Update 4: The impact of the earthquake that hit Japan this morning shifted the earth's rotation axis nearly 4 inches, according to a preliminary result of studies carried out by INGV, National Institute of Geophysics and Volcanology. This should help to rally the stock markets.
Update 3: Live Stream from Hawaii. So far very mild tides.
Update 2: Nuclear Emergency declared. Fukushima No.1 nearing critical levels. Emergency cooling system fails.
Update 1: Earthquake only 6 miles deep.
Some Breaking News on the massive 8.9 earthquake that struck Japan this morning. The situation is deteriorating rapidly.
Prime Minister Kan declared a "Nuclear Emergency" after damage was reported to several of the nation's nuclear power plants. Kan stated to reporters, "The Self-Defense Forces are already mobilized in various places. The government is making its utmost effort to minimize the damage. I call on citizens to act calmly." The losses incurred by insurers the world over will be devastating, especially for the German/Swiss Re-insurers. Will they cop out and declare this another "act of God?"
The results of an initial study by INGV show the earth's axis shifted 4 inches. One can only imagine what impact this will have on the climate and crops.
At the same time, Tsunami warnings were placed around the world, with the entire West Coast of the United States under a Tsunami warning. Scientists expect waves to hit the shores around 10AM EST with Hawaii being hit in less than 30 minutes. If you are near the coast, you may want to evacuate as a precaution.
Some very interesting footage of a massive whirlpool just off the coast of Japan is coming in now. A must see.
Who pulled the plug?
Updates and detailed information on the global economic impact will be up shortly. Check back often.