As reported yesterday, Typhoon Haiyan - potentially the strongest storm to ever make landfall, and stronger than Katrina and Sandy combined - has come and left the Philippines (currently heading for Vietnam), and now the time has come to evaluate the damage and count the dead. Sadly, as Reuters reports, the devastation is absolutely massive and especially in the hardest hit city of Tacloban in the central Leyte province, may match the aftermath of the Fukushima tsunami: "This is destruction on a massive scale. There are cars thrown like tumbleweed and the streets are strewn with debris." Airport manager Efren Nagrama, 47, said water levels rose up to four metres (13 ft) in the airport. "It was like a tsunami. We escaped through the windows and I held on to a pole for about an hour as rain, seawater and wind swept through the airport. Some of my staff survived by clinging to trees. I prayed hard all throughout until the water subsided."
While it took Japan over two years to admit the Fukushima situation on the ground is "out of control", a development many had predicted for years, a just as important topic is what are the implications of this uncontrolled radioactive disaster on not only the local environment and society but also globally, particularly Japan's neighbor across the Pacific - the US. To be sure, there has been much speculation, much of it unjustified, in the past two years debating when, how substantial and how acute any potential debris from Fukushima would be on the US. Which is why it was somewhat surprising to see the NOAA come out with its own modeling effort, which shows that not only "some buoyant items first reached the Pacific Northwest coast during winter 2011-2012" but to openly confirm that a debris field weighing over 1 million tons, and larger than Texas is now on the verge of hitting the American coastline, just west off the state of California.
The Japanese Self-Defense Forces were on a high state of alert on September 9 ahead of the first anniversary of Japan’s controversial purchase of islets in the disputed Senkaku/Diaoyu archipelago, particularly after a pair of Chinese bombers flew near Okinawa the previous day. Japanese Defense Minister Itsunori Onodera has ordered military personnel to strengthen their surveillance around the Senkakus, which are also claimed by China and Taiwan. A source in the Japanese government indicated that the People’s Liberation Army (PLA) and Chinese maritime enforcement could take “outstanding” action in the area on September 11, the first anniversary of the purchase.
As Boston and U.S. security agencies congratulate themselves over the apparent neutralization of a pair of Chechens that bombed the Boston Marathon, troubling questions are beginning to arise. First and foremost is, why a pair of Chechens, born in the former Soviet republic of Kyrgyzstan, apparently committed the attack? For possible answers, one must looks beyond the present and delve into Russia’s and the USSR’s past policies towards Chechnya, and since 1991, U.S. policy in the Caucasus, which since the 1991 implosion of the USSR had a single focus – the exploitation of the Caspian’s massive energy reserves. It is a history that makes for deeply uncomfortable reading, but one that may eventually provide some answers to seemingly intractable questions. The history below, virtually unknown in the US, is deeply known to the Chechens; and while nothing excuses the terrible actions, the US is hardly blameless about the carnage visited on the Tsarnaev's ancestral homeland.
The partisan politics of this country is simply insane.
Any contrition on the part of Weill for his role in repealing Glass-Steagall might as well be an attempt to close the stable door after the horse has bolted. It’s like trying to uninvent the atom bomb after Hiroshima. Weill was the guy who — above anyone else — was responsible for the damage done. Coming out and claiming that reimposing Glass-Steagall would fix the problem is inadequate. If he wants to be taken seriously he should match every dollar he spent trying to get Glass-Steagall repealed with new lobbying funds to reimpose a separation between banks that accept deposits and the shadow banking and derivatives casinos.
In 10 Years, Peak Cesium Levels Off West Coast Could Be 10 Times Higher Than at Coast of Japan
High-frequency trading became so competitive that on a truly level playing field no one could make money operating at high volumes. Starting in 2008, there had been a frantic rush into the high-frequency gold mine at a time when nearly every other investment strategy on Wall Street was imploding. That competition was making it very hard for the firms to make a profit without using methods that Bodek viewed as seedy at best. And so a complex system evolved to pick winners and losers. It was done through speed and exotic order types. If you didn’t know which orders to use, and when to use them, you lost nearly every time. To Bodek, it was fundamentally unfair—it was rigged. There were too many conflicts of interest, too many shared benefits between exchanges and the traders they catered to. Only the biggest, most sophisticated, connected firms in the world could win this race.
An Oregon University professor has controversially compared skepticism of global warming to racism. Sociology and environmental studies professor Kari Norgaard wrote a paper criticising non-believers, suggesting that doubters have a ‘sickness’. The professor, who holds a B.S. in biology and a master’s and PhD in sociology, argued that ‘cultural resistance’ to accepting humans as being responsible for climate change ‘must be recognised and treated’ as an aberrant sociological behaviour.
I've been critical of Japan Inc. But this is very different. And much more personal.
Nearly 10-years ago to the day, the government of Argentina collapsed. Beset by weighty deficit spending and a completely unrealistic currency peg to the US dollar, Argentina became the poster child for the golden rule of economics: ‘that which is unsustainable will not be sustained.’ It’s reversion to the mean. Within a matter of days, the country had burned through several presidents, the currency collapsed, inflation soared, unemployment shot up, crime rates spiked, and the government defaulted on its debt. After limping along for most of the last decade with a socialist agenda, the government of Argentina is at it again. The economy is rapidly deteriorating, and street-inflation has surpassed 25%.
We have now entered the fifth year of this Fourth Turning Crisis. George Washington and his troops were barely holding on at Valley Forge during the fifth year of the American Revolution Fourth Turning. By year five of the Civil War Fourth Turning 700,000 Americans were dead, the South left in ruins, a President assassinated and a military victory attained that felt like defeat. By the fifth year of the Great Depression/World War II Fourth Turning, FDR’s New Deal was in place and Adolf Hitler had been democratically elected and was formulating big plans for his Third Reich. The insight from prior Fourth Turnings that applies to 2012 is that things will not improve. They call it a Crisis because the risk of calamity is constant. There is zero percent chance that 2012 will result in a recovery and return to normalcy. Not one of the issues that caused our economic collapse has been solved. The “solutions” implemented since 2008 have exacerbated the problems of debt, civic decay and global disorder. The choices we make as a nation in 2012 will determine the future course of this Fourth Turning. If we fail in our duty, this Fourth Turning could go catastrophically wrong. I pray we choose wisely. Have a great 2012.
It seems America’s bankers are tired of all the abuse. They’ve decided to speak out. True, they’re doing it from behind the ropeline, in front of friendly crowds at industry conferences and country clubs, meaning they don’t have to look the rest of America in the eye when they call us all imbeciles and complain that they shouldn’t have to apologize for being so successful. But while they haven’t yet deigned to talk to protesting America face to face, they are willing to scribble out some complaints on notes and send them downstairs on silver trays. Courtesy of a remarkable story by Max Abelson at Bloomberg, we now get to hear some of those choice comments. Home Depot co-founder Bernard Marcus, for instance, is not worried about OWS:
“Who gives a crap about some imbecile?” Marcus said. “Are you kidding me?”
Earlier today, Hurricane Irene was upgraded by the National Hurricane Center to category 3 as it passed above the Turks and Caicos, preemptively ending the holidays for quite a few Wall Streeters taking a well-deserved break from chasing levered beta. So admitting we know nothing about predicting the weather, we present the following update from Jeff Masters' Weather Underground blog.
Resolved for a moment or not it's time to give this chasm in American political and economic life a closer look from a decidedly off South Main Street USA perspective.