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    Daily Digest 3/29 – What’s Missing In New York’s Budget, Bernanke On Oil Shocks, Is Fukushima About To Blow?

    by DailyDigest

    Tuesday, March 29, 2011, 2:42 PM

  • When Integrity Dies
  • What You Won’t See In New York’s Budget
  • Japanese Government Backtracks Again: Edano Says No Plan To Nationalize TEPCO
  • Japan’s Electricity Shortage to Last Months
  • Japan Mulls Nationalising Fukushima Nuclear Plant Company
  • Bernanke On The Effects Of Oil Price Shocks, And Why The Fed Will Never Tighten In Response To Oil At Any Price
  • Is Fukushima About To Blow?
  • First Suicide – A Vegetable Farmer in Fukushima

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Economy

When Integrity Dies (Alfredo E.)

Some characteristics of Weimar Germany are apparent in the United States. Parallel observations are sometimes less than they appear (e.g., in both cases, the people enjoyed eating meat), but are striking. The German incident happened over four years (also arbitrary. It can be argued that any year from 1914 to 1921 was the point of departure.)

What You Won’t See In New York’s Budget (pinecarr)

Cuomo and the legislative leaders decided that a budget that was on time was so important, they took all the non-budget issues that are contentious out of the discussion,” said Carol Kellermann, president of the Citizens Budget Commission. “They’ll all now become hotly debated issues in the session.

Japanese Government Backtracks Again: Edano Says No Plan To Nationalize TEPCO (pinecarr)

If there is one thing the Japanese authorities are consistent in, it is their complete lack of consistency. First the government leaks information that it will nationalize TEPCO, sending the market panicking and the stock (9501.JP) triggering circuit breakers after it goes bidless, and a few hours later after seeing the devastation this is doing on the market (Nikkei down 1.5%), it backtracks and says it was only kidding.

Energy

Japan’s Electricity Shortage to Last Months (jdargis)

The places most affected are not only in the earthquake-ravaged area but also in the economically crucial region closer to Tokyo, which is having to ration power because of the big chunk of the nation’s electrical generating capacity that was knocked out by the quake or washed away by the tsunami.

Bernanke On The Effects Of Oil Price Shocks, And Why The Fed Will Never Tighten In Response To Oil At Any Price (Alfredo E.)

Curious what Bernanke thinks of ongoing oil price shocks? Wondering how long before the great Chairsatan will tighten in response to $120 Brent? The shorts answer – never. But don’t take our word for it. Here is a paper titled by the eponymous nemesis of printer cartridge conservation, titled “Systematic Monetary Policy and the Effects of Oil Price Shocks” written when the urge for genocide was just a germ, a seedling if you will, back in the good old 1997. In it, Bernanke, who was yet to make his epochal statement about paradropping crisp Benjamins, makes it all too clear why neither oil at $120 nor oil at $1,120 will be enough to push the FOMC to hike: “an important part of the effect of oil price shocks on the economy results not from the change in oil prices, per se, but from the resulting tightening of monetary policy.”

Japan Mulls Nationalising Fukushima Nuclear Plant Company (pinecarr)

Japan’s government is reportedly ready to consider nationalising the operator of the crippled power plant at the centre of the worst nuclear accident in the country’s history. News that the state could take a majority stake in the Tokyo Electric Power company (Tepco) came after nuclear safety officials confirmed traces of plutonium had been found in soil in five locations in the Fukushima Daiichi atomic complex.

Environment

Is Fukushima About To Blow? (rgwmusic)

Japan’s damaged nuclear plant in Fukushima has been emitting radioactive iodine and caesium at levels approaching those seen in the aftermath of the Chernobyl accident in 1986. Austrian researchers have used a worldwide network of radiation detectors – designed to spot clandestine nuclear bomb tests – to show that iodine-131 is being released at daily levels 73 per cent of those seen after the 1986 disaster. The daily amount of caesium-137 released from Fukushima Daiichi is around 60 per cent of the amount released from Chernobyl. (“New Scientist”, March 24 —thanks to Michael Collins “They said it wasn’t like Chernobyl and they were wrong”)

First Suicide – A Vegetable Farmer in Fukushima (guardia)

A vegetable farmer (64 years old) hanged himself in the morning of March 24 in Sukagawa City in Fukushima Prefecture. It was one day after the government issued a “intake restriction” on some of the vegetables grown in Fukushima. The man was still looking forward to shipping the cabbages he grew, even though he was shocked by the damage by the earthquake. The family blames the nuclear plant for “killing” him.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the “3 Es.”

 

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