Archive for June, 2010

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Here we sit with our thumbs in our mouths while the greatest man-made ecological disaster in history unfolds in the Gulf of Mexico. Truly we appear not to deserve to guide the history of our planet.

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Is this Ronald Reagan’s fault, harking back to his deregulation of the Air Traffic Controllers? We might blame ourselves also. Many Canadians feel outrage at the RCMP’s deceit and cowardice in the Vancouver Airport death, spreading into humiliation that our elected officials have done nothing to restore national pride or even confidence in our law enforcement. And politicians hope to receive respect? Not a chance.

WHAT’S ON THIS MONTH

Click here to see the calendar of events for this month. Use it as a reference by rolling your mouse over the links or just as a reminder. Bookmark it today!

The Book Club on the 21st was again a great success, and the five of us offered our opinions on ‘The Prizewinner Of Defiance, Ohio’ – a great book and wonderful movie. Upcoming on the 18th is “Wolf Hall’, a monster of a book that is very long and takes a long time to devour. Better get it soon! Imagine my disappointment when I found that it was historical fiction about Henry VI’s divorce from Catherine, and the Roman Catholic Church, to marry Anne Boleyn, and was not about monsters! So much for that theme costume!. Probably should have read this first: http://en.wikipedia.org/wiki/Wolf_Hall Please come and visit with us! Bringing snacks is always appreciated. Please contact Vicki at vherd@shaw.ca for details.

Join us for monthly coffee! Monday, May 31st, and Wednesday, June 30th,at The Chocolate bar, 1431 17th Ave. SW – see the calendar for details.

Field Trips season is well on the way, and there are three trips left on the agenda: This is the season for getting out and about and enjoying Alberta’s geology and history! I’ve planned six trips over two months, and you, family, and friends are welcome to join us on any or all. Please RSVP to each field trip, as details may change. Dates are included on the on-line calendar of events, too. If no-one RSVPs, then the trip will be cancelled, as I won’t be going by myself! Trips are also weather dependant, and may be rescheduled.

Sat., June 12/13 Head Smashed In Buffalo Jump, Frank Slide, Waterton Lakes (overnight) – rooms are @ $150/night
Sat., June 19th Athabaska Glacier: @ 12 hr. day, $50 to ride the glacier bus
Sat., June 26th Red Deer River Valley – best trip of the season! Bleriot Ferry, Horsethief Canyon, Hoodoos, Rosedale Suspension Bridge, East Coulee Museum, ghost town of Dorothy, steaks at the Last Chance Saloon in Wayne!

Any other ideas? Please let me know!

Come see us Second Tuesday, on the 8th!

Finally, have a look on Facebook for our Calgary Mensa presence there. Thanks to Aaron for setting this up!
http://www.facebook.com/group.php?gid=5041448982

This is the last LocSec’s Monthly Message until we kickstart the new season in September. Enjoy July and August!

PUZZLES

1) What is the next fraction in this sequence: 1/1, 3/2, 7/5, 17/12, 41/29, 99/70, 239/169, 577/408, 1393/985, …. ?

2) Does the sequence converge on any number, and if so what is that number?

The answers to last month’s puzzles were supplied last month.

Here are the answers to this month’s puzzles:

1) The next fraction is 3363/2378. The rule is add the numerator and denominator to form the new denominator, and add the numerator plus twice the denominator to form the new numerator.

2) The square root of two.

FEATURE1 OIL TRUTH & LIES

The dead turtles washed up along the Mississippi shoreline may or may not have been killed by the oil but it hardly matters. The slick is out there, visible from space, expanding by at least 200,000 gallons a day, waiting for the wind and ocean currents to decide where it will strike.

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This is the worst case scenario that BP said it could contain but which it patently cannot. It is a gigantic rebuke to what President Bush called America’s addiction to oil, emulsifying into huge dark clouds beneath the surface of the Gulf of Mexico, where its full effect on fish, birds and marine mammals will not be known for generations. And it is a personal rebuke to President Obama — a year ago a beacon of hope to environmentalists the world over — whose blithe assurance last month that modern oilrigs “don’t cause spills” will haunt him for years.

Allen Welch knows better. “We always in the back of our mind knew it could happen,” he said on Sunday on the dockside at Venice Marina, a sport-fishing mecca so far out in the Mississippi delta that the only road to it slips under water at high tide. “Now it has happened, the only thing we can do is wait and see.”

Step on to a charter boat like Mr Welch’s, head into the great aquatic prairie that begins where the road ends, and you see immediately why he has chosen to live here and why he lives in fear. Apart from the marina human civilisation in Venice does our species little credit. It consists of a long row of fenced-in industrial estates and oil installations and a giant heap of landfill. Where the road finally peters out nature takes over with epic forbearance. In the archipelago of reedbeds and quiet creeks of the Pass-a-Loutre Wildlife Management Area it is possible to forget for hours at a time that 40 per cent of American’s domestically-produced oil is being pumped to the surface within a half-hour’s flight by helicopter.

Sandwich terns and seaside sparrows nest in their thousands in ten-foot grasses that no pedestrian can disturb because there is no land to walk on. We saw scores of jumping mullet and what looked to the untrained eye like a squadron of flamingos taking off in the general direction of Cancún.

At the outer edge of the reserve reality intrudes again. Rigs loom out of the haze along the southern skyline. The site of the Deepwater Horizon disaster is further out still. There, BP and its subcontractors are trying to staunch the flow of one of nature’s most addictive yet destructive substances in conditions that none of them has faced before, out of sight of the media. The company has refused to say how many barrels lie still untapped below the well though sources say it is in the tens of millions. No journalists have been taken to the site and requests by The Times have been politely declined.

Back in Venice BP staff in company T-shirts and baseball caps are facing the music — and the locals — offering hazardous-material training courses and contracts for clean-up work. There will be substantial compensation payments, too.

Some staff, sotto voce, say they are bending over backwards to help the people of the delta region because they are still recovering from Hurricane Katrina rather than because of the risks posed by the slick. They point out that it is not yet on the scale of the Exxon Valdez disaster. Louisiana’s “sweet, light” crude can be dispersed more easily by chemicals and waves than the heavy black oil that wrecked Prince William Sound, and the 74-tonne steel and concrete boxes being built to cover the leaks on the sea bed may yet buy time for a relief well to be drilled to fill the gusher with cement.

Here’s hoping. In the meantime the past two weeks have made a mockery of BP’s long and costly public relations drive to move “beyond petroleum”. It has also, by cruel irony, pulled the rug from under a White House energy policy that was bold, hard-headed and progressive. Few in the environmental movement care to admit it but Mr Obama’s plan to expand drilling off Florida and Virginia was part of a good-faith effort to push through legislation that would, for the first time, have forced the US to cut its net carbon footprint. As Mr Obama often observes, American democracy is messy and the promise of new drilling leases was the only way to win the Republican support without which no energy Bill has a hope of passing into law.

Since the Transocean rig blew up Sarah Palin has pledged her continued allegiance to the “Drill baby, drill!” mantra of her 2008 campaign. She has that luxury, the White House does not. All the evidence suggests that it is serious about attempting a transition to a clean energy economy but in the short term the political deal-making required for that transition looks harder than ever.

In the longer term there may just be a silver lining to the clouds of oil spreading towards the marshlands of Louisiana. Unlike the Exxon Valdez disaster this one is agonisingly close to home for four states, 30 million Americans and fishing and tourism industries worth $6 billion (£4 billion) a year in Louisiana alone. It may not be enough to wean an entire culture off oil but its message has already been heard across the divide between business and the environmental movement; oil alone cannot be the answer.

On Sunday Professor Willard Kempton of the University of Delaware went on national public radio to promote a radical plan for a string of thousands of interlinked offshore wind turbines stretching the length of the US eastern seaboard and meeting most of its demand for power. Unrealistic? Quite possibly. Delusional? Not any more.

(Giles Whittell, The Times, 4May2010)

FEATURE2 EUROZONE CAN’T REFORM

[Why not? Because there’s no mechanism to resolve crises and a lack of desire to prevent them, for example through automatic sanctions if budgets or expenditures go out of whack. France wants freedom to tweek its economy as it pleases. Germany doesn’t want national budgets submitted to European approval. Southern countries don’t want to fall under German influence. Small nations believe France and Germany will find ways to break the rules they impose on others. And renegotiation of the euro-pact is utterly impossible. There’s nothing to prevent further crises resembling the Greek case.]

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Les dirigeants de la zone euro n’auraient pas pu empêcher la crise grecque. Mais leurs efforts obstinés pour l’aggraver ont été couronnés d’un succès éclatant. Le processus de décision – ou plutôt d’indécision – européen, combiné à l’absence de leadership politique en Allemagne, a étiré le drame grec sur six mois de déclarations contradictoires alternant avec de molles protestations de solidarité.

Les dirigeants européens affirment désormais, main sur le coeur, qu’ils vont tirer les leçons de ce désastre auto-administré. Mais il y a peu de chances qu’ils se mettent d’accord sur le type de réformes qui pourrait les aider à mieux affronter les prochaines crises. Et même dans le meilleur des cas, les réformes institutionnelles ne pourront jamais pallier l’absence de détermination politique.

La crise a mis à nu deux des défauts majeurs de l’euro-système : l’absence d’un mécanisme de résolution des crises, et la faiblesse des disciplines qui pourraient les empêcher. Tout le monde semble accepter l’idée que le pacte de stabilité doit être l’objet de sérieuses réformes, à commencer par la mise en place de sanctions automatiques qui pourraient frapper les pays aux comportements irresponsables – quitte à courir le risque d’enlever aux politiques budgétaires la flexibilité nécessaire en période de récession.

Mais aucun des pays membres n’est prêt à accepter les conséquences de ces vertueuses intentions. La France veut garder la liberté de dépenser avec insouciance pour calmer ici ou là les prurits corporatistes. L’Allemagne est vent debout contre tout projet qui soumettrait les budgets nationaux à l’approbation de l’Union européenne. Les pays du “Sud” n’ont pas envie de passer, en matière budgétaire, sous influence allemande. Et les petits pays de l’Union craignent que Paris et Berlin ne trouvent toujours un moyen de s’affranchir des règles qu’ils imposent aux autres. Autant dire que l’idée de se lancer dans une renégociation du traité créant l’euro est mort-née.

Quant à la question de la gestion des crises, les membres de la zone euro doivent répondre à une question simple : que faire quand l’un d’entre eux est en défaut, ou déclenche la panique en menaçant de le faire ? Il serait calamiteux que le cas grec crée un précédent. Les Européens ne doivent plus faire semblant de croire que le pire ne peut pas arriver. Les idées avancées, sur la création d’un fonds monétaire européen, ou sur la mise au point d’un système de faillite souveraine organisée, devraient faire l’objet d’études sérieuses. Même si l’on sait que les meilleures réformes du monde resteront lettre morte si le courage politique fait défaut.

(Le Monde – Comment, 7May2010)

FEATURE3 CAN YOU HELP YOUR NEIGHBOUR?

The €750 billion bailout may be the price of halting the rout of eurozone debt markets for now, but it fails to answer fundamental questions about the European Union. Rather than address the eventual cost of the project, it may simply have put off a day of reckoning.

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When Angela Merkel, Germany’s Chancellor, said that what was at stake was “the future of Europe”, she understated the drama. It certainly is about the future of Europe, but it has become a global issue, as fears about contagion and a European leadership vacuum shook world stock markets and threatened to make it harder for any indebted country to raise money.

The bailout package is vast — five times the EU’s annual budget of €135 billion (£116 billion). The 16 members of the eurozone will together put up €440 billion in government-backed loan guarantees for any eurozone member facing trouble. The International Monetary Fund will supply up to €250 billion, and a further €60 billion will come from EU members, with Britain contributing 12 per cent of it.

Ministers were calling this wall of money the only tool to hold at bay the “wolf pack” of the markets. That is right in one sense only: that the markets rose yesterday, certain for now of eurozone countries’ ability to pay their debts. But otherwise the claim is wrong. It seeks to blame the markets for duff policy decisions in poorer EU countries — and does not admit to the failure of the EU and the eurozone to deal with these mistakes.

Without the euro, the EU could have ignored evidence that reform had not quite happened along the Mediterranean. The EU had failed to insist that these countries modernise their economies. The euro has exposed that failure, and now prevents these struggling countries from letting their currencies fall and increasing their economic competitiveness.

The EU still hasn’t found the answer to how it can force members, or would-be members, to change. Should it pay them to become part of modern Europe, or somehow force them to reform? The bailout leaves these questions and many others unanswered. This crisis may have halted EU expansion.

As for the euro, small countries such as Iceland may still be keen to join, but larger, rich ones, such as Britain, will have found new reasons to stay out.

(Bronwen Maddox, The Times, 11May2010)

FEATURE4 THE SECRET OF LONGEVITY (IN PART)

Scientists have discovered the “Methuselah” genes whose lucky carriers have a much improved chance of living to 100 even if they indulge in an unhealthy lifestyle.

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The genes appear to protect people against the effects of smoking and bad diet and can also delay the onset of age-related illnesses such as cancer and heart disease by up to three decades.

No single gene is a guaranteed fountain of youth. Instead, the secret of longevity probably lies in having the right “suite” of genes, according to new studies of centenarians and their families. Such combinations are extremely rare — only one person in 10,000 reaches the age of 100.

The genes found so far each appear to give a little extra protection against the diseases of old age. Centenarians appear to have a high chance of having several such genes embedded in their DNA.

“Long-lived people do not have fewer disease genes or ageing genes,” said Eline Slagboom of Leiden University, who is leading a study into 3,500 Dutch nonagenarians. “Instead they have other genes that stop those disease genes from being switched on. Longevity is strongly genetic and inherited.”

Slagboom and her colleagues recently published studies showing how the physiology of people in long-lived families differs from normal people. Other studies, showing the genetic causes of those differences, are due for publication soon.

“People who live to a great age metabolise fats and glucose differently, their skin ages more slowly and they have lower prevalence of heart disease, diabetes and hypertension,” she said.

“These factors are all under strong genetic control, so we see the same features in the children of very old people.”

The so-called Methuselah genes — named after the biblical patriarch who lived to 969 — are thought to include ADIPOQ, which is found in about 10% of young people but in nearly 30% of people living past 100. The CETP gene and the ApoC3 gene are found in 10% of young people, but in about 20% of centenarians.

The studies show that tiny mutations in the make-up of particular genes can sharply increase a person’s lifespan. Nonetheless, environmental factors such as the decline in infectious diseases are an important factor in the steady rise in the number of centenarians. The human genome contains about 28,000 genes, but they are controlled by a tiny number of so-called regulator genes.

Dr David Gems, a longevity researcher at University College London, believes that treatments to slow ageing will become widespread.

“If we know which genes control longevity then we can find out what proteins they make and then target them with drugs. That makes it possible to slow down ageing. We need to reclassify it as a disease rather than as a benign, natural process,” he said.

“Much of the pain and suffering in the world are caused by ageing. If we can find a way to reduce that, then we are morally obliged to take it.”

An anti-ageing drug which might be taken by millions of people, perhaps from middle age onwards, could be the ultimate blockbuster for the pharmaceutical industry.

Michelle Mitchell of Age UK said: “Ageing is a natural part of life. The key is to ensure that we do not simply extend life but extend the years of healthy life so that people can enjoy, not endure, their later years.”

(Jonathan Leake, The Sunday Times, 16May2010)

FEATURE5 SEXUALITY AND GOD

Some years ago, at the Greenbelt Christian rock festival that takes place every August Bank Holiday near Cheltenham, someone close to the Archbishop of Canterbury told me that a person’s view on homosexuality was now what defined them on the Christian spectrum. What this person of considerable authority and intellect was saying was that it was no longer possible to be both pro-gay and evangelical.

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In other words, the infighting over homosexuality means that for the 77 million Anglicans worldwide, more important than the Resurrection, the Crucifixion, the Virgin Birth and the Trinity is what one person does in bed with another.

The lines of Christian belief, in the Anglican world at least, have been redrawn around a battle over gay rights that, in the secular world, ended years ago.

Sexuality figures nowhere in the creeds. It is not mentioned in the church’s liturgies. When godparents witness to a baby’s baptism they do not swear to help to raise the infant as straight.

Many of the thousands of young people who never go to church in the UK but who are nominally baptised Anglicans cannot remember a time when sodomy was a criminal offence.

These are the people that Church leaders should be trying to attract. In a world facing the well-documented consequences of consumer and materialist greed the Church’s spiritual message is potentially of benefit to millions. If the Liberal Democrats and the Conservatives can do it in Britain, surely the liberals and conservatives in the Christian world can form some sort of coalition to bring new leadership to the Anglican morass. They must put their differences behind them, for the sake of God, themselves and the common good.

(Ruth Gledhill, Times Online, 16May2010)

FEATURE6 LEHMAN & PREJUDICE

As the Queen’s Speech yesterday was overshadowed by yet another meltdown in global financial markets, I was reminded of Her Majesty’s faux-naif remark to the learned professors of the London School of Economics shortly after the failure of Lehman Brothers in the autumn of 2008: why did no one see this crisis coming?

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The economists’ official answer, conveyed after another six months of deep cogitation in a three-page letter to Buckingham Palace, was that the economics profession did, of course, see it coming and had warned all along about global imbalances, excessive borrowing and so on. The problem was that politicians, bankers and overpaid financiers did not pay enough attention to the professional economists’ warnings.

The reason I have disinterred this episode is that the learned professors were wrong in their diagnosis of the disaster. The Queen’s question, taken in the context, was not about long-term issues such as mortgage debts and risk-management models. It was about the failure of politicians and economists to foresee the catastrophic consequences of allowing the failure of this one middle-sized bank.

The question of how the failure of Lehman turned a more-or-less normal boom-bust cycle into the greatest financial crisis of all has still not been satisfactorily answered by politicians, establishment economists and central bankers. And now, almost unbelievably, there is a serious risk that the world’s failure to understand the true lessons of Lehman will precipitate another financial disaster.

The key lesson from the failure of Lehman was that, in the midst of a systemic financial crisis, no significant bank should ever be allowed to fail. When an entire financial system is in peril, the cost of offering unlimited government guarantees and taxpayer bailouts will always be much smaller than the losses from allowing any significant bank to collapse. Such bailouts and guarantees may, in the long run, encourage excessive lending and other irresponsible behaviour, but that is an issue to be addressed by regulation after the crisis is over. In dealing with systemic financial crises, the risks of increasing moral hazard are irrelevant in comparison with the certainty of disaster triggered by the failure of any significant bank.

Today exactly the same analysis has to be applied to the risk of Greece or any other European government defaulting on its debts or dropping out of the eurozone. If any such default were to occur, it could trigger a global financial catastrophe even larger than Lehman. Yet the possibility of a Greek debt default or restructuring is being positively promoted by many of the world’s most respected economic and financial commentators. The German Finance Minister has repeatedly suggested temporary suspension from the eurozone as a punishment for the Greek Government’s transgressions. The German representative on the European Central Bank has stated publicly that he voted against the bank buying Greek government bonds. And the leader column of the Financial Times demanded yesterday that Greece must be made “safe to fail”, by preparing the ground for orderly restructuring. Such a restructuring, the FT went on to argue, would punish the German and French banks that were imprudent enough to lend Greece too much money and “whose governments inexcusably prefer to bail them out on the sly via Greece”.

These were exactly the sort of veiled threats, in some cases from the same authorities, heard before Lehman was allowed to collapse. It is hardly surprising that investors are starting to question the solidity of the guarantees against any kind of default that were supposedly provided two weeks ago by eurozone governments and the European Central Bank.

What is truly alarming about the present situation is that the world has so recently seen the catastrophic consequences of using debt defaults in the midst of a financial crisis to punish imprudent lenders. Yet some of the key policymakers and opinion formers seem, like the Bourbons, to have learnt nothing from the Lehman experience and to have forgotten none of their prejudices.

The fact is that if Greece were allowed to renege on its debts, the foreign banks that held €338 billion of Greek debt at the end of 2009 would immediately move to dump their additional €333 billion of Portuguese debt and probably their €1,500 billion of Spanish debt. And who knows how well over two trillion euros of Italian debt would be treated? The plunging value of Greek and Iberian bonds would immediately threaten several of the main French and German banks with insolvency, requiring government guarantees that would run into trillions of euros.

If Greece or any other member of the eurozone were temporarily suspended, as suggested by the German Finance Minister, the consequences would probably be even more catastrophic. The euro would immediately be revealed not as a genuine single currency but merely as a foreign exchange arrangement of the kind that has frequently collapsed under market pressures, for example in Argentina, Thailand and, not least, in the British experience of the ERM.

The citizens of Southern European countries would quickly understand this and would transfer their savings to banks in Germany and the Netherlands, leading to a collapse of the euro project within weeks and the probable failure of every Southern European bank.

Any such upheavals would dash hopes of global recovery from the 2008 crisis and would cause irreparable damage to public finances already on the brink of catastrophe. It is obvious that such calamities must be avoided, almost regardless of cost or whether it sets a bad example to improvident governments or bankers.

Astonishingly, however, the Greek tragedy in Europe is looking more and more like a revival of the Lehman drama. The €750 billion bailout package announced two weeks ago by EU governments is being hedged about with so many conditions and qualifications that it resembles the original $700 billion Bush bailout plan. The 16 bickering leaders of the eurozone seem to be emulating the confusion of the US political establishment and multiplying it by 16. And the starring role of the ideologically blinkered and incompetent President Bush, out of his depth and flailing helplessly in matters of high finance, is played by Angela Merkel.

Even as a long-time sceptic about the euro project, I find it almost impossible to believe that, just two years after Lehman, Europe would make the same blunders as the Bush Administration. But, as we have learnt again and again in this long period of turmoil, the impossible can become inevitable without even passing through improbable.

(Anatole Kaletsky, The Times Online, 26May2010)

FEATURE7 CAUSE OF OIL DISASTER

In the hours before the Deepwater Horizon oil rig exploded last month in the Gulf of Mexico, there were strong warning signs that something was terribly wrong with the well, according to a Congressional committee that was briefed on the accident by executives from BP.

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Among the red flags, the panel said, were several equipment readings suggesting that gas was bubbling into the well, a potential sign of an impending blowout. Investigators also noted “other events in the 24 hours before the explosion that require further inquiry,” including a critical decision to replace heavy mud in the pipe rising from the seabed with seawater, possibly increasing the risk of an explosion.

The new information, released Tuesday night in a memorandum addressed to members of the House Committee on Energy and Commerce, confirmed many of the committee’s own findings from a review of documents and from statements and testimony given at Congressional hearings over the last two weeks.

The memorandum provides the most detailed accounting of the events and decisions made aboard the Deepwater Horizon before the accident on April 20 that took 11 lives and caused a so-far unchecked torrent of oil to pour into the gulf, and comes as BP prepared an ambitious “top kill” procedure in a new effort to stop the leak.

The findings are preliminary, and most come from BP, which owns the lease on the well and has at hearings pointed fingers at other companies for the problems on the rig, including Transocean, the rig’s owner. In a statement late Monday, Tony Hayward, BP’s chief executive, said, “A number of companies are involved, including BP, and it is simply too early — and not up to us — to say who is at fault.”

Although one-sided, the account of procedural and equipment failures offers one road map for federal investigators as they try to determine who is ultimately responsible for the accident. As part of the investigation, they are also looking at the role of regulatory agencies.

Some of those who survived the explosion, including managers from BP and Transocean, are expected to testify at hearings in Louisiana to be held by the Coast Guard and the federal Minerals Management Service, beginning Wednesday.

The testimony may help clear up some of the uncertainties about the day of the accident, including who was making the decisions. But the new information from BP — combined with past testimony by executives, analysis of documents by The New York Times and interviews with independent drilling experts — is beginning to paint a picture of a complex operation that went awry just as it was drawing to a close.

Drilling logs from the Deepwater Horizon suggest that shortly after midnight on the morning of the explosion, attention had turned to temporarily plugging and capping the well so the rig could disconnect and move to another job. Halliburton, the contractor hired by BP to provide cementing services, had spent the past several weeks cementing each new segment of the well into place. Halliburton was also responsible for plugging it.

BP and Congressional investigators have raised questions about the cementing, suggesting that the seal might have been faulty and failed to keep gas from rising up in the well. According to BP, the cement work took longer than normal, and there were concerns that the quality of the cement might have been compromised by contamination with mud.

However, in testimony before Congressional hearings, Halliburton executives have said that the company adhered strictly to the specifications provided by BP for the cementing of the well.

BP’s investigation, the memorandum said, also indicated that there might have been problems with the blowout preventer — the stack of valves and rams on the seafloor designed to seal off the well in the event of an emergency — at least five hours before the explosion. A sharp fall in fluid levels in the riser pipe that connects the well to the rig suggested that one of the seals in the preventer was leaking.

The memo from the House committee, which is led by Representative Henry A. Waxman, Democrat of California, also shed more light on a series of important tests conducted that day to determine whether the cement was holding. Two hours before the explosion, an early pressure test was performed incorrectly and produced unacceptable results. The test was repeated and there was an “indicator of a very large abnormality,” BP’s investigator told the committee, adding that workers might have made a “fundamental mistake” in ignoring it. Shortly before 8 p.m., two hours before the explosion, workers were “satisfied” that the test was successful, according to BP’s investigation.

The decision was then made to begin withdrawing the drilling mud, a cocktail of clay, water and minerals used to keep downward pressure on the powerful fountain of oil and gas trying to push its way up out of the tapped reservoir.

Philip W. Johnson, an engineering professor at the University of Alabama and a specialist in petroleum engineering, said in an e-mail message that with normal pressure test readings indicating a good seal on the casing and the temporary cement plug, it is not unusual to displace the mud with seawater before the cement job is finished to get a cleaner surface for the cement to adhere to. “But without a good pressure test, it would be reckless to displace,” he said.

Congressional investigators and news accounts have suggested that the decision to begin removing drilling mud was a subject of intense discussion — and perhaps even disagreement — among engineers working on the rig that day.

Executives from both Transocean and BP have said in testimony before Congress that they were unfamiliar with the details of that debate. But the hearings this week in Louisiana — which will include testimony from the top managers on the rig from BP and Transocean — may provide a clearer picture of the day’s deliberations.

In the final hour before the explosion, after the crew had begun withdrawing the mud, there were more signs that the well was going out of control, the memo said. They included a sharp increase in fluid coming from the well, even when the pumps were shut down — an indication, drilling experts say, of a “kick,” a surge in pressure from oil and gas deep down in the well. If not controlled, such a kick can lead to a full-scale blowout, and that is exactly what happened at roughly 9:49 p.m.

(Henry Fountain and Tom Zeller Jr., NY Times, 25May2010)

N&Q1 THE 10 BEST NOVELS ABOUT MONEY

1. L’argent

Published in 1891, Emile Zola’s Money deals with financial speculation – its highs and its lows. Inspired by the collapse of the French financial house, l’Union Generale, the main character Aristide Saccard raises money to set up a bank, supposedly to back projects in the Middle East but principally to make money for himself. Saccard ramps his stock on the Paris stock exchange, even buying newspapers to sing its praises and all goes well – until the bubble bursts. Thrilling.

2. The Way We Live Now

Augustus Melmotte, the mysterious financier at the centre of Anthony Trollope’s masterpiece, is one of the great characters of 19th Century fiction. A Victorian Madoff, he lures well-to-do Londoners into a get-rich-quick scheme to build a railway from California to Mexico. None of these backers ask how or when the railroad is going to make a profit. This magnificent 1875 novel is about so much more than money – the hypocrises of class, anti-Semitism – but greed and financial speculation are at its core.

3. Money: A Suicide Note

Martin Amis’s savage satire features the greedy, debauched John Self who spends money on everything he shouldn’t – booze, drugs, pornography, junk food – as he tries to make his first feature film. Dark, funny and downright dirty.

4. The Pit

This 1903 novel by Frank Norris about commodities trading in Chicago centres on Curtis Jadwin who attempts to corner the wheat market by bidding up the price of grain. He ends up losing his fortune but love triumphs in the end.

5. Madame Bovary

Illicit sex and romance (poor Emma Bovary doesn’t receive much love) may be at the heart of Gustave Flaubert’s masterpiece, first published as a book in 1857. However, debt is the heroine’s fatal flaw. Emma’s desire to live the high life (to escape the tedium of a humdrum time in the provinces) leads her hopelessly into the black – eventually leading to …. (musn’t give the end away). Stirring stuff.

6. How Much Land Does a Man Need?

Leo Tolstoy’s brilliant short story features Pahom, a peasant, who begins the tale boasting that if he owned lots of land he would not fear anything, even the Devil himself. Unfortunately, for him, the Devil is sitting behind his stove and decides to teach him a lesson. Pahom acquires some land but soon finds that what he owns is never enough. By encouraging his greed the Devil takes his revenge.

7. The Financier

From an early age, Frank Algernon Cowperwood, the anti-hero of Theodore Dreiser’s 1912 novel, is interested in only one thing – making money (although he is also quite hooked on power and women). Full of double-dealing and betrayal, The Financier is a scathing critique of the American dream.

8. Martin Chuzzlewit

Money issues make an appearance in many of Charles Dickens’ novels, but Martin Chuzzlewit makes the list because of the Ponzi-style insurance scam – the Anglo-Bengalee Disinterested Loan & Life Assurance Co – which is critical to its plot. Several of the main characters get embroiled in the scam which collapses leaving many of them ruined. A rich feast.

9. The Bottle Imp

Robert Louis Stevenson’s short story offers a neat twist on the conventional get-rich-quick tale. It focuses on a strange bottle containing an imp who will grant whoever owns the bottle whatever they wish for. The catch – the bottle has to be sold for less than the owner paid for it. Anyone left owning the bottle when they die will be damned to eternity. As the story progresses the price of the bottle falls until it almost reaches zero, but there is always someone willing to take the risk of buying it.

10.The Count of Monte Cristo

Alexandre Dumas’ magnificent mid-19th Century page-turner traces Edmond Dantes’ plot to take revenge against the scoundrels who got him thrown into prison for being a traitor. By a circuitous route he eventually appears in Paris as the fabulously wealthy Count of Monte Cristo, a title that he bought on his travels. The Count then manipulates the government bond market to destroy a large part of his enemies’ fortune. Bad luck on the stock market does the rest.

(The Times, 24March2010)

FOR YOUR CONTEMPLATION

Cancer Research
http://alturl.com/dykd

This is the research url of InspireHealth in Vancouver. The monthly issues track studies on cancer and preventative measures as well as potential cures through diet, acupuncture, stress reduction, and many other techniques. The strength of the url is that it largely relies on the research to tell its own story. If you want to pursue a study, you can hunt it down. If you want to disregard it, you have to analyze the study itself to find the flaws.

Political Chicanery, or are Canadians as Naïve as They Think?
http://www.cbc.ca/canada/story/2010/05/31/oliphant-report-release-mulroney-schreiber.html provides further reason why Canadians have contempt for their politicians. After spending millions on this two-year investigation of the cash-payments-to-mullroney story, Mr Justice Oliphant’s commission with its ponderous methods gave birth to mouse. Obeying its mealy-mouthed mandate, the commission found no one responsible for any wrong-doing of any kind. Can you imagine Oliphant’s surprise one day at being old, having accomplished so little?