Singer Refrains from Environmental Geology

When I recently reported on the new piece of Chilingar and friends in Environmental Geology, I did not mention that it actually was the well-known climate sceptic Fred S. Singer who - by asking for my opinion in a mail - evoked my attention to it. I replied to him, saying that I thought the paper was nonsense. Singer's answer may be surprising: He agreed and announced his resignation as an Advisory Editor of Environmental Geology.

Well, for now he is still listed on their website. But as I stated before in this context, I take it that Singer really plays in a different league than Chilingar. He does not want to compromise his credibility by endorsing Chilingar's humbug. But someone at Envrion. Geol. must support these writings. I rather suspect another climate sceptic editor of Environ. Geol., Lee C. Gerhard, to be involved in pushing the bizarre papers of Chilingar through "peer review". Whoever it is, these articles are a shame for this journal. However, it seems only few people take notice. So much for the impact of scientific publications...

Chilingar is Back

I had not been aware of it (nor has the climate blogging community, apparently), but the infamous climate sceptic G. V. Chilingar and his friends have a new article in Environmental Geology:

Greenhouse gases and greenhouse effect

It is only available online so far, but probably will soon be printed.

If I find some time I may go for a little discussion of the paper. For the moment it may suffice to say that it just warms up their old weird "adiabatic theory of greenhouse effect", which Eli Rabett has already debunked. For some background on the authors also follow this link.

Clean Coal and Sparkling Water

This is the title of a News & Views article of mine that just appeared in Nature. I had the opportunity to comment on a paper by colleagues from the noble gas and isotope community on the long-term fate of CO2 in natural gas fields. This is a hot topic because it relates to carbon capture and storage (CCS), a technology that may become important in fighting climate change.

Actually I don't think that the paper will or should have any great consequences with regard to CCS applications, but the media seem interested. I got several calls yesterday and for example the German magazine SPIEGEL has an article in its online issue today.

US Congress Follows My Recommendation

Incredible: It seems that some US lawmakers have read my blog! Or did they develop the idea of using tax law to re-claim undeserved bonuses all on their own? Anyway, they House of Representatives passed a bill that imposes a 90 % tax on bonuses paid by government backed companies such as AIG. Revolutionary indeed.

This move is in line with the ideas I have proposed before in this blog (here and here). However, in my opinion it should be expanded dramatically to inlcude all kinds of excessive salaries all over the world. This would be a real step forward, but I doubt it will ever be achieved...

Money, Money, Money

15 years ago, when I was a postdoc in the US, I read an article in the New York Times Magazine about the earnings of chief executives. As I remember it was entitled "What they earn and why they deserve it". I found it outrageous that they could seriously say that earnings of many millions a year would be "deserved", because of good performance of the company at the stock markets and so on.

Now, the New York Times has an article about reclaiming some of the money that executives of failed banks have received over the past years. Apparently they have come to the conclusion that these guys really did not "deserve" all that money. This is a step forward, but I still wait for someone to argue that excessive pay should not be allowed even if companies make good profits. The point is that such salaries favor a wrong mentality. Take this citation from the above mentioned article:
“This is really in our view a giant fraudulent conveyance, where money was paid out to executives at firms that were fatally undercapitalized,” said Daniel Pedrotty, director of the A.F.L.-C.I.O. office of investment. “We are arguing for a recovery of money that was used by people who treated these companies as a giant A.T.M. machine.”

So what can we do to change the thinking of executives that they can use their companies as giant A.T.M. machines? I have been arguing that a political approach could be to charge excessive taxes on excessive earnings. Would be quite simple if there were no "tax oases", i.e. countries that invite rich people to hide their money from taxes.

Unfortunately, one of the countries that happily accept the money that should be paid to other states is my homecountry Switzerland. The Swiss idea (and law) that "tax evasion" is not a crime, only "tax fraud", coupled with the bank secret, opens the door for such behaviour. And my favorite Swiss bank UBS has championed in it. The US has now turned up the heat on UBS and they agreed to hand over "secret" data on some clients whom they helped to evade US taxes. Furthermore, "the bank admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities."

Obviously, this breach of the Swiss' sacred bank secret instilled a heated debate in Switzerland. Most blame the US, although it now transpires that the top executives of UBS knew very well that they engaged in a risky and illegal business. What motivated them to do this? Did they just aim to increase the shareholder value of their bank, or could it be that they calculated how much their own personal share would be diminished if they stopped the raid on the US?

So, what's the bottom line? The leaders of UBS not only invested heavily in "toxic" US loans, which cost them many tens of billions, they also engaged in criminal activities to cheat the US government. The fine of $780 million is peanuts, much less than what they still pay out as bonuses to their employees. And the losses are covered by the Swiss government, to avoid a crash of this crucial company. Will they get away with that?

The irony is that these bankers happily accept to be helped with taxmoney, while they help rich people (like themselves) to avoid paying taxes wherever possible. Not only do they think they deserve the millions they earn, they also blame the state for claiming something back via taxes. Even as they themselves are saved by taxmoney, they don't appreciate the value of taxes.

Here is what I would do if I were in charge in Switzerland:
- nationalize UBS
- fire all top executives (they should be happy not to go to jail)
- claim back bonuses of the past 5 years (at least)
- abolish the bank secret and abusive tax laws
- introduce a 99% tax on all income above say 0.5 million Francs
- start the Swiss financial sector all over from scratch

The Bankers haven't hit Reality yet

While my homecountry Switzerland is in turmoil over more than 2 billion Francs of bonuses being paid by the government-backed bank UBS (formerly a national pride, now essentially bankrupt), with heated discussions even at the world economic forum in Davos, things are even worse in the center of the entire mess, my former second home New York.

The New York Times had an interesting article about Wall Street paying the sixth highest amount of bonuses ever after a year that hardly can be said to have been one of the best. Yes, I know, they HAVE to do this, otherwise they might lose their best people (e.g., those who just wrecked the world economy). But, where will these people go if most banks are down? The argument was bad even before the crash, now it is just outrageous.

The best comes at the end of the article: "A poll of 900 financial industry employees [...] found that while nearly eight out of 10 got bonuses, 46 percent thought they deserved more." They haven't hit reality yet. They still live in their dream world where money comes from nothing. It either has to get much worse or someone has to tell them that it's over.

Or are we really going to accept that this kind of unrestrained capitalism continues?

P.S. I am glad to learn that Obama seems to share my opinion and tells the bankers what's up. It may be populist, but at least he's not alone.

Deep fusion, deep oil, deep nonsense

The incredible paper about evidence for nuclear fusion in the deep Earth coming from some of my old papers spurred my curiosity about its background. The theory of geo-fusion seems to go back to a certain Steven Jones. He even published a Nature paper about it in 1989, in the heydays of the cold-fusion mania. But it has not been confirmed, as the search for magmatic tritium was not successful. The new paper by Jiang et al. seems to change that, but it does not convince even a tiny little bit.

It rather seems to me that this geo-fusion theory is of about the same quality as the theory of deep, abiogenic oil, of which I have already written. Alas, no deep oil or deep fusion will save us from what appears to be a serious energy crisis. Would be nice, but these theories are nonsense.

Interestingly, Steven Jones seems to like nonsensical theories. As his Wikipedia entry reveals, he is a strong proponent of the theory that the the World Trade Center was destroyed by controlled demolition during the September 11 attacks, rather than by the airplanes crashing into it. I don't have a high opinion of such conspiracy theories, as I mentioned before. It seems that Prof. Jones, as great a physicist as he may be, is due for a reality check.

Physicists (I am one!) tend to think that they are very intelligent. Sometimes, this leads them to venture into areas of which they do not know very much. I also do this, but I try to be careful. Others are sometimes overly self-confident. Such as the German physicists who tried to reject the greenhouse warming theory as contradicting basic physics. Somewhere along the way they lost track and started to produce deep nonsense. Too bad.