Monday, September 27, 2021

Turkey shortage in the UK?

An Epoch Times headline reads "Millions of Britons Could Face ‘National Shortage’ of Turkeys This Christmas".

Here are some excerpts from the article.

Millions of Britons could face a “national shortage” of turkeys, toys, and trees this Christmas due to a lack of skilled European employees following Brexit, according to the chair of a farming association.

Kate Martin of the Traditional Farm Fresh Turkey Association (TFTA) told the PA news agency that Christmas could see a “national shortage” of turkeys on the UK’s supermarket shelves, driven by the declining supply of skilled European workers.

Shortages are never due to supply issues.  They are always due to Government or other actions that interfere with free-market prices.

Thursday, September 23, 2021

Civilization requires deterrence

 From Victor Davis Hanson.

VDH is on target.

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Deterrence is the ancient ability to scare somebody off from hurting you, your friends or your interests — without a major war.

Desire peace? Then be prepared for war. Or so the Romans believed.

It’s an easily understood concept in the abstract. But deterrence still remains a mystical quality in the concrete since it is only acquired with difficulty and yet easily forfeited.

The tired democracies of the 1930s learned that lesson when they kept acquiescing to Hitler’s serial aggressions.

Hitler’s Germany foolishly later attacked a far stronger Soviet Union in 1941, given Moscow’s lost deterrence after its lackluster performances in Poland and Finland, its pact with the Nazis, and its recent purges of its own officer corps.

Deterrence is omnipresent and also applies well beyond matters of war and peace. The current crime wave of murder and violent assault in our major cities is the wage of loud efforts to defund the police and contextualize crimes as somehow society’s rather than the criminal’s fault.

As a result, lawbreakers now believe there is a good chance that robbing people or hurting or killing them might result in monetary gain or at least bloody satisfaction. They no longer fear a likely sentence of 30 years in prison. So, they see little risk in hurting people. And innocents suffer.

With a border wall, an end to catch and release, and tough jawboning of the Mexican and Central American governments, a new American deterrent stance in 2019-20 discouraged once unstoppable waves of migrants.

Northern bound migrants knew that even if they reached and crossed the border, there was a good chance all such effort would be for naught, given quick apprehension and deportation.

So, in their rational calculations, migrants waited at home for less deterrent times. And they found them when Joe Biden stopped construction on the wall, renewed catch and release, and eased pressures on Mexico to interrupt caravans headed northward.

Abroad, Donald Trump restored the strategic deterrence lost by his predecessor.

Barack Obama had dismissed the murderous ISIS as “JVs” — and they thrived. He shrugged when China stole territory in the South China sea to build military bases. He dismantled missile defense in Europe to coax Vladimir Putin to behave during his own 2012 reelection campaign.

Obama loudly announced redlines in Syria while never intending to enforce them. He gave the Taliban back their incarcerated terrorist leaders in exchange for the return of the American deserter Bowe Bergdahl. And he sent the Iranians nocturnal cash to coax them to conclude an appeasing Iran deal. Aggression followed as U.S. deterrence eroded.

As an antidote to all that, Trump destroyed the ISIS “caliphate.” He obliterated an attack of Russian mercenaries in Syria. He took out terrorist masterminds like Iranian General Qasem Soleimani and the ISIS cutthroat Abu Bakr al-Baghdadi.

To dangerous actors, an unpredictable Trump appeared likely to strike back if provoked. As a result, America’s enemies become fearful of challenging the United States. And its friends and neutrals were more ready to join a power again deemed not just reliable, but willing to take reasonable risks to assist in their safety.

Key to deterrence is for all parties to know beforehand the relative power of each and the likelihood that it may be used. When strong powers unfortunately transmit signals of weakness, whether deliberately or inadvertently, then weak powers are confused and come to believe their rivals may not be so strong as their armed forces appear. Often, unnecessary wars are the unfortunate result.

These are quite dangerous times because Joe Biden has cut the defense budget. He withdrew recklessly from Afghanistan, leaving behind American citizens, our Afghan allies and friends, and tens of billions of dollars worth of modern weaponry and equipment.

He angered our NATO partners who were abandoned with some 8,000 troops, in a country that the United States had once implored them to enter. He has politicized the military into a caricature of an elite woke top brass at odds with traditionalist enlisted soldiers.

The result is that our enemies — Vladimir Putin’s Russia, the Chinese Communist apparat, the Iranian theocrats, the lunatic North Koreans — are now pondering whether Biden’s reckless laxity is an aberration. Or is it now characteristic of his administration? Or does it even signal a new weaker and confused America that offers enemies strategic openings?

Like the would-be felon, or the potential border crosser, our enemies know the United States has the power to deter unwanted behavior, given its vast military, huge economy, and global culture.

But they may have contempt that with such strength comes such perceived confusion. And thus, in the manner of an emboldened criminal, or migrant, they try something that they would otherwise not.

In sum, deterrence at home and abroad is now dangerously lost. And it will be even scarier trying to recover what was so rashly and foolishly thrown away.

Sunday, September 19, 2021

Inflation, debt, politics, and insurance

 John Cochrane provides perspective at Project Syndicate.

The outlook is not good.

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Inflation in the Shadow of Debt

Today’s inflation is transitory, our central bankers assure us. It will go away on its own. But what if it does not? Central banks will have “the tools” to deal with inflation, they tell us. But just what are those tools? Do central banks have the will to use them, and will governments allow them to do so?

Should inflation continue to surge, central banks’ main tool is to raise interest rates sharply, and keep them high for several years, even if that causes a painful recession, as it did in the early 1980s. How much pain, and how deep of a dip, would it take? The well-respected Taylor rule (named after my Hoover Institution colleague John B. Taylor) recommends that interest rates rise one and a half times as much as inflation. So, if inflation rises from 2% to 5%, interest rates should rise by 4.5 percentage points. Add a baseline of 2% for the inflation target and 1% for the long-run real rate of interest, and the rule recommends a central-bank rate of 7.5%. If inflation accelerates further before central banks act, reining it in could require the 15% interest rates of the early 1980s.

Would central banks do that? If they did, would high interest rates control inflation in today’s economy? There are many reasons for worry.

The shadow of debt

Monetary policy lives in the shadow of debt. US federal debt held by the public was about 25% of GDP in 1980, when US Federal Reserve Board Chair Paul Volcker started raising rates to tame inflation. Now, it is 100% of GDP and rising quickly, with no end in sight. When the Fed raises interest rates one percentage point, it raises the interest costs on debt by one percentage point, and, at 100% debt-to-GDP, 1% of GDP is around $227 billion. A 7.5% interest rate therefore creates interest costs of 7.5% of GDP, or $1.7 trillion.

Where will those trillions of dollars come from? Congress could drastically cut spending or find ways to increase tax revenues. Alternatively, the US Treasury could try to borrow additional trillions. But for that option to work, bond buyers must be convinced that a future Congress will cut spending or raise tax revenues by the same trillions of dollars, plus interest. Even if investors seem confident at the moment, we cannot assume that they will remain so indefinitely, especially if additional borrowing serves only to pay higher interest on existing debt. Even for the United States, there is a point at which bond investors see the end coming, and demand even higher interest rates as a risk premium, thereby raising debt costs even more, in a spiral that leads to a debt crisis or to a sharp and uncontrollable surge of inflation. If the US government could borrow arbitrary amounts and never worry about repayment, it could send its citizens checks forever and nobody would have to work or pay taxes again. Alas, we do not live in that fanciful world.

In sum, for higher interest rates to reduce inflation, higher interest rates must be accompanied by credible and persistent fiscal tightening, now or later. If the fiscal tightening does not come, the monetary policy will eventually fail to contain inflation.

This is a perfectly standard proposition, though it is often overlooked when discussing the US and Europe. It is embodied in the models used by the Fed and other central banks. [Previous post here on just what that means.] It was standard IMF advice for decades.

Successful inflation and currency stabilization almost always includes monetary and fiscal reform, and usually microeconomic reform. The role of fiscal and microeconomic reform is to generate sustainably higher tax revenues by boosting economic growth and broadening the tax base, rather than with sharply higher and growth-reducing marginal tax rates. Many attempts at monetary stabilization have fallen apart because the fiscal or microeconomic reforms failed. Latin-American economic history is full of such episodes.

Even the US experience in the 1980s conforms to this pattern. The high interest rates of the early 1980s raised interest costs on the US national debt, contributing to most of the then-large annual “Reagan deficits.” Even after inflation declined, interest rates remained high, arguably because markets were worried that inflation would come surging back.

So, why did the US inflation-stabilization effort succeed in the1980s, after failing twice before in the 1970s, and countless times in other countries? In addition to the Fed remaining steadfast and the Reagan administration supporting it through two bruising recessions, the US undertook a series of important tax and microeconomic reforms, most notably the 1982 and 1986 tax reforms, which sharply lowered marginal rates, and market-oriented regulatory reforms starting with the Carter-era deregulation of trucking, air transport, and finance.

The US experienced a two-decade economic boom. A larger GDP boosted tax revenues, enabling debt repayment despite high real-interest rates. By the late 1990s, strange as it sounds now, economists were actually worrying about how financial markets would work once all US Treasury debt had been paid off. The boom was arguably a result of these monetary, fiscal, and microeconomic reforms, though we do not need to argue the cause and effect of this history. Even if the economic boom that produced fiscal surpluses was coincidental with tax and regulatory reform, the fact remains that the US government successfully paid off its debt, including debt incurred from the high interest costs of the early 1980s. Had it not done so, inflation would have returned.

The Borrower Ducks

But would that kind of successful stabilization happen now, with the US national debt four times larger and still rising, and with interest costs for a given level of interest rates four times larger than the contentious Reagan deficits? Would Congress really abandon its ambitious spending plans, or raise tax revenues by trillions, all to pay a windfall of interest payments to largely wealthy and foreign bondholders?

Arguably, it would not. If interest costs on the debt were to spiral upward, Congress would likely demand a reversal of the high interest-rate policy. The last time the US debt-to-GDP ratio was 100%, at the end of World War II, the Fed was explicitly instructed to hold down interest costs on US debt, until inflation erupted in the 1950s.

The unraveling can be slow or fast. It takes time for higher interest rates to raise interest costs, as debt is rolled over. The government can borrow as long as people believe that the fiscal reckoning will come in the future. But when people lose that faith, things can unravel quickly and unpredictably.

Will and Politics

Fiscal policy constraints are only the beginning of the Fed’s difficulties. Will the Fed act promptly, before inflation gets out of control? Or will it continue to treat every increase of inflation as “transitory,” to be blamed on whichever price is going up most that month, as it did in the early 1970s?

It is never easy for the Fed to cause a recession, and to stick with its policy through the pain. Nor is it easy for an administration to support the central bank through that kind of long fight. But tolerating a lasting rise in unemployment – concentrated as usual among the disadvantaged – seems especially difficult in today’s political climate, with the Fed loudly pursuing solutions to inequality and inequity in its interpretation of its mandate to pursue “maximum employment.”

Moreover, the ensuing recession would likely be more severe. Inflation can be stabilized with little recession if people really believe the policy will be seen through. But if they think it is a fleeting attempt that may be reversed, the associated downturn will be worse.

One might think this debate can be postponed until we see if inflation really is transitory or not. But the issue matters now. Fighting inflation is much easier if inflation expectations do not rise. Our central banks insist that inflation expectations are “anchored.” But by what mechanism? Well, by the faith that those same central banks would, if necessary, reapply the harsh Volcker medicine of the 1980s to contain inflation. How long will that faith last? When does the anchor become a sail?

A military or foreign-policy analogy is helpful. Fighting inflation is like deterring an enemy. If you just say you have “the tools,” that’s not very scary. If you tell the enemy what the tools are, show that they all are in shiny working order, and demonstrate that you have the will to use them no matter the pain inflicted on yourself, deterrence is much more likely.

Yet the Fed has been remarkably silent on just what the “tools” are, and just how ready it is to deploy those tools, no matter how painful doing so may be. There has been no parading of materiel. The Fed continues to follow the opposite strategy: a determined effort to stimulate the economy and to raise inflation and inflation expectations, by promising no-matter-what stimulus. The Fed is still trying to deter deflation, and says it will let inflation run above target for a while in an attempt to reduce unemployment, as it did in the 1970s. It has also precommitted not to raise interest rates for a fixed period of time, rather than for as long as required economic conditions remain, which has the same counterproductive result as announcing military withdrawals on specific dates. Like much of the US government, the Fed is consumed with race, inequality, and climate change, and thus is distracted from deterring its traditional enemies.

Buy some insurance!

An amazing opportunity to avoid this conundrum beckons, but it won’t beckon forever. The US government is like a homeowner who steps outside, smells smoke, and is greeted by a salesman offering fire insurance. So far, the government has declined the offer because it doesn’t want to pay the premium. There is still time to reconsider that choice.

Higher interest rates raise interest costs only because the US has financed its debts largely by rolling over short-term debt, rather than by issuing long-term bonds. The Fed has compounded this problem by buying up large quantities of long-term debt and issuing overnight debt – reserves – in return.

The US government is like any homeowner in this regard. It can choose the adjustable-rate mortgage, which offers a low initial rate, but will lead to sharply higher payments if interest rates rise. Or it can choose the 30-year (or longer) fixed-rate mortgage, which requires a larger initial rate but offers 30 years of protection against interest-rate increases.

Right now, the one-year Treasury rate is 0.07%, the ten-year rate is 1.3%, and the 30-year rate is 1.9%. Each one-year bond saves the US government about two percentage points of interest cost as long as rates stay where they are. But 2% is still negative in real terms. Two percentage points is the insurance premium for eliminating the chance of a debt crisis for 30 years, and for making sure the Fed can fight inflation if it needs to do so. I am not alone in thinking that this seems like inexpensive insurance. Even former US Secretary of the Treasury Lawrence H. Summers has changed his previous view to argue that the US should move swiftly to long-term debt.

But it’s a limited-time opportunity. Countries that start to encounter debt problems generally face higher long-term interest rates, which forces them to borrow short-term and expose themselves to the attendant dangers. When the house down the street is on fire, the insurance salesman disappears, or charges an exorbitant rate.

Bottom line

Will the current inflation surge turn out to be transitory, or will it continue? The answer depends on our central banks and our governments. If people believe that fiscal and monetary authorities are ready to do what it takes to contain breakout inflation, inflation will remain subdued.

Doing what it takes means joint monetary and fiscal stabilization, with growth-oriented microeconomic reforms. It means sticking to that policy through the inevitable political and economic pain. And it means postponing or abandoning grand plans that depend on the exact opposite policies.

If people and markets lose faith that governments will respond to inflation with such policies in the future, inflation will erupt now. And in the shadow of debt and slow economic growth, central banks cannot control inflation on their own.

The Rulers want more impediments to a high standard of living

 Gregory Mankiw' column in the New York Times gets it right.  The Progressive Agenda is likely to produce a net negative impact on our standard of living.

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In the reconciliation package now being debated in Washington, President Biden and many congressional Democrats aim to expand the size and scope of government substantially. Americans should be wary of their plans — not only because of the sizable budgetary cost, but also because of the broader risks to economic prosperity.

The details of the ambitious $3.5 trillion social spending bill are still being discussed, so it is unclear what it will end up including. In many ways, it seems like a grab bag of initiatives assembled from the progressive wish list. And it may be bigger than it sounds: Reports suggest that some provisions will arbitrarily lapse before the end of the 10-year budget window to reduce the bill’s ostensible size, even though lawmakers hope to extend those policies at a later date.

People of all ages are in line to get something: government-funded pre-K for 3- and 4-year-olds, expanded child credits for families with children, two years of tuition-free community college, increased Pell grants for other college students, enhanced health insurance subsidies, paid family and medical leave, and expansions in Medicare for older Americans. A recent Times headline aptly described the plan’s coverage as “cradle to grave.”

If there is a common theme, it is that when you need a helping hand, the government will be there for you. It aims to assist people who are struggling in our rough-and-tumble market economy. On its face, that instinct doesn’t sound bad. Many Western European nations have more generous social safety nets than the United States. The Biden plan takes a big step in that direction.

Can the United States afford to embrace a larger welfare state? From a narrow budgetary standpoint, the answer is yes. But the policy also raises larger questions about American values and aspirations, and about what kind of nation we want to be.

The Biden administration has promised to pay for the entire plan with higher taxes on corporations and the very wealthy. But there’s good reason to doubt that claim. Budget experts, such as Maya MacGuineas, president of the Committee for a Responsible Federal Budget, are skeptical that the government can raise enough tax revenue from the wealthy to finance Mr. Biden’s ambitious agenda.
The United States could do what Western Europe does — impose higher taxes on everyone. Most countries use a value-added tax, a form of a national sales tax, to raise a lot of revenue efficiently. If Americans really want larger government, we will have to pay for it, and a VAT could be the best way.

The costs of an expanded welfare state, however, extend beyond those reported in the budget. There are also broader economic effects.

Arthur Okun, the former economic adviser to President Lyndon Johnson, addressed this timeless issue in his 1975 book, “Equality and Efficiency: The Big Tradeoff.” According to Mr. Okun, policymakers want to maximize the economic pie while slicing it equally. But these goals often conflict. As policymakers attempt to rectify the market’s outcome by equalizing the slices, the pie tends to shrink.

Mr. Okun explains the trade-off with a metaphor: Providing a social safety net is like using a leaky bucket to redistribute water among people with different amounts. While bringing water to the thirstiest may be noble, it is also costly as some water is lost in transit.

In the real world, this leakage occurs because higher taxes distort incentives and impede economic growth. And those taxes aren’t just the explicit ones that finance benefits such as public education or health care. They also include implicit taxes baked into the benefits themselves. If these benefits decline when your income rises, people are discouraged from working. This implicit tax distorts incentives just as explicit taxes do. That doesn’t mean there is no point in trying to help those in need, but it does require being mindful of the downsides of doing so.

Which brings us back to Western Europe. Compared with the United States, G.D.P. per person in 2019 was 14 percent lower in Germany, 24 percent lower in France and 26 percent lower in the United Kingdom.

Economists disagree about why European nations are less prosperous than the United States. But a leading hypothesis, advanced by Edward Prescott, a Nobel laureate, in 2003, is that Europeans work less than Americans because they face higher taxes to finance a more generous social safety net.

In other words, most European nations use that leaky bucket more than the United States does and experience greater leakage, resulting in lower incomes. By aiming for more compassionate economies, they have created less prosperous ones. Americans should be careful to avoid that fate.

Compassion is a virtue, but so is respect for those who are talented, hardworking and successful. Most Americans descended from immigrants, who left their homelands to find freedom and forge their own destinies. Because of this history, we are more individualistic than Europeans, and our policies rightly reflect that cultural difference.

That is not to say that the United States has already struck the right balance between compassion and prosperity. It is a continuing tragedy that children are more likely to live in poverty than the overall population. That’s why my favorite provision in the Biden plan is the expanded child credit, which would reduce childhood poverty. (I am also sympathetic to policies aimed at climate change, which is an entirely different problem. Sadly, the Biden plan misses the opportunity to embrace the best solution — a carbon tax.)

But the entire $3.5 trillion package is too big and too risky. The wiser course is to take more incremental steps rather than to try to remake the economy in one fell swoop.

Sunday, September 12, 2021

Major advance toward fusion energy

From MIT.

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MIT-designed project achieves major advance toward fusion energy

New superconducting magnet breaks magnetic field strength records, paving the way for practical, commercial, carbon-free power.

It was a moment three years in the making, based on intensive research and design work: On Sept. 5, for the first time, a large high-temperature superconducting electromagnet was ramped up to a field strength of 20 tesla, the most powerful magnetic field of its kind ever created on Earth. That successful demonstration helps resolve the greatest uncertainty in the quest to build the world’s first fusion power plant that can produce more power than it consumes, according to the project’s leaders at MIT and startup company Commonwealth Fusion Systems (CFS).

That advance paves the way, they say, for the long-sought creation of practical, inexpensive, carbon-free power plants that could make a major contribution to limiting the effects of global climate change.

“Fusion in a lot of ways is the ultimate clean energy source,” says Maria Zuber, MIT’s vice president for research and E. A. Griswold Professor of Geophysics. “The amount of power that is available is really game-changing.” The fuel used to create fusion energy comes from water, and “the Earth is full of water — it’s a nearly unlimited resource. We just have to figure out how to utilize it.”

Developing the new magnet is seen as the greatest technological hurdle to making that happen; its successful operation now opens the door to demonstrating fusion in a lab on Earth, which has been pursued for decades with limited progress. With the magnet technology now successfully demonstrated, the MIT-CFS collaboration is on track to build the world’s first fusion device that can create and confine a plasma that produces more energy than it consumes. That demonstration device, called SPARC, is targeted for completion in 2025.

“The challenges of making fusion happen are both technical and scientific,” says Dennis Whyte, director of MIT’s Plasma Science and Fusion Center, which is working with CFS to develop SPARC. But once the technology is proven, he says, “it’s an inexhaustible, carbon-free source of energy that you can deploy anywhere and at any time. It’s really a fundamentally new energy source.”

Whyte, who is the Hitachi America Professor of Engineering, says this week’s demonstration represents a major milestone, addressing the biggest questions remaining about the feasibility of the SPARC design. “It’s really a watershed moment, I believe, in fusion science and technology,” he says.

Fusion is the process that powers the sun: the merger of two small atoms to make a larger one, releasing prodigious amounts of energy. But the process requires temperatures far beyond what any solid material could withstand. To capture the sun’s power source here on Earth, what’s needed is a way of capturing and containing something that hot — 100,000,000 degrees or more — by suspending it in a way that prevents it from coming into contact with anything solid.

That’s done through intense magnetic fields, which form a kind of invisible bottle to contain the hot swirling soup of protons and electrons, called a plasma. Because the particles have an electric charge, they are strongly controlled by the magnetic fields, and the most widely used configuration for containing them is a donut-shaped device called a tokamak. Most of these devices have produced their magnetic fields using conventional electromagnets made of copper, but the latest and largest version under construction in France, called ITER, uses what are known as low-temperature superconductors.

The major innovation in the MIT-CFS fusion design is the use of high-temperature superconductors, which enable a much stronger magnetic field in a smaller space. This design was made possible by a new kind of superconducting material that became commercially available a few years ago. The idea initially arose as a class project in a nuclear engineering class taught by Whyte. The idea seemed so promising that it continued to be developed over the next few iterations of that class, leading to the ARC power plant design concept in early 2015. SPARC, designed to be about half the size of ARC, is a testbed to prove the concept before construction of the full-size, power-producing plant.

Until now, the only way to achieve the colossally powerful magnetic fields needed to create a magnetic “bottle” capable of containing plasma heated up to hundreds of millions of degrees was to make them larger and larger. But the new high-temperature superconductor material, made in the form of a flat, ribbon-like tape, makes it possible to achieve a higher magnetic field in a smaller device, equaling the performance that would be achieved in an apparatus 40 times larger in volume using conventional low-temperature superconducting magnets. That leap in power versus size is the key element in ARC’s revolutionary design.

The use of the new high-temperature superconducting magnets makes it possible to apply decades of experimental knowledge gained from the operation of tokamak experiments, including MIT’s own Alcator series. The new approach, led by Zach Hartwig, the MIT principal investigator and the Robert N. Noyce Career Development Assistant Professor of Nuclear Science and Engineering, uses a well-known design but scales everything down to about half the linear size and still achieves the same operational conditions because of the higher magnetic field.

A series of scientific papers published last year outlined the physical basis and, by simulation, confirmed the viability of the new fusion device. The papers showed that, if the magnets worked as expected, the whole fusion system should indeed produce net power output, for the first time in decades of fusion research.

Martin Greenwald, deputy director and senior research scientist at the PSFC, says unlike some other designs for fusion experiments, “the niche that we were filling was to use conventional plasma physics, and conventional tokamak designs and engineering, but bring to it this new magnet technology. So, we weren’t requiring innovation in a half-dozen different areas. We would just innovate on the magnet, and then apply the knowledge base of what’s been learned over the last decades.”

That combination of scientifically established design principles and game-changing magnetic field strength is what makes it possible to achieve a plant that could be economically viable and developed on a fast track. “It’s a big moment,” says Bob Mumgaard, CEO of CFS. “We now have a platform that is both scientifically very well-advanced, because of the decades of research on these machines, and also commercially very interesting. What it does is allow us to build devices faster, smaller, and at less cost,” he says of the successful magnet demonstration.

Bringing that new magnet concept to reality required three years of intensive work on design, establishing supply chains, and working out manufacturing methods for magnets that may eventually need to be produced by the thousands.

“We built a first-of-a-kind, superconducting magnet. It required a lot of work to create unique manufacturing processes and equipment. As a result, we are now well-prepared to ramp-up for SPARC production,” says Joy Dunn, head of operations at CFS. “We started with a physics model and a CAD design, and worked through lots of development and prototypes to turn a design on paper into this actual physical magnet.” That entailed building manufacturing capabilities and testing facilities, including an iterative process with multiple suppliers of the superconducting tape, to help them reach the ability to produce material that met the needed specifications — and for which CFS is now overwhelmingly the world’s biggest user.

They worked with two possible magnet designs in parallel, both of which ended up meeting the design requirements, she says. “It really came down to which one would revolutionize the way that we make superconducting magnets, and which one was easier to build.” The design they adopted clearly stood out in that regard, she says.

In this test, the new magnet was gradually powered up in a series of steps until reaching the goal of a 20 tesla magnetic field — the highest field strength ever for a high-temperature superconducting fusion magnet. The magnet is composed of 16 plates stacked together, each one of which by itself would be the most powerful high-temperature superconducting magnet in the world.

“Three years ago we announced a plan,” says Mumgaard, “to build a 20-tesla magnet, which is what we will need for future fusion machines.” That goal has now been achieved, right on schedule, even with the pandemic, he says.

Citing the series of physics papers published last year, Brandon Sorbom, the chief science officer at CFS, says “basically the papers conclude that if we build the magnet, all of the physics will work in SPARC. So, this demonstration answers the question: Can they build the magnet? It’s a very exciting time! It’s a huge milestone.”

The next step will be building SPARC, a smaller-scale version of the planned ARC power plant. The successful operation of SPARC will demonstrate that a full-scale commercial fusion power plant is practical, clearing the way for rapid design and construction of that pioneering device can then proceed full speed.

Zuber says that “I now am genuinely optimistic that SPARC can achieve net positive energy, based on the demonstrated performance of the magnets. The next step is to scale up, to build an actual power plant. There are still many challenges ahead, not the least of which is developing a design that allows for reliable, sustained operation. And realizing that the goal here is commercialization, another major challenge will be economic. How do you design these power plants so it will be cost effective to build and deploy them?”

Someday in a hoped-for future, when there may be thousands of fusion plants powering clean electric grids around the world, Zuber says, “I think we’re going to look back and think about how we got there, and I think the demonstration of the magnet technology, for me, is the time when I believed that, wow, we can really do this.”

The successful creation of a power-producing fusion device would be a tremendous scientific achievement, Zuber notes. But that’s not the main point. “None of us are trying to win trophies at this point. We’re trying to keep the planet livable.”

Monday, September 06, 2021

Sunday, September 05, 2021