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Well some time back I said that we would see the ramification of Fukushima’s radiological contamination continue. Now it is reaching Japan’s food chain. The Yomiuri Shimbun notes. that Radioactive beef has been sold … and eaten. The meat of several cows tainted with radioactive cesium was marketed in Tokyo and eight prefectures, and some of the meat has already been consumed, according . . . → Read More: The chickens come home from Fukushima to roost… err… beef So it seems that Bank of America and MERS can’t make their story stick in Oregon. The Courthouse News Service has an article under Dee Moore’s byline Ruling Challenges Ore. Foreclosure System that shows that Oregon law may make the securitization house of cards fail a bit further. Bank of America and Mortgage Electronic Registration Systems broke the law when they failed to . . . → Read More: Bank of America and MERS in trouble in Oregon The crash actually followed a $2 trillion margin call by these four global banks on their prime brokerage clients and OTC counterparties – effectively a 30 per cent increase in required margin. It was the margin call that forced liquidation of global portfolios of all asset classes – and particularly the high quality, most liquid asset classes. . . . → Read More: Margin calls actually instigated the crash Dani Rodrik has an interesting take on the problems of globalization and economic integration: Democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full. . . . → Read More: World Economic Trilemma Paul Krugman in a blog post which refers to an article by Martin Wolf (which I cover below) says ominously: “the water level has now dropped so far that the fuel rods are exposed. We really are in meltdown territory.” . . . → Read More: European economic meltdown Martin Wolf made an interesting point in the Financial Times which I wanted to capture for later thought: Almost all of the money in a contemporary economy consists of the liabilities of financial institutions. In the eurozone, for example, currency in circulation is just 9 per cent of broad money (M3). What is Money? Just the liabilities of financial institutions. In the British Parliament it is not allowed to call someone a “liar.” It is for this reason that Members of that august body have come up with such grand circumlocutions as: “My esteemed Colleague is being parsimonious with the truth!” Now just so we get our language right when dealing with nitty-gritty problems of truth telling in foreign cultures let me start . . . → Read More: Japan’s Nuclear Safety Commission admits to being liars – or at least parsimonious with the truth HuffPost has an article on the scare tactics of Deutsche Bank against one of the acknowledged experts in foreclosure fraud: Ms. Lynn Szymoniak. She has fought her own foreclosure, and it was thrown out of court once already. But now Deutsche has named her son as a co-defendant in the foreclosure, even though he is not on the note and has no interest . . . → Read More: Deutsche files harassing foreclosure case against son of foreclosure activist 
Several people picked up on the Fukushima updates recently. A hat-tip to Krista Mahr of Time Online who in her article Fukushima: Er, Sorry…Worse Than We Thought repeats what I said yesterday about it being worse than we thought and pointed me to a Yomiuri Online report. The Yomiuri Shimbun Online review of the situation has a very good image of the situation. . . . → Read More: Fukushima: It’s worse This is probably the worst news about Fukushima yet, but it seems to be getting little media play. The short version, Reactor 1 has totally exposed fuel rods, melted fuel pooling at the bottom and holes in the reactor containment vessel. It is exactly similar to Chernobyl, with reactor fuel directly exposed to the environment outside the containment vessel. High radiation in the . . . → Read More: Fukushima: fuel rods exposed, fuel melted, reactor vessel has holes… |
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