Climate Science Is Settled. Really?

Warm in hereSeveral fascinating new scientific papers have
appeared recently that come to some very different conclusions
about the trend in global average temperature and what causes it.
One concludes that fluctuations in the El Nino explain the current
15-year “pause” in warming and cut future increases in man-made
warming in half; a second finds that once missing data are taken
into account there has been NO pause in warming at all; and a third
reports that natural fluctuations in the Arctic explain the “pause”
which could last until 2030.

So first, in a new
article
in the Asia-Pacific Journal of Atmospheric
Science,
University of Alabama in Huntsville researchers Roy
Spencer and Danny Braswell use climate models to take into account
the effects that natural variations in the El Nino Southern
Oscillation (ENSO) has on global average temperature trends over
the past 50 years. The ENSO is a phenomenon in which the surface
temperatures over the southern Pacific Ocean fluctuate between hot
and cold phases. According to Phys.org,
they found:

The results suggest that these natural climate cycles change the
total amount of energy received from the sun, providing a natural
warming and cooling mechanism of the surface and the deep ocean on
multi-decadal time scales.

“As a result, because as much as 50 percent of the warming since
the 1970s could be attributed to stronger El Niño activity, it
suggests that the climate system is only about half as sensitive to
increasing CO2 as previously believed,” Spencer said.

“Basically, previously it was believed that if we doubled the
CO2 in the atmosphere, sea surface temperatures would warm about
2.5 C,” Spencer said. That’s 4.5° F. “But when we factor in the
ENSO warming, we see only a 1.3 C (about 2.3° F) final total
warming after the climate system has adjusted to having twice as
much CO2.” …

Spencer said it is reasonable to suspect that the increased La
Niña cooling might be largely responsible for an ongoing “pause” in
global warming that has lasted more than a decade. If that is the
case, weak warming might be expected to revive when this phase of
the El Niño-La Niña cycle shifts back to a warmer El Niño
period.

In contrast, climate catastrophists cite as evidence that things
are worse than they thought a new
study
in The Quarterly Journal of the Royal Meteorological
Society
by Kevin Cowtan from the University of York and Robert
Way from the University of Ottawa (who both also contribute to the
climate science website Skeptical Science).
The two researchers apply some fancy statistical
jiggering to climate temperature data from the Hadley Centre in the
United Kingdom in an effort to figure out what is going on in the
regions of the globe not well-covered by that dataset. They
report:

The widely quoted trend since 1997 in the hybrid global
reconstruction is two and a half times greater than the
corresponding trend in the coverage-biased HadCRUT4 data. Coverage
bias causes a cool bias in recent temperatures relative to the late
1990s which increases from around 1998 to the present. Trends
starting in 1997 or 1998 are particularly biased with respect to
the global trend. The issue is exacerbated by the strong El Niño
event of 1997-1998, which also tends to suppress trends starting
during those years.

The Guardian
reports
that the upshot of their new analysis is:

Both of their new surface temperature data sets show
significantly more warming over the past 16 years than HadCRUT4.
This is mainly due to HadCRUT4 missing accelerated Arctic warming,
especially since 1997.

Cowtan & Way investigate the claim of a global surface
warming ‘pause’ over the past 16 years by examining the trends from
1997 through 2012. While HadCRUT4 only estimates the surface
warming trend at 0.046°C per decade during that time, and NASA puts
it at 0.080°C per decade, the new kriging and hybrid data sets
estimate the trend during this time at 0.11 and 0.12°C per decade,
respectively.

In other words, there is no 15-year pause in global warming has
all of the current datasets measuring global average temperature
have reported.

And to make things even more “settled,” there is a
new study
in Climate Dynamics by Georgia Tech
climatologist Judith Currry and her colleague Marcia Wyatt that
looks at temperature fluctuations in the Arctic region and finds
that they are driven by natural “stadium wave” fluctuations
produced by the Atlantic Multidecadal Oscillation (AMO) and sea ice
extent in the Eurasian Arctic shelf seas. As Newswise

reports
the …

…‘stadium-wave’ signal that propagates like the cheer at
sporting events whereby sections of sports fans seated in a stadium
stand and sit as a ‘wave’ propagates through the audience. In like
manner, the ‘stadium wave’ climate signal propagates across the
Northern Hemisphere through a network of ocean, ice, and
atmospheric circulation regimes that self-organize into a
collective tempo.

The stadium wave hypothesis provides a plausible explanation for
the hiatus in warming and helps explain why climate models did not
predict this hiatus. Further, the new hypothesis suggests how long
the hiatus might last…

“The stadium wave signal predicts that the current pause in
global warming could extend into the 2030s,” said Wyatt,…

Curry added, “This prediction is in contrast to the recently
released IPCC AR5 Report that projects an imminent resumption of
the warming, likely to be in the range of a 0.3 to 0.7 degree
Celsius rise in global mean surface temperature from 2016 to 2035.”

How external forcing projects onto the stadium wave, and whether
it influences signal tempo or affects timing or magnitude of regime
shifts, is unknown and requires further investigation,” Wyatt said.
“While the results of this study appear to have implications
regarding the hiatus in warming, the stadium wave signal does not
support or refute anthropogenic global warming.

Interestingly, the study by Cowtan and Way suggesting that
man-made global warming is continuing apace seems to be getting
much more media attention than are the two suggesting explanations
for why warming has paused and why it might not increase
disastrously in the future. Curious.

Heads up: I will be sending in daily dispatches all next
week from the 19th Conference of the Parties of the United Nations
Framework Convention on Climate Change meeting in Warsaw.

from Hit & Run http://reason.com/blog/2013/11/15/climate-science-is-settled-really
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Steven Greenhut on Unions Taking Aim at Parent-Trigger Law

When you throw a rock at a pack of wild dogs, how
do you know which one you hit? It’s the one that’s yelping. That
old country saying offers insight into modern-day politics. You can
always tell if a law might make an actual policy difference by the
interest groups that are complaining — and by the intensity of
their yelps. Steven Greenhut says this is exactly the case in the
battle between charter schools and public teachers’ unions.

View this article.

from Hit & Run http://reason.com/blog/2013/11/15/steven-greenhut-on-unions-taking-aim-at
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Holiday Spending Plans Collapse

It seems, as Jim Quinn notes, the 99% are not cooperating with the 1% plan for economic recovery. As Gallup reports, average Americans plan on spending 10% less for Christmas gifts this year than last year. Not only that, but they are spending 19% less than they spent in 2007 and 18% less than they spent in 1999. The average American is spending less because they have less as the talking heads on CNBC and the rest of the MSM tell me that things are great. Opening stores on Thanksgiving will not save anyone and perhaps more critically, the last 2 times the November forecast for holiday spending slumped – the US entered recession!

 

 

(h/t @Not_Jim_Cramer)

 

and Jim Quinn's Burning Platform take on this…

So the stock market is at new all-time highs. GDP is at an all-time high, well above 2007 levels. Unemployment has supposedly fallen from over 10% in 2009 to only 7.3% today. Corporate profits are at all time highs. Wall Street bonuses are at all-time highs. The talking heads on CNBC and the rest of the MSM tell me that things are great. Interest rates, at least for some people and banks, are at record lows. Bernanke pumps $2.5 billion of heroin into the veins of Wall Street on a daily basis.

 

So why so glum average Americans? It seems average Americans plan on spending 10% less for Christmas gifts this year than last year. Not only that, but they are spending 19% less than they spent in 2007 and 18% less than they spent in 1999. Didn’t you people get the message? Stop with the goddamn austerity, whip out that credit card, and buy Chinese shit you don’t need with money you don’t have. Don’t you realize Wall Street bankers and mega-retailer CEOs are depending on your recklessness materialism to generate their $7 million bonuses?

 

It seems the 99% are not cooperating with the 1% plan for economic recovery. Maybe they are little depressed because their health insurance policy just got cancelled and their new Obama policy is going to cost 40% more. Maybe it is the $1,000 less the average household has to spend this year versus last year because the 2% Social Security tax reduction expired. Maybe it is because they lost their $80,000 per year job at Merck and are now working at the Dunkin Donuts across the street for $9.00 per hour – but they get free donuts at the end of the shift. Maybe it’s the fact that the real median household income is 10% below the level of 1999.

 

You see, reality is a bitch. Your owners can prop up the stock market and spew propaganda on the corporate media outlets, but they can’t create wealth for you. The average American is spending less because they have less. It really is that simple. And the less they spend, the more retailers will suffer. The JC Pennys, Sears, Radioshacks, Barnes & Nobles, Best Buys and many more will be forced to shutter stores, fire employees and in some cases file bankruptcy. You can smell the desperation among the mega-retail conglomerates. They over-expanded based on the delusional belief that this credit based fantasy could go on forever. They will pay the price.

 

Opening stores on Thanksgiving will not save their sorry asses. They fucked up and they will pay the piper. It’s a zero sum game. The average American is running on empty. The Wall Street/Hamptons crowd can not sustain the nation with their extravagant spending. I love the smell of desperation in the morning. It smells like bankruptcy and disgrace for delusional retail CEOs.   


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/azgaFbxh1s0/story01.htm Tyler Durden

Did Twitter Break The Options Market? BATS Declares Self-Help Against CBOE

UPDATE: 23 minutes later – Self-Help is revoked…

Well that didn’t take long…

  • *BATS OPTIONS DECLARES SELF-HELP AGAINST CBOE
  • *CBOE: CT BC85 HAS BEEN SWITCHED TO ITS BACK-UP

But, as CNBC previously noted, we are getting used to these “broken markets” by now so it doesn’t matter…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/S8mX_DRWvLo/story01.htm Tyler Durden

Gold Flows East As Three Pieces Of Bacon Sell For €105 Million

Today’s AM fix was USD 1,281.75, EUR 953.99 and GBP 797.65 per ounce.
Yesterday’s AM fix was USD 1,266.00, EUR 951.25 and GBP 798.75 per ounce.

Gold rose $14.40 or 1.13% yesterday, closing at $1,294.07/oz. Silver hit a high $20.90 and closed the day with a gain of $0.25 closing at $20.81.

Click here for this month’s Insight ‘Talking Real Money: World Monetary Reform’

Yesterday, the World Gold Council released its Gold Demand Trends 2013 Report which demonstrates quite clearly that the Chinese continue to accumulate gold; gold continues to flow east to both government and consumer channels. The report also showed that central banks continue to accumulate and there is positive news that jewellery trade is up.

Key findings:

Continued consumer growth in China. 
Total consumer demand was 210t in Q3 2013, a rise of 18% compared to the same period last year.

Central banks continue to be strong buyers of gold, albeit at a slower rate.
Q3 2013 was the 11th consecutive quarter of net purchases of gold.

Jewellery consumption in South East Asia, outside China, was also strong.
Hong Kong was up 28%, Vietnam up 14%, Thailand up 57% and Indonesia up 19% on the same quarter last year albeit off low bases.

Government regulations in India are dampening demand figures.
India recorded a 32% decline in consumer demand compared to the same quarter last year. However year to date, demand remains robust, up 19% compared to the first three quarters of 2012, following the surge in demand sparked by two price falls earlier in 2013.

Francis Bacon’s ‘Three Studies of Lucian Freud’

In another vote of confidence in the world of art, a triptych by Francis Bacon, titled ‘Three Studies of Lucian Freud,’ sold for €105 million ($142 million), a world record price for a painting.

However, Felix Salmon at Reuters believes that there is a speculative play in place and there is a number of people selling big-ticket contemporary art works at auction who have only owned these pieces for a short time and this is a key indicator that there is flipping in the market.

Salmon opines that there is signs of a speculative bubble, one that has been going on for years, even through the darkest hours of the financial crisis but that this latest burst of record selling prices could be the tipping point.

The price was pushed up by €44 million ($60 million) more than the auction house had estimated it would sell for. Believe it or not, but the price was decided after just ten minutes of bidding. This price smashes the previous record set when ‘The Scream’ by Edvard Munch sold for €89 million ($120 million.)

The auction also set a record for the highest amount ever made at one auction with €687 million (€511 million) worth of paintings were sold and included artists such as Andy Warhol, Jackson Pollock, Roy Lichtenstein and Mark Rothko.

Lucian Freud, who died in 2011, was also the subject of a second full-length Bacon triptych, painted in 1966. That work, however, is missing.

Whilst owning a Francis Bacon painting is out of the reach for most people, you can visit his studio where all these ‘expensive’ paintings were created. In keeping with the aura that surrounds Bacon’s life, his studio and its entire contents were moved from London to Dublin in 1998, and is on display in the Hugh Lane Galleryin Parnell Square, Dublin.

The Hugh Lane Gallery has its own amazing story in that Sir Hugh Percy Lane, its founder, died on board the RMS Lusitania in 1915 when she was torpedoed and sunk by a German U-boat.

No trip to Dublin is complete unless you visit this stunning exhibition; Bacon’s studio is a revelation and you can marvel at how three pieces of Bacon were sold for an incredible €105 million or 3.78 tons of gold at today’s price of €953/oz.

Click here for this month’s Insight ‘Talking Real Money: World Monetary Reform’

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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/z_UxQVvNSYc/story01.htm GoldCore

Spanish FinMin “Concerned” As Public Debt Surges To New Record

Spain’s public debt climbed sharply in September to a new record high of 954.863 billion euros, casting doubt about the government’s ability to meet its target for the end of the year. Even finance minister Cristobal Montoro acknowledged that “there are concerns about the pace of the increase,” adding that this meant bringing down the public deficit even more of a priority. As El Pais reports, according to figures released Friday by the Bank of Spain, the state’s outstanding obligations climbed 10.181 billion euros in the month from August to a level equivalent to 93.4 percent of GDP. The government’s target for the full year is 94.2 percent, a figure that has already been revised upward. The central bank estimated GDP in the 12 months to September at 1.022 trillion euros.

 

But, apart from that, Spanish bond spreads near pre-crisis lows…

 

Yep – makes perfect sense…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ZRPM6b7U3i0/story01.htm Tyler Durden

Spanish FinMin "Concerned" As Public Debt Surges To New Record

Spain’s public debt climbed sharply in September to a new record high of 954.863 billion euros, casting doubt about the government’s ability to meet its target for the end of the year. Even finance minister Cristobal Montoro acknowledged that “there are concerns about the pace of the increase,” adding that this meant bringing down the public deficit even more of a priority. As El Pais reports, according to figures released Friday by the Bank of Spain, the state’s outstanding obligations climbed 10.181 billion euros in the month from August to a level equivalent to 93.4 percent of GDP. The government’s target for the full year is 94.2 percent, a figure that has already been revised upward. The central bank estimated GDP in the 12 months to September at 1.022 trillion euros.

 

But, apart from that, Spanish bond spreads near pre-crisis lows…

 

Yep – makes perfect sense…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ZRPM6b7U3i0/story01.htm Tyler Durden

WTF Chart Of The Day: The “It’s Not Working” Edition

Despite Janet Yellen’s commitment to continue supporting the economic recovery the transmission system of government interventions is clearly broken. As STA Wealth Management’s Lance Roberts shows in the simple chart below, it has taken $35.17 of government intervention to generate $1 of economic growth over the past 5 years. More importantly, the rate of diminishing returns is increasing. In other words, it is taking consistently more dollars of intervention to create an incremental increase in economic growth.

 

 

In the meantime, as shown below, the continued liquidity programs from the Federal Reserve continue to boost asset markets towards more exuberant levels.

 

However, despite signs of a potential market “bubble” Janet Yellen clearly sees no such thing…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/pmUU01Tr3gM/story01.htm Tyler Durden

WTF Chart Of The Day: The "It's Not Working" Edition

Despite Janet Yellen’s commitment to continue supporting the economic recovery the transmission system of government interventions is clearly broken. As STA Wealth Management’s Lance Roberts shows in the simple chart below, it has taken $35.17 of government intervention to generate $1 of economic growth over the past 5 years. More importantly, the rate of diminishing returns is increasing. In other words, it is taking consistently more dollars of intervention to create an incremental increase in economic growth.

 

 

In the meantime, as shown below, the continued liquidity programs from the Federal Reserve continue to boost asset markets towards more exuberant levels.

 

However, despite signs of a potential market “bubble” Janet Yellen clearly sees no such thing…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/pmUU01Tr3gM/story01.htm Tyler Durden