Global Warming and Cooling

There is a study published today in Nature that suggests that the currents in Atlantic responsible for warming Northern Europe above the temperature their latitude would suggest are slowing. This is consistent with global warming theory and models of the effect of greenhouse gases.

"Warming, in theory, could stall the salty, sun-heated, north-flowing currents by causing freshwater to build up in high-latitude seas as ice melts and more precipitation falls."

While there was some suggestion that more work needs to be taken to solidify the result, it adds to the evidence supporting the scientific community's consensus that global warming is a result of human activity and that its effects are significant. It also suggests another avenue by which global warming imposes economic costs (and these are likely to be, long-term, more expensive than reducing emissions): if the currents in the Atlantic slow and Northern Europe becomes colder, then there will be greater demand for fuels that are used to heat. This greater demand in Northern Europe will, in turn, raise prices for electricity and oil, which will raise costs for production of a large basket of goods across the world. Higher costs for this many goods will add to inflation and slow growth, producing a significant real effect.