- China’s Great Wall Of Suds: Chemical Spill Results In 50 Foot Foam Tsunami (ZeroHedge, Sep 30, 2012):
This is just the second time in three days that China’s province of Guangdong is being discussed on Zero Hedge. On Thursday we wrote that the mega city of Dongguang, once Guangdong richest, is now on the verge of bankruptcy as China’s hard landing begins to take its toll. Today, we learn that instead of the rivers running red once all hell breaks loose in China, the color will be soapy white. Specifically, following a chemical spill in Xintang, in the provine of Guandong, the result was a 50 foot tsunami of foam which was swept down a river by heavy rainfall, causing widespread panic and evacuations. It also caused the following brilliant explanation from a Chinese spokesman: “People are right to be cautious but it is harmless. It made very large bubbles when it went over a waterfall, but apart from one or two dead fish, it is harmless.” We can’t wait to hear Chinese justifications of mushroom clouds: “aside from one or two billion dead people, they give you a healthy green afterglow“? Continue reading »
- Some “Curious” US And French Military Deployments (ZeroHedge, Sep 29, 2012):
Regular readers are aware that periodically, usually weekly, Zero Hedge presents critical naval updates demonstrating the positioning of key US maritime assets, primarily strategic aircraft carriers. The location of these indicates far more what US foreign policy is focused on at any moment, than propaganda distributed for general consumption via the coopted media. Today, however, instead of focusing on aircraft carriers, using Stratfor analysis, we present several broad “curious” US and French military developments. Continue reading »
And this time it’s the ‘Greatest Depression’.
- How Bad Was The Great Depression? (ZeroHedge, Sep 29, 2012):
To properly understand the events of the time (and to put them in today’s context), we believe, like the FEE, that it is factually appropriate to view the Great Depression as not one, but four consecutive downturns rolled into one. These four “phases” are: I. Monetary Policy and the Business Cycle; II. The Disintegration of the World Economy; III. The New Deal; IV. The Wagner Act. The first phase covers why the crash of 1929 happened in the first place; the other three show how government intervention worsened it and kept the economy in a stupor for over a decade. The following brief clip and article shine a light on how bad things were and what was done in the name of ‘helping’ – there are many shocking analogies for current government-inspired acts from taxation to protectionism to money-supply ‘tricks’.
Everyone has heard the sage observation of philosopher George Santayana: “Those who cannot remember the past are condemned to repeat it.” It’s a warning we should not fail to heed.
- Iran’s Imminent Nuclear Weapon (ZeroHedge, Sep 29, 2012):
Here’s some context behind the claims that Iran will imminently possess a nuclear weapon.
It started a long time ago (but not, unfortunately, in a galaxy far, far away): Continue reading »
- Greek Bad Loans Climb To Record 25% Of Total (ZeroHedge, Sep 29, 2012):
It appears that in the past few weeks, the number 25% is strange attractor of bad luck for Greece. First, a month ago we learned that Greek unemployment has for the first time ever reached 25%. Now we get to see the income statement and balance sheet manifestation of a society in socioeconomic collapse – Kathimerini reports that Greek bad loans, or those which haven’t seen a payment made in over 3 months, have hit a record €57 billion, or 25% of all bank debt. “With one in every four loans not being repaid for more than three months, the bank system is feeling the pressure, leading to additional capital requirements that are expected to aggravate the state debt further.” That was Kathimerini’s spin. The reality is that just like in Spain, where between bad loans and deposit outflows, the country has become a protectorate of the ECB, which is now fully in control of its banking system, so too in Greece Mario Draghi’s tentacles are now in every bank office. Should Greece repeat the festivities of this summer and threaten to pull out of the Eurozone, the ECB will merely in turn threaten to push the red button and cut off all cash to terminally insolvent Greek banks, which of course would also mean a total halt of all deposit outflow activity. So instead what will happen is the ongoing rise in unemployment, and the increase in bad loans as percent of total, until one day the economy, even with all the money in the world pumped into it from Frankfurt, will no longer move. That day is getting very close. Continue reading »
- Mystery virus sickens German school children (euronews, Sep 28, 2012):
An outbreak of an unknown virus in eastern Germany has made 4,000 school children ill. It is believed contaminated school lunches are to blame, causing excessive vomiting and diarrhoea among young sufferers.
Anke Protze who works for the Chemnitz Health Bureau, explains the nature of the illness.
“There are serious and not so serious cases - some children had to be hospitalised. With this sickness you have an enormous loss of fluids and minerals. That means the first thing to do is not give antibiotics but replace the fluids,” she said.
Several schools have closed their doors as a precautionary measure. All eyes are now on catering company Sodexo, which supplies all the schools hit by the bug.