"Just when I thought I was out... they pull me back in" :) (Godfather Part 2)

I am very happy coach that you participated in this as I can clearly see now that there has been a serious misinterpretation on my side... I'm actually slightly embarrassed to have misread the board members positions so badly! Sorry for my strop...

For me, the concept of 'global warming' was getting mixed in closely with general environmentalism (as Hobbers pointed out) - most of the perceived effect of CO2 emissions comes from factory emissions, car emissions etc. otherwise known as general air pollution. I firmly agree with most of you that 'global warming' is far from proven... perhaps even dead wrong, I also firmly agree that carbon offsetting is a waste of everyones time and energy. I actually think carbon offsetting often causes the issues it purports to end by making it easier to fly more, but do it 'guilt free'. It also allows richer nations to 'buy' the ability to over pollute- which is not good for anyone. I am actually relieved to find that my position on the topic is much, much closer to the rest of you than I had thought...

I think the average person concerned about global warming is in a similar position to me, we believe that we are over polluting, that we should strive to limit the damage we do to the environment no matter what the effect is (acidification of the oceans, global warming, overfishing, over-foresting etc.) I do think we should be trying to work globally to limit the pollutants as getting countries like Russia and China on track is essential to all the air we breathe and the oceans we get food from. I'm sure there are factories in China simply dumping deadly chemicals straight into rivers which flow into oceans... there needs to be policing. As George Carlin said 'the earth will be fine... we on the other hand are f'd' 'the earth will shake us off like a bad case of fleas'.

Again, apologies for the distraction although it has been a helpful one for my understanding... plus anyone not interested in the topic can simply read the titles and not read these. There is obviously an interest in the topic as there have been a number of participants- plus while we all wait to get rich a distraction is good now and again :)

Quickly switching topic: something that seems to have escaped the major news corporations in a huge announcement here in the UAE, and I don't mean the one regarding the 10 billion bail out. It appears they have finally agreed in Dubai to have bankruptcy proceedings and a proper bankruptcy court! this must have been done under pressure from Abu Dhabi as they try and push for more transparency for Dubai investors (read: themselves).

The effect however could be serious. This country has really been running in the plus the last year due to the lack of a bankruptcy court. No one knows what happens when a company goes bankrupt!! They just seem to keep running and often stop paying their staff. The staff can't do anything about it as they don't have their passports (employers keep them in many cases) or they simply have too much debt back home to give up. So with proper internationally recognized procedures we could be in for a further bust - a good one, but a big blow-out bust nonetheless. I would guess that with a proper bankruptcy court most of the major companies here are in for some real choppy waters ahead.

The second interesting thing about the announcement is what they are using the money for. They will negotiate to pay the contractors and companies who have invested in Dubai World locally not internationally. The message being, we bail ourselves out- all you international banks can get scraps if any are left. Who is exposed to Dubai assets? Who is exposed to those who are exposed? What is Dubai's real debt?? We may just find out... and gold may be in for another boost.

Peace out

Soul