Our obsession with global warning will cost us dear – Jeremy Warner November 21, 2015:
Warner reports that the cost of converting British coal fired generators to gas will exceed 70 billion pounds. Blunders in the Canadian province of Ontario where similar conversions to greener energies have been underway for many years reveal how the burden on taxpayers and industry have contributed to economic decline as manufacturing and other industry heavy weights have relocated to lower-cost-of production jurisdictions. Today, Ontario is the world’s most indebted sub-national jurisdiction. This month, the province of Alberta announced programs similar to those in Ontario which beg questions about its prospects for success.
The question is, must we bankrupt ourselves before the current Kondratieff cycle completes its transition to new energy sources and technologies?
In a paper written in 1926, Kondratieff observed how the upswing of the cycle “coincides with that moment when the accumulation of capital reaches a point of intensity at which it becomes possible to profitably invest … with a view to the creation of basic productive forces and the radical re-equipment of (technological arrangements).” In other words, only the private sector can make the transitiion work.