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Thread: Tsunami Hits Japan After Massive Earthquake

  1. #211
    Elite Member yanna's Avatar
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    I hope those workers are going to be ok . I keep remembering Anatoly Grishchenko and the other hero helicopter pilots who flew over Chernobyl to douse the fire. They were supposed to be protected but I don't think any of them survived. In general, what a shitty time that was. Greece wasn't even that badly affected (though we were living in Northern Greece at the time near the border with Turkey and that was way worse) and I was only ten but it scared the crap out of me. I can't imagine what it's like for children in Japan now.

  2. #212
    Silver Member Alleycat's Avatar
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    I think it was Sky News were saying they have likely already been exposed to massive amounts of radiation

    Maybe that's why they stay, it's too late for them? I hope not. Without their help it would have been a lot worse. Of course, there's no definite information on the amounts of radiation released, just what the Japanese government choose to tell us.

  3. #213
    Super Moderator twitchy2.0's Avatar
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    Top picture: torii that survived the tsunami

    Bottom picture: torii that survived Nagasaki


    Torii - Wikipedia, the free encyclopedia

    "The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge."

    -- Stephen Hawking

  4. #214
    Hit By Ban Bus! AliceInWonderland's Avatar
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    ^ omg that is so touching, ugh





    I wish there was a way I could bitch-slap the shit out of every asshole comparing this natural disaster to some kind of "karma" associated with Pearl Harbor, I was just ignoring that bullshit before, but now its making really angry - and I had grandparents in WWII too, over in Europe and here in the states, but still, that thought never crossed my mind - so stupid

  5. #215
    Elite Member JadeStar70's Avatar
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    What did Gilbert actually say? All I keep hearing about is how he made bad comments in his tweets about Japan, but I never heard what he was saying about it that got him in hot water.

  6. #216
    Elite Member greysfang's Avatar
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    Its here somewhere, search Gottfried on GR, it will pop up.
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

    http://www.gossiprocks.com/forum/signaturepics/sigpic4098_9.gif Healthy is merely the slowest possible rate at which one can die.

  7. #217
    Super Moderator twitchy2.0's Avatar
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    "Gottfried's troubles began when he tweeted, "Japan is really advanced. They don't go to the beach. The beach comes to them" and "I just split up with my girlfriend, but like the Japanese say, 'They'll be another one floating by any minute now.""
    UCLA Student Latest to Joke About Japan Earthquake - ABC News

    "The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge."

    -- Stephen Hawking

  8. #218
    Elite Member JadeStar70's Avatar
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    Thanks Twitchy.

    Jesus...what an asshole! He has never been funny in my opinion. I think I would have to smack him in real life if I had to listen to his voice for long periods. I did find the original post that has the full article about Gilbert, it is a few pages back in this thread.

    I am so heart broken for this country and their people. My God, it is just devestating!! No words,...

  9. #219
    Elite Member McJag's Avatar
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    I wish they could get some good news-any kind of goodness. Such a wonderful, beautiful country. This is so unfair, those poor people have to cope with the worst ever. Thank God for every pet or family member found.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

  10. #220
    Elite Member Grimmlok's Avatar
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    Now they're flying helicopters over the plans, dumping water on them.

    That's pretty much Chernobyl territory. Last ditch effort.

    I'd be gettin the fuck out of Japan for the next few hundred thousand years.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  11. #221
    Elite Member SuriCruise's Avatar
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    holy hell
    And so, I will keep fighting to make the US a more progressive, multi-cultural country, and my fight starts on GossipRocks - mikesandy

  12. #222
    Elite Member Brookie's Avatar
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    It's turning into an uninhabitable zone - for years to come. How much tragedy can one nation accommodate?
    Life is short. Break the Rules. Forgive Quickly. Kiss Slowly. Love Truly.
    Laugh Uncontrollably. And never regret ANYTHING that makes you smile.

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  13. #223
    Elite Member McJag's Avatar
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    It's not as if they have a lot of room to spread out,either. At least Russia had space.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

  14. #224
    Hit By Ban Bus! AliceInWonderland's Avatar
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    more bad news, long time coming apparantly and eye-opening to me thats for sure. Read it once, and then read it again or take a moment after each paragraph, it kind of needs that kind of digestion.

    Earthquake in Japan to Bring Debt Crisis of Epic Proportions

    The earthquake and tsunami that struck Japan on Friday have caused tragic devastation to lives and property, but Japan may soon be overwhelmed by a debt crisis of epic proportions. With crony deficit spending by the Japanese government having destroyed its economy over the last two decades, Japan now has a real national crisis that will force the government to engage in massive deficit spending. There is a strong risk of a financial meltdown in the world's most indebted nation. (Also read The Economic Impact of the Earthquake and Japan's Struggle to Recover.)

    After the credit-induced boom in the late 1980s, Japan's high rate of growth stumbled and bank loan defaults skyrocketed. Over the last 20 years, asset prices are down by 65% for the Nikkei stock index, 50% for residential real estate, and 70% for commercial real estate. The centrally planned Japanese government responded to this crisis of falling asset values with wave after wave of colossal deficit spending stimulus. Japan's public debt rose from virtually nothing to 225% of gross domestic product (GDP), but the economy has remained stagnant.

    Japan is sitting on central government debt approaching one quadrillion (one thousand trillion) yen and central government revenues are approx ¥48 trillion. Their ratio of central government debt to revenue is a fatal 20x. (See alsoWill the Yen Rise? Explaining the Currency's Movements.)

    Both Japan and the USA need interest rates to stay low to fund their enormous deficits. According to J. Kyle Bass' Hayman Capital, every 100 basis point change in the weighted-average cost of capital (interest rates) is roughly equal to 25% of Japan's central government's tax revenue.

    Put another way, a 200 basis point move higher over time in Japan's interest rates will increase their interest expense by more than ¥20 trillion. If Japan had to borrow at France's rates (an AAA-rated member of the UN Security Council), the interest burden alone would bankrupt the island nation.

    Japan has engaged in about the same level of 7% deficit spending as the US has averaged for the last two years, except Japan has sustained this level of spending for the last 20 years. Normally, heavy deficit spending quickly exhausts a nation's internal markets to buy its own debt and the country is forced to auction bonds at higher and higher interest rates to outsiders, which also increases the costs of the debt and forces the nation to sell even more debt. At some point the country becomes so indebted that credit agencies downgrade the country's quality rating to junk, foreigners refuse to buy new debt, and the country defaults. Japan has avoided this deficit financing end-game because the nation has been able to finance 95% of its debt at home. Over the last year Greece with a third less and Ireland with less than half the debt to GDP ratio of Japan imploded when foreigners refused to invest.

    In the USA we're not that far behind. According to Congressional Budget Office data, every one percentage point move in the weighted-average cost of capital at the end of the day will cost the US $142 billion annually in interest alone. A move back to 5% short rates will increase annual US interest expense by approx $700 billion annually versus current US government revenues of $2.228 trillion.

    As deficit spending has remained extraordinarily high for such a long period, Japan has maintained a 41% corporate tax rate; the highest in the world, 10% above the US and Europe and triple the fast growing Asian economies of Taiwan and Singapore. This has made Japan an unattractive location for private investment. The complete lack of job security for young workers who can only find temporary employment has made life difficult for new families and caused the birth rate for Japanese women to be cut in half. Lower family formation has caused the household savings rate for the thrifty Japanese to fall from 5% at the end of the 1990s to just above 2% currently.

    Japan has maintained current-account surplus and has been sending more than 3% of its GDP abroad, providing more than $175 billion of funds this year for other countries to borrow. This paradox of a stunningly indebted nation financing the world is explained by a combination of high corporate saving and low levels of residential and non-residential fixed investment due to poor investment opportunities in Japan. That money is gone after this crisis. Millions of Japanese savers are about to start spending their savings on essentials, since they have lost their jobs and businesses due to the damage. Tokyo Electric Power Company will suffer losses of over $100 billion from its Fukushima Daiichi nuclear power plant meltdown and most of Japan's northern corporate facilities that hug the eastern coastline have been destroyed or incapacitated. Japan averages one earthquake every four minutes, but Friday's quake and tsunami were both the largest in the history of the country. Earthquake insurance in Japan is very expensive and only 10% of homeowners buy coverage. Therefore, the Japanese government will be on the hook for several hundred billion in infrastructure and reconstruction costs.

    Many naive analysts are commenting about how this natural disaster will be good for the Japanese economy because of the substantial rebuilding program. That might have been true if Japan was not already on the verge of a man-made debt disaster prior to this natural disaster. Standard & Poor's credit rating service had just downgraded Japan's sovereign debt to AA- in mid-January. The huge increase in the costs for welfare and unemployment payments, the economic disruption, the scale of the devastation, the lack of insurance and the minimum five years to rebuild the country may take Japan's credit rating down to “junk bond” levels. The earthquake and tsunami that have devastated Japan came quickly and violently. But the debt crisis has been building for 20 years and may be much more devastating to the future of Japan.

    Editor's Note: This article was written by Lawrence G. McDonald, president of McDonald Advisory Group and a partner with DC Tripwire. It was co-written by Chriss Street.

    Earthquake in Japan to Bring Debt Crisis of Epic Proportions - Yahoo! Finance
    the markets aren't really reflecting this though... yet.

  15. #225
    Elite Member whitetigeress's Avatar
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    Quote Originally Posted by twitchy2.0 View Post
    Top picture: torii that survived the tsunami

    Bottom picture: torii that survived Nagasaki


    Torii - Wikipedia, the free encyclopedia

    And yet the structure still stands as a symbol of hope and survival ... makes me confident Japan can rise from this tragedy

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