Utopia, you are standing in it!

From a post a couple of weeks ago, just after the release of the Reserve Bank’s Financial Stability Report.

In a similar vein, I noted a story on Newsroom this morning, reporting the Governor’s appearance at the Finance and Expenditure Committee yesterday.  He was reported thus

But he told the select committee he would much rather the Reserve Bank, as banking regulator, could trust banks and borrowers to be prudent.

“I would love to not have to be active in that space. If banks had true long-term horizons, if the consumers were fully aware and myopia didn’t exist across borrowers, all the different foibles that people have, then you wouldn’t need the regulatory imposts.”

Talk about “nanny state” –  the Governor wishes he could trust us.  I wish we could trust him and his colleagues.

But, more specifically, the Governor here asserts again that banks are too short-term in their…

On June 10^th it was announced that the IDF had destroyed a new kind of Hamas tunnel the previous week.

“Israeli Air Force fighter jets bombed a terror tunnel in northern Gaza in the early hours of last Sunday meant to be used by Hamas’s elite Nukhba naval commandos to secretly go underwater, it was cleared for publication on Sunday. […]

The entrance to the tunnel, which was similar in structure to a sewage tunnel, was in a building used as a Hamas military post in the northern Gaza Strip, three kilometers south of the border with Israel.

The tunnel then continued several dozens of meters underground until it reached the shoreline, and from there it continued into the water on until it reached a depth of 2-3 meters. At this depth, Hamas’s divers could go out to sea without being spotted by IDF observers.”

The existence of the…

From Wikipedia

The Great War is a 26-episode documentary series from 1964 on the First World War. The documentary was a co-production of the Imperial War Museum, the British Broadcasting Corporation, the Canadian Broadcasting Corporation and the Australian Broadcasting Commission. The narrator was Michael Redgrave, with readings by Marius Goring, Ralph Richardson, Cyril Luckham, Sebastian Shaw and Emlyn Williams. Each episode is c.40 minutes long.

In August 1963, at the suggestion of Alasdair Milne, producer of the BBC’s current affairs programme Tonight, the BBC resolved to mark the fiftieth anniversary of the outbreak of the First World War with a big television project. The series was the first to feature veterans, many of them still relatively fit men in their late sixties or early seventies, speaking of their experiences after a public appeal for veterans was published in…

Britain Has Gone Nine Days Without Wind Power – Bloomberg

Britain’s gone nine days with almost no wind generation, and forecasts show the calm conditions persisting for another two weeks.

The wind drought has pushed up day-ahead power prices to the highest level for the time of year for at least a decade. Apart from a surge expected around June 14, wind levels are forecast to stay low for the next fortnight, according to The Weather Company.

“People would’ve started worrying about brownouts,” Elchin Mammadov, analyst at Bloomberg Intelligence said. “This shows that relying on wind, solar and batteries to supply the majority of our power is reckless for energy security.”

On Wednesday, wind generated about 4.3 percent of the U.K.’s electricity. Coal output has dropped near zero. Gas and nuclear have picked up the slack with 54 percent and 25 percent respectively, according to data from National Grid…

Oil extraction [image credit: ewg.org]
The sub-heading to this is: ‘Liberal cities attempt a climate shake down of oil firms’. These cities run fuel-powered vehicles by the hundreds but still want massive compensation from oil companies. Success would likely make fuel prices rise to recover any losses.
H/T Climate Depot

San Francisco, Oakland, New York and Seattle have sued five global oil giants—BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell —for billions in future damages from climate change, reports the WSJ.

Brass-knuckled plaintiff firm Hagens Berman Sobol Shapiro has been shopping around the lawsuit to other cities desperate for cash.