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Archive for May, 2011

IMF Says Europe’s Debt Woes Could Spread

May 13, 2011 Comments off

chosun

The International Monetary Fund is warning that the governmental debt problems in Greece, Ireland and Portugal could spread to other European countries that employ the euro currency and also to the emerging economies in eastern Europe.

In its semi-annual report on the European economy, the IMF said Thursday that officials so far have been able to contain the continent’s debt contagion to the three countries on Europe’s geographic periphery. But the Washington-based financing agency said there “remains a tangible downside risk” of debt problems spreading. It said European nations will have to make “unrelenting” efforts to contain their financial problems.

The IMF said weak banking systems remain a threat to the financial health of the 17 nations where the euro is the common currency. It said the reduction in the number of banks in Europe is proceeding too slowly and that greater financial integration on the continent is needed.

Greece and Ireland reluctantly accepted bailouts from the IMF and their European neighbors last year and now Portugal is Read more…

China’s Yangtze river closed to ships by severe drought

May 13, 2011 Comments off

telegraph

The Yangtze river, the longest waterway in Asia and China’s most important shipping route, has been closed by the worst drought in 50 years that has left cargo ships stranded and 400,000 people without drinking water.

China's Yangtze river closed to ships by severe drought

Chinese fishing boats berth on the dried river banks as the annual dry winter season caused the water level along the Yangtze river to be so low Photo: AFP

Water-levels have sunk as low as 10ft in the main thoroughfare of the 3,900-mile long river that stretches from the glaciers of the Tibetan plateau to the coastal city of Shanghai.

The Yangtze river basin is home to one-third of China’s population and is responsible for 40 per cent of the country’s economic growth.

Emergency teams have been sent to the river’s middle reaches around Wuhan in the central province of Hubei, to rescue two ships Read more…

Is This The New Great Depression?

May 13, 2011 Comments off

wealthcycles

One of the precious few things that politicians, historians, and economists can all agree on is that policy makers blew it in the Great Depression. During the singular moment when they should have most allowed free markets to take care of things—they compounded them with protectionism, isolationism, taxes, and tariffs.

In this video, James Grant, of Grant’s Interest Rate Observer, and Liaquat Ahamed, Pulitzer Prize winning author of Lords of Finance discuss the legacy being left behind by the central bankers of today.

James Grant has been called a wingnut, but you can immediately sense that he has studied cycles and monetary history. Last year, in the New York Times, he wrote an article in which he criticized the Fed, and longed for the classical gold standard of yesteryear:

“Today, the Fed’s hundreds of Ph.D.’s conduct research at the frontiers of economic science.“The Two-Period Rational Inattention Model: Accelerations and Analyses” is the title of one of the treatises Read more…

Climate Record Suggesting Severe Tropical Droughts as Northern Temperatures Rise

May 13, 2011 Comments off

terradaily


Laguna Pumacocha in the Peruvian Andes.

A 2,300-year climate record Universityof Pittsburgh researchers recovered from an Andes Mountains lake reveals that as temperatures in the Northern Hemisphere rise, the planet’s densely populated tropical regions will most likely experience severe water shortages as the crucial summer monsoons become drier. The Pitt team found that equatorial regions of South America already are receiving less rainfall than at any point in the past millennium.

The researchers report in the Proceedings of the National Academy of Sciences (PNAS) that a nearly 6-foot-long sediment core from Laguna Pumacocha in Peru contains the most detailed geochemical record of tropical climate fluctuations yet uncovered. The core shows pronounced dry and wet phases of the South American summer monsoons and corresponds with existing geological data of precipitation changes in the surrounding regions.

Paired with these sources, the sediment record illustrated that rainfall during the South American summer monsoon has dropped sharply since 1900-exhibiting the greatest shift in precipitation since around Read more…

Reactor Rupture Could Slow Japan Plant Stabilization

May 12, 2011 Comments off

globalsecuritynewswire

Coolant is escaping through a newly discovered opening in the Fukushima Daiichi nuclear power plant’s No. 1 reactor pressure vessel, a development that could slow efforts to prevent potential further radiation releases from the Japanese facility, Reuters reported on Thursday (see GSN, May 11).

Plant operator Tokyo Electric Power learned the container held less water than previously believed following repairs to monitoring equipment this week; the tank’s fluid quantity was roughly 16 feet short of the depth required to fully submerge atomic fuel if the material had remained in its intended position. The six-reactor site was severely damaged in the March 11 earthquake and tsunami that left more than 20,000 people dead or missing in Japan.

“There must be a large leak,” Tokyo Electric Power official Junichi Matsumoto said to reporters on Thursday. “The fuel pellets likely melted and fell, and in the process may have damaged … the pressure vessel itself and created a hole,” he said.

Ongoing water transfers have successfully curbed the escaped fuel’s temperature, though, and workers would keep pumping fluid into the system, Matsumoto said. The container’s water quantity suggests the rupture is likely several centimeters across, indicating the fuel might have made contact with the air early in the crisis, he said. The vessel’s surface heat level has Read more…

Texas cameras to track school lunches

May 12, 2011 Comments off

guardian

FOOD ANALYSIS

Dr Roger Echon of the Social and Health Research Centre displays the digital food analysis equipment which will track chlidren’s eating habits at WW White elementary school in Texas. Photograph: Tom Reel/AP

The next time children in some elementary schools in the state of Texas try to sneak extra french fries on to their tray in the cafeteria queue, the eye in the sky will be watching them.

Using a $2m (£1.3m) grant from the US department of agriculture, the schools in San Antonio are installing sophisticated cameras in the cafeteria that read barcodes embedded in the food trays.

“We’re going to snap a picture of the food tray at the cashier and we will know what has been served,” said Dr Roberto Trevino of the Social and Health Research Centre in San Antonio, which is implementing the pilot programme at five schools with high rates of childhood obesity and children living in poverty.

“When the child goes back to the disposal window, we’re going to measure the leftover.”

The goal is to cut childhood obesity by providing parents and school nutrition specialists with information on what types of Read more…

Drifting apart: Amazing underwater photos that show the growing gap between two tectonic plates

May 12, 2011 Comments off

dailymail

Swimming through an area of extreme natural beauty, this diver surveys the underwater canyons on his either side.

But this British scuba diver is actually between two tectonic plates.

Alex Mustard, 36, dived 80ft into the crevice between the North American and Eurasian plates near Iceland to capture these spectacular photos.

Greece ‘runs out of tear gas’ during violent protests

May 12, 2011 2 comments

telegraph

 Greece has issued an international appeal for more tear gas after supplies ran low because police fired so much of it during a week of violent protests across the country.

Demonstrators, in a cloud of tear gas, hurl rocks at police during clashes in central Athens Photo: AP

Officers released 4,600 capsules of tear gas during confrontations in Athens and nearly a dozen other cities since riots erupted over the fatal shooting of a 15-year-old schoolboy by a policeman last Saturday.

The greek government is urgently seeking fresh supplies of tear gas from Israel and Germany, the police said.

Yesterday, a report disputed claims by lawyers for the policeman accused of killing Alexandros Grigoropoulos that the bullet hit the boy after ricocheting.

The Kathimerini newspaper said that the results of forensic tests on the bullet indicated that it had been fired directly at the teenager.

Athens Bar Association condemned the policeman’s lawyer, Alexis Kougias, for “desecrating the dead” by claiming that the Read more…

DHS Claims al-Qaeda May Replicate Fukushima Disaster

May 12, 2011 Comments off

Kurt Nimmo
Infowars.com
May 12, 2011

Instead of lessening terrorism, the supposed assassination of Osama bin Laden may result in a deliberate Fukushima-style nuclear disaster, according to the Department of Homeland Security.

On May 5, a Department of Homeland Security official at the Pacific Regional Information Clearinghouse in Hawaii presented a report entitled “Recreating Fukushima: A Possible Response to the Killing of Usama Bin Laden – The Nuclear Option.” It stated that “the death of [O]sama Bin Laden may serve as an impetus to apply lessons learned from Fukushima to attack the United States or another Western country.”

This would be accomplished, the report explains, by reproducing the failure of the electric supply that pumped cooling water to the reactors at the Fukushima Daiichi nuclear power plant in Japan. The official use only report says “the earthquake and tsunami in Japan were ‘acts of nature,’ but a catastrophic nuclear reactor meltdown could potentially be engineered by Al Qaeda” by Read more…

‘Drone strike’ kills several in Pakistan

May 12, 2011 Comments off

aljazeera

The high number of civilian casualties in drone attacks have caused anger in Pakistan [File:EPA]

At least five people have been killed after a suspected US drone fired two missiles into a vehicle in Pakistan’s North Waziristan, local security officials say.

Thursday’s raid was the third such attack reported in the tribal district near the Afghan border, which Washington has dubbed the global headquarters of al-Qaeda, since US commandos killed the group’s leader, Osama bin Laden, in a Pakistani city near Islamabad.

“A US drone fired two missiles on a militants’ vehicle in the Datta Khel area of North Waziristan,” one Pakistani security official told the news agency AFP. “Five militants were killed.”

Another local official confirmed the strike and the toll, saying: “The target was a pick-up van.”

Intelligence reports from the area said the dead included “foreigners” – a term normally used for Afghan Taliban, Uzbek fighters or Read more…