1
This shit sandwich tastes like shit!

2 Hey!  Mr. Happy's back.

3 All I took from that is that it's time to start drinking.

4 Man, I missed these. You are a one-man conspiracy against Obama, Monty.

5 The bell of doom tolls in California, and the leaden note is Boned! Boned! Boned!

And in the end, there will be only chaos.

3 Hey!  Mr. Happy's back.

Indeed.  Fortunately there isn't any cyanide in the lab, because I sure feel like partaking of it after I read one of Monty's posts. 

6

And this is definately related in that it is a metaphor for our times:

http://tinyurl.com/256g2jv

 

7 Tony Blair says the Liberal Reaction to Terrorists is going to kill us all (not in so many words but YKWIM)
.....
Nasty Story, Funny Interview

8

And that currency war stuff;

makes it look to me like good ole' George 'one foot already firmly planted in hell' Soros is able and willing to pull all the strings necessary to bring this country low, if not destroy it totally.

9 why are you not trusting us, peons?

10 The federal government has awarded a construction contract to a Milwaukee company for more than three times what two Green Bay-area companies bid.

Remember, the federal government knows how to spend your money better than you do.

(This is why some of us don't believe one can be "fiscal con" and "social lib" simultaneously; awarding the bid "social lib" cost $1.7M more than awarding the bid color-blind.)

11 We need somewhat higher interest rates, not lower. The problem is that the Federal Government cannot afford higher interest rates. They have to roll that gigantic national debt at frequent intervals, and if the interest rates go up even a single percentage point, the cost to service that debt skyrockets accordingly. Which leads to either a) inflation, or b) higher taxes. It can lead to a death-spiral and/or hyperinflation if allowed to go on long enough. ZIRP probably struck the wonks in the Fed as a great idea back in 2008, but that wages of that original sin are going to be with us for a long, long time. And it will punish the innocent the most harshly: the elderly, those on fixed incomes, savers, and long-term investors.

12 "Richard Blumenthal: "It begins in youth when mimsie and pater got me into a good prep school. That's sort of a requirement, because without a good prep school education you're not going to get into an Ivy League college. Then it's on to Harvard, where pater ensured that my rather quotidian grades do not count against me, and that my youthful indiscretions do not come back to haunt me. Then it's on to military service. Pater pulled some strings to make sure I remained stateside during the unpleasantness in southeast Asia, so I took the liberty of buffing my combat credentials to impress the peasants. And after that: success! On to a glorious career in public service! And then...oh, wait. You meant how to create a job for someone else? Uh...um....I don't know, I must confess. I've never had a real, actual job. Well, there was that short stint at the Washington Post, but it was a do-nothing job, if you take my meaning. Another step up the ladder, you understand, a way to meet the right people! A job, you say. Hrm. Perhaps the plebs can clean toilets or dig holes or something? People still poop during Depressions, you know!"

monty, this is priceless!

13 Can't afford gold? Buy lead, the universal exchange metal of the new catastrophe economy.

14 Retirees need safe bond income to get by.

Retirees need a mask and a gun to get by.

15

Ireland is at the lowest point, it shouldn’t get any worse,” Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin, said in a phone interview.The fey gods of finance look upon statements like that as hubris, and punish the sinners accordingly

 

And Murphy of Murphy's Law fame, who lives in Ireland ( A Coraigh man I'm sure) looks upon this as an invitation to forcible sodomy.

16 Just make sure your ton of gold is not sitting outside in the rain where it will rust.

Loves me sum goom and doom in the morning.

17 Blue Hen: O/T but worth it.  The real "Murphy's Law" story is fascinating and funny.  A good version at Wikipedia, IIRC.

18 Investing in a  BA in Sociology, followed by a JD is highly recommended. And if you enter some sort of public-interesty non-profit employment, why I think Uncle Barack will be happy to forgive those pesky federal (are there any other kinds now?) loans. After all, what DC needs is some more white women with college degrees.

19 You'll know that the bond-market has gone completely off the rails when you start seeing "century" bonds (bonds with a 100 year maturity). I think Mexico already offers one. This is a nonsense bond, because no one who buys the bond will be around to collect it (probably) -- but investors are so desperate for yield that they're even willing to chase this eidolon.

20 monty, this is priceless!

Posted by: curious

 

What Blumenthal needs now is for T. Coddington Van Vorhees VII to enter the fray and compose an erudite missive that speaks to the dignity and integrity that is Blumenthal. He may deign to evaluate the usurper that is McMahon.

21 At this rate, the USFG will bankrupt the galaxy's credit rating.

22 Blue Hen: O/T but worth it.  The real "Murphy's Law" story is fascinating and funny.  A good version at Wikipedia, IIRC.

Posted by: SurferDoc

 

I'll check that, thanks.

23 wait, that made no sense. It's too early.

24 Can't afford gold? Buy lead, the universal exchange metal of the new catastrophe economy.

You can buy it by the ton, and you don't need a big vault or armed guards.  Well, at least not yet.

25

The instrument of wealth known as the dollar is being purposefully denuded.  Look up, look down and look all around - for this is what an economy looks like when it's currency is crashing.

Get out of dollar denominated assets and stock mother hubbard's cupboard.

 

26 Where's the Greek Chorus?

27 OT:  From American Thinker:

Run, Bambi, Run.....

The White House has advanced President Obama's visit to India by two days, according to sources. He will now be landing in India on the night of November 5, flying most likely into Mumbai first.

(he should probably advance it 4 more days if the polls are any indication)

28 HELLOOOOOOOOOO

29 Spending is the demands an individual makes on society. This is why spending is the agregate social "cost" of government. Taxes are just the individual cost.

30 unless the meteors are summoned first

Personally, I'm waiting for the Mayan's.

2012 ... Apocalypse Then! Yeah Baby!!!

31 HELLOOOOOOOOOO

Posted by: Greek Chorus

That was tragic. Gotta go get the kids. I'm out.

32 unless the meteors are summoned first

Personally, I'm waiting for the Mayan's.

2012 ... Apocalypse Then! Yeah Baby!!!

Posted by: shibumi

 

I haven't the heart for it.

33 I keep waiting for some sort of light at the end of the tunnel or a break in the storm to buy a small house/condo.

I've -been- waiting since aught eight. Sheesh.

34

From the graph link.

Here is President Obama, talking on September 29 in Richmond, Virginia:

"Now, I'm not a math teacher. But I know a little bit about math.

Very little, I would say.

remember that this is ZeroHedge, where DOOM! is the order of the day.

Yeah, their paranoia makes them the AoSHQ of the financial world, except they seem smarter than us.

35 Maybe they're debasing the US Dollar on purpose...maybe they're going to drop it to the level of the Yuan?

36 "It is so reassuring to finally have an intelligent and thoughtful man in the White House."  ~Some Idiot Democrat in January, 2009

37   40 Maybe they're debasing the US Dollar on purpose...maybe they're going to drop it to the level of the Yuan?

Posted by: CanaDave at October 06, 2010 11:20 AM (pmAXX)

< Yuan can only wonder.

38 Friskies? Fancy Feast? I question your financial astuteness when store-brand cat food is readily available.

Spend thrift...

39 No we do not need "higher interest rates" for retirement investors. I keep saying buy utility stocks with high dividend.

They may take a capital hit when further commercial accounts shutdown, but generally they continue to pay the dividend unless something truly catastrophic happens. If/when the commies are out of power the capital hit will be erased.

40 HatchetFive - I would recommend buying your lead by the grain, not the ton. The brass packaging is prettier then the cheap steel packaging, but either may be a good investment.

41 Disclosure, I think Vic works for a utility : ) But, they are good investments.

42 Disclosure, I think Vic works for a utility : ) But, they are good investments.

Posted by: Jean at October 06, 2010 11:34 AM (bh8+e)

I am retired, but do have lots of utility stock, as well as a few others.

43 You were a nuke guy right.

44 Yes

45 #39 guy fawks- aoshq probably makes up 25% of ZH traffic and they just seem smarter because they talk in fin code #40 canadave - you obviously read ZH that theory has a lot of backing over there and does makes sense to a point. I mosty believe its a fuck you I'm getting mine short term outlook by scum sucking parasites.

46 I would agree with one thing about the interest rates if it is done across the board.

Get the GD government out of all this shit all together and let banks set their own rates.

That includes getting rid of the and ALL other central banks.  Those worthless sonsobitches are the ones that cause 99% of all the problems we have had since they were created in the 1800s.

47 What Quantitative Easing (QE) II might look like. Bear in mind that the Fed will "buy" the Treasurys with money they printed fresh just that morning. In other words, monetizing the debt, yes? Can't afford gold? Buy lead, the universal exchange metal of the new catastrophe economy. You can buy it by the ton, and you don't need a big vault or armed guards. Well, at least not yet. No so fast, Chuckles. Barry will see to it that lead purchases require a stack of paperwork and waivers from the EPA because it is a toxic substance. Lead is like second-hand smoke, dontcha know, but not quite as bad. Evil Tobacco Eleventy!!! Worse than the Second Amendment!!!

48 That should be getting rid of the Fed......

49 Hey Vic, are there feasible designs for nuclear reactors that are small, much smaller than say submarine reactors?

50

#40 canadave - you obviously read ZH that theory has a lot of backing over there and does makes sense to a point. I mosty believe its a fuck you I'm getting mine short term outlook by scum sucking parasites.

 

I haven't read that at Zero Hedge...it seems logical that if they can't get China to let the Yuan increase in value that they lower the US Dollar to match, after borrowing a shitload from the Chinese first of course.  It's the only way to square the trade deficit.

51 Speaking of value of currency...1 Dollar Cdn = 0.993 US ...quite a jump just today.

52 Like you Monty, I've been pretty happy with my gold over the last few years, but when you see stories about people (literally) buying it by the ton and the rollout of new vending machines that sell it on the street you have to think bubble.  I can't think of a time when such uniformity of opinion didn't eventually end badly.  I'm not a seller yet, but there's no time like the present to plan an exit strategy.

53
Hey Vic, are there feasible designs for nuclear reactors that are small, much smaller than say submarine reactors?




A few months ago, there was a bunch of articles tossed around on the 'tubes about thorium-fueled mini-reactors. Interesting stuff, for us non-nucs. Whether it's viable or not......

54 Hey Vic, are there feasible designs for nuclear reactors that are small, much smaller than say submarine reactors?

Posted by: George Orwell

 

I remember attending a speech given by Edward Teller, where he advocated he deployment of a reactor design that could utilize abandoned missile silos.

55 @58 That is what worries me, is gold in a bubble? I've owned it before, haven't any now, but am tempted to go back.

56 A few months ago, there was a bunch of articles tossed around on the 'tubes about thorium-fueled mini-reactors. Interesting stuff, for us non-nucs. Whether it's viable or not...... I'll look up stuff with those search terms. Sounds interesting for a layman.

57 Maybe..it makes sense in the can't bring the mountain to canadave but we can bring canadave to the mountain way...but i wouldn't bet on QE fixing anything with the trade deficit. I think a protectionist trade war would be more productive and not cause a global domino effect QE fiat currency meltdown. The only problem is after chinas economy implodes they're going to be a little angry.

58 Hey Vic, are there feasible designs for nuclear reactors that are small, much smaller than say submarine reactors?

Posted by: George Orwell at October 06, 2010 11:51 AM (AZGON)

If I am not mistaken we have had tiny "reactors" on satellites. I can't comment on the size of reactors on naval vessels because all of that stuff was permanently classified by the Atomic energy Act of 1955(?). It can never be declassified. 

However I will say this about "small" reactors, they are not as economically feasible as the larger ones. There is such a thing as "economies of scale". The largest expense in the operation of a nuclear generating facility is the cost of labor, and in some cases, continuing modifications required by regulation and re-regulation by the federal government.

In addition, the amount of labor required is directly impacted by all that regulation as well. So you might say that the largest expense is "regulation".

So in that, since the amount of regulation is not dependent on the size of the core, then smaller plants would actually cost more per kw to operate.

59 but when you see stories about people (literally) buying it by the ton and the rollout of new vending machines that sell it on the street you have to think bubble Oh, it's definitely bubble time for gold. No question. When you get a $22 price spike in a half-hour, that's just panic-buying. Still, I do think gold has more room to run. I fully expect it to get to $2000/oz before the trend reverses. I don't think gold will "crash" unless and until the sovereigns get their debt under control, though -- the bubble may solidify into a solid sphere if sovereigns don't get their shit together. At that point the world will be a on de facto gold standard whether they like it or not. If that happens, who knows how high gold will run? I'm not buying a lot of new gold now (mainly because I can't afford to), but I still buy quite a bit of silver. I may get burned by buying now, but I don't think we're near the peak yet.

60

 _{tastes like shit!}

Smells like shit.  Looks like shit.  Tastes like shit.

 

Glad I didn't step in it!

61 A few months ago, there was a bunch of articles tossed around on the 'tubes about thorium-fueled mini-reactors. Interesting stuff, for us non-nucs. Whether it's viable or not......

Posted by: IllTemperedCur at October 06, 2010 12:04 PM (P9+0W)

Thorium is not a "fissile" material. I suppose they meant that in the same manner as the satellite things which operated off of decay heat and bi-metallic strips. Not very good for generating "megawatts".

62 If I am not mistaken we have had tiny "reactors" on satellites. I know we have had SNAP units or thermoelectric batteries driven by heat from radioactive decay. They're on Cassini now. It figures that large plants would be more efficient. I was just thinking of some weird old Soviet designs (TOPAZ) that were intended to go into space and wondered if there were anything more modern. Thanks for the info.

63

The only problem is after chinas economy implodes they're going to be a little angry.

 

What about the Americans?...don't they get pissed when a foreign country sucks a trillion dollars out of them in a trade deficit?

64

I remember attending a speech given by Edward Teller, where he advocated he deployment of a reactor design that could utilize abandoned missile silos.

Posted by: The PUNisher at October 06, 2010 12:04 PM (R2fpr)

All that does is make them subgrade, which most of all the newer containments/primary systems already are. BTW, this has its own drawbacks for other problems.

65 I know we have had SNAP units or thermoelectric batteries driven by heat from radioactive decay. They're on Cassini now. The Pioneers, the Voyagers, Galileo, and Cassini all used variants of the RTGs (Radioisotope Thermal Generators) developed by (I think) GE. The sunlight at those vast distances didn't provide enough photoelectric power for solar panels to work. Modern solar panels are efficient enough to be slated for use on the next Jupiter mission, though.

66 monty - how do you buy? Do you actually leave the store a few lbs heavier, get it delivered, through a fund, certificates?

67 t figures that large plants would be more efficient. I was just thinking of some weird old Soviet designs (TOPAZ) that were intended to go into space and wondered if there were anything more modern. Thanks for the info.

Posted by: George Orwell at October 06, 2010 12:12 PM (AZGON)

The so-called "pebble bed" reactors are designed to be smaller than the current round of Westinghouse/GE reactors. But as I said earlier, they will likely not be any cheaper to operate and all of the "advantages" of that design will likely be offset by an equal number of new problems that will crop up that nobody allowed for.

68 Toshiba is tossing around a design/concept for a small reactor with limited on-site maintenance. I suspect the paperwork to get one would weigh more then the unit itself.

69 Article on the above: http://tinyurl.com/o9ojfs

70 Toshiba is tossing around a design/concept for a small reactor with limited on-site maintenance. I suspect the paperwork to get one would weigh more then the unit itself.

Posted by: Jean at October 06, 2010 12:20 PM (f4+2J)

The Japanese and the French have one advantage that we do not; they do not have the NRC regulating them to death in an adversarial manner.

71 Hey monty now that mention it were are you looking at silver? I've brought silver coins from apmex before but I want to go with bars but at $23.xx and rising every day I missed my floor by about $5. I'm almost at the point of forgetting about inflation and starting to think new currency after the final collapse of the dollar.

72 I used the link at 75 because it is a cautiously critical article from a competitor, not a wild-eyed greenie or Toshiba marketing release.

73 The Japanese and the French have one advantage that we do not; they do not have the NRC regulating them to death in an adversarial manner. You say that as if it were a positive thing.

74 monty - how do you buy? Do you actually leave the store a few lbs heavier, get it delivered, through a fund, certificates? I don't trust ETFs or certificates, but I'm paranoid that way. I want the actual metal. I buy through a variety of sources, but my main source lately is APMEX (American Precious Metals Exchange). I mostly buy silver from those guys, and it's been a reliable and reasonable source so far. YMMV. There are even banks now that will take gold on deposit and give you a check card to draw on it. Gold isn't just like money; it is money.

75 I don't think gold will "crash" unless and until the sovereigns get their debt under control, though -- the bubble may solidify into a solid sphere if sovereigns don't get their shit together.

These collapses never happen the way you think they will, or should.  Speculators speculate on the future.  Gold has ascended, in large part, due to speculation of a weakening dollar.  So far the dollar really hasn't gotten weaker, by many measures it has grown in strength over the last few years (relative to the cost of housing, relative to the Euro, etc.).  So, just as the market hasn't waited for the fruition of rising inflation to buy gold, it is unlikely to wait for the resolution of debt problems to start selling it. 

76 I used the link at 75 because it is a cautiously critical article from a competitor, not a wild-eyed greenie or Toshiba marketing release.

Posted by: Jean at October 06, 2010 12:27 PM (bJevO)

I see one problem right off the bat.

The plant is a small, sodium cooled fast reactor with a rather technologically advanced, compact steam turbine secondary system.

We experimented with that design years ago and it is beset with problems. Na is very good as a heat transfer mechanism but it is God awful for everything else. 

Any small PWR design would work for what they want up there but current law requires all new generating plants to build "cooling towers" rather than dump waste heat into rivers, lakes, or the ocean. I suspect that a cooling tower would not work every well in AK.

It is funny that you reference this type of an application in a remote AK setting because the Army operated a small PWR just for that purpose years ago. Bing up "Army Nuclear Power" and read the article on Wiki.

Since it is out there in the public domain I guess it will not hurt to reference it although it is probably still classified.

77 Canadave - the american people? Mere serfs!! My point is the chinese govt is not to be trusted, restraint isn't really something they are known for. Trade wars can turn into real wars when you have a billion people starving in front of you and you waltz into taiwan.

78

 

Barry: Here's all you need to know about the economy. There's a ditch, a car, it's in (D) not (R). What else do you want?

79

Re: The economy

We're probably screwed to the point that nothing can be done to forestall catashrophy. Like slipping on black ice and going off the side of mountain.

Re: Nuclear power

Hey, I might be getting me a job with Southern Nuclear.

80 a 6' stack of 8" dia stove pipe with an conical cap doesn't count as a cooling tower? I would run all excess heat into a cogen type of heating system for nearby buildings, under roads, etc.

81

Hey, I might be getting me a job with Southern Nuclear.

Posted by: Dr. Heinz Doofenshmirtz at October 06, 2010 12:43 PM (Bs34i)

Be advised that they are union. (one of the few in the South)

82 a 6' stack of 8" dia stove pipe with an conical cap doesn't count as a cooling tower? I would run all excess heat into a cogen type of heating system for nearby buildings, under roads, etc.

Posted by: Jean at October 06, 2010 12:43 PM (LpqRt)

All steam turbine generations run in a cycle that requires you to reject heat in a "condenser" of some type. The condenser is normally cooled on the "non-turbine" side by water. That water will heat up and is normally cooled down in a "cooling tower". I suppose you could do it in the Winter in AK with air and switch to water in the Summer but I can see a lot of problems doing that.

83 Pure gold!

84

Canadave - the american people? Mere serfs!! My point is the chinese govt is not to be trusted, restraint isn't really something they are known for. Trade wars can turn into real wars when you have a billion people starving in front of you and you waltz into taiwan.

 

evil libertarian - yeah, that's my point though...the only way to even things up is on the American side that makes it look like all the bad stuff is happening in America.  An outright trade war that causes economic hardship in china is easy to blame on the Americans, whereas a deliberate financial meltdown in the States makes it look less like the Americans fault?...just a theory, really.

85 /sock off

86 love the economic posts Monty. and yes, I'm a big ZH reader myself. they make alot of sense over there!!!!

87 Its a good theory, but america is always going to be the emmanuel goldstein of the world. I just don't trust any central bank to "turn off the presses" at the right time. A lot of these guys will say that devaluation will help us out in the long run esp with our debt being inflated away but its not a localized strategy and QE2 turns into QE5. When everybody is laying unconscious on the floor nobody is able to lift anyone back up...end game global govt and a global currency. After the chaos of course.

88

Be advised that they are union. (one of the few in the South)

Posted by: Vic at October 06, 2010 12:53 PM (/jbAw)

That's what I heard. I'm applying for an engineering position. I heard things go real slow due to regulations, unions and such.

89 That includes getting rid of the and ALL other central banks.  Those worthless sonsobitches are the ones that cause 99% of all the problems we have had since they were created in the 1800s.

Posted by: Vic at October 06, 2010 11:48 AM (/jbAw)

Now, how can we get the NRO peeps to understand this?

90

That's what I heard. I'm applying for an engineering position. I heard things go real slow due to regulations, unions and such.

Posted by: Dr. Heinz Doofenshmirtz at October 06, 2010 02:29 PM (YcjCJ)

You will not be union in Engineering. If you have never worked in a nuclear plant before be prepared for government nightmares from hell.

Also be prepared for a lot of unpaid overtime, although after about 5 years your salary will be fairly high.

91

You will not be union in Engineering. If you have never worked in a nuclear plant before be prepared for government nightmares from hell.

Also be prepared for a lot of unpaid overtime, although after about 5 years your salary will be fairly high.

Posted by: Vic at October 06, 2010 02:56 PM (/jbAw)

I didn't think Engineering would be union, just that I heard union maintenance personnel, etc take about 8 hours to do 2 hours of work.

I talked with a friend who works out there an he said the first 5 hours of overtime are free for exempt then time and half. He said that some come in early and leave late to pick up overtime. Maybe I misunderstood him. My main concern is long hours during outages.

I'm coming in basically mid-career so my pay better be commensurate. Anything under $85,000 will require some deep thought.

92 I also read ZH but some of their commenters are unabashed socialists, the ones that think that Socialism simply has not been perfected yet. Also some real anti-semites posting there. Others are just bat shit crazy. I have never seen any of them get kicked off.

93

I didn't think Engineering would be union, just that I heard union maintenance personnel, etc take about 8 hours to do 2 hours of work.

At any nuke plant it takes 8 hrs to do 2 hours worth of work because of regulatory shit and other reasons you will learn about when you get there.

I haven't had a lot of experience myself with the union guys other than stories from people who left union plants to work at ours but from what I hear the biggest problem is "division of labor". If you are working a job that requires both an electrician and a mechanic you have to make sure you have both aligned to go at the same time. Even simple jobs sometimes run afoul of this. Some rules require a damn electrician to unplug a unit so a mechanic can move it.

I talked with a friend who works out there an he said the first 5 hours of overtime are free for exempt then time and half. He said that some come in early and leave late to pick up overtime. Maybe I misunderstood him. My main concern is long hours during outages.

Those rules vary from plant to plant and that sounds like standard "outage rules". Cat II exempt people at most sites put in first 5 hours free and then get time only for overtime, but only during outages. During outages you will not be "coming early or leaving late". You will be working 12 to 13 hour shifts around the clock 6 days a week.

During normal non-outage work you get nothing for overtime at most plants. I would double check on that.

I'm coming in basically mid-career so my pay better be commensurate. Anything under $85,000 will require some deep thought.

I guess it depends on what level they bring you in at. If they told you > 85K on hiring they will most likely live up to that. Utilities don't normally go back on hiring promises, but make sure what they are promising is all up front. 

Also be sure to check on retirement packages. My company eliminated medical on retirement and also went to cash balance.

94 Damn Pixy and eating italics.

95 Thanks for the info.

96 Another awesomely good post by Monty!