Fishermen managed to take a picture of the strange fish before officials confiscated the evidence. Below is the image they managed to capture with their cell phone.
Update 2: FOMC Minutes released. The two key points, interrelated are: 1) QE will not end and 2) QE will not end. Any questions?
Update 1: Portuguese 10yr bond now yielding 8.89% and rising sharply. No need to mention that Spain is sure to follow. Might be a few weeks, but it's a given. Expect a bailout for Portugal shortly.
It turns out that there is a mountain of pertinent news this morning, which under normal circumstances would definitely impact "the markets" or whatever you choose to call them now. Let's get started.
The news out of Japan today continues to flow like the radioactive water leaking into the Pacific Ocean from the Fukushima reactors and unlike the BP oil spill last year, this one will last more than 6 months. Count on that. Unfortunately, as expected, the news continues to be bad - CNN today is reporting that besides the 3 million gallons of radioactive water TEPCO has released into the Pacific Ocean as reported here yesterday, now they are admitting the levels of radioactivity in the water surrounding the Fukushima plant is 7.5 Million times the legal limit. Of course, they wouldn't release such information without the now company obligatory "don't worry it's still safe for life" tag attached to every single official press release. Needless to say, the official TEPCO assessment that "the spill might have a minimal effect on sealife," should be taken with a grain of
It is very interesting to note that the Japanese gov't has set a new standard for radiation in fish now that last Friday, radioactive fish have been discovered off the coast of Japan. As The New York Times is reporting, this fish contained high levels of
Not to be missed is another TEPCO official crying
Certainly, all of this is bullish for the global economy as so many "experts" claim it is. Just ask Toyota, which is shuttering production in the US due to a lack of parts from Japan. Toyota officials claim this will "affect" 25,000 workers. How exactly this will "affect" these workers is yet to be seen but no doubt, these 25,000 workers will celebrate this sabbatical with the purchase of a new iPad2. Duh! #winning!
Since we're on the topic of unemployment, the Department of Numbers has a great breakdown of the demographics of the unemployed by various factors, provided by the good people at the B(L)S. It's official numbers they're working with so it must be accurate, right? Notice too, the B(L)S reporting that unemployment has fallen from 9.8% in November 2010 to just 8.9% in February 2011. In just 4 months time, the official unemployment rate has fallen nearly a full percentage point. This is especially amazing since the Food Stamp usage has gone up exponentially month over month and year over year since 2008. Could it be that less and less Americans are actually in the workforce? Read this excellent article from The Burning Platform and you be the judge.
Moving on along the same
A quick peek at "the markets" shows that they don't care about China raising its interest rate by 25 basis points which has pushed gold and silver to new highs as mentioned here a few weeks ago. Only $1 from our initial target of $40. As I said at the start, "under normal" conditions... which makes the Portuguese downgrade also moot. The Euro slips on the Portuguese dips, but what's in store for the other PIIGS? Bullish & Duh! #winning of course.
Of course, with all the mad men antics of endless fiat printing, one has to wonder what their next plan of action is if yet another major catastrophe occurs, such as a 9.5+ magnitude earthquake striking California which then unleashes a 100 foot tsunami on Asia. Simply throwing money at every disaster, whether natural or man made, does not seem like a viable solution. Indeed, it almost seems as if they know for a certain that some major earth changing catastrophe will take place sometime over the course of the next 1-18 months so what they are doing in the meantime is just buying time. Of course, this is pure speculation but nothing these days would surprise us.