As is well known these high leverage levels were massively reinforced
by global imbalances.
While some tell us that inflationary pressures are temporary and primarily due to bottlenecks in the energy sector, we have long argued that inflation in all commodity prices is not a temporary supply issue, but driven
by the global imbalances.
I've argued now, for longer than I wish, that we are in a secular bear market driven
by global imbalances.
Not exact matches
«True, there are encouraging signs of economic recovery in those advanced economies most affected
by the
global financial crisis which erupted in 2008... [but] the report finds that those economic improvements will not be sufficient to absorb the major labor market
imbalances that built up in recent years.»
US Treasury Secretary Mnuchin complained about persistent trade surpluses and stated that «We urge the IMF to speak out more forcefully on the issue of external
imbalances, including
by providing clear policy recommendations for countries with large surpluses, in support of more balanced
global growth.»
Posted
by Andrew Jackson under balance of payments,
global imbalances, international trade.
Posted
by Arun DuBois under capitalism, economic crisis, economic growth, economic risk, free markets, GDP,
global crisis,
global imbalances, globalization.
Attempts to export its excess savings can only lead to one of three outcomes: A)
global growth rises because Europe's savings are all directed at developing countries with significant infrastructure investment needs and insufficient capital, B)
global growth drops sharply,
global unemployment rises, and China's adjustment becomes all but impossible, C) international trade and capital flows collapse in a repeat of the 1930s, so that Europe is forced to resolve its savings
imbalance either
by a massive increase in unemployment or a wave of sovereign defaults.
Shifting (a nascent trend) from a
global savings glut supported
by lower commodity prices and toward narrowing
global imbalances amid stronger
global demand, which will depend to some extent on whether China can succeed in making the middle income transition.
Global Imbalances and U.S. Policy Responses: A Canadian Perspective, Canadian - American Committee 55,
by Richard G. Lipsey and Murray G. Smith.
A final consideration is that the
imbalances and inequities which are a characteristic of the
global economy can not be corrected
by unilateral actions but requires a concerted effort.
There is a threat to its Sovereign Bond rating be cut to junk status
by global rating agencies as Brazil faces a tough fiscal
imbalance.
The diminution, if not complete exclusion, of the feminine from our
global culture is at the root of the precarious
imbalance caused
by independence, self - sufficiency, exploitation, domination, and so forth.
The researchers [3] quantified China's current contribution to
global «radiative forcing» (the
imbalance, of human origin, of our planet's radiation budget),
by differentiating between the contributions of long - life greenhouse gases, the ozone and its precursors, as well as aerosols.
As mentioned in the introduction, the satellites which measure incoming and outgoing radiation at the top of Earth's atmosphere (TOA) can not measure the small planetary energy
imbalance brought about
by global warming.
Video: Coming Together: Building Pelvic Integrity - This practice protocol focuses on reducing asymmetrical torque in the SIJs caused
by muscular
imbalances, and progresses towards strengthening both core and
global body tone and movement coordination to stabilize the pelvis and reduce SIJ joint translation.
He raised taxes at a time when the average family was near or in starvation mode, he confiscated all of the nation's privately - owned gold and then promptly devalued the dollar
by 40 % (reducing the buying power of any saved dollars
by almost half overnight), he raised bank reserve requirements numerous times (taking yet more cash out of the real economy so it could be hoarded in vaults), he actively supported a trade war with tariffs that created massive
global imbalances (some would argue ushering in the rise to power of fascist regimes that would have had no chance in times of prosperity), and perhaps most damning, rather than plowing most of those raised tax dollars back into the stalled economy, he instead bought gold on the
global markets for the government and sequestered it, keeping it from backing new dollars (monetary expansion, which most understand is required to turn a recession around) and instead further crushing the economy — and not just the US economy.
''
Global climate change results from a small yet persistent
imbalance between the amount of sunlight absorbed
by Earth and the thermal radiation emitted back to space1.
Because we understand the energy balance of our Earth, we also know that
global warming is caused
by greenhouse gases — which have caused the largest
imbalance in the radiative energy budget over the last century.
Starting from an old equilbrium, a change in radiative forcing results in a radiative
imbalance, which results in energy accumulation or depletion, which causes a temperature response that approahes equilibrium when the remaining
imbalance approaches zero — thus the equilibrium climatic response, in the
global - time average (for a time period long enough to characterize the climatic state, including externally imposed cycles (day, year) and internal variability), causes an opposite change in radiative fluxes (via Planck function)(plus convective fluxes, etc, where they occur) equal in magnitude to the sum of the (externally) imposed forcing plus any «forcings» caused
by non-Planck feedbacks (in particular, climate - dependent changes in optical properties, + etc.).)
Do you imagine that the flow of warm water into the Arctic is not due to
global radiative
imbalance caused
by CO2?
Normal weather also interferes
by generating clouds that reflect the sunshine, and there are fluctuations in the
global energy
imbalance from month to month.
How can Wien's law require more energy - out be generated but the only source of energy for
global warming (except the solar) is
by reducing the energy - out to create an energy
imbalance to create the radiative warming.
A new paper
by Trenberth et al. (2014) notes that the amount of heat accumulating in the
global climate (most of which is absorbed
by the oceans) is generally consistent with the observed
global energy
imbalance.
A paper published in Nature Climate Change, Frame and Stone (2012), sought to evaluate the FAR temperature projection accuracy
by using a simple climate model to simulate the warming from 1990 through 2010 based on observed GHG and other
global heat
imbalance changes.
The bottom line is that all available ocean heat content data show that the oceans and
global climate continue to build up heat at a rapid pace, consistent with the
global energy
imbalance observed
by satellites.
Humans have caused a large
global energy
imbalance by increasing the greenhouse effect.
A new paper
by Trenberth et al. (2014) notes that the amount of heat accumulating in the
global climate (most of which is absorbed
by the oceans) is generally consistent with the observed
global energy
imbalance (see the previous post for further details).
While radiative
imbalance is not felt and the action to reverse AGW is likely to be pushed into the future among bogus statements
by deniers: «
global warming has stopped in last xxx years», in an attempt to escape from the responsibility of their own actions.
First, the United States — the declining hegemonic power but still the leading driving force of the
global capitalist economy — has been characterized
by growing internal and external financial
imbalances.
The reason
global heat content is increasing is that there is a
global energy
imbalance caused primarily
by the anthropogenic greenhouse gas forcing.
It is argued
by the whalers that growing whale populations will lead to an
imbalance in the marine ecosystem, and that
by distorting the marine food chain, recovering populations of whales will threaten
global food security.
Arguing that the warming is caused
by a «climate shift» ignores the physical reality that this forcing and energy
imbalance must result in
global warming.
This is because
global warming is caused
by a
global energy
imbalance - something causing the Earth to retain more heat, such as an increase in solar radiation reaching the surface, or an increased greenhouse effect.
1) Basic physics - human fossil fuel combustion has increased the greenhouse effect, causing a
global energy
imbalance, which the planet responds to
by warming.
Over the past several centuries, human greenhouse gas emissions have caused
by far the largest radiative forcing (energy
imbalance), and thus must be the driver of any observed long - term
global warming.
For starters, a long - term increase in the average
global temperature must be caused
by a
global energy
imbalance - an external radiative forcing.
If Earth's mean energy
imbalance today is +0.5 W / m2, CO2 must be reduced from the current level of 395 ppm (
global - mean annual - mean in mid-2013) to about 360 ppm to increase Earth's heat radiation to space
by 0.5 W / m2 and restore energy balance.
TCS as measured
by tropospheric sensible heat as a way to evaluate
global warming as a way to measure climate change as a way to measure the energy
imbalance caused
by increasing anthropogenic greenhouse gases is a very poor and round - about way of measuring.
The method is somewhat circular, since forcing for each model is calculated each year as the product of its estimated climate feedback parameter and its simulated
global warming, adjusted
by the change in its radiative
imbalance (heat uptake).
Each model's climate feedback parameter is derived
by regressing the model's radiative
imbalance response against its
global temperature response over the 150 years following an abrupt quadrupling of CO2 concentration.
The question then becomes one of how much the TOA
imbalance may vary
by natural climate change and how long it takes the TOA imbalace to be evenly distributed across most of the volume of the
global ocean.
The term «radiative forcing» refers to a
global energy
imbalance on Earth, which may be caused
by various effects like changes in the greenhouse effect or solar activity.