Hasbeen has received his review of the leaked draft IPCC report straight from the cherry-picking portals of denialist sites.

Business as usual in that respect....

So Poirot, the IPCC cherry picked the temperatures did they ?
Hmmm, gee, thats a very strange thing, I thought the Cherry Pickers
union were all "denyalists".

Now you all take note, you have not been doing your homework !

Hey Hasbeen, how about this:

The materials were posted by Alec Rawls, a former economics student at Stanford University.

Dismissals of Rawls' reading of the material, however, were swift and withering. "Based on the totality of the scientific literature as I know it, the story is bunk," said Michael Oppenheimer, a professor of geosciences and international affairs at Princeton University and one of many authors of the draft assessment.

Michael Mann, a climatologist and the director of Earth System Science Centre at Pennsylvania State University, elaborated by stating:
‘There is nothing in the new IPCC report about solar forcing that isn't already well known from the peer-reviewed literature. I myself have published work in the journal Science just a few years ago on the importance of solar forcing for understanding long-term natural variability. Despite what climate change deniers would like people to think, paleo-climate scientists such as myself have thoroughly investigated the role of solar impacts on climate for decades...But my work, and indeed all work that I'm familiar with in this area, shows that solar forcing cannot possibly explain the warming of the past half century. In fact, solar forcing has been flat over the past fifty years during which we've seen the greatest amount of warming. There is NOTHING in the new IPCC report that in any way calls that conclusion into question.”

So what climate change deniers are doing, assisted by a dishonest leaker, is to once again distort what climate scientists have actually had to say about the role of solar forcing to somehow make it sound as if there is some new development here. There isn't. There are only incremental developments in the science, all of which reinforce the conclusion that natural forcing, including solar forcing, cannot explain the warming we have seen over the past century.

As for our economy, I would say Australia is about where the US was in late 2006, blind and oblivious to the mounting economic crash heading our way!

Yes James, we do realise this leaked stuff is the product of the paid for science, & as such has been toned down dramatically.

We also realise that what ever the scientists have said has little to what will cone out, once the rent seekers playing politics with the matter at the UN, & in bankrupt governments all over the western world have rewritten anything not in line with their intentions.

Still it is nice to actually see some of what they really think.

Good for you Geoff, now why don't you have the guts to come fully clean. Keep on the gravy train, & you are headed for the crash, & be assured, those who ride the train to the crash will never be forgiven.

The article is fundamentally correct, though it does tend to accentuate the negative. Gross Domestic Income tends to be more variable than Gross Domestic Product because it is partly determined by the terms of trade, which can be quite volatile. The recent downturn in GDI reflects the weakening of Australia’s export prices in the past couple of years. However, from a longer perspective, Australia’s terms of trade in the past decade have had a strongly positive effect on incomes – for example, in the 10 years to September 2012, real GDP rose by 34.6%, but real GDI rose by 49.4%.

Freddington
Where do you get your numbers from?

According to the ABS, male average weekly earnings rose from $90.50 in September 1972 to $1,285.10, an increase of 1320%, while the Consumer Price Index (2011-12 = 100) rose from 12.2 to 101.8, an increase of 817%. Therefore, real wages are more than 50% higher than in 1972.

Tombee
Your point about energy prices is almost meaningless. You say, “all other factors held constant, a real rise in energy cost produces a real reduction in GDP”. But the same is equally true of the real cost of haircuts or tomato sauce. The key point is that other things are never equal. While energy prices have risen faster than other prices in recent years, other goods and services have recorded very low price rises or even price reductions – in part because of the high exchange rate generated by strong demand for exports. Overall, the Consumer Price Index rose by 2.0% in the past year, manufacturing input costs rose 1.2% and the domestic demand deflator by 1.9%

As Nicole Foss has recently written “it is important to understand the relevance of the European situation, not immediately obvious to those geographically far removed, with a temptation to ascribe the problems of the European periphery to local conditions.

However, the global economy is exceptionally integrated, and what happens in one location all too readily leads to financial contagion, the spread of fear, from one asset class to another, or from one country to another in the case of sovereign debt risk.

Europe is the epicentre of phase II of the credit crunch, from which waves of financial contagion can be expected to emanate for years. Several member states are effectively at sovereign debt default, with the potential to trigger credit events in the credit default swap market. Banks are over-leveraged, often highly disproportionate in comparison with their host economies and intertwined with the sovereign debt issue.

In many EU member states there are housing bubbles far larger than the American one that began to burst in phase I of the credit crunch (October 2007-March 2009). Bubbles in some states have already burst, while in other countries, housing markets are going illiquid and prices are beginning to decline. As the value of collateral falls, and economies slide deeper into recession and high unemployment, the leveraged debt will be unsupportable. Personal debt is often sky-high, even in countries which are currently considered wealthy and stable.

What is unfolding in Europe is highly relevant to the future of the whole global financial system, and where Europe is leading - into debt deflation, liquidity crunch and depression - many other countries will follow. We are in the process of crashing our global operating system. Our global credit bubble has peaked, and the debt created in the expansion years - excess claims to underlying real wealth - will not be able to be repaid.

The gargantuan pile of interlocking human promises will become nothing more than dashed expectations. The resulting credit collapse will crash both the money supply and the velocity at which the remaining money circulates in the economy."