Planned Somerset nuclear plant on hold ? or not ?

[kenneal - lagger]

The US has colonised virtually the whole world through the dollar being the reserve currency, VT. You are able to print as many dollars as you want with no complaint even though this should cause massive inflation and a devaluation in value of the currency. The only reason that this devaluation hasn't occurred so far is the insatiable worldwide demand for more dollars to trade with.

If the yuan or another currency were to usurp the dollar's position though it would soon slump in value. That is one of the reasons, some say the main reason, why Iraq was invaded as Saddam Hussein threatened to accept other currencies for Iraq's oil.

You don't have to invade a country to exploit it. You do so through the power of your currency but you get just as much benefit from that as you would through overt colonisation.

[PS_RalphW]

The East India Company started out as a purely financial organisation which began hiring military units in a 'self defence' role much like commercial mercenary forces today used by corporations. It took over a century before it's commercial empire was subsumed into the British Empire. At its peak, it was wealthier and more military powerful than the British nation, although joined at the hip politically. It became too big to fail.

I put US empire at about the 1856 stage.

[vtsnowedin]

The US has colonised virtually the whole world through the dollar being the reserve currency, VT. You are able to print as many dollars as you want with no complaint even though this should cause massive inflation and a devaluation in value of the currency. The only reason that this devaluation hasn't occurred so far is the insatiable worldwide demand for more dollars to trade with.

If the yuan or another currency were to usurp the dollar's position though it would soon slump in value. That is one of the reasons, some say the main reason, why Iraq was invaded as Saddam Hussein threatened to accept other currencies for Iraq's oil.

You don't have to invade a country to exploit it. You do so through the power of your currency but you get just as much benefit from that as you would through overt colonisation.

That the currency of the worlds largest economy is the worlds reserve currency is just the way it is and you need to get over it. It doesn't seem to stop China or India or even the UK from growing. When China or later India get to be the worlds largest economies we will have to see if it is just size or per capita GDP which determines whose currency becomes the benchmark.

[kenneal - lagger]

The US ruthlessly exploits its position and has done since WW2 with agreements such as the Bretton Woods agreement which puts the US and its corporations at an advantage at the centre of world trade. The staffing of the world Bank and IMF and several other world bodies by US corporation staffers ensures that decisions are made for the benefit of the US before all others. If that is not a version of colonialism I don't know what is.

Then we have TPP, TTIP CETA and others. The corruption knows no end.

[emordnilap]

Nice article here.

From a relationships with totalitarian regimes perspective, Cameron sucking up to China this week is no less embarrassing than Cameron sucking up to Saudi Arabia two weeks before, or Margaret Thatcher chumming it up with the likes of Pinochet, Suharto and Hussain back in the 1980s.

it's a fabulous deal for the Chinese and French states, who would be able to pass these vast UK taxpayer funded windfalls on to their own economies

[emordnilap]

You all know about the remembrancer, of course.

Should the bonanza materialise, it will offer the potential to seriously boost City profits. For the rest of the country, these deals point to a rather different future.

They put the Chinese Communist Party and military at the heart of strategic infrastructure. They interlink the British and Chinese financial systems at a time when the latter is structurally weak, poorly regulated, and struggling with corruption.

Worryingly, the Chinese financial system is also subject to very high levels of non-performing loans. With the onset of recession in the Chinese economy, that toxic debt risks becoming an ever greater problem. So, roll on the next – China-inspired and British-endorsed – economic collapse?

Most depressingly, this confirmation of the City’s gilded position provides further endorsement for speculation and detracts from pressure on the City to help tackle economic rejuvenation and wealth inequality.

Source

[biffvernon]

EDF's £18bn project to build two nuclear reactors in Britain is so expensive and risky that it puts the survival of the French utility at risk, an association of employee-shareholders has said.
EDF Actionnariat Salarie (EAS) said the interests of EDF are gravely threatened by the Hinkley Point project, which it calls "a financial catastrophy foretold" in which EDF has nothing to gain and everything to lose.
"EAS asks the management of EDF to stop this risky project, whose financial risks are to big for our company and which could put EDF's very survival at risk," the association said.

http://www.telegraph.co.uk/finance/news ... lders.html

[adam2]

It appears that the earlier "final" approval was not as final as was claimed. An EDF board meeting that was expected to give (another) final approval has been postponed due to alleged funding problems.

http://www.bbc.co.uk/news/business-35415187

[alex]

I think this report is rather damning, and an excellent summation of history as well as the state of other EPR planned stations....

FROM THE ECOLOGIST

[clv101]

It is quite a damning indictment of 'progress' that we can't build this thing. The previous generation of British engineers, operating without computers, in a weak economy, managed to design and build a dozen nuclear power stations in a couple of decades - and they were good! None blew up (yet!) and most even received life extensions.

Hinkley C is an utter fiasco.

[adam2]

Agree, IF we are to use nuclear power this should be British designed and built without any significant reliance on foreign powers.

On nuclear power in general, I can see the arguments either way, but as regards French nukes I am less keen.
Chinese nukes no way ! china has a record of forgery and fakery of pretty much anything and the thought of fake safety critical components being used in a reactor is bad enough. Add to that the fact that computers and computer software would probably have Chinese malware or spyware to facilitate remote shutting down or blowing up, and I feel that the risks are simply too great.

[biffvernon]

How good is your French? I think the bloke in charge of Hinkley C has just quit!

http://www.boursier.com/actions/actuali ... .html?fil1

[adam2]

Looks like it, though my French is poor.
English report now available.

http://www.bbc.co.uk/news/uk-england-somerset-35482001

[biffvernon]

The BBC piece is rather shorter than the French version!

Mr Google translates:

This is a new blow to EDF projects in Britain. Christopher Bakken, responsible for EDF's UK nuclear project at Hinkley Point, just left the French electrician to join the American Entergy, was first announced Tuesday it said in a statement.

Mr. Bakken, a US citizen, will return to the United States to become the head of the nuclear segment in Entergy starting April 6, said the American group.

As managing director of EDF Energy, EDF's UK subsidiary, Christopher Bakken flying since 2011 the Hinkley Point C project in south-west England. His departure may sink ink, to the extent that the proposed Hinkley Point is increasingly criticized because of the financial risk that poses to the French public electrician.

The final investment decision in Hinkley Point has been postponed

According to press reports, EDF would meet and trouble complete the financing of this project, estimated at 18 billion pounds (23.7 MdsE at current prices), of which 66.5% the sole responsibility of the French group, the balance of 33 5% being provided by the Chinese group CGN.

January 27, during a board of directors, EDF did not, as originally planned, the final investment decision for the project to build two EPR nuclear reactors at Hinkley Point. This decision could be shifted to the next Board of Directors, which will take place before the publication of the annual results of the group, due on 16 February.

According to sources cited by 'Les Echos', EDF has called upon the state, its largest shareholder with 84.5% of the capital to find an investor to replace Areva, which should have initially contribute up to 10% project. Other funding options are also being explored, according to a source familiar with the matter.

The employee directors of EDF would oppose the project

Unions EDF, as well as some financial analysts are concerned about the financial consequences of the proposed Hinkley Point on EDF accounts, already heavily in debt, and is also called to participate in the rescue of Areva, the former flagship of the french civil nuclear in serious financial trouble.

According to sources close to the case cited Tuesday by the agency 'Reuters', the six directors present employees of EDF Board should vote against the proposed Hinkley Point, but they did not get any other assistance administrators to block the project. The employee directors occupy six of the 18 seats in the EDF Board of Directors.

[biffvernon]

Here's Power Engineering's version.

http://www.powerengineeringint.com/arti ... to-us.html