- Hilsenrising interest rates Business Feels Pinch of Swift Rate Rise (WSJ)
- Yellen Betting Defies 100-Year Jinx of Fed No. 2 Never Elevated (BBG)
- No sign of cyber leaker Snowden on flight to Cuba (Reuters)
- Back to the Future 2 is finally coming: Honda Sees ‘Flying Sports Car’ Making Profit by Decade’s End (BBG)
- Europe’s Richest Person Kamprad to Move Back to Sweden (BBG)
- Li’s Shock Treatment to China Lenders Evokes Ex-Reformer (BBG)
- In India, Gold-Related Shares Melt Down (WSJ)
- Citigroup Opens in Iraq to Tap $1 Trillion of Oil Spending (BBG)
- France warned on budget deficit (FT)
Iran is a right old sorry state (of affairs). Plunged into recession, inflationary pressure that Abenomics wouldn’t mind having a bit of and Bernanke might just be getting if he carries on printing the greenbacks at the rate they are churning out of the Federal Reserve faster than a Ford-T in 1908.
What you hear is a giant hissing sound. And what you get is capital destruction and wealth transfer.
Proving that Japan has learned absolutely nothing from its recent past, it is now preparing to risk yet another Fukushima, just to make sure that Goldman's partners have a fresh year of record bonuses, driven by the BOJ's monetary insanity. Yomiuri Shumbun reports, that just two years after a wholesale shutdown of Japan's nuclear power plants demanded by the people, Japan is once again going to reactivate its nuclear power plants, much to the chagrin of the already massively irradiated local population.
Japan Economy Minister: "Yen's Excessive Strength Has Been Largely Corrected; Further Weakness Could Be Harmful"Submitted by Tyler Durden on 05/19/2013 14:32 -0500
As if sniffing at the threat the ongoing collapse in JGBs, culminated by Toyota pulling a bond issue on soaring yields, which forced even JPM to come out with an ominously titled piece called the "VaR Shock" driven by the epic plunge in the Yen, Japan's economy minister Akira Amari has hit the wires saying "the yen's excessive strength has been largely "corrected," and further weakness could be harmful, Japan's economy minister said Sunday, suggesting the Japanese government may be happy with the currency's current level. Economy minister Akira Amari, responding to a question on how far the yen should weaken, replied that while he couldn't comment himself, "it's being said that the correction of the strong yen is largely completed. If the yen keeps on weakening a lot more, it will have a negative impact on peoples' lives."" Now the question is will those millions in Mrs. Watanabe housewives suddenly stuck in margin calls scramble to take profit, which could send the USDJPY soundly back into double digit territory, or will the momentum machine, facilitated by Getco's relentless scramble to perpetuate momentum ignition and drift, mean Japan has officially lost control of the Yen, and in a world in which only the BOJ's actions matters, will USDJPY 120 be next, together with the even greater "negative impact on people's lives" such a move would have (but not for those buying apartments at the yet to be built 432 Park).
The Administration simply doesn’t want to get run over by the momentum of the oil and gas industry
Wishful thinking now runs so thick and deep across the USA that our hopes for a credible future are being drowned in a tidal wave of yellow smiley-face stories recklessly issued by institutions that ought to know better. A case in point is the Charles C. Mann’s tragically dumb cover story in the current Atlantic magazine - “We Will Never Run Out of Oil” - setting out in great detail the entire panoply of techno-narcissistic “solutions” to our energy predicament. Another case in point was senior financial writer Joe Nocera’s moronic op-ed in last week’s New York Times beating the drum for American “energy independence.” You could call these two examples mendacious if it weren’t so predictable that a desperate society would do everything possible to defend its sunk costs, including the making up of fairy tales to justify its wishes.
Where German industrial companies plan to invest: a slew of losers out there, including Germany
Participants don’t see them. Outsiders shake their heads, until they get sucked in. Central banks create them, but deny their existence. Risks no longer exist. Take natural gas.
It was only a week ago that Iran was shaken by a major 6.1 earthquake, striking just 100 km away from the Busher nuclear power plant: a location so "opportune" some, so inclined, saw in this phenomenon anoter demonstration of the HAARP's capabilities. Those same people will then hardly be surprised to learn that moments ago the entire middle east, from Dubai to Delhi, shook in the aftermath of yet another massive earthquake, this time measuring 7.8 on the Richter scale, which once again was located as the USGS reports, some 86 km East South East of Khash, Iran. According to preliminary reports, the USGS says there is possibility of heavy damage in area of epicenter, and an estimated 359,000 people felt very strong to severe shaking. USGS also estimates that 16K may have felt 'severe' shaking, 343K 'very strong' shaking, 1.7M 'strong' shaking; 1.1M 'moderate' shaking. An Iranian official was promptly on the tape saying hundreds of dead expected from quake in southeast of country, even as the Russian company that built the Busher NPP saying there was no damage from the quake. How much more shaking can either the existing Iranian nuclear power plant, or the much maligned nuclear facility in Fordow, sustain before they go off in a big glowing mushroom cloud: that is the
If You Don't Believe In Global Warming, Please Forward This to Your Friends Who Do
A few hours ago, a major 6.1 magnitude quake struck in Iran once again, some 100 km away from Bushehr - location of Iran's only nuclear power plant. According to subsequent reports, at least 30 people have been killed and nearly 600 injured, although at least for now the official version is that the power plan was undamaged. From Al Jazeera: "Fereydoon Hasanvand, governor of Bushehr, said the nuclear plant was undamaged by Tuesday's earthquake. "No damage at all has been caused" to the plant, he told state television. The Russian company that built the nuclear-power station, 18km south of Bushehr, said the quake had been felt there but that operations at the plant were not affected. "The earthquake in no way affected the normal situation at the reactor." Of course, as TEPCO and Japan so vividly and glowingly in the dark demonstrated, when it comes to nuclear power plants, the last thing to be released, long after the alpha, beta and gamma rays, is the truth. We doubt this time would be any different.
Former U.S. Nuclear Chief: American Nuclear Plants Should Be Phased Out — “Can’t Guarantee Against Accident Causing WidespreadSubmitted by George Washington on 04/09/2013 10:36 -0500
Nuclear Regulators Just “Rolling the Dice”
The Fukushima farce continues: a month after a rat (no really) caused the cooling system at the exploded Japanese nuclear power plant to fail, history repeats itself, leading to the second cooling failure in a month. As the NYT reported, "Workers at the stricken Fukushima nuclear power plant who were installing wire nets Friday to keep rats away from a vital cooling system instead tripped that system, causing it to fail for the second time in weeks. Cooling was restored by late evening on Friday, and there was no imminent danger to the 566 nuclear fuel rods stored in the pool, according to the company. It would have taken at least two weeks for the pool to have risen above the safe level of 149 degrees Fahrenheit, Tepco said." Of course, TEPCO would certainly tell the truth to all those it lied to for weeks in March 2011, the same TEPCO where a rat is the weakest link in its meltdown avoidance planning. This time however, TEPCO, credibility and professionalism once again in tatters, was forced to reveal a little more, namely that "radioactive water may have leaked into the ground from a storage tank at Japan's crippled Fukushima Daiichi nuclear power plant in the latest of a series of troubles at the facility."