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Cake day: July 16th, 2023

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  • I totally agree that current nuclear power generation should be left running until we have enough green energy to pick up the slack, because it does provide clean and safe energy. However, I totally disagree on the scalability, for two main reasons:

    1. Current nuclear power generation is non-renewable. It is somewhat unclear how much Uranium is available worldwide (for strategic reasons), but even at current production, supply issues have been known to happen. And it goes without saying that waiting to scale up some novel unproven or inexistent sustainable way of nuclear power production is out of the question, for time and safety reasons. Which brings me to point 2.

    2. We need clean, sustainable energy right now if we want to have any chance of fighting climate change. From start of planning of a new nuclear power plant to first power generation can take 15 or 20 years easily. Currently, about 10% of all electricity worldwide is produced by about 400 nuclear reactors, while around 15 new ones are under construction. So, to make any sort of reasonable impact, we would have to build to the tune of 2000 new reactors, pronto. To do that within 30 years, we’d have to increase our construction capacity 5 to 10 fold. Even if that were possible, which I strongly doubt, I would wager the safety and cost impacts would be totally unjustifiable. And we don’t even have 30 years anymore. That is to say nothing of regulatory checks and maintenance that would also have to be increased 5 fold.

    So imho nuclear power as a solution to climate change is a non-starter, simply due to logistical and scaling reasons. And that is before we even talk about the very real dangers of nuclear power generation, which are of course not operational, but due to things like proliferation, terrorist attacks, war, and other unforseen disruptions through e.g. climate change, societal or governmental shifts, etc.


  • If you really want to read a paper, it’s often easiest to e-mail one of the authors and ask for a copy. I published a fair few papers in my time, and shared many of them like this many times without any issues.

    The only issue might be that after a few years, it’s possible that none of the authors can be reached via the addresses on the paper anymore, so you might have to go through their university (I’ve never tried this, so ymmv).


  • I faced a similar challenge a few years ago; from my own projects to a large policy management system at an insurance company with literally 100s of thousands of source code files.

    Of course it was extremely daunting at first, but what definitely helped me most was coming up with a strategy to find code where similar things had already been done.

    This is easiest with a good IDE (search for aptly named classes, functions, etc.), and of course then asking somebody more experienced if you found the right bit of code. The last point cannot be overstated; most people love to show off their knowledge. If you come to someone with a question about a specific piece of code, they are usually extremely helpful. And importantly: if you don’t know who to ask, simply ask someone whom to ask! Again, make people show off their knowledge.


  • Of course you can “spend” debt, but only if the debtor is very reputable. Consider the old example: I ask you to fix my car. I don’t have any money on me to repay you, so I give you an I.O.U… You go get a haircut, but don’t have any money on you either. The hairdresser knows I’m a standup guy so he takes my I.O.U. as payment instead. Later he comes to me to collect, I repay him and we rip up the I.O.U… See how it can be spent like money (we could of course add any number of people in between who trust me where my I.O.U. changes hands)?

    Part of the agreement with the bank is that they guarantee (to a reasonable degree, as the FDIC puts it) to be available for collection in cash at any time. That of course makes them an extremely reliable debtor, and therefore their I.O.U.s (a.k.a. the money in your account) are virtually globally accepted as payment (not least because of the government heavily regulating the matter). See the parallels?

    Also, I still would like to know what the legal nature of a bank account is if not debt. I think I’ve ruled out Bailment, Trust, and Agency. What else is it?

    Going on a tangent here, I think what cannot be understated is the power dynamic intrinsic in debt agreements. Usually, the creditor gains a considerable amount of power over the debtor, especially if the latter fails to repay his debt (the threat is foreclosure, imprisonment, etc.). It may be difficult to see a bank account as a debtor/creditor relation, precisely because this power gradient is inverted. The bank is the debtor, but somehow they retain all the power in the relationship.

    Consider what happens if they cannot pay up (during a bank run for example): it is not the bank and the bankers that are under physical threat, but its creditors (the account holders), because obviously without money they cannot survive.



  • The transaction is “I give the bank money, and they have to give it back later”. How can we arrange that legally without transferring ownership? I only know these ways:

    Bailment: That would mean the bank keeps the physical bills (or other valuables) in a proverbial or literal safe with my name on it, to return the exact same items later. Of course banks offer that service, but that’s not what we’re talking about.

    Trust: The bank takes my money and invests it on my behalf. It does not go on the bank’s books, and they cannot use my money for their own purposes (e.g. as security for loans, to fulfil capital requirements, invest it themselves and keep the proceeds, etc.). This is obviously not the case.

    Agency: The bank takes my money and executes transactions on my behalf, according to my orders. Again, obviously not the case.

    Am I missing something? Is there some special law for bank accounts? I’m genuinely interested.


  • I wonder what other arrangement it could even possibly constitute.

    Bailment? That would mean physically locking the bills that you deposit in a safe that you rent, which is possible I guess, but not what we’re talking about here.

    Trust? This would mean the deposit does not go on the bank’s books, and they cannot use it for their own purposes. This is clearly not the case, at the very least since investment banks and savings banks were merged.

    Agency? That would mean the bank uses your money to enact transactions on your behalf, again, clearly not the case.

    That leaves the only other form of “I give you money and you give it back later”, namely debt.