Tag Archives: economy

Business/Economics, Technology, U.S.

Government/Corporate Incompetence: Nebraska could have suffered Nuclear disaster last year, workers jury rigging new parts, according to NRC

March 13, 2012, the U.S. Nuclear Regulatory Commission released a preliminary report on last year’s fire at the Fort Calhoun nuclear plant in Nebraska.  It shows corporate incompetence that could have led to disaster, if the plant hadn’t already been shut down.

The nuclear reactors had been shut down for maintenance, and were shut down longer than planned because of  flooding from the Missouri river.

The incompetence comes from a incorrectly installed electrical breaker panel, which began to smolder and eventually ignited.  The breaker panel was not designed for the existing switches, and was mickey moused to fit.  The result was that grease built up in the panel, overheated and caught fire.

There is more incompetence, in that the NRC learned that workers had noticed a burning smell coming from the panel at least three days before the fire broke out!

The NRC also discovered that the warning siren system for people living nearby is faulty, and there is no back up warning system in place!

This is proof that the greatest danger involving nuclear plants, are the corporations operating them!

Business/Economics, International, U.S.

World War 3: Japan sanctions Iranian bank, move could backfire on Japan’s already disintigrating economy

On March 13, 2012, the Japanese government imposed sanctions against another Iranian bank, the 21st since last year.

It’s called Bank Tejarat, and is the third largest in Iran.  There’s just one problem, most of the deals involve Iranians buying Japanese products, not the other way round!

In 2011 Iranians bought U.S.$1.65 billion worth of Japanese industrial products. The majority of those transactions went through Bank Tejarat.  What this means is that in the name of trying to maintain good relations with the United States (after announcing $10 billion deal to dump U.S. bonds for Chinese) the leaders of Japan have possibly destroyed any chances of economic recovery.

As usual Japanese leaders are masters of understatement: “There may be a slight impact, but we believe that it is now most important to carry out international cooperation.”-Koichiro Gemba, Foreign Minister of Japan

 

 

Business/Economics, International, U.S.

Global Economic War: Japan to dump U.S. bonds for Chinese bonds, getting ready for March 29 debut of anti-U.S. BRICS Bank

On March 13, 2012, the Chinese government approved a request from Japan, to buy U.S.$10 billion worth of bonds.

Japanese officials admitted the move was to help them “diversify” away from U.S. bonds.  The move signals the growing influence of the Chinese yuan, as a international currency.

It also comes as BRICS countries prepare to sign an agreement on March 29 that would create a new international banking system that refuses to use the U.S. dollar.

Business/Economics, International, U.S.

Oil & Gas Prices: Canadian economy getting punched hard because they’ve pumped out too much oil

“If you don’t think this is a big issue, think again!”-Andrew Potter, CIBC World Markets

Canada has pumped out so much oil, that it’s losing money.  Plus it has to compete with the flood of oil coming out of North Dakota. The result is that Canadian heavy and light oil is now selling for about $10 to $30 under what U.S. West Texas Crude is selling for.

“…we actually have a contraction because there’s just too much of the stuff.”– Peter Tertzakian, ARC Financial Corporation

What it means is that energy industry companies are going to lose Canadian$18 billion every year until at least 2013!  Canadian provinces will lose tax revenues of  Canadian$5 million per day!

“That hurts…doesn’t include corporate taxes, which will get affected, too.”-Jack Mintz, University of Calgary School of Public Policy

Canadian oil analysts are hoping their situation stabilizes by 2013/2014. But it will be painful, one analysts said cash flow for the energy industry will drop at least 20% in 2012.

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: IEF backs up claims by Exxon Mobil; there is plenty of oil

“Even now the market is well supplied. New fields are being discovered. There are new areas where sources are being developed. The sources of supply are spreading and this will change the politics of oil.”-Aldo Flores- Quiroga, IEF Secretary General

One more authoritarian voice joins in to say there is not a lack of oil, oil prices are only going up because of those damn speculators!

Well not just because of the speculators.  Officials with the International Energy Forum, also said that the oil industry needs new investments, and big profits, in order to exploit the new sources of oil, to the tune of $700 billion every year!

Last week the CEO of Exxon Mobil said the same thing, that there was plenty of oil in the pipeline, but he did directly blame the speculators on the high prices.

 

 

Business/Economics, U.S.

Government Incompetence: Speaker of the House reveals why U.S. Congress can’t get anything done

The following statements are from John Boehner’s interview with the Wall Street Journal:

“My problem is not with our 89 freshmen, my problem is with a few senior members who—they always want more. They always want more than what you can produce….[Nancy Pelosi] went through the same problem with her side.”

“We got 435 members. It’s just a slice of America, it really is. We got some of the smartest people in the country who serve here, and some of the dumbest. We got some of the best people you’d ever meet, and some of the raunchiest. We’ve got ’em all.“

“I told them they have ocular rectitis. That’s when your eyes get confused with your butt, and it develops into (an unnecessarily fecal) outlook on life.”

When asked what was behind political scandals, money or sex, Boehner replied: “Rarely is money an issue.”

 

Business/Economics, International

What Global Warming? Record low Beer sales hit Japan

Sales of Japanese beer, and beer based drinks, hit all time lows in February, 2012.

Japanese brewers shipped less than 360,000 kiloliters (95,101,938 U.S. liquid gallons), that’s the lowest amount in February since such record keeping was started in 1992.

Nippon beer makers blame the cold weather!  They say demand dropped in the areas of Japan that were hit hard by unusual cold temps and heavy snowfall.  They also blame being forced to make more non-alcoholic drinks.

Influenza

Pale Green Horse & H5N1: Korea hit by bird flu, wild birds die in Hong Kong, more cases in Vietnam, more human deaths in Indonesia, can be transmitted through your eye

South Korea officials reporting that bird flu has hit their country.  45 chickens died from bird flu, however, they are conducting more thorough tests to determine which strain of bird flu it was.

In Vietnam, officials thought they got things under control after more than 400 poultry died in February, but now, a new outbreak has been reported to the UN’s World Health Organization.

Bangladesh is reporting a fourth case of human H5N1 infection. The man was found to be infected, on February 26, after government mandated testing for live poultry market workers.  So far no deaths.

Indonesia has seen another human death from H5N1.  A 12 year old boy died on 21 February 2012.  He was in contact with poultry, but investigators say none of the birds are showing any sign of H5N1.

As of the beginning of March, farmers in Bhutan have killed off more than 1,300 poultry to stop the spread of H5N1 there.

Officials in Hong Kong are reporting an increase in the number of wild birds dying from H5N1.  Normally H5N1 attacks domestic birds.  It’s believed that wild birds can get it from eating contaminated chicken feed.  However, most of the dead wild birds in Hong Kong were not near any poultry farms.

The U.S. Centers for Disease Control and Prevention says H5N1 can be spread by rubbing your eyes after handling sick birds.  The CDC said several types of flu viruses can travel through your eye and cause upper respiratory infection.

I looked and there before me was a pale horse! Its rider was named Death, and Hades was following close behind him.  They were given power over a fourth of the earth to kill by sword, famine and plague, and by the wild beasts of the earth.

PALE GREEN HORSE & H1N1: MEXICO HAS 166 DEATHS SO FAR FOR 2012, COSTA RICA SAYS FLU “UNUSUAL” THIS YEAR

Business/Economics, U.S.

What Economic Recovery? A sign the Federal Reserve thinks the too big to fail banks are full of crap!

“They’re very worried about the consumer. If we go into another recession, a lot of risk officers feel this is where the damage will be done.”-Paul Miller, former Federal Reserve Bank of Philadelphia, currently working for FBR Capital Markets

It appears the Federal Reserve is losing patience with the Too Big To Fail Banks (TBTFB). It’s questioning the TBTFBs’ desire to pay out huge dividends, and buy back their stocks.

“If the Fed fights back and disagrees and is more aggressive in their stance on cards and mortgages, it would mean banks wouldn’t be able to pay out as much.”-Glenn Schorr, Nomura Securities

Schorr says bank investors are almost demanding 50% to 60% earnings this year!

The problem is that the latest bank stress tests are conflicting with the TBTFB’s own financial claims.  The stress tests are designed to see if a bank has enough cash on hand to handle a sudden huge drop in the economy.

So far unnamed insiders, involved with analyzing the tests, say things aren’t looking good for banks.  When the variable of consumer debt is considered in the stress tests, some banks would suffer almost double the loses than their own in-house projections!

31 TBTFBs are currently undergoing the Federal Reserve stress test.

Business/Economics, International, Technology, U.S.

Government Evil: Racist NAZI Zionist Israel to build World’s largest prison, intended to hold Black people!

“We all wish we didn’t have to build such a facility. But we’re in a certain situation due to certain circumstances, and we need a facility to address these needs.”-unnamed Israeli Defense official

According to an article in The Independent, Israel is about to build the World’s largest “detention center”, designed to hold 8,000 Black African “migrants”!

“[it was time]…to stop this growing influx that threatens Israelis’ jobs and changes the character of the state.”-Benjamin Netanyahu, Prime Minister of Israel

Most of the migrants are actually fleeing the wars in Sudan and Eritrea.  Israel has a policy of not returning refugees fleeing wars, so now they’ve decided to put them all in prison!

“People fleeing for their lives… will not stop coming because they face three years in detention.”-Reut Michaeli, Hotline for Migrant Workers

I wounder how many U.S. tax dollars are going to be used to build this World’s largest immigrant detention center?