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Instead, America's consumption binge drew support from two major asset bubbles-property and credit. Courtesy of cheap and freely available credit, in conjunction with record housing price appreciation, consumers tripled the rate of net equity extraction from their homes, from 3 percent of disposable personal income in 2001 to 9 percent in 2006. Only by levering increasingly overvalued homes could Americans go on the biggest consumption binge in modern history. And now those twin bubbles-property and credit-have burst, and so has the US consumption bubble: real consumer spending fell at an unprecedented 3.5 percent average annual rate in the two final quarters of 2008. While the original excesses were made in America, the rest of the world was delighted to go along for the ride. With the United States lacking in internal saving, it had to import surplus savings from abroad in order to grow-and ran massive current-account and trade deficits to attract that capital. This fit perfectly with the macro-imbalances of the export-led developing countries of Asia, whose exports exceeded a record 45 percent of regional GDP in 2007-fully ten percentage points higher than their share ten years earlier, in the depths of the Asian financial crisis. China led the charge, taking its exports from 20 percent, to 40 percent of its GDP over the past seven years alone. The export-led growth in developing Asia could well be described as a second-order bubble-in effect, a derivative of the one in US consumption.

"Donald Sadoway: The missing link to renewable energy Tweet this talk! (we'll add the headline and the URL) Post to: Share on Twitter Email This Favorite Download inShare Share on StumbleUpon Share on Reddit Share on Facebook TED Conversations Got an idea, question, or debate inspired by this talk? Start a TED Conversation, or join one of these: Green Home Energy=Hydrogen Generators-alternative sources Started by Kathleen Gilligan-Smith 1 Comment What is the real missing link in renewable energy? Started by Enrico Petrucco 8 Comments Comment on this Talk 60 total comments Sign in to add comments or Join (It's free and fast!) Sort By: smily raichel 0 Reply Less than 5 minutes ago: Nice smily raichel 0 Reply Less than 5 minutes ago: Good David Mackey 0 Reply 3 hours ago: Superb invention, but I would suggest one more standard mantra that they should move on from and that is the idea of power being supplied by a centralised grid. This technology seems to me to be much more beneficial on a local scale, what if every home had its own battery, then home power generation becomes economically more viable for everyone. If you could show that a system like this could pay for itself in say 5 years then every home would want one. Plus for this to be implemented on a large scale requires massive investment that could be decades away. Share the technology and lets get it in homes by next year. Great ted talk. Jon Senior 0 Reply 1 hour ago: I agree 100%. Localised energy production would also make energy consumers more conscious of their consumption and encourage efforts to reduce it. We can invent and invent all we want, but the fast solution to allowing renewable energies to take centre stage is to reduce the base energy draw. With lower baseline consumption, smaller "always on" generators are required to keep the grid operational. Town and house-l

LS Cable may see a 5% y-o-y fall in its copper consumption in the current year. This will be the second consecutive year that copper consumption dropped, as the company already experienced a 5% y-o-y plunge in 2008 to 270,000t. Copper accounts for about 30% of the company's production costs. LS Cable has announced that it is focusing on higher value added products such as underground and extra high-voltage cables in developing regions including the Middle East, China and other Asian countries.

According to a study carried out by Sindicel, the Sao Paulo based non-ferrous metals association, Brazil's per capita copper consumption rose by 50% in 2002-2008 to 2.1 kg. Copper usage has grown 30% higher than the GDP growth in the same period. Sindicel's president Sergio Aredes said that the significant rise in copper usage reflects the growth in construction and high-tech products in the Brazilian economy. The association also announced that copper semis production in 2008 generated US$4.0B in revenues. Robust demand in 2008 was supported by strong consumption in the construction, energy, automotive, mining and steel sectors. But Sindicel anticipates that sales in 2009 will decline (construction by 15%, infrastructure by 19% and telecommunication wire and cable by 10%).

Economic Growth, The Financial Crisis, and Peak Oil For several years, a swelling subculture of commentators (which includes the present author) has been forecasting a financial crash, basing this prognosis on the assessment that global oil production was about to peak. (2) Our reasoning went like this: Continual increases in population and consumption cannot continue forever on a finite planet. This is an axiomatic observation with which everyone familiar with the mathematics of compounded arithmetic growth must agree, even if they hedge their agreement with vague references to "substitutability" and "demographic transitions." (3) This axiomatic limit to growth means that the rapid expansion in both population and per-capita consumption of resources that has occurred over the past century or two must cease at some particular time. But when is this likely to occur? The unfairly maligned Limits to Growth studies, published first in 1972 with periodic updates since, have attempted to answer the question with analysis of resource availability and depletion, and multiple scenarios for future population growth and consumption rates. The most pessimistic scenario in 1972 suggested an end of world economic growth around 2015. (4)

NEC Electronics America Inc. introduced to the Americas twenty-two new 16-bit All Flash microcontrollers (MCUs) for compact, low-power, battery-operated, and sensor-enabled systems. Based on NEC Electronics' high-performance 16-bit 78K0R CPU core, the new 78K0R/Kx3-L MCUs offer very low power consumption to extend battery life, and more on-chip integration to help reduce the size and cost of battery-driven and sensor-enabled systems, such as fire and security alarms, meters, industrial sensors, anti-shake digital cameras, handheld medical diagnostics devices, and data-logging and point-of-sale terminals. In addition to low power consumption, the new lineup offers high-performance on-chip oscillators, built-in circuits for sensor functions, and extended system operating time. "As environmental awareness has grown, energy-saving systems have become particularly reliant on MCU technology," said Jim Trent, Vice President, Multipurpose Microcontroller and Automotive Group, NEC Electronics America. "Over the past several years, NEC Electronics has delivered many ultra-low-power 8- and 32-bit MCUs that have met the demand for energy efficiency. With the introduction of the new 78K0R/Kx3-L devices, however, NEC Electronics is now delivering the benefits of energy efficiency in its 16-bit products."

China's copper consumption will rise in 2009 but growth will slow from 2008, Li Yihuang, president of Jiangxi Copper group, said on Thursday. "I feel this year's copper consumption growth should very closely track the country's gross domestic product growth," Li told reporters in Beijing.

The Chinese government is supporting the copper industry by eliminating taxes on copper concentrate imports and finished copper products exports. China is the world's top copper consumer and according to Antaike Chinese copper consumption in 2009 will grow by 2.1%, revised down from its previous forecast of more than 6%. The duty-free trading policies will benefit copper smelters and fabricators, however, weak global demand will continue to take its toll on Chinese exports.

Led by China, the developing nations of the world now consume more energy than the industrialized countries, according to the 2009 BP Statistical Review of World Energy. BP released its annual review of world energy use on June 10, noting that industrialized countries reduced their energy consumption by 1.3% in 2008, led by a 2.8% drop in the United States, marking the country's steepest single-year decline since 1982. That decrease was counterbalanced by increasing energy use in developing countries, which caused global energy consumption to increase by 1.4%.

According to data released by the Shanghai Electric Cable Research Institute, total copper consumption in wire and cable manufacturing amounted to 4.5 million tonnes in 2009. The figure includes 1.0 million tonnes of copper scrap. It was reported that copper consumption in the electric wire and enamelled wire product segments alone reached 1.4 million tonnes and 1.0 million tonnes respectively.

According to Antaike, a metals research group, China's growth in refined copper consumption is set to slow in the coming year. The group forecasts consumption growth of 6.4% in 2012, compared to expected growth of 8.5% this year and 11.5% growth in 2010. This slowdown in consumption is likely to put downward pressure on copper prices, which have recently fallen to the lowest levels this year on eurozone and US debt concerns. Tight credit as well as struggling automotive sales, fewer new-home start-ups and declining railroad investment were quoted as key contributors to slowing refined copper demand.

According to the China Nonferrous Metals Industry Association, the nation's refined copper consumption in the first three quarters of this year reached 5.5Mt, up 8% y-o-y. The industry body anticipates that consumption will reach around 7Mt for the whole of 2011. The growth in consumption has been accredited to greater semis production capacity.

According to CRU's Copper Group Manager Vanessa Davidson, annual copper consumption growth will average 4.4% y-o-y during the period 2012-2017 driven by strong consumption in China and the rest of Asia. The Group Manager said she does not see the rising stocks on the LME as being as bearish as it seems, saying it is the result of stocks being transferred into visible locations. The speech was part of the annual CESCO/CRU World Copper Conference held in Santiago, Chile.

Despite the small drop in March copper imports, overall imports of copper to China remain at a high level. This may seem somewhat surprising in the light of the deeply unfavourable arbitrage, a deteriorating short-term consumption outlook and high inventory levels. CRU suggests that much of the material is imported by traders into bonded warehouses, who may be using copper as a financing mechanism to take advantage of arbitrage opportunities in other markets, such as in the RMB and interest rates. Bonded warehouses allow traders to easily re-export material out of China without incurring major costs, such as VAT. This allows them to take swift aversive action in case the outlook on Chinese consumption weakens further, while benefitting from the export-friendly arbitrage window. The slower growth in scrap imports is more reflective of the negative arbitrage and the temporary easing of the concentrates market following outages at PASAR's Leyte smelter and PPC's Saganoseki smelter.

According to China Minmetals, China's refined copper consumption will grow 5.2% in 2012. This compares to an average growth rate of approximately 15% between 2005 and 2010. The company maintains that the growth in consumption will be proportionately higher than growth in domestic copper output however.

The International Copper Promotion Council (ICPC) is expecting Indian demand growth to be cut by almost half, to 8-9 percent this fiscal year, down from an average of 15% over the past two years. Strong industrial growth, residential construction and consumer spending have spurred on demand in Asia's third-largest economy, with copper consumption reaching 512,000t in 2007. However, rising inflation, and the subsequent hike in interest rates, looks set to cool demand growth this year. Industrial growth for June was reported at 5.4%, nearly half what it was in 2007. "The consumption of copper -based appliances in the white goods segment will slow down due to a reduced rate of growth in disposable incomes. This will also be a dampener on copper consumption," said a member of the ICPC in India. Ongoing government investment in power infrastructure and a growing emphasis on more energy-efficient appliances will protect demand, according to the ICPC, "partly cushioning the impact of a moderating economy."

Steel consumption is likely to shrink next year from the 2008 level, with the biggest decline in demand in the first half of the year, the European Confederation of Iron and Steel Industries said on Monday.

NEW DELHI: Riding on the back of improved performances and demand from the automobile and construction sectors, consumption of steel increased by 5.7 per cent to 4.45 million tonnes in February indicating a revival in demand, according to official sources.

US speciality brass mill Ansonia Copper and Brass Inc. has announced that it will lay off 85 of the 102 employees at its Liberty Street, Ansonia, factory in Connecticut. The plant manufactures copper alloy rod and wires. Company President Raymond McGee said "it's a very, very difficult situation". He blamed the redundancies, on top of 76 employees laid off in April 2007, on the company's struggle with escalating costs. Since 2002 electricity costs have soared 239%, natural gas 200%, fuel oil 125%, and copper and nickel 500% apiece. Ansonia's other facility in Waterbury, CT, which manufacturers copper alloy tube is unaffected by the announcement.

Further evidence of the impact of the North American economic slowdown on copper demand has recently been published by the ABMS and government statistical bodies. North American copper wirerod production plummeted 9.6% year-on-year to 174,000 tonnes in April. Output had been on a downward trend but the magnitude of the deterioration in April has still come as something of a surprise. A year-on-year increase of 2.0% in North American output January had been followed a 1.0% fall in February and a 2.7% drop in March. In April Canadian output was flat year-on-year due to improving export sales to the US, while US production fell 9.8% year-on-year and Mexican shipments slumped by 17.5%. On a year-to-date basis North American wirerod production was 2.9% lower in the four months to April 2008. Weakening demand from the automotive industry, coupled with a resurgance in copper prices and the return of Russian wirerod imports has clearly led to a deteriorating market situation for domestic mills.

Mueller Industries second quarter results highlight the tough times that the US brass mill industry is facing, but that companies can still operate profitably in a challenging market environment. The company's plumbing and refrigeration segment saw sales fall 11% to US$404m, while its operating profits dropped 32% to US$35m. The company blamed lower shipment volumes and lower spreads for the weaker performance. Sales at the company's OEM division, which includes its brass rod activities, rose 10% year-on-year to US$354m, while its operating profits rose 5% to US$19m. The improvement here is due to acquisition of Extruded Metals. Commenting on the results Harvey Karp, Chairman of Mueller Industries said "Mueller's earnings for the first half of 2008 were achieved despite the continuing decline in the housing industry, the sub-prime mortgage meltdown, the turbulence in the financial markets, rising metal costs, sky-high energy prices and a slowing national economy. Considering these adverse circumstances, we are pleased with the results."