The Lessons of a Lifetime
SILVER WEEKLY COMMENTARY..
August 18, 2008..
By : Theodore Butler..
TED BUTLER’S ARCHIVES..
In order to understand where you may be going, it is important to understand where you have been. Nowhere is this more true than in silver. The historic price sell-off, coupled with the obvious shortages in almost all forms of retail physical silver present the lessons of a lifetime. I believe that how we learn from this lesson will determine our future financial situation, good or bad..
The drastic sell-off in silver (and gold) is further proof of an ongoing manipulation to the downside. My advice to own real silver on a fully paid for basis, has been borne out. Real pain exists among those who held silver or gold on margin. Many leveraged investors have lost their positions because they couldn’t meet margin calls. Meanwhile, no fully paid up investors sold because they had to come up with more margin money. That’s lesson number one..
The Anatomy of a Crime..
What we just witnessed in the historic sell-off in silver and gold was a crime. That’s not a crybaby complaint. There were no supply or demand developments that could account for the severity of the sell-off. The proof that this sell-off was criminal lies in public data provided in the Commitment of Traders Report (COT) and a basic understanding of how the futures market works. This has been the most extreme sell-off in the recent history of silver and gold. We are farther below the moving averages than at any point since I have been writing about silver. Price movements this severe are likely to be intentional and not accidental..
Every criminal act must have a motive and an opportunity to commit the crime. By the simple process of elimination, those responsible for this crime are the concentrated commercial shorts on the COMEX. No one else fits the profile. They had the means (through their dominant and monopolistic position), the profit motive and the skill to cause the sell-off..
I can’t identify the concentrated shorts by name, as commodity law protects their identity. But the regulators certainly know who they are and continue to choose to do nothing about them. (They also knew the identity of the SemGroup, which appears responsible for the recent run up and collapse of crude oil prices.) While I can’t identify the perpetrators by name, I can label senior management of the NYMEX/COMEX , as well as the commissioners and other high ranking employees at the CFTC as being complicit and involved in the manipulation. Incompetence can no longer be considered an explanation or excuse for them not enforcing the law. (While not the purpose of this article, I will list the e-mail addresses of the regulators at the end of this article, for those who want to make their feelings known.)..
I am not writing this article in anger. I understand how many could feel angry, particularly if leveraged silver or gold positions were liquidated as a result of this sell-off. Not only does this episode confirm that these markets have been manipulated, it also strengthens my conviction that the termination of this manipulation is a certainty. The commercials know better than anyone how the markets function mechanically. This is their full-time business. They know when the markets are least liquid and when many traders are absent. Perhaps the most illiquid times, with few traders present, are in the overnight sessions. The most illiquid time is around 8 PM EST. On Thursday evening, right at that time, the price of silver suddenly plummeted by almost $1.50. It had never before fell by that amount so quickly in any overnight session..
So, how did the concentrated shorts pull that off? They waited until the most opportune time and threw in some relatively small, but aggressively placed sell orders. These sell orders caused the price to fall, touching off further sell orders from under-margined longs, which further caused prices to fall. The analogy I like to use is that it is similar to rolling a small snowball down a hill and watching it pick up size and momentum. As the sell orders began to snowball more and more, guess who was buying after prices dropped? Correct, the concentrated shorts..
How is it possible that the commercials could buy back short positions on thousands of contracts at times of steep sell-offs, without triggering a rise in price? There is only one possible and plausible explanation – through discipline and collusion. The commercials know the price levels that tech funds and other large speculators are likely to sell at on the way down. In addition, some of those large commercials do the clearing for these speculative traders. In that position, they know the finances of the large long silver traders better than anyone. The commercials know, in advance, the sell points and vulnerability levels of the longs as well as the longs themselves. So all the commercials have to do is trigger low enough prices at illiquid times in the market to manufacture an avalanche of selling. Then they sit back with low priced buy orders and wait for the desperate sellers to come to them. Previously, I have referred to the behavior of the commercials as a wolf pack. It is shocking that the regulators can permit this..
To those who claim that these are normal market games, and the commercials are market makers, let me point out that commodity law does not allow for market making. The markets are supposed to operate as an open outcry (now electronic) auction, not as a specialist system. Even assuming that the commercials operate as self-appointed market makers, what kind of legitimate market maker only caps price rises by increasing short selling. Then they create disorderly moves to the downside. That’s why all silver price rallies are contained and orderly and why we get vicious, out of control sell-offs. The commercials make markets only for their own financial benefit. Some market makers..
I promise you that I could prove this if I were privy to the trading records rather than just the CFTC and the exchange, whose mission is to look the other way. But that is impossible, so I have to prove it with public data. While the data for this Thursday-Friday sell-off won’t be available until the next COT, the last few COTs provide ample evidence to prove what I allege..
The most recent COT, for positions held as of 8/12, confirm that the commercials have been on a buying binge for the past month. In other words, they have rigged the sell-offs in silver and gold over the past month and used those sell-offs to collusively buy as many contracts as possible. The numbers are impressive. Since the COT of 7/15, the commercials have bought back and reduced their total net silver futures short position by more than 20,000 contracts (100 million ounces) In gold the commercials have bought back, as a group, more than 90,000 futures contracts, reducing their net short position by 9 million ounces. Undoubtedly, more contracts have been bought by the commercials in the current week..
In addition to this buying on the COMEX, I believe that the naked short position in shares of the silver ETF, SLV, have been bought back, either entirely or in large part over the past month. This was the plan..
However, the percentage of net buying by the concentrated shorts in COMEX silver and gold has decidedly lagged the overall pace of commercial net buying. In silver, the big 4 concentrated shorts only bought back 10%, or 2000 of the 20,000 silver contracts bought, while the raptors (the 9+ smaller commercials) bought 12,000 and the 5 thru 8 largest traders bought a bit more than the 6000 contract balance. In gold the big 4 only bought back 22%, or 20,000 of the 90,000 net contracts bought, with the raptors buying 40,000 contracts and the 5 thru 8 largest traders buying 30,000 contracts..
What this tells us, for sure, is that the concentrated short position of the big 4 in silver and gold, while somewhat reduced in total contracts over the past month, has grown more concentrated and manipulative. The big 4 in gold and silver have grown more and more isolated from the rest of the commercials and, therefore, more desperate. This fully explains the disorderly nature of the recent sell-off and will explain any further disorderliness. The very small amount of short covering by the big 4 increases the likelihood that they may be trapped in these short positions..
Remember, concentration and manipulation go hand in hand, and the more concentrated the short position becomes in silver and gold the clearer the proof of manipulation. Only those that refuse to analyze the public data and reject the very idea that silver and gold could possibly be manipulated can conclude that we are witnessing free market behavior and not a rig job. With the growing evidence of a retail investment shortage in silver, those who deny manipulation are about to look very silly..
The Retail Silver Investment Shortage..
The growing and persistent retail silver investment shortage is becoming increasingly obvious. This segment makes up a small part of the total silver market on a daily basis. However, due to the large number of participants, on both the buy and sell side, the demographics elevate this segment to a more reliable barometer than daily volumes might suggest. With some 5,000 US retail dealers and perhaps 100,000 customers, there is much to learn from in this retail market..
What is happening is nothing short of astounding. For the first time in our lifetime, there is not enough silver to go around. Just about everywhere you look, dealers are sold out or low on inventories, throughout the entire supply chain. Delays in deliveries, the clearest definition of a commodity shortage, are commonplace. This is unprecedented. That this is occurring precisely at the same time of a sharp sell-off in the price of silver, should make your head spin..
I would suggest, if you have college-age children or that you borrow any basic economics textbooks they have. What you will read, is what you already know. The most basic law of supply and demand dictates that low and falling prices must be an indication of growing supplies or falling demand. You will find no suggestion that the price of anything could fall sharply with record demand, especially with the unavailability of supply. At least, not in any free market system..
Then I would suggest that you consider the only plausible explanation to silver investment shortages amid plummeting prices. That explanation is that there must be something wrong with the price of silver, not with supply or demand. After all, the actual supply or demand can’t possibly be “wrong.” They are what they are. Only the price could possibly be wrong. To be exact, the price of silver is manipulated, something that I have maintained for more than two decades. The growing retail silver shortage confirms this manipulation..
I recognize that even if the true Prophet of any or all religions descended from the Heavens and certified that the price of silver (and gold) was manipulated, there would still be many who doubted it. That’s because one of the most powerful forces on the face of the earth, is the inability to admit that they may have been wrong. If that error is about something as basic as a market being free or manipulated, then the denial is likely to be more obstinate. In fact, as the evidence becomes more apparent, it’s actually quite humorous to read and listen to why the shortage doesn’t matter..
As regular readers know, the inevitability of a silver shortage (as a direct result of the long-tern manipulation) has been at the center of my message. If there is one thing upon which I have agreed with my good friend and mentor, Izzy, it is the coming shortage of silver. This has been an issue on which we have agreed for more than 20 years. But it is only recently that I have come to appreciate his true take on what shortage will mean to the price of silver. He has a perspective that few of us have, including me..
By way of review, the silver retail investment shortage emerged some six months ago, shortly after Izzy’s article extolling the advantage of buying US Silver Eagles..
There is not the slightest doubt in my mind that his article jump started the huge demand for Silver Eagles and as a result the US Mint could not keep up with demand. They still can’t. Already, the Mint has sold more Silver Eagles in the first seven and a half months of this year than it sold in any full year in the 22 year history of the Eagle program. And we still have four and a half months. Clearly, Silver Eagle sales would have been higher were the Mint able to keep up with demand. I believe the demand for Silver Eagles subsequently generated sales for all retail silver investment products. Those not able to buy Eagles bought other forms that were available, until demand exceeded supply for other silver products..
Now many may doubt that a retired grandfather could write a single article that could launch a shortage of retail silver for the very first time in history, but I know better. I know that is exactly what happened. And the reason I know it is because I knew that was Izzy’s intent beforehand. Everything he wrote about the benefits of owning silver was the gospel truth. But, he also intended and set out to highlight just how tight silver supply had become by forcing the Mint into a position where they could not meet demand. He knew that the Mint couldn’t hide a shortage of Silver Eagles. There’s no way that someone sets out to accomplish such a specific objective and then achieves it by accident..
The reason I am recounting Izzy’s remarkable accomplishment is to give you a sense of the true meaning of his thoughts on the coming silver shortage. Even I raise my eyes when he offers his seemingly outrageous price projections, although I know better to dismiss anything he says. But there is something unique in his experience and background that gives him a perspective unlike most. In fact, it is a perspective one can achieve only through first hand experience..
Izzy has experienced the kind of shortages of basic goods only witnessed during war. He was present during communist take over in his native Romania. He has related to me how people would pay any price for a loaf of bread, a chicken, even a tool. You and I can’t conceive of such shortages because we have never experienced them first hand..
Perhaps you can mentally transport yourself to imagine such shortages, where price becomes secondary to availability,. If so, you may get a brief glimpse of Izzy’s vision and “crazy” price targets for silver in a time of true shortage. I can only do it for the shortest of times, before my imagination shuts down. If this persistent and growing retail shortage of silver develops into a true full-blown wholesale and industrial shortage (as I believe we may already be in), we will not be able to judge what price is truly crazy. Those most likely to gauge price correctly in a shortage may only be those who have been there and done that..
Lessons For Everyone..
I realize I am running long here, but I ask your indulgence. This article is about the important lessons before us. Let me summarize the lessons to different segments of the silver market..
For investors, don’t let this opportunity slip by. I realize you are seeing something with your own eyes that you have never seen before, namely, shortages and low and sharply declining prices. This is contrary to everything you have learned and experienced. It is nothing short of extraordinary. You must rely on your common sense. Something has to give, either prices or supply. This can’t last for long. Continued low prices won’t increase supply. The only solution for shortage is higher prices. In the case of silver, sharply higher prices. Don’t hesitate in buying silver now..
Recently, I wrote that I thought silver was exceptionally low-risk, since it had fallen sharply. The price then went lower than I thought it would or could. But my basic premise is still intact, namely that the lower the price goes, the lower the remaining risk..
For those investors capable of switching gold owned into silver, this is a particularly opportune time to switch, as silver prices have been manipulated much lower than gold prices. Silver is cheaper, compared to gold, than it has been in a long time. That can’t last. Yes, gold looks cheap here and appears to be also tight on a retail supply basis, but the big difference is this; due to silver’s industrial consumption nature and deeply depleted world inventories, higher prices for silver will not cure a shortage for a long time..
Investors should recognize that the manipulative sell-off may have created the very springboard that will cause the price of silver to soar. This is not about some academic discussion on whether silver is manipulated or not. This is about identifying and taking advantage of a potential price explosion. It has been my long-held premise that before we took off to the upside, we were likely to get a super smash to the downside. I think this was the super smash..
For industrial consumers of silver, the lessons are even more compelling than for investors. That‘s because, investors don’t have to buy silver. They have the choice to buy or not buy. Users don’t have that choice, they must buy. Their only choice is when, how much, and at what price to buy silver. A few weeks ago, users were paying more than $19 an oz for silver. Since then, the price dropped more than $6. Users will not consume less silver just because the price declined..
If you know you must consume an item, price declines are the time to stock up. This is not complicated. If you consume a favorite type of coffee, when it goes on sale for 30% off, the reaction is to take advantage and buy more than you normally would. Likewise, some industrial consumers of silver will do the same. It’s called legitimate hedging, which is the economic justification of the futures markets..
A special note to users. For the past ten years or so, hedging has been a disaster for the producers who sold future production at too low of a price. But if there was one shining example of a good hedge, it was on the buy side by a user. I am speaking of Southwest Airlines, and their magnificent buy hedge of fuel. As a result of locking in low prices, those responsible for the fuel hedge are placed upon a pedestal at the company, and rightly so. Someday soon, there will be some great success stories about those users who locked in silver at current prices..
For mine producers of silver, the current sell-off presents unique risks and opportunities. Obviously, the low price presents danger to your shareholders. I don’t know of a primary miner that can operate at a profit at current silver prices. Producers can and should do something about it. At a minimum, producers should speak up about the sell-off and question its cause. They might threaten to withhold production. Such actions would meet with strong approval from shareholders. It would be a public relations bonanza. Shareholders don’t want to hear producers say everything is fine in the silver market, because they know otherwise..
A few years ago, a silver mining company, Silver Standard, appeared to take my public advice to buy some silver. The results were spectacular. Not only did the company and its CEO, Robert Quartermain, reap shareholder goodwill, it achieved a profit of roughly $25 million, when it sold the silver earlier this year above $20. I would suggest that this company (and others) take advantage of the sell-off and do it again. If they do, I think the results, both from a public relations and profit standpoint, will be even better..
Finally, the lessons to the regulators from this sell-off may be the most important of all. This year we have witnessed disorderly pricing in many markets. In oil and cotton, the disorderly markets were caused by speculator shorts, masquerading as commercials, who ran into trouble and had to buy back their short positions. While the concentrated shorts in silver and gold have not yet lost control, given the growing physical shortage in silver, it would appear to be only a matter of time..
In the meantime, the regulators are permitting a crime to remain in progress. This is shameful. Worse, I believe that their denial of the existence of a silver manipulation has, effectively, given a green light to the concentrated shorts to continue the manipulation. In other words, the CFTC is directly responsible for the recent silver and gold sell-off. That’s beyond shameful..
Any pretense that the concentrated short position in silver was somehow a legitimate hedge went out the window the minute that the price cracked below the cost of production and shortages started to develop. After all, who legitimately hedges to lock in a loss or hedges against nonexistent inventory?..
Here are the e-mail addresses for the regulators. If you want to give someone a piece of your mind about the manipulation, this is a good place to start. While it may or may not do any good, it is the right thing to do, especially if you are disturbed by this manipulation, as you should be..
U.S. Senate Report: Over 400 Prominent Scientists Disputed Man-Made Global Warming Claims in 2007
Senate Report Debunks “Consensus”
Over 400 prominent scientists from more than two dozen countries recently voiced significant objections to major aspects of the so-called “consensus” on man-made global warming. These scientists, many of whom are current and former participants in the UN IPCC (Intergovernmental Panel on Climate Change), criticized the climate claims made by the UN IPCC and former Vice President Al Gore.
The new report issued by the Senate Environment and Public Works Committee’s office of the GOP Ranking Member details the views of the scientists, the overwhelming majority of whom spoke out in 2007.
Even some in the establishment media now appear to be taking notice of the growing number of skeptical scientists. In October, the Washington Post Staff Writer Juliet Eilperin conceded the obvious, writing that climate skeptics “appear to be expanding rather than shrinking.” Many scientists from around the world have dubbed 2007 as the year man-made global warming fears “bite the dust.” (LINK) In addition, many scientists who are also progressive environmentalists believe climate fear promotion has “co-opted” the green movement. (LINK)
This blockbuster Senate report lists the scientists by name, country of residence, and academic/institutional affiliation. It also features their own words, biographies, and weblinks to their peer reviewed studies and original source materials as gathered from public statements, various news outlets, and websites in 2007. This new “consensus busters” report is poised to redefine the debate.
Many of the scientists featured in this report consistently stated that numerous colleagues shared their views, but they will not speak out publicly for fear of retribution. Atmospheric scientist Dr. Nathan Paldor, Professor of Dynamical Meteorology and Physical Oceanography at the Hebrew University of Jerusalem, author of almost 70 peer-reviewed studies, explains how many of his fellow scientists have been intimidated.
“Many of my colleagues with whom I spoke share these views and report on their inability to publish their skepticism in the scientific or public media,” Paldor wrote. [Note: See also July 2007 Senate report detailing how skeptical scientists have faced threats and intimidation – LINK ]
Scientists from Around the World Dissent
This new report details how teams of international scientists are dissenting from the UN IPCC’s view of climate science. In such nations as Germany, Brazil, the Netherlands, Russia, New Zealand and France, nations, scientists banded together in 2007 to oppose climate alarmism. In addition, over 100 prominent international scientists sent an open letter in December 2007 to the UN stating attempts to control climate were “futile.” (LINK)
Paleoclimatologist Dr. Tim Patterson, professor in the department of Earth Sciences at Carleton University in Ottawa, recently converted from a believer in man-made climate change to a skeptic. Patterson noted that the notion of a “consensus” of scientists aligned with the UN IPCC or former Vice President Al Gore is false. “I was at the Geological Society of America meeting in Philadelphia in the fall and I would say that people with my opinion were probably in the majority.”
This new committee report, a first of its kind, comes after the UN IPCC chairman Rajendra Pachauri implied that there were only “about a dozen” skeptical scientists left in the world. (LINK) Former Vice President Gore has claimed that scientists skeptical of climate change are akin to “flat Earth society members” and similar in number to those who “believe the moon landing was actually staged in a movie lot in Arizona.” (LINK) & (LINK)
The distinguished scientists featured in this new report are experts in diverse fields, including: climatology; oceanography; geology; biology; glaciology; biogeography; meteorology; oceanography; economics; chemistry; mathematics; environmental sciences; engineering; physics and paleoclimatology. Some of those profiled have won Nobel Prizes for their outstanding contribution to their field of expertise and many shared a portion of the UN IPCC Nobel Peace Prize with Vice President Gore.
Additionally, these scientists hail from prestigious institutions worldwide, including: Harvard University; NASA; National Oceanic and Atmospheric Administration (NOAA) and the National Center for Atmospheric Research (NCAR); Massachusetts Institute of Technology; the UN IPCC; the Danish National Space Center; U.S. Department of Energy; Princeton University; the Environmental Protection Agency; University of Pennsylvania; Hebrew University of Jerusalem; the International Arctic Research Centre; the Pasteur Institute in Paris; the Belgian Weather Institute; Royal Netherlands Meteorological Institute; the University of Helsinki; the National Academy of Sciences of the U.S., France, and Russia; the University of Pretoria; University of Notre Dame; Stockholm University; University of Melbourne; University of Columbia; the World Federation of Scientists; and the University of London.
The voices of many of these hundreds of scientists serve as a direct challenge to the often media-hyped “consensus” that the debate is “settled.”
A May 2007 Senate report detailed scientists who had recently converted from believers in man-made global warming to skepticism. [See May 15, 2007 report: Climate Momentum Shifting: Prominent Scientists Reverse Belief in Man-made Global Warming – Now Skeptics: Growing Number of Scientists Convert to Skeptics After Reviewing New Research – (LINK) ]
The report counters the claims made by the promoters of man-made global warming fears that the number of skeptical scientists is dwindling.
Examples of “consensus” claims made by promoters of man-made climate fears:
Former Vice President Al Gore (November 5, 2007): “There are still people who believe that the Earth is flat.” (LINK) Gore also compared global warming skeptics to people who ‘believe the moon landing was actually staged in a movie lot in Arizona’ (June 20, 2006 – LINK)
CNN’s Miles O’Brien (July 23, 2007): The scientific debate is over.” “We’re done.” O’Brien also declared on CNN on February 9, 2006 that scientific skeptics of man-made catastrophic global warming “are bought and paid for by the fossil fuel industry, usually.” (LINK)
On July 27, 2006, Associated Press reporter Seth Borenstein described a scientist as “one of the few remaining scientists skeptical of the global warming harm caused by industries that burn fossil fuels.” (LINK)
Dr. Rajendra Pachauri, Chairman of the IPCC view on the number of skeptical scientists as quoted on Feb. 20, 2003: “About 300 years ago, a Flat Earth Society was founded by those who did not believe the world was round. That society still exists; it probably has about a dozen members.” (LINK)
Agence France-Press (AFP Press) article (December 4, 2007): The article noted that a prominent skeptic “finds himself increasingly alone in his claim that climate change poses no imminent threat to the planet.”
Andrew Dessler in the eco-publication Grist Magazine (November 21, 2007): “While some people claim there are lots of skeptical climate scientists out there, if you actually try to find one, you keep turning up the same two dozen or so (e.g., Singer, Lindzen, Michaels, Christy, etc., etc.). These skeptics are endlessly recycled by the denial machine, so someone not paying close attention might think there are lots of them out there — but that’s not the case. (LINK)
The Washington Post asserted on May 23, 2006 that there were only “a handful of skeptics” of man-made climate fears. (LINK)
UN special climate envoy Dr. Gro Harlem Brundtland on May 10, 2007 declared the climate debate “over” and added “it’s completely immoral, even, to question” the UN’s scientific “consensus.” (LINK)
ABC News Global Warming Reporter Bill Blakemore reported on August 30, 2006: “After extensive searches, ABC News has found no such [scientific] debate” on global warming. (LINK)
Brief highlights of the report featuring over 400 international scientists:
Israel: Dr. Nathan Paldor, Professor of Dynamical Meteorology and Physical Oceanography at the Hebrew University of Jerusalem has authored almost 70 peer-reviewed studies and won several awards. “First, temperature changes, as well as rates of temperature changes (both increase and decrease) of magnitudes similar to that reported by IPCC to have occurred since the Industrial revolution (about 0.8C in 150 years or even 0.4C in the last 35 years) have occurred in Earth’s climatic history. There’s nothing special about the recent rise!”
Russia: Russian scientist Dr. Oleg Sorochtin of the Institute of Oceanology at the Russian Academy of Sciences has authored more than 300 studies, nine books, and a 2006 paper titled “The Evolution and the Prediction of Global Climate Changes on Earth.” “Even if the concentration of ‘greenhouse gases’ double man would not perceive the temperature impact,” Sorochtin wrote.
Spain: Anton Uriarte, a professor of Physical Geography at the University of the Basque Country in Spain and author of a book on the paleoclimate, rejected man-made climate fears in 2007. “There’s no need to be worried. It’s very interesting to study [climate change], but there’s no need to be worried,” Uriate wrote.
Netherlands: Atmospheric scientist Dr. Hendrik Tennekes, a scientific pioneer in the development of numerical weather prediction and former director of research at The Netherlands’ Royal National Meteorological Institute, and an internationally recognized expert in atmospheric boundary layer processes, “I find the Doomsday picture Al Gore is painting – a six-meter sea level rise, fifteen times the IPCC number – entirely without merit,” Tennekes wrote. “I protest vigorously the idea that the climate reacts like a home heating system to a changed setting of the thermostat: just turn the dial, and the desired temperature will soon be reached.”
Brazil: Chief Meteorologist Eugenio Hackbart of the MetSul Meteorologia Weather Center in Sao Leopoldo – Rio Grande do Sul, Brazil declared himself a skeptic. “The media is promoting an unprecedented hyping related to global warming. The media and many scientists are ignoring very important facts that point to a natural variation in the climate system as the cause of the recent global warming,” Hackbart wrote on May 30, 2007.
France: Climatologist Dr. Marcel Leroux, former professor at Université Jean Moulin and director of the Laboratory of Climatology, Risks, and Environment in Lyon, is a climate skeptic. Leroux wrote a 2005 book titled Global Warming – Myth or Reality? – The Erring Ways of Climatology. “Day after day, the same mantra – that ‘the Earth is warming up’ – is churned out in all its forms. As ‘the ice melts’ and ‘sea level rises,’ the Apocalypse looms ever nearer! Without realizing it, or perhaps without wishing to, the average citizen in bamboozled, lobotomized, lulled into mindless acceptance. … Non-believers in the greenhouse scenario are in the position of those long ago who doubted the existence of God … fortunately for them, the Inquisition is no longer with us!”
Norway: Geologist/Geochemist Dr. Tom V. Segalstad, a professor and head of the Geological Museum at the University of Oslo and formerly an expert reviewer with the UN IPCC: “It is a search for a mythical CO2 sink to explain an immeasurable CO2 lifetime to fit a hypothetical CO2 computer model that purports to show that an impossible amount of fossil fuel burning is heating the atmosphere. It is all a fiction.”
Finland: Dr. Boris Winterhalter, retired Senior Marine Researcher of the Geological Survey of Finland and former professor of marine geology at University of Helsinki, criticized the media for what he considered its alarming climate coverage. “The effect of solar winds on cosmic radiation has just recently been established and, furthermore, there seems to be a good correlation between cloudiness and variations in the intensity of cosmic radiation. Here we have a mechanism which is a far better explanation to variations in global climate than the attempts by IPCC to blame it all on anthropogenic input of greenhouse gases. “
Germany: Paleoclimate expert Augusto Mangini of the University of Heidelberg in Germany, criticized the UN IPCC summary. “I consider the part of the IPCC report, which I can really judge as an expert, i.e. the reconstruction of the paleoclimate, wrong,” Mangini noted in an April 5, 2007 article. He added: “The earth will not die.”
Canada: IPCC 2007 Expert Reviewer Madhav Khandekar, a Ph.D meteorologist, a scientist with the Natural Resources Stewardship Project who has over 45 years experience in climatology, meteorology and oceanography, and who has published nearly 100 papers, reports, book reviews and a book on Ocean Wave Analysis and Modeling: “To my dismay, IPCC authors ignored all my comments and suggestions for major changes in the FOD (First Order Draft) and sent me the SOD (Second Order Draft) with essentially the same text as the FOD. None of the authors of the chapter bothered to directly communicate with me (or with other expert reviewers with whom I communicate on a regular basis) on many issues that were raised in my review. This is not an acceptable scientific review process.”
Czech Republic: Czech-born U.S. climatologist Dr. George Kukla, a research scientist with the Lamont-Doherty Earth Observatory at Columbia University, expressed climate skepticism in 2007. “The only thing to worry about is the damage that can be done by worrying. Why are some scientists worried? Perhaps because they feel that to stop worrying may mean to stop being paid,” Kukla told Gelf Magazine on April 24, 2007.
India: One of India’s leading geologists, B.P. Radhakrishna, President of the Geological Society of India, expressed climate skepticism in 2007. “We appear to be overplaying this global warming issue as global warming is nothing new. It has happened in the past, not once but several times, giving rise to glacial-interglacial cycles.”
USA: Climatologist Robert Durrenberger, past president of the American Association of State Climatologists, and one of the climatologists who gathered at Woods Hole to review the National Climate Program Plan in July, 1979: “Al Gore brought me back to the battle and prompted me to do renewed research in the field of climatology. And because of all the misinformation that Gore and his army have been spreading about climate change I have decided that ‘real’ climatologists should try to help the public understand the nature of the problem.”
Italy: Internationally renowned scientist Dr. Antonio Zichichi, president of the World Federation of Scientists and a retired Professor of Advanced Physics at the University of Bologna in Italy, who has published over 800 scientific papers: “Significant new peer-reviewed research has cast even more doubt on the hypothesis of dangerous human-caused global warming.”
New Zealand: IPCC reviewer and climate researcher Dr. Vincent Gray, an expert reviewer on every single draft of the IPCC reports going back to 1990 and author of The Greenhouse Delusion: A Critique of “Climate Change 2001: “The [IPCC] ‘Summary for Policymakers’ might get a few readers, but the main purpose of the report is to provide a spurious scientific backup for the absurd claims of the worldwide environmentalist lobby that it has been established scientifically that increases in carbon dioxide are harmful to the climate. It just does not matter that this ain’t so.”
South Africa: Dr. Kelvin Kemm, formerly a scientist at South Africa’s Atomic Energy Corporation who holds degrees in nuclear physics and mathematics: “The global-warming mania continues with more and more hype and less and less thinking. With religious zeal, people look for issues or events to blame on global warming.”
Poland: Physicist Dr. Zbigniew Jaworowski, Chairman of the Central Laboratory for the United Nations Scientific Committee on the Effects of Radiological Protection in Warsaw: ““We thus find ourselves in the situation that the entire theory of man-made global warming—with its repercussions in science, and its important consequences for politics and the global economy—is based on ice core studies that provided a false picture of the atmospheric CO2 levels.”
Australia: Prize-wining Geologist Dr. Ian Plimer, a professor of Earth and Environmental Sciences at the University of Adelaide in Australia: “There is new work emerging even in the last few weeks that shows we can have a very close correlation between the temperatures of the Earth and supernova and solar radiation.”
Britain: Dr. Richard Courtney, a UN IPCC expert reviewer and a UK-based climate and atmospheric science consultant: “To date, no convincing evidence for AGW (anthropogenic global warming) has been discovered. And recent global climate behavior is not consistent with AGW model predictions.”
China: Chinese Scientists Say C02 Impact on Warming May Be ‘Excessively Exaggerated’ – Scientists Lin Zhen-Shan’s and Sun Xian’s 2007 study published in the peer-reviewed journal Meteorology and Atmospheric Physics: “Although the CO2 greenhouse effect on global climate change is unsuspicious, it could have been excessively exaggerated.” Their study asserted that “it is high time to reconsider the trend of global climate change.”
Denmark: Space physicist Dr. Eigil Friis-Christensen is the director of the Danish National Space Centre, a member of the space research advisory committee of the Swedish National Space Board, a member of a NASA working group, and a member of the European Space Agency who has authored or co-authored around 100 peer-reviewed papers and chairs the Institute of Space Physics: “The sun is the source of the energy that causes the motion of the atmosphere and thereby controls weather and climate. Any change in the energy from the sun received at the Earth’s surface will therefore affect climate.”
Belgium: Climate scientist Luc Debontridder of the Belgium Weather Institute’s Royal Meteorological Institute (RMI) co-authored a study in August 2007 which dismissed a decisive role of CO2 in global warming: “CO2 is not the big bogeyman of climate change and global warming. “Not CO2, but water vapor is the most important greenhouse gas. It is responsible for at least 75 % of the greenhouse effect. This is a simple scientific fact, but Al Gore’s movie has hyped CO2 so much that nobody seems to take note of it.”
Sweden: Geologist Dr. Wibjorn Karlen, professor emeritus of the Department of Physical Geography and Quaternary Geology at Stockholm University, critiqued the Associated Press for hyping promoting climate fears in 2007. “Another of these hysterical views of our climate. Newspapers should think about the damage they are doing to many persons, particularly young kids, by spreading the exaggerated views of a human impact on climate.”
USA: Dr. David Wojick is a UN IPCC expert reviewer, who earned his PhD in Philosophy of Science and co-founded the Department of Engineering and Public Policy at Carnegie-Mellon University: “In point of fact, the hypothesis that solar variability and not human activity is warming the oceans goes a long way to explain the puzzling idea that the Earth’s surface may be warming while the atmosphere is not. The GHG (greenhouse gas) hypothesis does not do this.” Wojick added: “The public is not well served by this constant drumbeat of false alarms fed by computer models manipulated by advocates.”
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Background: Only 52 Scientists Participated in UN IPCC Summary
The over 400 skeptical scientists featured in this new report outnumber by nearly eight times the number of scientists who participated in the 2007 UN IPCC Summary for Policymakers. The notion of “hundreds” or “thousands” of UN scientists agreeing to a scientific statement does not hold up to scrutiny. (See report debunking “consensus” LINK) Recent research by Australian climate data analyst Dr. John McLean revealed that the IPCC’s peer-review process for the Summary for Policymakers leaves much to be desired. (LINK)
Proponents of man-made global warming like to note how the National Academy of Sciences (NAS) and the American Meteorological Society (AMS) have issued statements endorsing the so-called “consensus” view that man is driving global warming. But both the NAS and AMS never allowed member scientists to directly vote on these climate statements. Essentially, only two dozen or so members on the governing boards of these institutions produced the “consensus” statements. This report gives a voice to the rank-and-file scientists who were shut out of the process. (LINK)
The most recent attempt to imply there was an overwhelming scientific “consensus” in favor of man-made global warming fears came in December 2007 during the UN climate conference in Bali. A letter signed by only 215 scientists urged the UN to mandate deep cuts in carbon dioxide emissions by 2050. But absent from the letter were the signatures of these alleged “thousands” of scientists. (See AP article: – LINK )
UN IPCC chairman Rajendra Pachauri urged the world at the December 2007 UN climate conference in Bali, Indonesia to “Please listen to the voice of science.”
The science has continued to grow loud and clear in 2007. In addition to the growing number of scientists expressing skepticism, an abundance of recent peer-reviewed studies have cast considerable doubt about man-made global warming fears. A November 3, 2007 peer-reviewed study found that “solar changes significantly alter climate.” (LINK) A December 2007 peer-reviewed study recalculated and halved the global average surface temperature trend between 1980 – 2002. (LINK) Another new study found the Medieval Warm Period “0.3C warmer than 20th century” (LINK)
A peer-reviewed study by a team of scientists found that “warming is naturally caused and shows no human influence.” (LINK) – Another November 2007 peer-reviewed study in the journal Physical Geography found “Long-term climate change is driven by solar insolation changes.” (LINK ) These recent studies were in addition to the abundance of peer-reviewed studies earlier in 2007. – See “New Peer-Reviewed Scientific Studies Chill Global Warming Fears” (LINK )
With this new report of profiling 400 skeptical scientists, the world can finally hear the voices of the “silent majority” of scientists.
LINKS TO COMPLETE U.S. SENATE REPORT: Over 400 Prominent Scientists Disputed Man-Made Global Warming Claims in 2007
Complete Report: (LINK) (Released December 20, 2007)
Complete Report w/out Intro: (LINK)