar energy experts. But a recently retired congressional energy adviser, who has reviewed the invention’s still-secret design, said it’s “a no brainer” that the device would vastly outperform all other known solar technology.

Ace said he is arranging for a national energy laboratory to review his calculations and that his own crude prototypes already have demonstrated that the basic physics for the invention work.

If the trap even comes close to meeting his futuristic vision, its impact could be breathtaking: It could reorder the world’s energy landscape, end the global economic drag of soaring energy costs, and eventually curb greenhouse gas emissions that are blamed for climate change.

That all might sound rather rosy, since the previously undisclosed invention has yet to be constructed and fully tested. But John Darnell, a scientist and the former congressional aide who has monitored Ace’s dogged research for more than three years and has reviewed his complex calculations, has no doubts.

“Anybody who is skilled in the art and understands what he’s proposing is going to have this dumbfounding reaction: ‘Oh, well it’s obvious it’ll work,’” said Darnell, a biochemist with an extensive background in thermodynamics.

“Ron has turned conventional wisdom about solar on its head,” he said. “He thinks outside the box.”

[by Greg Gordon, McClatchy Washington Bureau]

NORM ‘n’ AL Note: (Full disclosure) We have known Ron Ace on both a personal and professional level for more than 25 years, and continue to maintain contact with him. We have always said that Ron Ace is the brightest guy we know, and we certainly still believe that. We invite you to learn more, lots more, on Ron’s website, H2OPE.US.

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‘Comet of the century’ may pay Earth a visit in December…

A comet looping behind the sun right now could emerge this fall as a once-in-a-lifetime spectacle that shines in the sky so brightly, it is visible with the naked eye around the world — if it survives.

Comet C/2012 S1, dubbed Comet ISON in honor of the network of observatories responsible for spotting it, is expected to pass about 40 million miles from Earth in December. As it grazes the sun, it could glow on the early morning and evening horizons from November into January if it survives that close-up encounter.

Some astrophysicists expect the sun’s heat to break the icy ball into two or more chunks, meaning less of a show for the rest of us. But for scientists in Baltimore and around the world, there will be plenty to learn from the comet no matter what — about the sun, other solar systems, and potentially Earth’s history.

“We prefer to wait before calling it the comet of the century,” said Max Mutchler, a scientist at the Space Telescope Science Institute whose research projects are based on Hubble images and data. “You don’t have to oversell this comet.”

Some have predicted the comet could shine as brightly as a full moon, but more recent data suggests that won’t be the case. Still, comets visible with the naked eye are relatively rare, with recent examples including Comet McNaught in 2007 (largely visible only in the Southern Hemisphere), Comet West in 1976 and Comet Ikeya-Seki in 1965.

norm-al-130916
No one knows how Comet ISON will compare because it has been hidden behind the sun for the past few months.

It had been on a journey likely tens of trillions of miles long when scientists from Belarus and Russia spotted its faint impression last September on images captured by a telescope near Kislovodsk, Russia. The telescope is part of a scientific collaboration across 10 countries called the International Scientific Optical Network.

Since then, telescopes and other instruments around the world and in space have tracked it as it hurtled from its origins in the Oort Cloud, a cluster of billions of comets that surrounds our solar system.

They include the Hubble, managed at the institute on the Johns Hopkins University’s Homewood campus; a robotic spacecraft called Swift that is managed at the NASA Goddard Space Flight Center in Greenbelt; and EPOXI, a mission led by the University of Maryland, College Park. It also includes the Mars Reconnaissance Orbiter and solar observation satellites, as well as NASA’s land-based telescopes and those of amateur astronomers.

What they have seen is a comet that, so far, is not quite as bright as some other so-called comets of the century. Beyond that, scientists haven’t confirmed many details.

The comet, like others, is a “dirty snowball” made of ice and other particles. But it’s not known just how those materials are structured. Too much ice at its core, and it’s more likely to break up, for example. Scientists also haven’t agreed on just how large the comet’s nucleus is, with estimates ranging from three to four miles, or on what sorts of rocks, minerals or other compounds it contains.

Once they figure out all those details, it could shed new light on the formation of planets and other heavenly bodies.

“It’s what gets kicked out when a solar system forms,” said Dean Hines, a scientist at the space telescope institute whose projects focus on the evolution of stars and planetary systems.

Relative to frequently observed comets in our solar system, Comet ISON is pristine. Others with periodic orbits like Halley’s Comet, which passes Earth once every 76 years, get repeatedly heated and cooled as they pass by the sun and back into outer space, making them appear black and scorched on the outside.

But scientists say Comet ISON hasn’t made such a trip before, coming into our solar system in what is likely the same form in which it has spent billions of years circling the Oort Cloud. All the way out there, the comets are closer to our sun than any other star.

“One of the things we like to try to find out is, what was the composition of the original solar nebula? What were comets made of 4.5 billion years ago when the sun formed?” said Frank Summers, an astrophysicist with Space Telescope institute located at Johns Hopkins University. “ISON will tell us more about that than a comet like Halley.”

The comet’s makeup and density also could provide clues into the characteristics of other solar systems and the creation of planets like Earth. One theory suggests that ice-loaded comets helped fill Earth’s oceans, but other comets in our solar system typically carry water with different types of molecules than those in our oceans, Hines said. Scientists will be eager to see if the ice on Comet ISON is more of a match, he said.

“It’s like a fossil,” Mutchler said of the comet.

And for any chance this comet will hit Earth, he offered “an emphatic no” — it will be 40 million miles away at its closest, on Dec. 26. Some time around Jan. 12, the planet will pass through Comet Ison’s trail of dust and debris, but the particles are likely to be too small for a meteor shower, according to NASA.

The comet will serve as a “test particle” for solar physicists studying the sun’s corona. At its Nov. 28 perihelion, when it is closest to the sun, the comet will be a mere 700,000 miles above the sun’s surface. That means it will graze the layer of plasma that surrounds the sun, known as the corona, which is hundreds of times hotter than the sun’s surface.

Observing how the comet reacts to the plasma could tell scientists more about the structure of the corona, assuming the comet stays in one piece, Summers said.

Answers to all of the questions should become clear in the coming months. Comet ISON became visible to some telescopes in late August, but won’t be within Hubble’s field of view until October.

Indications are so far that the comet isn’t shining as brightly as it could have been based on earlier forecasts, which would make predictions that it will appear as bright as a full moon in our sky unlikely, Hines said. But it still could be as bright as the brightest stars in the sky, and with its wispy trail of gas and dust.

“There’s a clamoring sense of excitement,” said Summers, who’s been invited on a cruise to the Canary Islands late this fall to talk about the comet. “We don’t want to get too excited too early, but it’s very intriguing to see whether it will develop.”

[by Scott Dance of The Baltimore Sun]

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NORM ‘n’ AL, Minneapolis
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Children worldwide still dying by the millions every year…

Hope you'll REALLY enjoy that next meal...Childhood death rates around the world have been halved since 1990, but an estimated 6.6 million children under the age of 5 still died last year, according to the UN children’s agency.

Nearly half of all children who die are in five countries: Nigeria, Congo, India, Pakistan, and China, the agency said.

“Progress can and must be made,” said Anthony Lake, UNICEF’s executive director. “When concerted action, sound strategies, adequate resources, and strong political will are harnessed in support of child and maternal survival, dramatic reductions in child mortality are not just feasible, they are morally imperative.”

The top killers are malaria, pneumonia, and diarrhea, the report said, taking the lives of about 6,000 children under the age of 5 every day. A lack of nutrition contributes to almost half of those deaths, according to UNICEF.

NORM ‘n’ AL Note: Please read this short post about four or five times to be sure it sinks in. We have managed to cut child mortality in half in the last couple of decades, BUT 6.6 MILLION CHILDREN ARE STILL DYING EVERY YEAR FROM PREVENTABLE CAUSES. Can YOU do something to help?

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NORM ‘n’ AL, Minneapolis
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Financial planning the ‘Washington Way’… or, ‘Do as we say, not as we do’…

Do you believe in irony?

The government provides debt counseling before you take out a federal student loan, to ensure that poor college students are educated on debt management and don’t end up drowning in student loans for the rest of their lives.

Washington could learn a lot...

However, Washington seems to live by the motto, “do as I say, not as I do” when it comes to its own spending habits. Take the below quiz to see if you can match Washington’s debt counseling advice with its own actions.

“Managing your spending is key to minimizing debt.” Has Washington managed its spending recently?

Yes: In the last year, Washington has tightened its belt and is running a budget surplus for the first time in 5 years.

No: The United States has run a budget deficit for seven out of the last ten months, and currently has an overall budget deficit of $608 billion.

“The first step to managing spending is to borrow less.” Has Washington followed this advice?

Yes: Washington has drastically reduced its spending since the recession began in December 2007, helping to lower the national debt and balance the budget.

No: In 2013 alone, the federal government borrowed one-fifth of every dollar spent.

When applying for a federal student loan, you’re asked “whether your budget is realistic.” Is Washington’s budget realistic?

Yes: Washington essentially lives within its means, only spending what it takes in.

No: Washington spent much of the last four years without a budget, and in 2013 alone, the Government Accountability Office identified billions in wasteful and duplicative government spending.

You can “only borrow up to the school’s cost of attendance.” Washington has a debt limit as well, but does it adhere to this limit on borrowing?

Yes: Washington has a debt ceiling, and stops borrowing before it hits that number.

No: Washington has a debt ceiling, but in the last 10 years, it’s raised the debt ceiling 12 times in order to continue borrowing and spending.
(The correct answer to each question above is NO.  However, if you missed any of these questions and answered with a YES, you are obviously qualified immediately for a well-paying government job. )
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Recycling? This is REAL recycling…

Recycling like you've never seen it before...

Possibly the ultimate in recycling. Please watch this short video! CLICK HERE or on photo above.

 

Posted for your pleasure, and to give you a much better day than you were planning to have,

NORM ‘n’ AL, Minneapolis
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FOX News: Obama has new behavioral modification program for US citizens…

FOX News reported on Tuesday, July 30th, that the government has created a “Behavioral Insights Team,” which is intended to influence the behavior of Americans. It is being referred to as a “nudge” because the team’s approach has been dubbed “subtle.” One can only assume that such “nudges” are  intended to be the second part of a governmental, one-two punch, the first being ham-fisted executive orders. The first forces compliance; the second is designed to mesmerize one into voluntary acquiescence. The program isn’t in planning stages. It has already been implemented. FOX reports:  “…the White House is already working on such projects with almost a dozen federal departments and agencies including the Department of Health and Human Services and the Department of Agriculture.”

The government release touts the advantages of the program: “Behavioral sciences can be used to help design public policies that work better, cost less, and help people to achieve their goals…the (Behavioral Insights) team would ‘experiment’ with various techniques, with the goal of tweaking behavior so people do everything from saving more for retirement to saving more in energy costs. Anyone interested in working for the White House in a ‘nudge’ squad? The UK has one and it’s been extraordinarily successful.”

Our prez, Mr. Obummer...The program cites benign examples of its intentions. But White House inspired behavioral modification experimentation won’t stop at cajoling us to save more for our old age.  It is less about helping people achieve their goals than it is to help The Lyin’ King’s regime to achieve its goals. In this, the British government was far more honest. Quoting from the U.K.report: “In 2010, UK Prime Minister David Cameron commissioned the Behavioural Insights Team (BIT), which through a process of rapid, iterative experimentation (“Test, Learn, Adapt”), has successfully identified and tested interventions that will further advance priorities of the British government, while saving the government at least £1 billion within the next five years…” Among the U.K.’s concerns were to get tax payers to fork over 30 million pounds of extra tax payments, which they did in three months. They also successfully convinced the public to take advantage of  full-cost, government attic-clearance services. The British government realized a 500% increase in the purchase of  their services and of attic-insulation.  Evidence exists that the Lyin’ King’s power-hungry regime wouldn’t stop there.

Although the White House is painting its usual, self-serving picture, experts warn that there is nothing to stop government’s “we know best” snowball from turning into an avalanche. Michael Thomas, an economist at Utah State University, aired his concerns to FOX News: “Ultimately, nudging … assumes a small group of people in government know better about choices than the individuals making them. And sometimes… government actually promotes the wrong thing.” No kidding.

David Laibson, behavioral economics professor at Harvard University, is working with the government on the program. Laibson’s involvement in the program is right up The Lyin’ King’s alley; his verbal contortions outdo mountain switchbacks. First, Laibson states that “Every intervention would need to be tested to make sure (the program) works well…” Then Laibson added that the way the team will function is still unknown. Finally, Laibson “hopes the government will shy away from involving itself from controversial policies.” Well,  Elvis certainly departed that auditorium ages ago. Laibson ends with a bang: “Let’s say we want people to engage in some healthy behavior like a weight loss program, and then start automatically enrolling overweight people in weight loss programs — even though they could opt out, I’m guessing that would be viewed as offensive …”  Why assume one could “opt out”? Horrifyingly, Laibson believes it would be problematic not because of automatic enrollment but because “a lot of people would say, “…this is judging who I am and who I should be.”

FOX News ends with a cautionary note from Jerry Ellig, an economist with the Mercatus Center: “If you can keep it to a ‘nudge’ maybe it can be beneficial…but nudges can turn into shoves pretty quickly.” Mr. Ellig is dead wrong about a nudge from government being beneficial. A “nudge” from government is never beneficial to anyone except to government. We have almost five years of evidence of that.

[by Marilyn Assenheim, writing for MINUTEMEN NEWS]

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San Antonio becoming the new ‘Mecca’ for Christians…

The San Antonio City Council is about to adopt an ordinance that could get any Christian arrested for preaching the Bible or sharing their faith.  They are looking at passing some nondiscrimination ordinances that would make it a crime to exhibit or express any form of bias that could offend someone.  The proposed ordinance says:

“No person shall be appointed to a position if the city council finds that such person has, prior to such proposed appointment, engaged in discrimination or demonstrated a bias, by word or deed, against any person, group or organization on the basis of race, color, religion, national origin, sex, sexual orientation, gender identity, veteran status, age, or disability.”

Anyone found guilty of violating the new ordinance would be given a lifetime ban from being able to hold a city job, being involved with city government or even doing business with the city.

In other words, if a Christian works for the city as a garbage collector or street repair and they tell someone that the Bible says homosexuality is a sin, they could lose their job for expressing their bias.  Or, if you contracted with the city to provide a service, say computer maintenance or repair and you quoted what the Bible says about homosexuality, you could lose your contract with the city.

Any pastor who stands in the pulpit and reads from Leviticus 18, 20 or Romans 1, could be found guilty of violating the nondiscriminatory ordinance and face the consequences.  In fact, the ordinance would make it impossible for any good conservative Bible believing person, minister, church leader or lay person, to work for the city or run for any city office including the city council.

Clearly the ordinance violates the First Amendment rights of freedom of speech and religion.  Opponents of the ordinance also point out that it violates Article VI, paragraph 3 of the US Constitution that states:

“No religious Test shall ever be required as a Qualification to any Office or public Trust under the United States.”

They also claim that the nondiscriminatory ordinance violates the Texas Constitution and Texas Religious Freedom Act.  Charles Flowers, Pastor of Faith Outreach International commented, saying:

“The ordinance … says that if you have at any point demonstrate[d] a bias – without defining what a bias is or who will determine whether or not one has been exercised – that you cannot get a city contract.  Neither can any of your subcontractors [who have demonstrated a bias] sign on to the contract.”

Joe Conger of KHOU TV in Houston commented:

“Ever have a Paula Deen moment – make an off-color joke or hold a religious belief?  [Pastor Steve] Branson [of Village Parkway Baptist Church] says keep it to yourself if you’re involved with San Antonio city government. Proposed changes to the anti-discrimination ordinance could get you fired.”

Seems to me that the people of San Antonio need to seriously consider who has been elected or appointed to the city council.  If the council approves the ordinance, the citizens of San Antonio should launch recalls against all who voted for it.  Conservatives and Christians need to start standing up for their rights and for their state and nation and stop allowing left-wing agenda oriented liberals from taking control.

[by Dave Jolly, writing for Godfather Politics]

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Researchers say release of methane from thawing Arctic could be catastrophic…

Arctic ice is thawing...
Thawing of just part of the Arctic due to global warming could cost the world up to $60 trillion as the warming seabed and melting ice release methane into the atmosphere, warming the Earth more.

“The imminent disappearance of the summer sea ice in the Arctic will have enormous implications for both the acceleration of climate change, and the release of methane from off-shore waters which are now able to warm up in the summer,” study researcher Peter Wadhams, of Cambridge University, told The Guardian.

The event, which scientists are calling a “methane burp” could advance global warming by 15 to 35 years at any moment. Arctic researcher Natalia Shakohova of the University of Alaska at Fairbanks, told New Scientist that this release is “highly possible at any time.”More than a trillion tonnes of methane are trapped under the East Siberian Arctic Shelf, and much more could be under the entire Arctic. A decade of ice melt and warming seas will trigger a climate catastrophe, the researchers said, releasing up to 50 billion tonnes of the potent greenhouse gas.

Large vents are already spewing methane, researchers report. Research cruises in 2012 found huge plumes of methane up to a kilometer wide bubbling to the surface, according to New Scientist.This release of methane would raise global temperatures by 1.3 degrees Celsius, contributing to increased melt. The Arctic ice minimum in 2012 was less than 40% of the average ice cover during the 1970s.

To figure out the economic cost of a decade of extreme methane release — say from 2015 to 2025 — the researchers added the extra methane and temperature increases to the climate models through to 2200 — that’s how they got the $60 trillion cost globally from just the East Siberian Arctic Shelf.

These financial impacts will mostly be felt in the poorest parts of Africa, Asia, and South America — causing loss of crops, droughts and other extreme weather, and increasing sea level rise. This continued methane release could completely undermine the global financial system, the researchers said in commentary published today, July 24, in the journal Nature.

This is in contrast to other, sunnier reports on Arctic melt, which detail the possible “good” this melt will have — opening up shipping lanes, increasing fishing, and even allowing us to access minerals, natural gas, and oil in the ocean bed.

Meanwhile the devastating effects are being ignored. Neither the World Economic Forum in its Global Risk Report nor the International Monetary Fund in its World Economic Outlook have recognized the potential that increased warming in the Arctic poses, the authors note.

SEE ALSO:  This Film Will Convince Every Skeptic That Climate Change Is Real

 

[by Jennifer Welsh, writing for Business Insider]

 

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NORM ‘n’ AL, Minneapolis
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