Beiträge von Eldorado

  • Uranaktien: Minen, Explorer, Produzenten, Anwender

    Sorry, its a long one but interesting read.



    LIFE DURING WARTIME


    by Dan Denning


    When I got back from my excursion to the Far East in late 2004 and sat down at my desk in London to write up the story, I emphasized three major trends that would create danger and opportunity for investors.


    First, the bull market in energy (oil, gas, electric, nuclear) was going to be one of the longest and strongest you and I would see in our investment lifetimes.


    The big drivers are the growth in demand from China and India. Since then, of course, through the work of Whiskey & Gunpowder editor Byron King, we’ve seen how Peak Oil - the exhaustion of all the world’s cheap, easily recoverable oil - is driving up energy prices even higher and faster than I thought, and also has complicated things geopolitically.


    Second, the general rise of Asia into the developed world was causing huge demographic and economic dislocations - and creating enormous investment opportunities as Asian economies began to consume as well as produce, to spend as well as save.


    Third, I wrote that the rise of the East was accompanied by the simultaneous collapse of the ruling currency regime of the last 30 years, the dollar standard. This last point is still so inconceivable to many people that they refuse to entertain the possibility. Too much would have to change. Too much wealth would be destroyed. Too many vacations would have to be canceled. Yet the inexorable rise of gold shows that this revolution in money is slowly but surely eroding the dollar’s status.


    Iran Nuclear Threat: Possible Effects


    The current situation with Iran doesn’t change any of those three main trends. It accelerates them, however, and adds the dangerous new element of nuclear holocaust to the table. Let’s be clear about one thing, though: Even if Iran developed a nuclear device tomorrow, it would not likely be the sort of thing they could put on a missile and fire off to Tel Aviv…or Rome…or London. It would be a large, unwieldy thing that they might be able to put on a jetliner. (Incidentally, Iran recently announced the resumption of commercial flights to the United States.)


    Still, it’s not a secret anymore what Iran is trying to do. The question is, can anyone stop it? Another question is does everyone really want to stop it? I would argue that both China and Russia, though they might be deeply uncomfortable with having a nuclear Iran, see it as an enormous strategic blow to the United States and a key element of their respective energy alliances with Iran. China and Russia, in other words, are more than willing to let the world’s nuclear club expand. Doubtless, they feel like they’d have some measure of control over Iran, especially since both countries have helped Iran with its weapons program. Whether they will have any control or not remains to be seen.


    Let’s leave aside all the speculating about if the United States or Israel can or will attack Iran. I have no idea. Nobody does. In analyzing the whole situation, I found it useful to head to the bookshelf and dust off a copy of Paul Kennedy’s The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500–2000. I’m going to quote from a few sections that I think help explain how what’s playing out across the globe today is a result of both globalization and Peak Oil.


    Unfortunately, if we follow Kennedy’s analysis, it’s very bad news for America and for Americans who fail to understand what’s motivating our main economic and strategic competitors. Emphasis added is mine. In the introduction, Kennedy writes:


    "The triumph of any one Great Power in this period, or the collapse of another, has usually been the consequence of lengthy fighting by its armed forces; but it has also been the consequence of the more or less efficient utilization of the state’s productive economic resources in wartime, and, further in the background, of the way in which that state’s economy has been rising or falling relative to the other leading nations, in the decades preceding the actual conflict. For that reason, how a Great Power’s position steadily alters in peacetime is as important to this study as how it fights in wartime."


    Iran Nuclear Threat: The War on Terror


    If you date the war on terror to its beginnings, you could conceivably go back to the Iranian hostage crisis of 1979–80. But let’s use Sept. 11 as our start date. Since that time, how efficient has the United States been at using its productive economic resources? Not very, as I have mentioned ad nauseam. That’s because America continues to consume more than it produces. Debt has driven a boom in American consumption right alongside a war that doesn’t seem to interrupt the daily life of many Americans. If countries rise or fall based on the efficient use of productive economic resources, then China, with its 9.9% growth, is rising and America, with GM’s $8.6 billion loss last year, is not. America has been falling relative to China and India for the last 10 years. Kennedy continues:


    "The relative strengths of the leading nations in world affairs never remain constant, principally because of the uneven rate of growth among different societies and of the technological and organizational breakthroughs which bring greater advantage to once society than to another. For example, the coming of the long-range gunned sailing ship and the rise of the Atlantic trades after 1500 was not uniformly beneficial to all the states of Europe - it boosted some much more than others. In the same way, the later development of steam power and of the coal and metal resources upon which it relied massively increased the relative power of certain nations, and thereby decreased the relative power of others."


    My first essay for Whiskey & Gunpowder, "The Birth of Cultural Siege Engines," made the simple observation that nuclear proliferation would alter the world’s political structure by making it nearly impossible for one country to invade another. Such as it is, this might actually reduce the incidence of war. It might also mean a very nasty but realistic situation where dictators and tyrants are free to terrorize their populations without fear of being toppled by invasion. After all, King Jong Il is around because he has nuclear weapons. Saddam Hussein will be executed sometime this year because he did not.


    Iran Nuclear Threat: Economic Strategy


    In historical context, nuclear weapons are the long-range gunships of the Atlantic. They are the great military equalizers. With the technological breakthroughs on the nuclear black market, you can expect more nations to get them. In a strange way, their spread might also dilute their leverage. Once everyone has them, there will be no urgency to get them. Military competition will turn back to economic competition.


    For America, this means that we are less likely to be able to use our military as a means to achieve our economic strategy. True, aircraft carriers and long-range bombers still give America the unique ability to project force anywhere in the world. But a nuclear weapon and the means to deliver it, that’s really an army of one isn’t it? How well will America compete now that its great growth is behind it? And what about China and India? They will be boosted, in Kennedy’s terms, by the proliferation of nuclear weapons to the extent that global competition will be more economic than military. And of course, resource-rich countries will enjoy the greatest rates of growth and have the largest advantages of all:


    "Once their productive capacity was enhanced, countries would normally find it easier to sustain the burdens of paying for large-scale armaments in peacetime and of maintaining and supplying armies and fleets in wartime. It sounds crudely mercantilistic to express it this way, but wealth is usually needed to underpin military power, and military power is usually needed to acquire and protect wealth."


    Here we just find more somber questions for America. America’s productive capacity is being systematically dismantled and shipped to China. If you don’t make anything, how can you sell it? And if you can’t sell it, what will you use to pay for your military? Without the means to generate wealth, how will America maintain its power? By selling bonds to our strategic adversaries? Come again?


    In an energy-scarce, nuclear-abundant world, the surest ticket to wealth, and thereby to power, is energy. Those who have it - Russia, Iran, Venezuela - have tremendous leverage - provided they can survive as nation-states. Those who don’t - America, the United Kingdom, Western Europe - will find themselves not only less wealthy but less powerful. The free ride to power, luxury, and apathy that the Peak Oil age provided the West is emphatically, undeniably over.


    Kennedy writes of this weakening of national power, "If, however, too large a portion of the state’s resources is diverted from wealth creation and allocated instead to military purposes, then that is likely to lead to a weakening of national power over the longer term." You might add that if states’ resources and capital and their creative energies are diverted and devoted to buying and selling houses and filling them with trinkets bought on eBay, national power is weakened. The consumption lifestyle to which America has grown addicted does not produce capital. It does not produce wealth. It does not produce power:


    "In the same way, if a state overextends itself strategically - by, say, the conquest of extensive territories or the waging of costly wars - it runs the risk that the potential benefits from external expansion may be outweighed by the great expense of it all - a dilemma which becomes acute if the nation concerned has entered a period of relative economic decline."


    If there have been benefits to the war in Iraq, cheap oil is not one of them. The war is not paying for itself with Iraqi oil exports. That war is not paying for itself at all. It has become a major and costly national undertaking, at just the time when America finds itself on the wrong side of the wealth = energy = power equation and in the fight of its economic life with rising powers India and China.


    Kennedy writes: :rolleyes:


    "The strengths and the weaknesses of each of the leading powers are analyzed relatively, in light of the broader economic and technological changes affecting Western society as a whole, in order that the reader can understand better the outcome of the many wars of this period."


    In the last few years, we’ve seen how the broader "economic and technological changes" of globalization are making the world more competitive and changing social structures everywhere. Indeed, many of the great social and economic institutions on which the postwar world was built are falling like dominoes…GM, the pension system, the United Nations, the dollar standard…the beat goes on. In fact, about the only thing preventing this migration of wealth and power IS the dollar standard.


    It allows America to fund its wars and consumption with a depreciating currency. It is a tremendous advantage Kennedy does not ignore:


    "Since the cost of standing armies and national fleets had become horrendously great by the early 18th century, a country which could create an advanced system of banking and credit (as Britain did) enjoyed many advantages over financially backward rivals."


    England survived its many wars with France largely because of the creation of a funded national debt, the issuance of bonds whose interest was paid by the efficient collection of taxes. The modern warfare state is simply not possible without "an advanced system of banking and credit," and that, for now, is exactly what is keeping America afloat. The world still wants our bonds. China has nearly $800 billion in currency reserves, its resource war chest.


    But how long will this advantage last? I suspect a lot will have to do with the price of oil. As oil rises in dollar terms - whether from geopolitical tension or the growing realization that Peak Oil is real - the run on the dollar will grow. Hard assets like gold won’t just be fashionable: They will be indispensable to wealth preservation.


    Soaring gold and oil prices will be accompanied by soaring interest rates and inflation. The convenient fantasy world where prices don’t rise and the dollar doesn’t lose purchasing power will collapse. One day, Americans will wake up and find that the money in their wallets buys three-quarters or half as much as it did the day before. The dollar will have lost status. America will have lost power. And in the new world that emerges, possession of energy, not a printing press, will be the key to wealth.


    Regards,


    Dan Denning
    for The Daily Reckoning

  • When the sun comes shining....Solarwerte

    Lustig, passt zum Tag, die B..BSE :D..OB kaufte ich bei 1.72 auf.
    Bei der Suntech (STP) habe ich auch zugegriffen nach der schlechten ;( Nachricht so bei 33.10 USD.
    Die kennen wir auch noch nicht.
    Klar wird alles teuerer, dafuer brauchen sie mehr Solar Energie.


    China Play:


    Suntech Power Holdings Co., Ltd. specializes in the design, development, manufacturing and sale of photovoltaic (PV) cells, modules and systems. Founded in January of 2001 by Dr.
    Zhengrong Shi, a distinguished PV technology scientist, Suntech has rapidly developed into a leading solar energy company. In less than three years since it commenced its business operations in May 2002, Suntech has increased its manufacturing capacity by 12 times, becoming one of the world's top 10 manufacturers of PV cells based on production output according to Photon International, a magazine covering the international PV industry.


    Selling its products in almost every major market in the world, Suntech is among the new breed of successful domestic China-based companies with global ambitions.


    Today, Suntech's PV systems are used in a wide range of applications, including communications and broadcasting, transportation, housing, and military.


    http://www.suntech-power.com/en/zlsc.html


    Tschonko, wo ist die Sonnencreme ? :D

  • Juniors aus Kanada

    @KR


    Freut mich fuer dich 9.6% rauf, shit ich habs nicht geschafft bei 6 cents, der soll mal ohne mich fliegen.
    Bist scho Drachengeil, 8% auf den zu werfen.
    So verrueckt war ich auch mal.
    Hat sich aber meistens bezahlt gemacht, meistens ! :D
    Check out MTC.V......... :rolleyes: :P
    Die Tumi ist wieder in der Intensive Station :D X(

  • Juniors aus Kanada

    Jetzt weiss ich was das heisst, :rolleyes:


    Better Sell Equities fuer ( BSE)


    Das machen wir aber nicht !..... :P, gerade das Gegenteil.
    Du bist schon so ein Wicht, bleibe du bei deinen Techstock oder Hardrock mit deinen Kuehen. :D


    Nix fuer unguat, ist nur Spass den man immer haben sollte wenns mal runter und wieder rauf geht, so wie es ausschaut im Moment.


    GO GOLD GO !!

  • Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

    Gut EDEL du hast ebenfalls Mut.
    Wir werden sehen ob es gut war.
    Die Crimex Affen sind gerade mit dem Kaffee fertig und in einer Stunde ist erstmal ihre Arbeit erledigt.
    Kurz vor Ladenschluss haun sie nochmal rein. Halten unsere Boden oder gehts auf die Hoden ?. :D


    Wenn dann nur kurz und das juckt uns auch nicht als ueberzeugte Gold/Silverbulls.


    Wenn der DOW aufmacht dann wirds noch spannender.


    Good luck, enjoy the show tonight.


    Gruss


    Eldo

  • Juniors aus Kanada

    Genauso ist es Kr, da gibt es Leute die glauben sie sind superschlau und bekommen alles fast fuer geschenkt.
    Lass die mal weiter warten bei 600 USD beissen die sich alle in den Hintern, das sie jetzt nicht zugelangt haben und auf ein paar Schmarrer gehoert haben die sagen warten es geht auf 500 USD oder so.
    Nix ist umsonst, nur der Tod und der kostet das Leben.


    Na wird da jetzt ein wenig schwindelig BSE, oder glaubst noch an den Weihnachtsmann ?


    Die Comex Affen haben heute nichts zu schiessen, ausgeschossen ? :D
    Ich weiss du wartest jetzt auf den Rueckschlag unter die 535 USD.
    Alter Trapper, denkst wohl da ist eine Bullenfalle. :D


    KEINE SORGE, PEPE DER BULLE RENNT WEITER !


    DER HAT NUR TIEF LUFT GEHOLT BEVOR ER DIE CABALS AUFSPIESST. :D

  • Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

    Gut gemacht Value ;)
    Bei mir ging Perilya und vorhin Avocet ins Netz, glaube auch ein paar Drachen in Frankfurt.
    Und heute haust den Rest der Kohle rein, ich mach das zumindest, gleich am Anfang.
    Ich hab den Vollmond gestern ausgenutzt, da sind sie alle deppert.
    Ob ich auch dazu gehoere zeigt sich heute mit meiner Theorie die 540 kriegen sie nicht kaputt ebenso den HUI mit 290-300.


    Mal schaun :rolleyes:...ob das gut geht was ich gemacht habe.


    XEX