Tuesday, June 7, 2011
There's going to be huge downsides, there's serious problems. Where am I gonna put my money? US? the UK? They're bankrupt. Why would I take my money out of a place that is having a dip and put it into a bankrupt country? - in GuruFocus
Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.
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The edge of our solar system is filled with a turbulent sea of magnetic bubbles, according to new NASA research.
Scientists made the discovery by using a new computer model, which is based on data from NASA's twinVoyager probes. The unmanned Voyager 1 and Voyager 2, which launched in 1977, are plying the outer reaches of our solar system, a region known as the heliosheath.
The new discovery suggests that researchers will need to revise their views about the solar system's edge, NASA officials said. A more detailed picture of this region is key to our understanding of how fast-moving particles known as cosmic rays are spawned, and how they reach near-Earth space.
Voyager 1 is now about 11 billion miles (17.7 billion kilometers) from Earth, while Voyager 2 is about 9 billion miles (14.5 billion km) away. Voyager 1 is the most far-flung human-made object in the universe.
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The global economy has become so incredibly unstable at this point that it is not going to take much to plunge the world into a horrific economic nightmare. The foundations of the world economic system are so decayed and so corrupted that even a stiff breeze could potentially topple the entire structure over. Over the past couple of months a constant parade of bad economic news has come streaming in from Europe, Asia and the United States. Signs of an impending economic slowdown are everywhere. So what "tipping point" will trigger the next global economic downturn? Nobody knows for sure, but potential tipping points are all around us.
Today, the global economic system is even more vulnerable than it was back in 2008. Virtually none of the systemic problems that contributed to the 2008 collapse have been fixed.
Mark Mobius, the head of the emerging markets desk at Templeton Asset Management, was recently was quoted in Forbes as saying the following....
There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis."
The "financial reform" law that Barack Obama and the Congress passed a while back was a complete and total joke. They might as well have written the law on toilet paper for all the good that it is doing.
Tipping Point #1: Syria
Tipping Point #2: Iran
Tipping Point #3: Libya
Tipping Point #4: More Revolutions In The Middle East
Tipping Point #5: Fukushima
Tipping Point #6: Oil Prices
Tipping Point #7: Government Austerity
Tipping Point #8: The European Sovereign Debt Crisis
Tipping Point #9: The Dying U.S. Dollar
Tipping Point #10: Drought
Are you concerned yet?
You should be.
But if you prefer some mindless pablum that will make you feel better, we have some of that for you too.
Larry Summers, the former director of the National Economic Council under Barack Obama, recently told CNBC the following....
"We definitely hit a slower patch, but I think the basic fact that the terrible financial strains we had are abating, remains in place, and I expect this recovery to continue for a substantial period of time."
Does that make you feel better?
Larry Summers says that everything is going to be okay.
It would be great if Summers was actually right, but sadly he is not.
In fact, the worst economic times that America has ever seen are ahead.
The following is a brief excerpt from a recent interview with Dmitry Orlov about the coming economic collapse that was posted on shtfplan.com....
First you have financial collapse, which is basically the volume of debt that has to be taken on in order for the economy to continue functioning, cannot continue. We’re seeing that right now in Greece, we’re probably going to see that in Japan, we’re definitely at a point now in the United States where even if you raised the income tax to 100 percent, there’s absolutely no way of covering the liabilities of the U.S. federal government. So, we’re at that point now but the workout of the financial collapse is not all quite there. We don’t quite have a worthless currency but that’s in the works.
That, of course, is followed by commercial collapseespecially in a country like the United States that imports two thirds of its oil. A lot of that is on credit and if a little bit of that oil goes missing then the economy starts to fall apart because nothing moves unless you burn oil in the United States and, of course, a lot of goods that are sold everywhere are imported again, on credit.
When the U.S. dollar dies and our financial system collapses we are not going to be able to get all of the things that we need from the rest of the world so cheaply any longer.
That is going to cause fundamental changes inside the United States.
Right now, the economic news just seems to get worse and worse, but this is just the beginning.
What is eventually going to happen in this country is going to be so nightmarish that most Americans could not even imagine it right now.
So are our leaders doing anything to prepare for the coming economic crisis?
No, they are too busy with other things.
The big political news of the day was U.S. Representative Anthony Weiner finally admitting that he sent out lewd photos of himself over Twitter to women that he was not married to.
We have become the laughingstock of the world and the economic collapse has not even happened yet.
THe Economic Collapse
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Japan's nuclear safety agency has more than doubled its estimate of the amount of radiation released into the atmosphere from the crippled Fukushima nuclear plant.
And plutonium believed to have come from the plant has also been found in a town near the facility - the first time plutonium has been found in soil outside the facility.
The Nuclear and Industrial Safety Agency says it believes the earthquake-stricken Fukushima plant emitted nearly 800,000 terabecquerels of radioactive material into the air in the days after it was hit by a massive tsunami.
That is more than double the original estimate and is based on new information suggesting the No.1 and No.2 reactors suffered meltdowns much earlier than thought.
The revision reveals the failure to contain the disaster resulted in much more radioactive contamination of the soil, sea and air than the plant's operators had acknowledged.
The disaster is rated a maximum seven on the international nuclear accident scale, the same level as the Chernobyl meltdown 25 years ago.
The plutonium was found in the town of Okuma, which is less than two kilometres from the plant.
By analysing the isotopes in the plutonium, researchers were able to confirm it was emitted from the crippled facility.
It is the first time plutonium from the plant has been found beyond its perimeter.
But researchers say the amount detected is lower than the average level usually observed in Japan after fallout from nuclear tests abroad.
Late last month, it was feared two workers at the crippled nuclear plant were exposed to radiation above the level allowed in emergencies.
Japanese media reported the Tokyo Electric Power Company (TEPCO) workers were exposed to at least 250 millisieverts of radiation.
The maximum dose used to be 100 millisieverts, but it was raised to 250 after the nuclear crisis began
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US drug manufacturer Alexion is sending free medicine to Germany to help doctors battling the most severe cases in the current E. coli outbreak. But the extent to which Eculizumab can help remains unclear.
There is no effective treatment for E. coli patients who are currently suffering from epileptic seizures, kidney failure or strokes. So far, doctors in Germany have primarily used dialysis in an attempt to remove the bacterial toxins from the body as they seek to treat the widespread outbreak of a particularly deadly version of the E. Coli bacteria.
For several days now, hospitals have been experimenting with a largely untested drug called Eculizumab, which has the brand name Soliris. It remains unclear whether it can help.
The hope surrounding this remedy is largely due to the work of Dr. Franz Schäfer, a nephrologist at the University of Heidelberg. Last fall, the condition of one of his young patients, three-year-old Sophie, was getting progressively worse. The girl was infected with E. coli, suffering from seizures and hemiplegia, and blood plasma exchanges offered no improvement.
"Finally, we placed all our hopes on one possible solution and gave her Eculizumab," Schäfer says.
The drug is known among kidney researchers, but has been neither tested nor approved for treating E. coli infections. Schäfer was surprised at how well young Sophie responded: Within 24 hours, the girl's condition had improved dramatically. After three days, dialysis was no longer necessary, and after nine days Sophie was discharged from the hospital.
"I'm still in touch with the family," says Schäfer. "Sophie is attending preschool just like any other child her age."
A child in SW Virginia has died of an E. coli infection, and another person “in close contact” with the child has been infected as well.
Virginia Department of Health spokesman Robert Parker said Monday afternoon that the E. coli that killed the child and infected a second person has been identified as the strain “0157H7.”
Unofficially, the child who died has been identified as a 2-year-old girl from Dryden, Va. A call to the Lee County Health Department requesting information about the death of a 2-year-old Dryden girl due to possible E. coli infection was directed first to the Wise County Health Department, then to Dr. Eleanor Cantrell, director of the Lenowisco Health District. A call requesting comment from Cantrell was later returned by Parker.
The girl’s brother is reportedly undergoing treatment at Vanderbilt Medical Center in Nashville, although officials there declined to release any information on the boy.
Health officials recommend the following steps to avoid infection from E. coli:
• Cook foods, especially raw meats, thoroughly.
• Avoid unpasteurized foods and drinks.
• Thoroughly wash any raw foods before consumption.
• Wash food preparation surfaces, containers and utensils after each use. For example, do not cut up raw meats and raw vegetables on the same cutting board or using the same knife, without washing both between uses.
• Avoid contact with contaminated water, which could be a river, lake or swimming pool. Take care not to swallow any water not intended for drinking.
Parker further advised that immediate medical attention should be sought for young children suffering from diarrhea, a common symptom of E. coli and other gastrointestinal infections, as dehydration can set in quickly.
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There is an unfortunate adage for the unemployed: The longer folks are out of a job, the longer it takes them to find a new one.
CBS News correspondent Ben Tracy reports that the chronically unemployed face the hardest road back to recovery, and that while the jobs picture may be improving statistically on a national level, it is not for them.
Tinong Nwachan, for example, has far too much time on his hands. When CBS News met the former truck driver he had been out of work for two years.
"I don't really tell too many people this but I'm not ashamed or nothing, I'm homeless," Nwachan said.
Summer job bummer: Teen unemployment 24 percent
Nearly 14 million Americans are looking for work
His day job is looking for work at a jobs center in Hollywood. He has plenty of company, including Fabian Lambrecht, who wonders when the economy's improvement will affect them.
"They're saying there are more jobs. I'm just wondering where those jobs are," Lambrecht said.
About 6.2 million Americans, 45.1 percent of all unemployed workers in this country, have been jobless for more than six months - a higher percentage than during the Great Depression.
The bigger the gap on someone's resume, the more questions employers have.
"(Employers) think: 'Oh, well, there must be something really wrong with them because they haven't gotten a job in 6 months, a year, 2 years.' But that's not necessarily the case," said Marjorie Gardner-Cruse with the Hollywood Worksource Center.
The problem of course is the economy, but some industries, especially certain manufacturing jobs, are not ever expected to come back. Experts say unemployed workers need to be prepared to change careers.
"That person has to realize that, discover what field they want to work in, become trained and find a job in that field," said Jerry Nickelsburg, Sr., an economist at UCLA.
Here's another problem: more than 1 million of the long-term unemployed have run out of unemployment benefits, leaving them without the money to get new training, buy new clothes, or even get to job interviews.
"If you have been unemployed for 6 months or more, it takes a much deeper toll - not just on your personal finances and your career prospects - but on your emotional well-being," said Paul Taylor, an executive vice president with the Pew Research Center.
Tinong Nwachan said no matter how hard it's been, he isn't giving up on his search.
"I'm taking everything one day at a time. Eventually I know I'm gonna find something," Nwachan said.
All he says he's hoping for is a job that will take more of his time, and take him off the streets.
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