As you know, many made speeches at the United Nations yesterday. President Barack Obama remarked that the U.S. has entered a new phase of cooperation and action. True, for the Bush Administration made a mockery of these types of proceedings. The reality is that the Senate will, at best, pass a tepid, no, make that, toothless, cap and trade compromise. Obama's silence in favor of any kind of health legislation, is just as well, because that global warming remediation legislation is embarrassing, and the best thing that could happen is for the Senate to wait until next year.
President Hu Jintao effectively one-upped Obama by actually showing concern and indicating that they are now setting domestic targets for reducing carbon dioxide. He didn't exactly mention numbers, but the difference this time was one of attitude and commitment. The Peoples Daily Online indicated that Hu's message was inspiring. The U.S. Congress will not act, and should not, if China and India are again waived out of the limits.
There is, though, one disquieting reality. The globe has not really heated up during the past decade. Scientists explain that away, linking the stability to certain oceanic and otherwise naturally cyclic conditions. But, cyclonic storms this year are at a 30-year low.
It has long been my contention that nothing much will happen until tens of millions perish one hot summer, which, of course, was not the case this year. I see a tough time for the Senate passing anything useful this year and Copenhagen in December will be supremely disappointing.
Why they pick such a cold site in winter is beyond my comprehension. The next one should be in Beijing or Delhi in July. Maybe they're stuck with December, because the Kyoto Protocol in 1997 also occurred in December. Well, change it!
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The Dow Jones Industrials sunk 81 to 9749, and world markets were also mostly down, but the major economies appear to be recovering. Crude oil dropped to $68/barrel and gold, too, -$10/toz to $1008.
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In the East Pacific, Tropical Storm Nora is now at 50 MPH, and is heading for Hawaii...but has probably peaked, and will most probably be weakened by something called shear, and within three or four days, if not sooner, should become a remnant low. There is another disturbance right behind Nora, but it should face similar conditions.
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