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George Soros

A Fracking Mischaracterization

The headline on Tuesday’s editorial in Investor’s Business Daily – “Get the Frackin’ Gas” – is both clever and on the mark. The publication gets into trouble, however, when the body of its editorial veers into mischaracterizing ProPublica’s reporting on the environmental risks that need to be dealt with to produce the huge amounts of natural gas available underground in the United States.

Our reporters, led by Abrahm Lustgarten, have researched and written more than 50 stories on the subject over the past 18 months and are as expert on the topic as anyone in America.

Here is what is beyond dispute: The gas is highly desirable as a fuel, because it burns relatively cleanly and produces less greenhouse gas per unit of energy than oil or coal. There is lots of it obtainable within the U.S. using an enhanced version of an old drilling technology, called hydraulic fracturing or “fracking” – much more than was widely supposed just a few years ago. That means using natural gas to power cars and electrical generation doesn’t require sending huge sums abroad, weakening the dollar and strengthening countries that aren’t particularly friendly to ours – Russia, Iran and Venezuela among them.

12/26/2009 1 comment

Renewable Energy

George Soros’ Grand Scheme, the IMF’s Money, and Developing Nations

written by Yale Environment 360

The United States and a coalition of the world’s island nations and least developed countries are placing growing pressure on swiftly developing countries — most notably China — to commit to firm CO2 emissions reductions targets at the Copenhagen summit. As the U.S.’s chief climate negotiator, Todd Stern, told reporters there’s “no way” to solve the global warming problem “by giving the major developing countries a pass,” poor states and island nations proposed that all countries sign an agreement with legally binding CO2 reductions targets. China rejected that idea.

The Alliance of Small Island States — composed of 43 nations highly vulnerable to global warming and sea level rise — was joined by 48 of the world’s poorest countries in proposing that the Copenhagen summit set a goal of holding global temperature increases to 1.5 C (2.7 F) above pre-industrial levels. But as the small nations were making that plea, the UK’s Met Office said that given rapidly rising concentrations of CO2 in the atmosphere, meeting a 1.5 C goal was virtually impossible and that holding global temperature increases to 2 C (3.6 F) will be difficult, even in the highly unlikely event that global greenhouse gas emissions peak in 2020.

12/10/2009 0 comment

Renewable Energy

George Soros on Clean Energy

written by Jim Rossi

George Soros, one of the world’s most successful investors and boldest philanthropists, has been more perceptive than almost anybody on the economic crisis – warning about “market fundamentalism” and the emerging credit “superbubble” since the 1980s. “The idea that financial market are self-correcting,” Soros writes, “remains the prevailing paradigm.” And it is wrong.

Rather than thinking markets are always right, Soros thinks of markets as “almost always wrong” – and has made billions by trading on this insight.

Now nearing 80, Soros’ observations carry more weight than ever. The new edition of The Crash of 2008: the new Paradigm for Financial Markets is Soros’ 11th book – and his first bestseller. In it he explains his theory and argues that clean energy investments are central to macroeconomic policy.

06/02/2009 14 comments