Meltdown Fryday- China Says U.S. Is Defaulting Already; Ohio Restaurant Closes After 70 Years In Business After Obama Says TARP Indirectly Helped That Restaurant; LinkedIn Licks Investors; Fukushima Fryday: Expert Says Japan May Become Uninhabitable; Work At Reactor 3 Stops As Radiation Too High; One Worker Already Unconscious; Much More

Updates
Update 1: Let's get the party started with the first round of many bank layoffs - Lloyds and RBS thank the taxpayers who bailed them out with a round of 500 job cuts. 

Update 2: This doesn't look good at all. Two giant columns of smoke seen from Fukushima. Webcam totally smoked out. We can't tell what to make of it. Sure looks ominous though. Update- Smoke/fog is clearing. Checking temperatures for any fluctuations.

Update 3: Incredibly bullish news that should be worth at least 300+ points on the DOW. Major Ft. Peck dam break likely.   


Main Article
Another day, another round of grenades are launched - but we're not talking about an attack taking place in the Middle East, nor are we talking about physical grenades. Rather, today's attack came in the form of a more silent, but just a deadly launch by the only Chinese ratings agency that issues sovereign ratings. Today, Dagong accused the United States of defaulting on its massive debt, saying, "in our opinion, the United States has already been defaulting." Notice the use of the present tense, "has already been." Well, duh! #winning! Perhaps, this ratings agency is still a little slow to recognize what is really going on here and in Europe (Dagong only downgraded U.S. debt last November and only downgraded Greece last week). The U.S. financial system (and by extension the EU and U.K. financial system as well) is crumbling from the inside out. The handwriting is on the wall, so to speak, and the fact that the middle class is being (notice the tense) decimated while the top banksters earners make more than ever is a signal. It should be alarming to everyone with even the most rudimentary understanding of finance, that something is seriously broken when during the worst economic depression recession the world has seen, the number of Billionaires grows by 20% and their net worth increases by $1 Trillion. We're simply stating the obvious here. Again.

Is it mere coincidence that that the world's Billionaires net wealth increased by the same amount as the TARP stimulus? Just another one of those things that makes us go "hmmmmm." Take for example, the story about the restaurant in Ohio mentioned last week by Obama "as an indirect beneficiary" of the government’s Chrysler bailout - which today announced it will go out of business Sunday after a more than 70-year history. You can't make this up. "Trickle down economics" is guise for "trickle up poverty."

In other news, LinkedIn, the hyped up turd internet stock which has dropped almost 50% from the top set a few days ago, and which managed to ripoff pull in hundreds of retail sheep investors, still has a P/E ratio of 1070x. We won't even bother explaining the math, but this is a perfect example of why stock investing is dead (which explains the pitiful volume across the boards - it's comical watching computer algorithms feed off one another like cannibals). Based on math (and gravity), LNKD should be trading in the $12-$19. And that, is being very generous with "growth" estimates.

Being that today is Fryday, and we already know the ultimate outcome of the financial markets, the only news that matters is once again Fukushima. Fukushima matters because, like it or not, it is impacting you directly and indirectly in so many ways. Besides the global financial impact, which will have an impact on you, there are other implications, the greatest importance of which is your health.

The first news comes from an article in an Australian news journal, entitled "Fukushima Meltdown – Caldicott Says Japan May Become Uninhabitable – Media Silent." The article quotes Arnie Gundersen, who has done a brilliant job since day one covering the unspeakable, and Dr. Caldicott, a leading nuclear expert. You may have already seen the video of her presentation on Fukushima, but the gist of the article, as the title indicates is that Japan may be rendered uninhabitable and the close ties between the nuclear industry and gov't, is keeping the unthinkable truth hidden from the public. Unfortunately, many people can't grasp the enormity of this situation and the far reaching consequences because they suffer from cognitive dissonance.

Today we learn that work at reactor 3 has been suspended due to high radiation and that 3 workers have received radiation levels of 670 mSv. And just now, we are learning that 1 worker has been found unconscious in his room. Of course, with all three reactors in total meltdown and the fourth Spent Fuel Pool ready to collapse, it's only a matter of time before they abandon ship, out of necessity. More updates as they develop.