With all the excitement about Japan’s soaring stock market (if plunging wages), crashing non-digital currency (leading to soaring energy prices), recent passage of an arbitrary secrecy bill (“Designed by Kafka & Inspired By Hitler”), and ongoing territorial spat with China, it is almost as if the Abe administration is desperately doing everything in its power, including some of the most ridiculous decisions taken by a government in recent history, to hide some key development behind the scenes. Such as this one perhaps: NHK reported today that TEPCO said radiation levels are extremely high in an area near a ventilation pipe at the crippled Fukushima Daiichi nuclear power plant. TEPCO found radiation of 25 sieverts an hour on a duct, which connects reactor buildings and the 120-meter-tall ventilation pipe.
Putting this number in context the estimated radiation level is the highest ever detected outside reactor buildings. People exposed to this level of radiation would die within 20 minutes.
The exhaust pipe in question was used to release radioactive gases following the outbreak of the accident 2 years ago.
TEPCO says radioactive substances could remain inside the pipes. Given TEPCO’s safety record, they could also leak outside of the pipes. And given the company’s “credibility” the world would be sure to learn about this… anywhere between 2 and 3 years after the fact.
In the meantime, we urge Japan to follow the bouncing, and so pleasantly distracting, Topix and Nikkei 225 balls, while sticking its head in the glow in the dark sand and completely ignore the radioactive monster in the closet..
full article at source: http://www.zerohedge.com/news/2013-12-07/highest-radiation-level-ever-lethal-20-minutes-recorded-outside-fukushima-reactor
see also :
Today’s Outside the Box comes to us from my good friend and business partner Niels Jensen of Absolute Return Partners in London. Niels gives us an excellent summary of how QE has affected the global economy (and how it hasn’t). I have found myself paraphrasing Niels all week.
I also want to call to your attention an interview first posted at ZeroHedge between my friends Chris Whalen and David Kotok. This is an inside-baseball view of a not-so-minor issue involving central banks and ZIRP. The FDIC charges 7-10 basis points on deposits for the national deposit insurance scheme. At close to the zero bound, the fee means that banks can lose money on deposits. As Chris and David point out, this is just another distortion being fed into the system. David was the first to introduce me to this concept (and rather passionately). I have not written about it because it gets complicated quickly, but it highlights a very serious problem and one that is not dissimilar to the deflationary aspects of the Basel III requirements, working at odds with what central bankers are trying to do. This goes with my long-held contention that the models the Fed and all central banks are working with are simply inadequate to describe the complexity of the global economy, and we have no true idea what we are doing, just a guess and a hope.
full article at source: http://www.marketoracle.co.uk/Article43446.html
By Thomás Aengus O Cléirigh
Here we have an Irish politician who is showing the parasitic nature of Irish politics, no conviction, no difference between all of the 3 major political parties the only concern is self preservation and self interest and membership of the boys club of insiders and stroke politics! This is a disgusting example of a political parasite jumping ship! His nauseating apologies of the last shower of Gangsters (Fianna Fail) are pure vomit! Hopefully the voters of Galway will kick him in the Balls and get at least this leach off our backs! Please God shut this political parasite up!
by Tyler Durden
Moments ago the market jeered the announcement of DB’s 10% equity dilution, promptly followed by cheering its early earnings announcement which was a “beat” on the topline, despite some weakness in sales and trading and an increase in bad debt provisions (which at €354MM on total loans of €399.9 BN net of a tiny €4.863 BN in loan loss allowance will have to go higher. Much higher). Ironically both events are complete noise in the grand scheme of things. Because something far more interesting can be found on page 87 of the company’s 2012 financial report.
The thing in question is the company’s self-reported total gross notional derivative exposure.
And while the vast majority of readers may be left with the impression that JPMorgan’s mindboggling $69.5 trillion in gross notional derivative exposure as of Q4 2012 may be the largest in the world, they would be surprised to learn that that is not the case. In fact, the bank with the single largest derivative exposure is not located in the US at all, but in the heart of Europe, and its name, as some may have guessed by now, is Deutsche Bank.
The amount in question? €55,605,039,000,000. Which, converted into USD at the current EURUSD exchange rate amounts to $72,842,601,090,000…. Or roughly $2 trillion more than JPMorgan’s.
full article at source:http://www.zerohedge.com/news/2013-04-29/728-trillion-presenting-bank-biggest-derivative-exposure-world-hint-not-jpmorgan