O que é este blog?

Este blog trata basicamente de ideias, se possível inteligentes, para pessoas inteligentes. Ele também se ocupa de ideias aplicadas à política, em especial à política econômica. Ele constitui uma tentativa de manter um pensamento crítico e independente sobre livros, sobre questões culturais em geral, focando numa discussão bem informada sobre temas de relações internacionais e de política externa do Brasil. Para meus livros e ensaios ver o website: www.pralmeida.org. Para a maior parte de meus textos, ver minha página na plataforma Academia.edu, link: https://itamaraty.academia.edu/PauloRobertodeAlmeida.

domingo, 11 de setembro de 2011

The Future of Money - Foreign Policy


Welcome to Deep Dive, a unique monthly policy conversation about the world’s most pressing issues. Each month, we tackle a new subject from the top of the Washington agenda, featuring key players from Capitol Hill and the executive branch, as well as other global decision-makers, as we go deep on the issues shaping Washington's intersection with the world. In this special edition, we take on the future of money, the complex and long-fought currency wars that threaten to reshape the global economy in unprecedented and unpredictable ways -- starting with a definitive briefing on Beijing’s political calculations by Brookings scholar Arthur Kroeber and key insights from the World Bank’s Mansoor Dailami, noted eurosceptic David Marsh, and China economy expert Michael Pettis, among others. The debate couldn’t be more timely, with a European monetary union in crisis, gold prices going through the roof, and politicians in Washington vowing to up the pressure on China’s undervalued currency.
stripes
  • By David Marsh
    The Icarus Zone
    By David Marsh
  • By Phil Levy
    The Multilateral Vacuum
    By Phil Levy
  • The Buck Stays Here
    The Buck Stays Here
    By Daniel W. Drezner
  • Flags on a video wall
    The WikiLeaks of Money
    By Joshua E. Keating
  • The Euro and the Scalpel
    The Euro and the Scalpel
    By Ed Hugh
  • Dreaming of SDRs
    Dreaming of SDRs
    By David Bosco

Nuclear energy: a non-conclusive debate (CNN)

Six months post-Fukushima, weighing costs, risks key to nuclear debate

Greg Botelho
CNN, September 11, 2011


STORY HIGHLIGHTS
  • A March 11 earthquake in Japan led to a nuclear crisis at the Fukushima Daiichi plant
  • The incident triggered a global debate about the risks and potential of nuclear power
  • Some nations, like Germany, Italy and Japan, have opted to abandon such programs
  • Others, like France and China, are continuing and, in some cases, building new

(CNN) -- The Futaba district of Japan's Fukushima prefecture was once defined largely by its farmers and its fishermen, as well as by its vast nuclear complexes that funneled power to Tokyo.
But six monthsafter a potent 9.0-magnitude earthquake and subsequent tsunami set off a mad, weeks-long scramble to curb an outflow of radiation from the stricken Fukushima Daiichi plant, this area is very much part of the global consciousness.
"Regardless of where in the world a nuclear crisis happens, it affects everybody," said Jasmina Vujik, a professor from the University of California at Berkeley. "Fukushima definitely did affect the entire nuclear energy community."
In Beijing and Berlin and beyond, the crisis has been repeatedly invoked by experts, advocates and policy-makers debating how best to learn from, and perhaps steer away from, nuclear energy.
The answers have varied widely -- from Germany opting to abandon its program, to neighboring France, which stood by an energy source that provides its residents 80% of their power. Still, with exceptions, the debate's framework largely has been the same: Is nuclear energy worth the safety risk? Is it worth it for a country not to have nuclear 
power?
Besides politics of every country being different, economic situations diverge as well. Jim Walsh, an international security expert with Massachusetts Institute of Technology's Security Studies Program, said private investors -- at least in the United States -- "are not chomping at the bit" to invest in building expensive nuclear plants that may need decades to pay off.
Or as Gary Was, an engineering professor at the University of Michigan, succinctly states is the main driver -- before and after Fukushima, for private and publicly funded energy initiatives -- behind any nation's pursuit, or lack thereof, of nuclear power: "It's demand, and it's economics."
In some places, like the United States, the economic downturn has contributed to diminished demand for power and less capital to fund new projects. But it is a different story in places like India and China, which have burgeoning power needs and a desire to steer clear of options, like coal, that emit more air pollutants.
The quandary about balancing energy needs, safety and cost is felt no more than in Japan.
Before the recent disaster, about 30% of the Asian nation's energy came from nuclear plants. Now the Ministry of Economy, Trade and Industry reports 43 of Japan's 54 reactors are off-line, mostly because of safety inspections but also because of lingering effects from damaged reactors in Fukushima. Tokyo Electric Power Company President Noshio Nishizawa said last month said that these reactors should be under control by January, though they're not expected to ever function again.
That's contributed to a drastic drop over the summer in power usage -- nearly 8% across all of Japan, including more than 18% in areas controlled by TEPCO, which besides running the Fukushima plants steers energy to the capital -- according to the government ministry. But it has come at a price for the nation's already staggering economy, as well as its citizens.
"It was not easy," said Nissan Chief Operating Officer Toshiyuki Shiga, citing the car company's energy-saving measures like having workers take Thursdays and Fridays as their weekends. "I think this is not sustainable. ... We cannot continue this working situation."
Even with its energy needs, the federal government -- first under Prime Minister Naoto and then his predecessor Yoshihiko Noda -- has vowed to gradually phase out nuclear power. But Masaki Ozawa, a nuclear scientist with the Tokyo Institute of Technology, thinks this is a bad idea, especially given the alternatives.
"If people want to cancel nuclear power, we have to be prepared to go back to the 19th century to burn coal," Masaki wrote by e-mail from Japan. "Japanese people should be more logical and strategic, not like Italy or Germany but like France."
Masaki was alluding to Germany's move earlier this year to shutter all its nuclear power plants by 2022. Weeks later, in mid-June, voters in Italy shot down efforts by Prime Minister Silvio Berlusconi to invigorate that nation's nuclear program.
"These events ... are significant," opined Jim Riccio, Greenpeace's nuclear policy analyst. "And in my mind, you have some motion in (the United States) and I believe you're going to see more resistance to nuclear power."
Riccio was referring to what he sees as growing popular opposition to nuclear energy, coupled with what he sees as the rising viability of wind, solar and other sources of renewable energy.
Yet Jack Grobe, a deputy director at the U.S. Nuclear Regulatory Commission (NRC) told CNN, "All of our plants are operating as they were before." He also noted four proposed new plants are in various stages of approval, and that regular inspections continue at the nation's 104 reactors.
Moreover, Grobe said there has been a "significant effort to follow up on Fukushima" -- to learn from what happened there and see if there are any lessons for U.S. plants' safety. This includes a NRC panel that has vowed, in a multi-step process, to review design and crisis response parameters as well as offer several steps that plant operators should initiate "without delay."
Grobe said the Fukushima plant's design and other issues played a major role in the disaster -- like it having a 5.7-meter seawall, which was unable to contain a significantly higher tsunami -- concluding "it is unlikely a similar sequence of events would occur in the United States."
In addition to disasters and human error, one challenge in the United States is whether its reactors will be able to stand the test of time. The newest was built in 1978, with some dating to the 1960s. The NRC has already approved several 20-year extensions for existing U.S. plants.
While some, like Walsh, fear that some of these plants' outdated designs and simple aging could prove dangerous, Grobe stresses that -- despite their official 40-year shelf-life -- "These plants are not stable or stagnant. They're continuously being upgraded."
Was notes that questions about the pressure vessel's integrity, corrosion of the nuclear core and the strength of a nuclear plant's concrete are critical to answer, in order to determine how long reactors can safely and effectively operate.
"Can we run a plant for 80 or 100 years?" asks Was. "We have replaced ... steam generators (and) nuclear vessel heads. Can we replace entire vessels?"
Meanwhile, other nations are more focused on creating new plants than making upgrades to existing ones. Talking to CNN from Belgrade, Vujik noted the Czech Republic, Slovenia, Russia and India are among those still pushing for new nuclear power plants post-Fukushima.
And Was, who recently returned from Beijing, said China is building 24 reactors in its bid to satisfy a surging power demand and realizing "they can't afford use coal" -- another viable option for mass energy use -- "because it's so dirty, and they can see that."
"These countries are absolutely committed to nuclear power," Was said of China and India, among others. "The ideal is that they (build off) the knowledge and wisdom amassed by the nuclear industry over the last 40 years."
There is a widespread belief that nuclear power plants built today are, generally, much safer than those created decades ago. But those following the industry also acknowledge that nature, human error and the innate volatility of fission means there is some inherent danger as well, whatever the improvements.
"Whatever we do in our lives, we must understand the risks associated with them," said Vujik.

CNN's Andrew Stevens and Junko Ogura contributed to this report.

sábado, 10 de setembro de 2011

Bem-vindos sejam os especuladores: os petistas adoram...

Os economistas petistas (se não há nenhuma contradição intrínseca em juntar os dois termos) estão sempre condenando, abjurando, xingando o malvado "capitalismo financeiro", ou a tal de "financeirização" da economia (que eles não sabem muito bem o que seja, mas repetem incansavelmente). 
E, no entanto, tanto o ex-chefe, quanto a nova chefa não se cansam de dizer aos especuladores de Wall Street (ou de qualquer outro lugar): "Venham, venham, vocês são bem vindos, podem aproveitar!"
Não sei exatamente o que os eps (for short) estão pensando atualmente, mas eles detestam os americanos. Quem sabe eles não apreciariam capitalistas japoneses?
Eles vão gostar especialmente disto aqui: 
"The carry trade made the Brazilian real attractive to the Japanese, who could borrow at 0.1% in Japan and get 12.5% in Brazil."
Quais especuladores sonhariam ganhar tanto em outros mercados? O Brasil é o sonho dos especuladores.
E tudo graças aos economistas petistas. 
Eu não disse que eles eram neoliberais?
Paulo Roberto de Almeida 


Are Japanese Investors Right About Brazil?
Forbes Magazine, September 2011

Emerging markets often bottom ahead of the developed markets, and if Japanese investors are right, these ETFs that focus on Brazil may present some interesting investment opportunities.
Recent data from Lipper Financial indicates that in the past two years, Japanese investors have invested more than $100 billion in mutual funds tied to the Brazilian economy. The past few months have been quite hard on these investments, as the move out of higher-risk assets has hurt emerging markets.
The currency markets have not helped. The carry trade made the Brazilian real attractive to the Japanese, who could borrow at 0.1% in Japan and get 12.5% in Brazil.
The recent sharp rise in the yen, and fall in the Brazilian real, has dampened this enthusiasm. The prevailing wisdom is that the yen would have to get much stronger to cause significant unwinding of this position.
The recent rate cut in Brazil caught the markets by surprise, as inflation has risen sharply for the past 12 months. It is hoped that the cut will help the Brazilian economy stay strong as concerns grow over a global economic slowdown.
Often, emerging markets will bottom out ahead of developed markets, so I am closely watching the technical action of the Brazilian markets. The Market Vectors Brazil Small-Cap (BRF) is a $900 million ETF that yields 1.4% and should be more sensitive to an economic turnaround in Brazil. From a low of $42.14 on August 5, BRF has rebounded 27% to a high last week of $53.51.

BRF rallied back last week to its former support, now resistance at line b 
There is a band of stronger resistance in the $55-$57 area

The daily RS analysis has risen sharply in the past three weeks, but is still below the key resistance at line c. A convincing move above this level is needed to confirm a bottom
The daily OBV is still below its long-term downtrend, line d, and shows no signs yet of a major bottom The WisdomTree Dreyfus Brazilian Real Fund (BZF) is a $500 million ETF that has an average volume of 140,000. It has an income yield of 5.9%, but paid a distribution of $3.24 in 2010.
The weekly chart shows that BZF has recently come quite close to its weekly support, line f, in the $27 area. The August low was $27.21 There is further support at $25.80, and a weekly close below this level would violate the uptrend The weekly OBV surged to the upside, as volume topped $9 million for one week in June

The daily OBV (not shown) is neutral
There is initial resistance now at $28.30-$28.50 with further in the $29.20-$29.45 area

What it Means: The large commitment to Brazilian markets by Japanese investors is interesting, as they tend to take a long-term view. If you believe that we are starting another recession, then emerging markets are likely to again bottom first. Of course, the emerging markets could go lower first.
Technically, equity ETFs should see a pullback back to the August lows, or lower, before a bottom can be formed. 
The WisdomTree Dreyfus Brazilian Real Fund (BZF) does look attractive at current levels, due to its healthy dividend and its closeness to long-term support.
How To Profit: For the WisdomTree Dreyfus Brazilian Real Fund (BZF), go long at $27.48 or better, with a stop at $25.68.

MarketWatch
The carry trade made the Brazilian real attractive to the Japanese, who could borrow at 0.1% in Japan and get 12.5% in Brazil.

Periodicos indexados, publicacoes cientificas (FSP)


JC e-mail 4333, de 30 de Agosto de 2011.


Publicação, importante etapa da ciência

Artigo de Rogério Meneghini na Folha de São Paulo (30/08/2011).
No Brasil, os periódicos são publicados por sociedades, e não por publishers; por isso, a maioria é gerenciada de modo amador e com poucos recursos A produção mundial de ciências tem crescido intensamente, principalmente em países emergentes. Estima-se que haja mais de 100 mil periódicos científicos no mundo.

Tanto em taxa de crescimento quanto em total de artigos, os países emergentes do grupo Brics se destacam, com 18% das publicações mundiais. Tais números ressaltam a quantidade, mas e quanto à qualidade? A avaliação mais próxima desse atributo se faz pelo número médio de citações aos artigos, utilizando bases internacionais de indexação.

Na mais prestigiosa, a Thomson-Reuters-ISI, o Brasil se encontra na 13ª posição em número de artigos publicados e na 35ª posição em citações por artigo; em resumo, relativamente bem em produtividade, mas mal em qualidade. Entre os fatores que pesam para isso está o baixo nível de colaboração internacional (27% dos artigos).

Países mais avançados apresentam taxas superiores a 50%. É evidente que, hoje, a interação com parceiros internacionais aumenta a troca de ideias e informações, beneficiando o trabalho resultante.

Outro fator é a baixa presença de cientistas brasileiros nos corpos editoriais das revistas internacionais. Não por menos, esses pesquisadores são chamados de guardiões do portão: como cientistas destacados, têm o poder de estabelecer os contornos da ciência contemporânea, definindo o que é relevante e vanguardeiro.

Nossos periódicos também têm seus guardiões. Poderiam eles compensar a pouca presença internacional? Dificilmente. Os países emergentes buscam indexar seus periódicos nas bases internacionais, e alcançaram sucesso nos últimos anos. Contudo, tais periódicos não se tornam necessariamente internacionais por isso. Eles operam primordialmente para fluir a produção científica nacional.( o grifo é do Jackson)

No Brasil, são publicados por instituições ou sociedades, e não por publishers, como na grande maioria dos países. Por isso, são em sua maioria administrados de forma amadora e com recursos modestos.

O programa SciELO, apoiado primordialmente pela Fapesp, tem operado para selecionar os melhores periódicos brasileiros, dispondo-os em acesso aberto na internet e alavancando-os para indexação nas bases internacionais. O programa, porém, não intervém em suas administrações, não exercendo, portanto, o papel de publisher.

Como avançar na internacionalização desses periódicos? A meta é atingir maior visibilidade (citações) com uso intensivo da língua inglesa e da colaboração internacional.

Para isso, é necessário: (1) profissionalizar a administração, por meio de publishers e de atuação na composição do corpo editorial com pesquisadores conceituados e ativos (não perfunctórios), remunerados e experientes internacionalmente; (2) adotar um modelo econômico em que os autores pagam para publicar seus artigos, com recursos provindos de seus projetos.

A escolha de onde publicar já seria um procedimento de avaliação dos melhores periódicos pelos pesquisadores.

Rogério Meneghini é professor titular aposentado da USP, coordenador científico do programa SciELO de revistas científicas e membro da Academia Brasileira de Ciências.

Nine Eleven: the View From Abroad - Claire Berlinski


The View from Abroad
What it was like to be an American in France in the aftermath of 9/11
The City Journal, vol. 21, n. 3, Summer 2011, 9 September 2011

I was in Paris, alone. My father was in Washington, D.C., with his parents. After seeing the images on television, my grandfather, already ill, collapsed. My memories of September 11 are bound up inextricably with my grandfather’s death.
My grandparents were musicians, refugees from the Nazis. They fled to Paris from their native Leipzig in 1933. From my grandfather’s memoirs:
Then came September 1, 1939, when I found myself in the uniform of the French Foreign Legion. The legion disregarded my skill as a pianist and composer and proceeded to train me to play the following instrument with more or less perfection: A Hotchkiss machine gun, model 1916. Of this instrument, one can say that one is expected to play it with deadly accuracy. And I always had some talent with instruments, musical or otherwise . . .
When we arrived in the United States in late 1941, the immigration officer looked at our documents, stamped with a dozen stamps bought with blood and tears, and said, “Welcome Home.”
My grandfather was one of the handful of survivors of his regiment. We have the official army records, yellow and weathered. In just a few days of action, the 12th Regiment went from 2,250 men to 225 men. The survivors were as a group awarded the Légion d’honneur. The Regiment still flies the emblem of the Légion d’honneur on its standard. The Hotchkiss fired something like eight rounds a minute: German machine guns fired ten times as many rounds in the same period of time. Or so he wrote.
I don’t think I’ve reviewed the e-mail I sent to friends in the wake of the attack even once in the past ten years. It occurred to me to do so while thinking about this anniversary. I wanted to know if my memories of my reaction were true. I was surprised by what I found. This is what I was really thinking, not what I remember thinking. I’ve only omitted the names and a detail or two that might identify the friends to whom I wrote.
My grandfather is at Sibley Hospital, which my father says is strangely empty—I guess all the casualties were taken to other hospitals, or maybe there are no casualties, because they’re all dead.
Paris is not quite under martial law, but it’s close, the city is on the highest possible anti-terrorist alert. There are soldiers with automatic weapons on the streets.
French people are coming up to me in the street with tears in their eyes and telling me that they love America.
*
It’s 4:24 in the morning here, and I can’t sleep. . . . I don’t know why it didn’t dawn on any of us before that crazed and demonic people might long to plough a human payload of terrified souls into a building in the heart of New York City.
*
Note from Paris: New Yorkers may have been taken aback by Chirac’s use of the word “drama” to describe the attacks and their aftermath. He probably didn’t realize the connotations of this word in English. I doubt he meant to suggest that the events were theatrical; in French the worddrame means tragedy. It’s one of those faux amis they warn you about. He’s not actually a completely insensitive, inappropriate moron. I know this because after nearly going out of my mind with rage at French newscasters for calling this a drame, I finally looked it up.
*
M—, basically I agree with you, and I think Bush will handle this fine. He’s calm, he’s in control, and he’s surrounded by the right people. I don’t think we’re leaderless, as S— said. But I also agree with S— that words and oratory count at a moment like this. It is simply grotesque to describe the perpetrators as “folks,” even if it is an unstaged first reaction, or to describe this as a “tragedy,” as if someone had been bitten by a shark. S— is right; the word he needed was “evil.” He used it, later. The word he needed was “murder,” not tragedy. Thousands of innocent men, women and children were murdered by men of unfathomable evil; no one succumbed to “tragedy” at the hands of “folks.”
Thanks everyone for the kind thoughts about my grandfather; we’re still not sure what’s wrong.
*
My phone has been ringing non-stop; all of my French friends are grief-stricken and appalled and overwhelmed, and they all wanted to talk to me because I’m American and they wanted to tell me that they love America, would enlist today if they could to avenge these murders. Today all of Europe shut down for three minutes of silence; 200,000 Germans stood outside the Brandenburg Gate; thousands stood silent in the streets of Paris, Toulouse, Rome, Warsaw . . . then the French and British leadership sang the U.S. national anthem, which was eerie and profoundly moving.Le Monde ran an editorial that said “Today we are all Americans,” and “France owes America its liberty”—two phrases I never thought I’d see in Le Monde in my lifetime. All trace of subtle anti-American sentiment seems to have disappeared. Of course, 200 French people are missing in the rubble, too.
*
What I haven’t seen in the press, what I’d like to see, is a specific discussion of the details of various military options. I’d like to see a detailed statement of our war aims, for a start: “Ridding the world of evil” is great, but it won’t happen in our lifetimes. Neither, for that matter, will “whipping terrorism”—are we going to go after the IRA, the Basque separatists, while we’re at it? I want to see a clear, intelligible formulation of plausible objectives. I cannot find one anywhere in the press.
Then I’d like to see a detailed analysis of the various military options we might employ: What would it take to occupy, say, Kabul, Baghdad and every terrorist training camp or military facility related to this attack, all facilities for the manufacture of weapons of mass destruction in Iraq, Iran, Libya, Syria, Sudan? How many carrier groups, what kind of aircraft, artillery, missiles would we need, how many ground troops, how long would it take to effectuate this kind of campaign, what kind of casualties would we take; do we have what it takes now or will we have to enter a prolonged phase of military production first? How many men do we currently have under arms, what weapons are battle ready, what would the numbers be if the whole of the NATO alliance is involved; a full-fledged international coalition? How should the battle be waged, geographically and strategically? There would be a sustained air campaign first, obviously, followed by a ground campaign—but of what kind? Where should forces be concentrated? What kind of civilian casualties would we inflict? What scenarios are more and less likely to lead to a wider Mideast war, a nuclear holocaust involving India and Pakistan?
I hear, “level Kabul,” but there’s nothing in Kabul but a few cripples and a pathetic one-eyed lion in the Kabul Zoo. We can’t bomb Kabul back to the Stone Age because it’s already there. So does it make sense to waste time, money and life eviscerating Kabul, when there are so many more targets of real strategic significance?
If you’ve seen any intelligent analysis of these questions, tell me where. The media are full of stirring calls to war and animadversions that this time, we must mean business, and God knows I agree, I just want to know exactly how we’re going to do it.
*
Things aren’t so good here; my grandfather did have a heart attack and it looks unlikely that he will live very long. I want to fly to Washington to be with him, but he and my grandmother have demanded I not get on a plane (for obvious reasons). He was 91 and in fragile health before this happened.
They’ve been side by side for 70 years. How will she cope?
My grandfather rallied briefly, then died. I did not see him. I have wished many times in the past decade that I could speak to him about what happened and what has happened since. No one I have ever known has had instincts about politics, war, and its conduct that I trust so deeply. I know what I know from reading books. He knew from experience. Ten years later, I have still not seen an answer to the questions I asked that week about our strategy.
My father told me that though my grandfather was very ill, he was quite lucid in reacting to the news of that day; he understood at once that it was a major atrocity. “They must pay for it with a city,” he said. I wish I knew exactly what he meant.

Claire Berlinski, a City Journal contributing editor, is an American journalist who lives in Istanbul.