When the New York Times starts bringing up the possibility of global cooling, you know it's about to get interesting. Note the oblique reference to global cooling, "would more than offset the warming effect".
New York Times: Sunspots Are Fewest Since 1954, but Significance Is Unclear.
Scientists are not sure why this minimum has been especially minimal, and the episode is even playing into the global warming debate. Some wonder if this could be the start of an extended period of solar indolence that would more than offset the warming effect of human-made carbon dioxide emissions. From the middle of the 17th century to the early 18th, a period known as the Maunder Minimum, sunspots were extremely rare, and the reduced activity coincided with lower temperatures in what is known as the Little Ice Age.
Compared to the Maunder Minimum, the current pace of sunspots “makes it look like we’re having a feast, not a famine,” Dr. Hathaway said.
Scientists expect that sunspot activity will pick up in the coming months, but exactly what will happen next is open to debate. Dr. Hathaway had predicted two years ago, based on the Sun’s behavior near the end of the last cycle, that the maximum this time would be ferocious.
“I’m getting worried about that prediction now,” he said. “Normally, big cycles start early, and by doing that, they cut short the previous cycle. This one hasn’t done that.”
But many of the other competing predictions — more than 50 over all — pointed to a quieter-than-average cycle. “They do kind of go all over the map,” said Douglas Biesecker, a physicist at the Space Weather Prediction Center who led an international panel that reviewed predictions.