Japan – Like the U.S. – Turns to Censorship
"We, the German Fuhrer and Chancellor, and the British Prime Minister, have had a further meeting today and are agreed in recognizing that the question of Anglo-German relations is of the first importance for our two countries and for Europe. We regard the agreement signed last night and the Anglo-German Naval Agreement as symbolic of the desire of our two peoples never to go to war with one another again. We are resolved that the method of consultation shall be the method adopted to deal with any other questions that may concern our two countries, and we are determined to continue our efforts to remove possible sources of difference, and thus to contribute to assure the peace of Europe. My good friends, for the second time in our history, a British Prime Minister has returned from Germany bringing peace with honor. I believe it is "peace for our time." Go home and get a nice quiet sleep." - Neville Chamberlain, September 30, 1938
The Shocking Reasons that Americans Are Right to Be More Afraid of Bad Government Policy than Terrorism
"Frustrated" Liquidity Addicts Demand Moar From BOJ As Nikkei Rally Stalls, Abenomics Founders And "Hope Fades"Submitted by Tyler Durden on 11/13/2013 10:25 -0400
While the only topic of discussion for "sophisticated" investors everywhere is when (and if) the Fed will ever dare to reduce its monthly flow injection into US markets from $85 billion to a paltry $75 billion, everyone has forgotten that across the Pacific, for the past seven months the BOJ has been calmly injecting another $75 billion each and every month into the market, with no risk of this liquidity boost ever being tapered (since the broad 2% inflation target relies on ever broader wage increases that will never come). However, much to Japan's chagrin, in the current insta-globally fungible capital markets, over the past five months the bulk of this liquidity has found its way to the US stock bubble, leaving the Nikkei in the dust. As a result, the local Japanese liquidity junkies have started to loudly complain once again, and now the FT reports that "as excitement over the world’s second-biggest stock market has faded, some are now crying out for another jump-start." In other words: the BOJ must do "moar" to push the Nikkei bubble even higher following its rangebound trade since May which, worst of all, is now the primary reason why "hope is fading."
The operator of Japan's wrecked Fukushima nuclear plant will double the pay of contract workers as part of a revamp of operations at the station, after coming under criticism for its handling of clean-up efforts. Reuters reports, hazard pay for the thousands of workers on short-term contracts will be increased from 10,000 yen ($100) to 20,000 yen a day, Tokyo Electric Power Co said in a statement on Friday. The plan released on Friday also lays out improvements to the management of hundreds of thousands of tonnes of contaminated water building up, which comes from groundwater mixing with coolant poured over melted uranium rods. All of this as the riskiest phase of the decommissioning of Fukushima begins soon...
If Anything Goes Wrong, the Whole World Could Be Affected For a Long Time
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 bailed-out owner of the Fukushima nuke, famous for its lackadaisical handling of the fiasco and its stinginess with the truth, reported earnings. It was a doozie.
Higher energy costs in Japan have not turned consumer opinion back in favor of nuclear power.
Radiation Levels Will Concentrate in Pockets at Certain West Coast Locations
UPDATE: Tepco Orders Evacuation of Fukushima Power Plant Workers
A 7.3 (according to USGS) magnitude earthquake just struck 311 miles ENE of Tokyo at a depth of 10km. The Pacific Tsunami Center has issued a warning and VOA reports a 1-meter high tsunami could hit Fukushima coast at 02:40 local - 1340ET)....
— Steve Herman (@W7VOA) October 25, 2013
In his last book, The Five Stages of Collapse, Orlov viewed collapse through rose-colored glasses - after all, it is human nature to try to be optimistic no matter what; and so almost subconsciously crafted a scenario where industrial civilization fades away quickly enough to save what's left of the natural realm, allowing some remnant of humanity to make a fresh start. Ideally, it would start of with a global financial collapse triggered by a catastrophic loss of confidence in the tools of globalized finance. That would swiftly morph into commercial collapse, caused by global supply chain disruption and cross-contagion. As business activity grinds to a halt and tax revenues dwindle to zero, political collapse wipes most large-scale political entities off the map, allowing small groups of people to revert to various forms of anarchic, autonomous self-governance. Those groups that have sufficient social cohesion, direct access to natural resources, and enough cultural wealth (in the form of face-to-face relationships and oral traditions) would survive while the rest swiftly perish. Of course, there are problems even with this scenario.
The dismal news keeps coming for the Fukushima nuclear power facility. According to NHK World, TEPCO is admitting to detecting radioactive cesium about one kilometer off shore. While the level is low, it is the secoond time radioactive substances have been found that far offshore and it is believed to be from wastewater leaking out with the groundwater. The company, reassuringly, says the leak poses no environmental risk... As if that was not enough, Bloomberg reports TEPCO also found high levels of radiation in the drainage ditches and wells at the site. Of course, this will likely be met with cries of delight by Abe who will "need to build a bigger wall" to contain the leaks and thus create a Keynesian utopia from the 'broken nuclear plant fallacy' that is ongoing.
The Bank of Japan will, for the first time in history, "own" all of Japan's GDP on its balance sheet some time in 2018 when its "assets" as a percentage of GDP surpass 100%, and then proceed in linear fashion to add about 10% of GDP to its balance sheet with every passing year until everything inevitably comes crashing down.
That's right, you heard what I said...Anti-Radiation Underwear!