Sophia's First Christmas with Daddy 2018: Part Two

Slime Challenge: Sophia VS Daddy

Iraq Yellowcake clouds media judgement

The story below, about the removal of Saddam Hussein's Yellowcake uranium cache from Iraq, only came to my attention after being mentioned on the Leighton Smith show today. Today is the 14th of July but the story is dated 5th July.

The mainstream media have largely ignored it, we haven't seen it on our New Zealand TV screens, even though the likes of John Campbell from TV3 pushed the line constantly that Saddam had no WOMDs and the left salivated rabidly over President Bush's claims that Saddam was a threat to the West and those countries around Iraq. They were wrong dear reader.

Any self respecting media outlet or journalist would have reported this story and if they had a contrary stance before the July reportage, they are duty bound to backtrack, apologise for being wrong and then quit their jobs.

The facts are that sensationalists like John Campbell John Pilgered their way over the whole Iraq WOMD saga, so much so they ignored evidence to the contrary, evidence now uncovered and making its way to Canada to be used legitimately to produce electricity.

Even our Prime Minister, Helen Clark, and her cabinet flunkies got on the WOMD denial bus and are now left without a ticket and a bus running out of control down a really steep hill.

The spin put on the original AP story from some Internet outlets, like the New York Times and lefty hair brained bloggers, simply defies logic.

The evidence is there folks, end of story.

c Political Animal 2008

In a Monday June 9, 2003 file photo, UN inspectors from the International Atomic Energy Agency (IAEA) work at the nuclear facility in Tuwaitha, Iraq, 50 kms east of Baghdad. The last major remnant of Saddam Hussein's nuclear program _ a huge stockpile of concentrated natural uranium _ reached a Canadian port Saturday, July 5, 2008, to complete a secret U.S. operation that included a two-week airlift from Baghdad and a ship voyage crossing two oceans. (AP Photo/Saurabh Das, file)

AP Exclusive: US removes uranium from Iraq

By BRIAN MURPHY – Jul 5, 2008

The last major remnant of Saddam Hussein's nuclear program — a huge stockpile of concentrated natural uranium — reached a Canadian port Saturday to complete a secret U.S. operation that included a two-week airlift from Baghdad and a ship voyage crossing two oceans.

The removal of 550 metric tons of "yellowcake" — the seed material for higher-grade nuclear enrichment — was a significant step toward closing the books on Saddam's nuclear legacy. It also brought relief to U.S. and Iraqi authorities who had worried the cache would reach insurgents or smugglers crossing to Iran to aid its nuclear ambitions.

What's now left is the final and complicated push to clean up the remaining radioactive debris at the former Tuwaitha nuclear complex about 12 miles south of Baghdad — using teams that include Iraqi experts recently trained in the Chernobyl fallout zone in Ukraine.

"Everyone is very happy to have this safely out of Iraq," said a senior U.S. official who outlined the nearly three-month operation to The Associated Press. The official spoke on condition of anonymity because of the sensitivity of the subject.

While yellowcake alone is not considered potent enough for a so-called "dirty bomb" — a conventional explosive that disperses radioactive material — it could stir widespread panic if incorporated in a blast. Yellowcake also can be enriched for use in reactors and, at higher levels, nuclear weapons using sophisticated equipment.

The Iraqi government sold the yellowcake to a Canadian uranium producer, Cameco Corp., in a transaction the official described as worth "tens of millions of dollars." A Cameco spokesman, Lyle Krahn, declined to discuss the price, but said the yellowcake will be processed at facilities in Ontario for use in energy-producing reactors.

"We are pleased ... that we have taken (the yellowcake) from a volatile region into a stable area to produce clean electricity," he said.

The deal culminated more than a year of intense diplomatic and military initiatives — kept hushed in fear of ambushes or attacks once the convoys were under way: first carrying 3,500 barrels by road to Baghdad, then on 37 military flights to the Indian Ocean atoll of Diego Garcia and finally aboard a U.S.-flagged ship for a 8,500-mile trip to Montreal.

And, in a symbolic way, the mission linked the current attempts to stabilize Iraq with some of the high-profile claims about Saddam's weapons capabilities in the buildup to the 2003 invasion.

Accusations that Saddam had tried to purchase more yellowcake from the African nation of Niger — and an article by a former U.S. ambassador refuting the claims — led to a wide-ranging probe into Washington leaks that reached high into the Bush administration.

Tuwaitha and an adjacent research facility were well known for decades as the centerpiece of Saddam's nuclear efforts.

Israeli warplanes bombed a reactor project at the site in 1981. Later, U.N. inspectors documented and safeguarded the yellowcake, which had been stored in aging drums and containers since before the 1991 Gulf War. There was no evidence of any yellowcake dating from after 1991, the official said.

U.S. and Iraqi forces have guarded the 23,000-acre site — surrounded by huge sand berms — following a wave of looting after Saddam's fall that included villagers toting away yellowcake storage barrels for use as drinking water cisterns.

Yellowcake is obtained by using various solutions to leach out uranium from raw ore and can have a corn meal-like color and consistency. It poses no severe risk if stored and sealed properly. But exposure carries well-documented health concerns associated with heavy metals such as damage to internal organs, experts say.

"The big problem comes with any inhalation of any of the yellowcake dust," said Doug Brugge, a professor of public health issues at the Tufts University School of Medicine.

Moving the yellowcake faced numerous hurdles.

Diplomats and military leaders first weighed the idea of shipping the yellowcake overland to Kuwait's port on the Persian Gulf. Such a route, however, would pass through Iraq's Shiite heartland and within easy range of extremist factions, including some that Washington claims are aided by Iran. The ship also would need to clear the narrow Strait of Hormuz at the mouth of the Gulf, where U.S. and Iranian ships often come in close contact.

Kuwaiti authorities, too, were reluctant to open their borders to the shipment despite top-level lobbying from Washington.

An alternative plan took shape: shipping out the yellowcake on cargo planes.

But the yellowcake still needed a final destination. Iraqi government officials sought buyers on the commercial market, where uranium prices spiked at about $120 per pound last year. It's currently selling for about half that. The Cameco deal was reached earlier this year, the official said.

At that point, U.S.-led crews began removing the yellowcake from the Saddam-era containers — some leaking or weakened by corrosion — and reloading the material into about 3,500 secure barrels.

In April, truck convoys started moving the yellowcake from Tuwaitha to Baghdad's international airport, the official said. Then, for two weeks in May, it was ferried in 37 flights to Diego Garcia, a speck of British territory in the Indian Ocean where the U.S. military maintains a base.

On June 3, an American ship left the island for Montreal, said the official, who declined to give further details about the operation.

The yellowcake wasn't the only dangerous item removed from Tuwaitha.

Earlier this year, the military withdrew four devices for controlled radiation exposure from the former nuclear complex. The lead-enclosed irradiation units, used to decontaminate food and other items, contain elements of high radioactivity that could potentially be used in a weapon, according to the official. Their Ottawa-based manufacturer, MDS Nordion, took them back for free, the official said.

The yellowcake was the last major stockpile from Saddam's nuclear efforts, but years of final cleanup is ahead for Tuwaitha and other smaller sites.

The U.N.'s International Atomic Energy Agency plans to offer technical expertise.

Last month, a team of Iraqi nuclear experts completed training in the Ukrainian ghost town of Pripyat, which once housed the Chernobyl workers before the deadly meltdown in 1986, said an IAEA official who spoke on condition of anonymity because the decontamination plan has not yet been publicly announced.

But the job ahead is enormous, complicated by digging out radioactive "hot zones" entombed in concrete during Saddam's rule, said the IAEA official. Last year, an IAEA safety expert, Dennis Reisenweaver, predicted the cleanup could take "many years."

The yellowcake issue also is one of the many troubling footnotes of the war for Washington.

A CIA officer, Valerie Plame, claimed her identity was leaked to journalists to retaliate against her husband, former Ambassador Joe Wilson, who wrote that he had found no evidence to support assertions that Iraq tried to buy additional yellowcake from Niger.

A federal investigation led to the conviction of I. Lewis "Scooter" Libby, Vice President Dick Cheney's chief of staff, on charges of perjury and obstruction of justice.

c Associated Press 2008

Tony Veitch and Fox stories cunning diversions

Although muck raking by the Labour Party has become something of an art form of late, and will no doubt become something of a masterpiece as the 2008 Election draws nearer, the distribution of news of the latest "wife-beating" scandal to hit New Zealand, Derek "The Muss" Fox, after Tony"left handed" Veitch, by a Labour staffer seems more of an inside job within the racist Maori Party, rather than another hole being dug by Ms Clark and her minions.

Besides the bloated porker Parekura "I want another sandwich" Horomia being threatened by Derek "I hate whitey" Fox and his running against Labour's Horomia, Labour has little else to gain by making this sort of move.

I could be wrong though, Labour have been on a suicide mission recently with bad news coming out every day from gaffs by ministers and bureaucrats. Only the Tony Veitch and Derek Fox stories have taken Ms Clark's crumbling goverment off the headlines as mainstream media "journalists" scramble for the salacious stuff.

These stories are indeed well timed and if one were a conspiracy nutbag, one might think of other motivations for people currently in power to leak these kinds of headline grabbing sagas.

It is classic Labour Party stuff.

The polls toll for Labour
Lets take a break
Is a coup against Helen Clark's leadership likely?

c Political Animal 2008

New Political Animal URLs

For ease of memory, even just for me. Political Animal can now be found at the following two new urls:

http://www.darrenrickard.com/
http://www.politicalanimal.info/

c Political Animal 2008

Investors can learn from my stupidity

What was one of those pithy comments that your mum used to make to you when you were growing up?

One of my mum's favourites was "if you don't learn from your mistakes you are doomed to repeat them in the future". To be fair, mum's phraseology contained some four letter words and was knowhere as concise or fluent, but she just might have had something there.

When it comes to investing in shares, my mistakes have taught me not to go there again, even though on occasion I may have made the same boo boo twice, and I thought I might share a few of my investing nightmares with you dear readers, in the hope that you may take something from them, file them away and use them for future reference.

I started investing in shares in 1997, my first purchase being Restaurant Brands [RBD] , the New Zealand fast food operator, the price per share was $NZ 2.20 and I bought 1000 shares.

I purchased initially because I loved KFC and thought the shares were "cheap". I feel dumber than dumb just reading that back.

Little did I know, the company had been performing badly for a number of reasons and I neglected to go further than the glossy prospectus for impartial information.

I bought around 60000 shares up until late 2002 and sold them all at the end of that year for a small profit, around $2000.00-not a good investment.

Two other things I learn't from that sojourn into fast food, don't fall in love with a stock and don't be afraid to cut and run if you know you might have made a clanger in the first place.

The second lesson I learn't, and probably the most cutting for me, is that you shouldn't get greedy, follow the herd mentality and plunge oneself into something one doesn't understand (Warren Buffett would spank you for that).

On Jan 25 2000, I bought shares in a "tech" company called Strathmore. I had no idea what they did who they were and whether they were making a profit. I just bought because I thought I should be in that sector,everyone else was buying, shares were going up and would continue to do so(duh!) and once again the shares were cheap.

I outlayed NZ$3900, plus $24.95 brokerage, for 6500 shares and I think they may have gone up to about 65c at their high. 13 October 2000 I sold 5000 odd at 18c and left the rest in some other company Strathmore had morphed into and lost the rest latter.

The herd mentality struck me again big time on Sept 11 2001. I remember I was in such a frenzy to sell, I spent the morning of the 12th here in New Zealand selling my whole portfolio. After around 1 hour I sold everything! A NZ$80000.00 portfolio gone at crazy prices. I didn't lose alot , if anything at all but current and future gains were erased, as we know that the market rebounded soundly months after that ill fated day.

September11/12 was a turning point for me of sorts, although I was to repeat my stupidity less than a year latter, when markets were nervous about greedy corporate "Gordon Gekko" types fiddling company books, when I sold a very large holding in Sky City Entertainment[SKC] because I thought markets were going to spiral down to nothing. They didn't.

So it has taken me around 5 years to get over my emotional ties to "Mr Market" and in that time I have realised that:

1: One shouldn't listen and act on others advice unless your own research backs up your investment criteria.

2: Greed can be good but is also bad when not practiced without emotion.

3: markets go up and down for no particular reason.

4: do not follow the herd under any circumstances unless you are smart enough to be at the front of the herd and remove yourself from the herd before the bull gores you.

5: do the opposite to everyone else.

6: Don't read the "funny pages" (a great quote from Warren Buffett and a reference to analyst/ brokerage reports and economic forecasters.)

7: Don't listen to the latest tips from friends (cyber or real life)

8: When the taxi driver, dinner party guests and party invitees all start talking about stocks, commodities,real estate or carbon trading as the thing to invest in. Don't.

9: A low share price doesn't make a company cheap. Bad management does.

10: Do your own research until your nose bleeds.

11: A hunch can often be wrong and infrequently right.

12: "Mr Market" and his bad moods can be profited from, but only short term.

13: Don't listen to me, only I know what I am doing.


The five years from 2002 have been far more rewarding financially-even including the current "credit crises" and while I have probably made some small mistakes since, my investment strategy has been honed by the years previous to 2002 and I now approach my investments with a sensible long-term view of my portfolio.

The companies I have invested in, not stocks, are assets which fluctuate daily in price and I will not sell unless there is a very good reason to do so or unless that schizophrenic "Mr Market" offers me a price for my share of a company that I just cant resist.

History is littered with the corpses of those that kept their eyes and ears closed when they were regaled with others past mistakes, but often one can learn more from the stupidity of others than the experience they have within themselves.

I hope my reflective stupidity helps.

My mum, and yours, was right.


Disclosure: I own SKC shares


Related Share Investor reading

Research,research,research
Fear & Greed are lovely things
Share Investor Friday free for all: Edition 8 -first story "It was 20 years ago tomorrow"
New Zealand Stockmarket Bull run: 2011





Recommended Amazon Reading


The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham
Buy new: $14.95 / Used from: $6.99
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c Share Investor 2008