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An open fuel cycle (without reprocessing) makes nuclear power pretty worthless, as has been shown in the US over the past 30 years.

President Carter banned reprocessing in the US over bogus weapons proliferation concerns; IMO, one of the worst things a President has done in the past 60 years.

I am a bit torn between "just build a lot of 3rd generation reactors" vs. going for the fourth gen designs.

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Quite true that Carter put the breaks on it. However, in the early 80's this ban was actually repealed. Now the whole situation is just mired in political/regulation muck. IMHO, (I just left my job in the nuke industry) the NRC should be dissolved and replaced by an entirely new commission. They do more harm then good. INPO (the Institute of Nuclear Power Operations) does a much better job of regulating the U.S. industry.