Is Iceland Preparing To Blow Again?

Tyler Durden's picture

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hedgeless_horseman's picture

I love you, man.  Just when I am feeling a little peppy.  BAM!  Doom.   Or at least possible doom.

By the way, I do not believe the USA bailed out the credit union industry last Friday night with $50,000,000,000.00 of taxpayer backed Federal Reserve Loans.  If something this big were true, then at least one major newspaper or financial website (other than zerohedge) would say so somewhere on the front page, right?  WSJ:no,  Reuters: no, Bloomberg:no, Yahoo:no, New York Times:no (see below).

Business Day

SECTION B - PAGE 1

Comcast Spends Big in Pressing for Merger
By BRIAN STELTER and TIM ARANGO

SECTION B - PAGE 1

Raters Ignored Proof of Unsafe Loans, Panel Is Told
By GRETCHEN MORGENSON

SECTION B - PAGE 1

China Imposes a Steep Tariff on U.S. Poultry
By KEITH BRADSHER

SECTION B - PAGE 1

Shifting Online, Netflix Faces New Competition
By VERNE G. KOPYTOFF

SECTION B - PAGE 1

New Team Alters Disney Studios’ Path
By BROOKS BARNES

SECTION B - PAGE 1

Nokia’s New Chief Faces Culture of Complacency
By KEVIN J. O'BRIEN

SECTION B - PAGE 2

Hyundai Is Recalling 139,500 Sonatas
By THE ASSOCIATED PRESS

SECTION B - PAGE 2

Drilling Down: The Sexes and the Media They Focus On
By ALEX MINDLIN

SECTION B - PAGE 2

Treasury Auctions Set for This Week

SECTION B - PAGE 2

Economic Reports This Week

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Reuters Breakingviews: A Good Moment to Open a Mongolian Bourse
By ROB COX and RICHARD BEALES

SECTION B - PAGE 3

After a Long Wait, a Critic of Citigroup Wins a Meeting With Top Executives
By SUSANNE CRAIG

SECTION B - PAGE 4

Advertising: To Fix Bad Breath, a Gadget Seen on YouTube
By CLAIRE CAIN MILLER

SECTION B - PAGE 6

Media Decoder: Study Finds That Apple Dominates Tech News
By BRIAN STELTER

SECTION B - PAGE 6

Media Decoder: Publisher’s Foray to the Right
By JULIE BOSMAN

SECTION B - PAGE 6

Media Decoder: Site for ‘60 Minutes’ to Take Viewers Into the Back Stories
By BRIAN STELTER

SECTION B - PAGE 7

Bar Codes Add Detail on Items in TV Ads
By ELIZABETH OLSON

SECTION B - PAGE 7 News Analysis: Europe’s Parliament Addresses Patchwork of Copyright Laws By ERIC PFANNER
SECTION B - PAGE 11

Bits: Instapaper Becomes a Start-Up
By NICK BILTON

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Bits: Shapeways Comes to N.Y.
By ASHLEE VANCE

SECTION B - PAGE 11

Bits: The Rush to Sift Mounds of Data

See, nothing at all about a $50,000,000,000.00 baliout.  All the News That's Fit to Print, so it obviously did not happen.  I feel better.
Manbarepig's picture

Its not front page stuff (the IFR content requires a subscription) but it does exist.

 

Reuters News, timestamped about 11 minutes prior to TD's excellent writeup...

  • 24-Sep-2010 16:45 - NATIONAL CREDIT UNION ADMINISTRATION SAYS ASSUMED CONTROL OF THREE UNDERCAPITALIZED CORPORATE CREDIT UNIONS
  • 24-Sep-2010 16:46 - NCUA SAYS AFFORDING LOCAL CREDIT UNIONS GREATER CHOICE IN SELECTION OF THEIR LIQUIDITY AND BACK OFFICE PROVIDER
  • 24-Sep-2010 16:46 - NCUA SAYS CONTINUES TO INSURE CREDIT UNION AND CONSUMER DEPOSITS UP TO $250,000 PER ACCOUNT
  • 24-Sep-2010 16:47 - NCUA SAYS TEMPORARY CORPORATE CREDIT UNION SHARE GUARANTEE PROGRAM REMAINS IN EFFECT THROUGH DECEMBER 31, 2012
  • 24-Sep-2010 16:47 - NCUA SAYS PLAN TO ISOLATE THE IMPAIRED ASSETS IN THE CORPORATE CREDIT UNION SYSTEM
  • 24-Sep-2010 16:48 - NCUA SAYS FINALIZED A SET OF STRONGER REGULATIONS
  • 24-Sep-2010 16:49 - NCUA-LIFE OF TEMPORARY CORPORATE CREDIT UNION STABILIZATION FUND EXTENDED TO JUNE 30, 2021 WITH CONCURRENCE OF TIMOTHY GEITHNER

And the Reuters owned IFR writeup...

 

ABS: Barclays to Lead US$35bn Securitization Program for National Credit Union Administration - IFR 24-Sep-2010 16:46

NEW YORK, Sept 24 (IFR) -

Market contacts report that Barclays Capital will be sole advisor to the US National Credit Union Administration (NCUA) for an ongoing program to securitize approximately US$35bn in mortgage-related assets from failed corporate credit unions. The bonds will be government-guaranteed. The NCUA made the announcement today at an internal board meeting, sources say.

The strategy is similar to that of the FDIC, who also worked with Barclays this year on both a securitization program as well as a parallel structured-sale initiative. The NCUA has also reportedly started a structured sale program, including an $800 million sale of CMBS this past week.

In addition to Wescorp and US Central, the NCUA announced that it is taking three other corporate credit unions into conservatorship: Constitution Corporate, Members United, and Southwest Corporate.

There are approximately $72 billion in distressed legacy assets held by failed corporate credit unions, the NCUA said.

According to a press release issued by the NCUA today, the plan to address the impaired credit-union assets and resolve these troubled institutions involves several
interrelated steps:

  • Isolating the impaired securities (legacy assets) held by these five corporate credit unions;
  • Repackaging the legacy assets into new securities with an NCUA guarantee backed by the
unconditional full faith and credit of the United States government; * Issuing the new securities to investors on the open market; * Transferring the corporates' still-valuable assets to newly created "bridge banks" that will allow for continued operations; and * Transitioning operations now under NCUA conservatorship over a target of 24 months to other service providers.
Internet Tough Guy's picture

We come from the land of the ice and snow, From the midnight sun where the hot springs blow.

Cui Bono's picture

ITG... WTF? NO ONE with that avatar is EVER allowed to cite this other band, which shall not be named! Personal preference... music police hack.. to each his own...etc... for shame ITG... for shame... additional stupidity removed...CB

TBT or not TBT's picture

Ahhhhh ahhhhh ahhhhhhhhhhh ahhhhhhhhhhhhhhhhhhhhhhhh!

Ripped Chunk's picture

ITG, I can see your attraction to this article: the word blow. But it's pretty obvious when you outright declare that you blow at the hot springs. Try Craigslist you Tool box.

Missing_Link's picture

Pfffft.  That's nothing compared to the supervolcano underneath Yellowstone National Park  ...  which, by the way, has been experiencing increasing quake swarms for the last several years, particularly in the winters of 2008 and 2009.

The 5-part History Channel special on Yellowstone is a "must-watch":

http://www.youtube.com/watch?v=FOn3wkehluk

Sudden Debt's picture

You Americans.... "MY VOLCANO IS BIGGER THEN YOURS", "OUR PRESIDENT IS THE BIGGEST MORON", "AMERICANS ARE THE MOST OBESE PEOPLE IN THE WORLD"...

 

You guys always want to win everything he?

EscapeKey's picture

"We have the biggest deficit..."

Deficits, bitchezzz!

Sudden Debt's picture

OH YEAH?! I HAVE MORE JUNKED FLAGS THEN YOU! :)

Bob's picture

Junked ya!  Sorry, just couldn't resist . . .

ebworthen's picture

Yup; if that Yellowstone Caldera blows the Midwest corn and wheat fields are gone for at least a year and billions will starve because of it (not to mention a good part of the Intermountain West being wiped out).

Bob's picture

No multi-year global "volcanic winter"?

augmister's picture

Indeed... the US becomes toast and the rest of the world starves to death.  Happy ending.  You want some popcorn with that volcanic ash?

Missing_Link's picture

The best estimate I've seen is that with a true "super-eruption" of Yellowstone as has happened so many times in the past, GLOBAL agriculture will be more or less wiped out for around a decade due to the massive quantities of volcanic ash that would be spewed into the atmosphere and remain there for years.  This would indeed be a "nuclear winter" scenario.

Agriculture in the midwest, the "bread basket of the world," would likely be knocked out for at least a few years longer (and seriously impaired for at least a decade or two after the eruption) because it would get several inches (or even feet) of ash fall, depending on the location.

Billions could indeed die in such a disaster.

Silverhog's picture

Bunga Bunga get on the waiting list with all the other global catastrophes.

tmosley's picture

Baroarbunga, dude!

At least we can more or less pronounce this one.

TBT or not TBT's picture

This particular god wields, well, more of a hot flowing fissure.

Ripped Chunk's picture

Blow anybody dressed like a God ITG is more like it, no?

Turd Ferguson's picture

Maybe the 82nd Airborne is mobilizing to prepare for this ;)

jdrose1985's picture

Moments like these always direct my attention to 200 lbs of wheat cereal I have stockpiled downstairs and the spare gas tank in my truck which holds enough fuel to take me many miles from the hungry, rioting masses should one of these motherfuckers blow a top.

Jim Rogers

http://www.cnbc.com/id/15840232?play=1&video=1476070637

Sudden Debt's picture

Potato chip might double in price because of a bad harvest!

SHORT LAYS CHIPS!

Cpl Hicks's picture

200 lbs of wheat cereal and extra gas in the pickup, now there's a real plan for when the shtf!

jdrose1985's picture

Nothing wrong with an extended fishing trip complete with kayaks and enough survival gear to make it long enough to see crops be taken down for harvest.

Nothing wrong with a cheap insurance policy.

sushi's picture

The Ejecta Projection Team is just keeping it turning over on warm idle as a contingent back up in the event the POMO operations team suffers a major fail.

Sudden Debt's picture

mass extinctions he?

So you mean buy European CDS's?

Robert J Moran's picture

Let the human sacrifices begin!  May I offer up a few names of the first, oh dozen or so?!

PhattyBuoy's picture

Siberian Traps

http://en.wikipedia.org/wiki/Siberian_Traps

This massive eruptive event spanned the Permian-Triassic boundary, about 250 million years ago, and is widely cited as a cause of the Permian-Triassic extinction event. The massive eruptive event which formed the traps, one of the largest known volcanic events of the last 500 million years of Earth's geological history, continued for a million years. This extinction event, also called the Great Dying, affected all life on Earth, and is estimated to have killed 90% of species living at the time. Life on land took 30 million years to recover from the environmental disruptions caused by the eruption of the Siberian Traps.

Sudden Debt's picture

NONSENSE! The planet is only 6000 years old!

according to the bible and stuff...

 

 

PhattyBuoy's picture

If you subscribe to some new physics theories that suggest light speed has been variable over time (Vc), then the earth is 8000 years old (in current years) !!

Sudden Debt's picture

But... but... the bible says.... BOEHOEHOEHOEHOE! :(

kaiserhoff's picture

I'm with you SD.  Two classic country hits...

Drop Kick Me Jesus, Through the goal posts of life

I was roped and throwed by Jesus in the Holy Ghost Corral

You couldn't make this shit up.

bronzie's picture

"The planet is only 6000 years old!

according to the bible and stuff...

"

that's right - god planted all the fossils and stuff that might indicate an older universe

</sarcasm>

Blues Traveler's picture

Hey bud, I let 99% of your fucking dumb comments fly by without correction.  Don't bring the Bible into your bullshit. The world is at least 13 billion years old, maybe older, but who gives a fuck.  God has been trying to reach man since we crawled out of the water, that is the sotry of man.  You miss the point of the Bible you stupid FUCK YOU.

VWbug's picture

you shouldn't believe everything you read.

the bible is a fable, a pretty good one, but that's it.

knukles's picture

So's Obama's birth cretificate for all that matters.

Cpl Hicks's picture

Does "Obama's birth cretificate" certify that he's a cretin?

just wondered.

Blues Traveler's picture

Ok, thank you for pointing that our for me, you are so fucking brilliant and fucking amazing fucktard.

Pope Clement's picture

You all sound like you are just as much dark ager douche bags as the bible thumpers. The creation stories have nothing at all to do with the age of the earth but is about the events in the sky 6000 years ago that is recounted by every ancient race. To get an idea of the great recent advances in comparative mythology, religion, cosmology etc. google 'Saturn Theory' or read D. Cardona's multi volume interdisciplinary work which is the cutting edge on what the hell the creation story is all about....

ShankyS's picture

Massive Volcano wiped out Netherlands 40k yrs ago.

Yellowstone happens every 650k years or so and we're cycling into that as well.

 

 

 

Sudden Debt's picture

Luckely I live in Belgium!

OVER 40 miles away!

SCREW THE DUTCH! DROWN THEM! BURN THEM!

WHOEHAHAHAHAHA!

 

ATTILA THE WIMP's picture

What the hell is in the water in Belgium?

Hephasteus's picture

THC, ectasy, opiates, herpes, clymitia, viagra, waffle batter, condom lubricants, etc etc.

knukles's picture

I can't take this shit anymore. 

And right along with it, just moments before, the Neanderthals hunted the woolly mammoth to extinction.  NFW.  Buncha morons with sharp sticks wiped out an entire continent of monolithicly large beasts with hairy coats 5 feet thick and skin like the soles of Doc Martins?  NFW.

No.

AccreditedEYE's picture

A supervolcano demanding the sacrifice of a former FRBNY demagogue and current Napoleon Dynamite Ph.D. lookalike or threatening another, much more vicious, lock out of Europe?

Fantastic! There's no justice like angry sacrificial mob justice! 

Things that go bump's picture

I remember a movie with that theme starring Dorothy Lamour as the former FRBNY demagogue.