Update 2: Just another day in the Middle East. War, bombings, suicide bombers. You know, the daily grind.
Update 1: A 7.4 Magnitude earthquake just struck off the coast of Japan. Tsunami warnings are in effect.
And a 6.7 in Veracruz Mexico. Ring of fire heating up?
The most important news I can bring to you today is, again from Japan. This time however, there is no "official" report from TEPCO. Instead, industry expert Arnie Gundersen reveals the inside scoop you don't know about. As he highlights in this special presentation, everyone from TEPCO to the Nuclear Industry are purposely "limiting the flow of information" but you already knew that. What you didn't know, like the reactors heating up to 5000 degrees Fahrenheit, of course, can't kill you. Right? Must watch.
Now, closely observe the radioactive cloud below and the path it takes. Notice South Korea.
Now you can see why over 130 schools across South Korea decided to close for the day as plumes of radioactive iodine 131 covered the peninsula and rain brought the iodine down to ground level. Of course, officials urged everyone to stay calm as the radioactive rain "poses no health threat." Perhaps kimchi has special radioactive resistant properties we don't know about?
With radioactive iodine now encircling the earth and falling as
And then there is the little problem of what to do once the radiation readings here in the US start to creep up and creep out the people. According to a new report, the EPA supposedly has a plan to raise the acceptable levels of radiation, a la Japan. When all else fails, change the standards of what is safe, et voila! - the problem is solved.
What a difference a day makes when it comes to bailouts. As we expected, the louder a country denies (insert just about anything negative), the more likely it is true. In this case, Portugal denied to high heavens that they are in need of a bailout. It turns out, in less than 24 hours, a bailout was requested due to their debt spiraling out of control. No big surprise for savvy readers of blogs like this who knew that the Portuguese 10 year bond was yielding an unsustainable 8.90% and the 6 month bond was yielding a whopping 5.1%. As we posted the day before, it was only a matter of time before a bailout is requested. According to the initial request, $112 Billion is needed shortly, but the WSJ is reporting that they may need upwards of $129 Billion.We'll stick with the higher figure for now as everyone knows the PIIGS aren't called PIIGS for nothing - a bailout always precedes a bailout in an endless cycle. Case in point - Greece... and, now it looks like Ireland as well according to a former IMF director. But we already knew that as well, just as we know despite Spain denying any and all possible bailouts will need to be rescued. Give it a few months, tops.
World renowned investor and silver bug, Max Keiser said in a radio interview that $47 silver is the magic number needed to crash JP Morgan. With the silver spot at $39.59, Max is only $7.41 away from his lifetime dream. Stay tuned.
It may be pointless to even mention the Initial Claims data just released since you already know the data is revised on a weekly basis. The numbers are so well cooked, it would make Rachel Ray proud. Therefore, we suggest the "Ask Your Neighbors and Friends" metric for the best and most accurate unemployment data.
Finally, for those keeping track of the imminent gov't shutdown in less than 48 hours, it seems word about not collecting pay checks has already caused a stir. Protesters are out in force in several cities around the nation. You already know what we're thinking. (It's definitely bullish for stocks!)
More updates shortly.