Update 1: Japan has just "discovered" 15 tons of radioactive water have leaked into the ground.
Update 2: Remember the SPR oil release that was somehow magically going to bring the price of oil down to normal levels? Check oil spot. Up almost 2.5% to $92.66pb. Can you say "fail" and on the tax payer's dime?
With the circus in Fukushima just heating up for the big event, let's not forget the other
In Greece, the countdown to the momentous vote, which will certainly pass, has caused the people to revolt. Those who can see the handwriting on the wall know there are only two outcomes to this event - and both of them end very badly for Europe.
When the vote passes, Greece will be sold off piece by piece to corrupt banksters and other nations (read: China) while severe austerity measures are implemented. The people will protest and riots will erupt across the nation, effectively shutting down the economy. In turn, those overly optimistic GDP "growth" figures the gov't is predicting for 2013 and beyond will never be attained. Thus, this entire show, is simply more
The other outcome which is highly unlikely, is one whereby if the vote did not pass for some reason, the banksters would moan and groan about bond haircuts, but Greece would leave the EU and return to the Drachma. The Drachma would be set at a value roughly half the current value of the Euro which would give Greece a more competitive currency - one that could compete against other nations. Of course, after analyzing what Greece needed all along, one can see the Euro monetary union was never meant to be. How a group of academics dreamed up this plan without considering the most basic, fundamental factors is beyond us. Then again, being that it was
The BBC is reporting that the Bank of England is planning for a contingency plan in the
Does it seem more than coincidence that the U.S. currently has 4 nuclear facilities in an emergency mode? Not only is the situation at Ft. Calhoun looking like Fukushima 2.0, but we have the Cooper plant under shutdown as the river rises beyond flood stage, and the fires raging at the Los Alamos Nuclear Laboratory ( which stores the world's largest supply of nuclear weapons) are also now officially "out of control" (but somehow, nuclear officials claim everything is ok and the fires pose little threat - from yesterday's no threat). Did we mention the fires have spread to the facility property? Read on.
That's three. The fourth? We get news that the New Jersey Salem reactor 2 has had failure of the cooling pump, and has been forced into "hot shutdown;" not to be confused with cold shutdown. But have no fear or worries. Everything is ok. All four "unusual events" are ok. What's your contingency plan in the case of nuclear meltdowns across the U.S.?
In Ft. Calhoun, workers have been brought in to refill the emergency backup generators by hand. That's correct - they now have a human chain of workers refilling the emergency generators to keep the fuel rods from overheating. Let's hope that union doesn't go on strike once the budget cuts are implemented.
In other news, U.S. consumer confidence has "unexpectedly" plummeted to a 7 month low. Obviously this is a direct result of the "green shoots" of an economic recovery. Remember, there is no inflation. And if there was, Dr. Deficit could fix everything in 15 minutes. Of course, he can't fix "unexpected" bullish global disasters like earthquakes, nuclear meltdowns, food shortages and plagues.
Speaking of plagues, a devastating wheat fungus impacting 11 countries in Africa and the Middle East
will take years of work to save the world's wheat. Somehow, we don't think this is deflationary, despite being bullish for the economy, like all other major disasters. Have you seen the price of cereal lately? Better still, have you seen the price of coffee lately? Corn? Dairy? Cotton? Anything that you buy on a regular basis and depend on for survival?
Bah humbug! Inflation? What inflation?
Finally, as the day progresses, keep an eye on European banks (especially German, Italian and French banks) which have absurd levels of exposure to Greek debt, which in turn have exposure to Too Big To Fail, To Corrupt To Fix, banks in the U.S. in one big death spiral pig with lipstick. Don't worry though - Justin Bieber said the economy is going to pick up in the second half of 2011.