A soccer game bringing Muslim imams and Christian priests "shoulder to shoulder" on a field in Norway was cancelled Saturday because the teams could not agree on whether women priests should take part.
Also Saturday, delegates voted to explore using nuclear power plants to assist oilsands development.
Delegate Bill Dearborn of Medicine Hat said the oilsands need a nuclear option as a bulwark against any future federal raids on Alberta's resource-based economy.
"We're familiar with these Liberal governments in Ottawa that have imposed unfair taxes on the oil and gas industry in the past,'' he said.
But delegate Don Dabbs said he has participated in a past provincial study on nuclear power and that it's not the way to go to generate steam power for the oilsands.
"A reactor to generate steam is not the principal purpose of a nuclear reactor. It's for electrical energy.
"It's a very expensive source of steam.''
Thomas Savery (1650-1715)
Thomas Savery was an English military engineer and inventor who in 1698, patented the first crude steam engine, based on Denis Papin's Digester or pressure cooker of 1679.Thomas Savery had been working on solving the problem of pumping water out of coal mines, his machine consisted of a closed vessel filled with water into which steam under pressure was introduced. This forced the water upwards and out of the mine shaft. Then a cold water sprinkler was used to condense the steam. This created a vacuum which sucked more water out of the mine shaft through a bottom valve.
Boilers
The high-pressure steam for a steam engine comes from a boiler. The boiler's job is to apply heat to water to create steam. There are two approaches: fire tube and water tube.A fire-tube boiler was more common in the 1800s. It consists of a tank of water perforated with pipes. The hot gases from a coal or wood fire run through the pipes to heat the water in the tank, as shown here:
In a fire-tube boiler, the entire tank is under pressure, so if the tank bursts it creates a major explosion.
More common today are water-tube boilers, in which water runs through a rack of tubes that are positioned in the hot gases from the fire. The following simplified diagram shows you a typical layout for a water-tube boiler:
In a real boiler, things would be much more complicated because the goal of the boiler is to extract every possible bit of heat from the burning fuel to improve efficiency.
Pressurised Heavy Water Reactor (PHWR or CANDU).
The CANDU reactor design has been developed since the 1950s in Canada. It uses natural uranium (0.7% U-235) oxide as fuel, hence needs a more efficient moderator, in this case heavy water (D2O).**
** with the CANDU system, the moderator is enriched (ie water) rather than the fuel, - a cost trade-off.
The moderator is in a large tank called a calandria, penetrated by several hundred horizontal pressure tubes which form channels for the fuel, cooled by a flow of heavy water under high pressure in the primary cooling circuit, reaching 290ƒC. As in the PWR, the primary coolant generates steam in a secondary circuit to drive the turbines. The pressure tube design means that the reactor can be refuelled progressively without shutting down, by isolating individual pressure tubes from the cooling circuit.
A CANDU fuel assembly consists of a bundle of 37 half metre long fuel rods (ceramic fuel pellets in zircaloy tubes) plus a support structure, with 12 bundles lying end to end in a fuel channel. Control rods penetrate the calandria vertically, and a secondary shutdown system involves adding gadolinium to the moderator. The heavy water moderator circulating through the body of the calandria vessel also yields some heat (though this circuit is not shown on the diagram above).
Steam generator (nuclear power)
From Wikipedia, the free encyclopedia
- This is an article about nuclear power plant equipment. For other uses, see steam generator.
Steam generators are heat exchanger used to convert water into steam from heat produced in a nuclear reactor core. They are used in pressurized water reactors between the primary and secondary coolant loops.
In commercial power plants steam generators can measure up to 70 feet in height and weigh as much as 800 tons. Each steam generator can contain anywhere from 3,000 to 16,000 tubes, each about three-quarters of an inch in diameter. The coolant is pumped, at high pressure to prevent boiling, from the reactor coolant pump, through the nuclear reactor core, and through the tube side of the steam generators before returning to the pump. This is referred to as the primary loop. That water flowing through the steam generator boils water on the shell side to produce steam in the secondary loop that is delivered to the turbines to make electricity. The steam is subsequently condensed via cooled water from the tertiary loop and returned to the steam generator to be heated once again. The tertiary cooling water may be recirculated to cooling towers where it sheds waste heat before returning to condense more steam. Once through tertiary cooling may otherwise be provided by a river, lake, ocean. This primary, secondary, tertiary cooling scheme is the most common way to extract usable energy from a controlled nuclear reaction.
These loops also have an important safety role because they constitute one of the primary barriers between the radioactive and non-radioactive sides of the plant as the primary coolant becomes radioactive from its exposure to the core. For this reason, the integrity of the tubing is essential in minimizing the leakage of water between the two sides of the plant. There is the potential that if a tube bursts while a plant is operating; contaminated steam could escape directly to the secondary cooling loop. Thus during scheduled maintenance outages or shutdowns, some or all of the steam generator tubes are inspected by eddy-current testing.
In other types of reactors, such as the pressurised heavy water reactors of the CANDU design, the primary fluid is heavy water. Liquid metal cooled reactors such as the in Russian BN-600 reactor also use heat exchangers between primary metal coolant and at the secondary water coolant.
Boiling water reactors do not use steam generators, as steam is produced in the pressure vessel.
The NDP ruined it?s website!
On the new NDP web site
NDP Website Updates: The Good & The Bad
Inquiry highlights inter-agency issues: Rae
"I think what the public is hearing, perhaps in an abrupt way, is what I think has been pretty clear to people who have studied this for a long time -- that there really was a problem of communication between different levels of government, different departments, agencies, the RCMP and CSIS," Rae told CTV's Mike Duffy Live on Friday.With new information emerging from the inquiry, critics have wondered if race played a part in how authorities handling the case.
Asked if she thought the information Bartleman provided to the RCMP would have been treated differently if the plane was filled with whites, NDP MP Alexa McDonough said she felt it was a factor.
"I wish it weren't true. But I do think it's true," McDonough told Mike Duffy. "I also think it's shocking that as we pushed and pushed for an inquiry...they kept saying there's no need for an inquiry there's no new information there's nothing more to be learned.
"That turns out not to be true. It's an utter horror story, and thank goodness there is now a full public inquiry underway that can get to the bottom of this."
Shock, outrage and more questions
Their outrage was palpable. Family members of those killed in the Air-India disaster have been trying for more than 20 years to find out what happened at the time of the mid-air bombing.Yesterday, they heard that days before it occurred, the RCMP brushed off information from an electronic intercept suggesting an Air-India flight had been targeted for the coming weekend.
"It's absolutely incredible," Prakash Sahu, who had a father, stepbrother and stepsister on the flight, said yesterday in an interview from Montreal. "This makes a mockery of what the RCMP were doing."
He was upset it took so long for someone to say publicly what many family members believed for so many years. He wondered why the Mounties have failed to bring those responsible for the bombings to justice. "They should have solved this long ago," he said from London, Ont.
The government resisted calls for a public inquiry for years by "hiding behind the criminal investigation," Mr. Paliwal said. He praised former Supreme Court judge John Major, who heads the inquiry. "We have a lot of confidence in him," he said.
IPCC sees role for nuclear energy in new reportCurrent nuclear power is included as a 'key mitigation technology' in the field of energy supply while advanced nuclear power is considered key for the 2030 timeframe, alongside advanced renewables like tidal and wave energy, concentrating solar and photovoltaics.
The text states: "Given costs relative to other supply options, nuclear power, which accounted for 16% of the electricity supply in 2005, can have an 18% share of the total electricity supply in 2030 at carbon prices up to 50 US$/tCO2-eq (tonnes of carbon dioxide equivalents), but safety, weapons proliferation and waste remain as constraints.
Nuclear industry welcomes climate report backing
The world nuclear power industry welcomed on Friday the tacit backing given to their technology by some of the world's top scientists and economists in the latest analysis of the climate change crisis.
The Intergovernmental Panel on Climate Change (IPCC) meeting in Bangkok said tackling global warming was both technologically and financially feasible as long as action was taken promptly, and that nuclear power could be in the arsenal.
It is common sense. What else is there for most of electricity generation that is carbon free," Ian Hore-Lacy of the World Nuclear Association said.
"If you have a major technology that is capable of being deployed on a larger scale than now that emits no carbon, you don't need a Phd (doctorate) to work out that it has got an awful lot of potential," he told Reuters in London.
The civil nuclear industry, which saw its future evaporating after the reactor explosion at Chernobyl in 1986 sent a pall of radioactive dust across Europe, has seen its prospects improve dramatically in the hunt for a solution to global warming.
See:
This site is under construction, please come back soon
You could say Casino Capitalism is criminal capitalism or rather all capitalism is criminal......The Financial Times has named Capitalism’s Achilles Heel (Wiley, 2005) by Raymond W. Baker as one of the best business books of the year.
“Books that deal with the darker side of business can disturb and entertain in equal measure. In Capitalism's Achilles Heel (Wiley Pounds 16.99), Raymond Baker reveals the methods by which corrupt governments and crooked executives - as well as terrorists - move money through the global financial system. The book even includes a ‘Dirty Money User Guide’ - alas more appealing to aspiring fraudsters than reforming policymakers.”
For over forty years in more than sixty countries, Raymond Baker has witnessed the free-market system operating illicitly and corruptly, with devastating consequences for scores of fragile nations. Now, in Capitalism’s Achilles Heel, Baker—the internationally respected authority on money laundering, corruption, and development issues—takes you on a fascinating journey that winds its way across the global free-market system and reveals how dirty money, poverty, and inequality are inextricably intertwined.
You’ll discover how little illicit transactions lead to massive illegalities used by drug kingpins, racketeers, terrorist masterminds, and multinational corporations. You’ll learn how staggering global income disparities are worsened by the illegalities that have come to permeate international capitalism. And you’ll see how distorted philosophical underpinnings appear to justify flaws in the practice of capitalism.
Review: Gangster Capitalism – The United States and the Global rise of Organized Crime by Michael Woodiwiss
The spirit of graft and lawlessness is the American Spirit.
– Lincoln Steffens, The Shame of the Cities, 1902‘Gangster Capitalism’ documents the lie in all its sordid details from the days of the ‘Robber Barons’ through to the ‘War on Terror’ and all the stops in-between, the ‘War on Communism’, the ‘War on Drugs’. Between them, they are responsible for an assault of unparalleled brutality that is global in scope and a lie that has been so successfully sold, it has dragged much of the planet into going along with it.
From the United Nations to so-called independent states, all have been bribed, blackmailed, threatened or finally invaded/occupied into participating in the various ‘wars’ the US is waging, ultimately to the benefit of capital. That all of it has been done in the name of ‘morality’, mostly of a Christian flavour, is perhaps what makes it all so sordid, so disgusting and hypocritical.
There is a direct relationship between the extermination of ‘inferior’ peoples and the crimes of the Gangster Capitalists, from the owners of the plantations, to those who built the railroads that opened up the interior of America, to those who built the stockyards of Chicago, the auto plants of Detroit that consumed the immigrants in their millions and co-opted them into swallowing the ‘American Dream’.
‘Gangster Capitalism’ does one heck of a job in documenting the process, indeed it is relentless in its exposure and all the while revealing the underlying motivations; power and control by the few over the many. Underpinning the process has been the use of a twisted Christian ‘morality’ that in reality justified a system of exploitation that is unparalleled in history. And, Woodiwiss emphasises the role that race plays in the process, something that cannot be stated too strongly if we are to understand why US capitalism has been so successful at persuading so many to go along with the lie.
Gangster Capitalism: The United States and the Global Rise of Organized Crime
The title of Michael Woodiwiss's book plays on the term "gangster capitalism." It asks the question: Are there gangsters who are capitalists? Yes, indeed, is Woodiwiss's answer. But it also raises the more important question: Are capitalists gangsters? His answer is a resounding affirmative.The Enron Stage of Capitalism
In much simplified terms, the thesis is that the pursuit of profit has gone too far. Specifically that we have now entered a new, and worse, stage of capitalism where elements of the public good (by which the book means healthcare, water, power and others) are being privatised and sold to corporations who care more about profit than the welfare of the population. The two really damming parts of the thesis are that (1) the privatisation is often occurring under coercion - threats from the US military machine, and (2) the rich nations set the rules to favour the rich (consider which organisations have international power, and which nations control them). The bottom line is that the rich corporations have found a new way to exploit the poor (even in the 'overdeveloped' world the poor are exploited - their standard of living is allowed to increase slowly, but the majority of the gains go to the few). The pursuit of profit has become so all encompassing that little else matters (particularly not morality).We Can No Longer Afford Vulture Capitalism
Morality and the Market in Victorian Britain
See:
Corporate Crime
White Collar Crime
Criminal Capitalism
Bank of Canada Governor David Dodge also repeated a concern over a sharp reduction in the pricing of risk in financial markets, singling out the carry trade as a possible source of trouble.
The carry trade is a popular strategy that involves borrowing money in low interest rate currencies like the yen and then reinvesting in riskier emerging markets.
"One-way bets are always dangerous things," he said in response to a question about such trades.
Bank of Montreal, Canada's fourth-biggest lender, said last week it will post a pretax loss of as much as C$450 million ($406 million) from trading in natural gas contracts. The bank plans to fire trader David Lee and Bob Moore, an executive managing director, over the losses, the National Post newspaper said today. The men are staying with the bank until the firm can unwind its trading positions, the paper said, citing unidentified people.
BMO said the losses are primarily from natural gas trading, while Desjardins Securities analyst Michael Goldberg expects more losses in the future.
“The commodity trading losses were the result of decisions that did not adequately recognize the vulnerability of the portfolio to changes in market volatility,” Bill Downe, President and Chief Executive Officer of BMO Financial Group, said in a statement.
Mr. Goldberg interpreted this statement as “faulty trading algorithms were based on garbage in, and they generated garbage out,” he told clients in a note.
BMO More ATM's Less People
Banks Profit From Job Cuts
U.S. hedge fund faces billions in losses on natural gas bet
Monday, September 18, 2006 | 7:08 PM ET
Amaranth Advisors, a big U.S. hedge fund, has told its investors to brace for huge losses as a result of its costly bet that natural gas prices — now at a two-year low — would rise.
Some reports said the fund's losses could amount to $4 billion US.
"We anticipate our year-to-date losses might be in excess of 35 per cent as we near completion of the disposition of our natural gas exposure," the hedge fund said in a letter to investors obtained by several media organizations.
Amaranth traders apparently placed hugely leveraged bets that natural gas prices would rise.
A Hedge Fund’s Loss Rattles Nerves - New York Times
Enormous losses at one of the nation’s largest hedge funds resurrected worries yesterday that major bets by these secretive, unregulated investment partnerships could create widespread financial disruptions.
Alan Zale for The New York TimesAmaranth Advisors’ trading floor in Greenwich, Conn. The hedge fund said that it had lost more than $3 billion in the downturn in natural gas.
The hedge fund, Amaranth Advisors, based in Greenwich, Conn., made an estimated $1 billion on rising energy prices last year. Yesterday, the fund told its investors that it had lost more than $3 billion in the recent downturn in natural gas and that it was working with its lenders and selling its holdings “to protect our investors.”
Amaranth’s investors include pension funds, endowments and large financial firms like banks, insurance companies and brokerage firms. The Institutional Fund of Hedge Funds at Morgan Stanley was an investor in Amaranth; as of June 30, it had a stake valued at $124 million. The turnabout in the fortunes of the $9.25 billion fund reflects the decline in energy prices recently; natural gas prices fell 12 percent just last week.
The scale of Amaranth’s losses — and how quickly they appear to have mounted — was the talk of Wall Street yesterday, as was speculation on how much the bet was leveraged, or made on borrowed money. Still, there were no signs of ripples on the financial markets as a result.
Amaranth’s woes are largely the result of a decline in natural gas prices that began in December, well before the spring months of March or April, when they typically fall off. Amaranth’s biggest stake was a combination bet on the spread between natural gas futures prices for March 2007 and those for April 2007. Amaranth had often bet that the spread on that so-called shoulder month — when natural gas inventories stop being drawn down and begin to rise — would increase.
But instead the spread collapsed. In the last six weeks, for example, the spread between the two futures contracts ranged from $2.50 at the end of July to around 75 cents yesterday.
Traders briefed on Amaranth’s problems, including one person who examined the fund’s books yesterday, said that the losses might be considerably larger than the firm estimated. Over the weekend, according to one person briefed on the situation, Goldman Sachs examined the fund’s positions.
Amaranth is not the first hedge fund to experience problems in energy markets. MotherRock Energy Fund, a $400 million portfolio, shut down last month after losing money on its bets that natural gas prices would fall. Summer heat sent prices soaring and the fund lost 24.6 percent in June and 25.5 percent in July, according to one investor.
The natural gas market is exceptionally volatile, making it an ideal playground for hedge funds that thrive on wide price movements in securities. Natural gas prices are subject to more severe swings than oil, in part because gas cannot be stored easily.
Amaranth Advisors LLC was an American multistrategy hedge fund managing US$9 billion in assets. In September 2006, it collapsed after losing roughly US$6 billion in a single week on natural gas futures. The failure was the largest hedge fund collapse in history.
Amaranth’s energy desk was run by a Canadian trader named Brian Hunter who placed "spread trades" in the natural gas market. Hunter had made enormous profits for the company by placing bullish bets on natural gas prices in 2005, the year Hurricane Katrina had severely impacted natural gas refining and production. Hoping for a repeat performance, Amaranth wagered with an 8:1 leverage that the difference between the March and April futures price of natural gas for 2007 and 2008 would widen.Natural Gas: Amaranth Advisors & Centaurus Energy
And although the loser in this, Brian Hunter is doing much better than the Amaranth investors. He’s still has the couple hundred million he made before he nuked Amaranth and being quite cheeky, he’s actually shopping around a new fund!
Econbrowser: Amaranth hedge fund losses
Of course, if anybody ever audited Amaranth's holdings, they would have seen what was going on immediately, and indeed NYMEX apparently inferred from the volumes that something was wrong and warned Amaranth to reduce its positions. But the way the hedge fund game is often played, foolishly credulous investors never get to see the books and base their decision simply on the fund's track record and slick sales pitch. I have to join Big Picture and Motley Fool in blaming the folks who supplied Amaranth with capital, rather than the managers themselves. Anyone who tells himself that 35% annual returns with no risk are there to be obtained by some unseen hedge-fund magic is soon to be parted from his wealth.
When you hold a significant portion of the outstanding contracts, you have the potential to move markets in a big way when you liquidate, making your swan song all the more dramatic when it comes. This is what happened to Long Term Capital Management, and it seems likely that a significant part of the September volatility in the graphs above is directly due to Amaranth.
I have often argued that as long as speculators make a profit, their actions tend to be stabilizing, as they have helped direct resources to where they are most needed. But by that metric, we got $6 billion worth of destabilization out of Amaranth last month. And when I hear a story like this, my first instinct is that there could well be a lot more of this going on. Amaranth's staggering losses leave me more open to the claim that a significant part of the general commodity price increases we have seen in recent years might be the result of actions by speculators who are destined to earn spectacular losses.
Corporate Crime
White Collar Crime
Criminal Capitalism