Subscriptions, Current Issue & Back Issues

Current Issue | Annual Subscriptions | Back Issues

Category: Economics

“It’s A Dry Heat”: Arizona Meltdown

Tyler Durden's picture
Ask any Arizonan whether their summers are more tolerable because “it’s a dry heat” and you’re likely to be asked to turn your oven to 150 degrees, stick your head inside for 20 minutes and report back as to whether or not the humidity within the oven ever crossed you mind.  Probably not.

And

And while the heatwave may not be that fun for the people living through it, it does making for some amazing pictures of stuff melting.

Perhaps that plastic mailbox post wasn’t such a great idea in retrospect.

 

On the bright side, you can get all your baking done outside in mother nature’s free oven.

“arizona isn’t that hot”— antonihoe (@confuzzledteen3) June 23, 2017

Plastic fences…also not a great idea.  Come on Arizona…you’re better than this.

 

Meanwhile, this Tempe resident (undoubtedly an ASU student judging by all the cheap alcoholic beverages) was just trying to do his part to fight climate change by recycling his beer bottles…it seems that ManBearPig won this round. 


Meanwhile, even the road signs are melting down…

 

…which is going to make it even harder for this guy to get around town…

 

Al Gore is going to have a field day with these pics

Italy Commits $19 Billion for Veneto Banks in Largest State Deal

Italy banks fail

  • Government plans to split lenders up into good and bad banks
  • Italian No. 2 lender Intesa Sanpaolo to take over good assets

Italy will commit as much as 17 billion euros ($19 billion) to clean up two failed banks in one of its wealthiest regions in the nation’s biggest rescue on record.

The intervention at Banca Popolare di Vicenza SpA and Veneto Banca SpA includes state support for Intesa Sanpaolo SpA to acquire their good assets for a token amount, Finance Minister Pier Carlo Padoan said Sunday after an emergency cabinet meeting in Rome. Milan-based Intesa can initially tap about 5.2 billion euros to take on some assets without hurting capital ratios, Padoan said. The European Commission said it approved the plan.

The lenders will be split into good and bad banks, and the firms will be open on Monday, Prime Minister Paolo Gentiloni said. Intervention was needed because depositors and savers were at risk, he said. The northern region where they operate “is one of the most important for our economy, above all for small- and medium-size businesses.”

While an additional 12 billion euros will be available to cover potential further losses, Padoan said, the Italian Treasury estimates the fair value of the losses at about 400 million euros. That amount is already included in the funds provided to Intesa.

The government tried for months to find a way to keep the banks afloat, including an appeal to wealthy businessmen in the region to contribute to a rescue. Those efforts ended Friday when the European Central Bank said the two banks are failing or were likely to fail and turned the matter over to the Single Resolution Board in Brussels for disposal. The SRB, in turn, passed the issue back to Italian authorities to allow the banks to be wound down under local law.

Since the ECB’s decision Friday, Italy rushed to assemble the measures to carry out the plan because a local regulatory framework was required to allow the banks to open Monday. The deal crafted over the weekend is in line with the bloc’s state-aid rules. Shareholders of the two banks as well as holders of subordinated debt “fully contributed” to the plan, limiting costs of the Italian state, EU Competition Commissioner Margrethe Vestager said in a statement.

READ THE REST:

https://www.bloomberg.com/news/articles/2017-06-25/italy-mobilizes-up-to-19-billion-to-keep-veneto-banks-afloat

Image result for Italy aid to banks 19 billion

SEE ALSO:

Italy may spend billions to shut two failing banks

By

DeborahBall

ROME — Italian authorities said Sunday they were prepared to spend as much as EUR17 billion ($19 billion) as part of the shutdown of two regional banks, in a deal that will transfer the lenders’ best assets to Intesa Sanpaolo SpA for a nominal sum.

Veneto Banca and Banca Popolare di Vicenza, are midsize lenders in the Veneto, Italy’s prosperous north east. Both have been flailing for several years despite efforts to shore up their capital and restore their health.

On Friday evening, the European Central Bank declared that the pair were set to fail, having “repeatedly breached supervisory capital requirements.”

That set the stage for the government intervention over the weekend, which will involve splitting Veneto Banca and Banca Popolare di Vicenza into good and bad assets.

The government passed a decree Sunday that will effectively sell the good part of the two banks to Intesa, Italy’s second-largest and best-capitalized bank. Intesa said last week that it would be willing to buy the best assets for a token price of EUR1 as long as the government assumed responsibility for liquidating the banks’ large portfolio of sour loans.

The EUR17 billion includes the cost of Rome’s responsibility for the bad loans, along with items such as covering legal exposure, restructuring of the remaining bank and paying for the expense of personnel issues associated with splitting the two banks into a good one and a bad one.

MORE:

https://www.marketwatch.com/story/italy-may-spend-billions-to-shut-two-failing-banks-2017-06-25

London tower blocks evacuated as 34 buildings fail fire tests

London Block Evacuation

By Kate Holton and Jamillah Knowles | LONDON

LONDON Britain said 34 high-rise apartment blocks had failed fire safety checks carried out after the deadly Grenfell Tower blaze, including several in north London where residents were forced to evacuate amid chaotic scenes.

British officials have conducted tests on some 600 high-rise buildings across England after fire ravaged the Grenfell social tower block in west London on June 14, killing at least 79 people in the capital’s most deadly blaze since World War Two.

The Department for Communities said 34 apartment blocks had failed tests in 17 parts of the country, from London in the southeast to Manchester in the north and Plymouth on the southwest coast.

Prime Minister Theresa May, who was forced to apologize for the government’s initial slow response to the tragedy, said the authorities were now racing to establish what needed to be done.

“In some cases it’s possible to take mitigating action,” she told Sky news. “In others it’s been necessary for people to move out on a temporary basis and that is what happened in Camden last night.”

Some 4,000 residents of the Chalcots Estate in Camden, north London, were told to vacate their apartments on Friday after the Fire Brigade ruled that their blocks were unsafe.

Emerging into the streets on a hot night, residents clutched children, pets and small amounts of clothing and food to try to find a bed in a local hotel or with family or friends. Many were directed to inflatable beds laid out on the floor of the local sports hall.

“I know it’s difficult but Grenfell changes everything,” Georgia Gould, Leader of Camden Council, said in a statement. “I don’t believe we can take any risks with our residents’ safety.”

May said the local authority would be given all the means necessary to make sure people had somewhere to stay.

Residents complained of first hearing about the evacuation from the media and getting very short notice to leave from city officials going door-to-door. Not all residents agreed to go, as they felt the evacuation was an over-reaction.

PUBLIC ANGER

“It was farcical communication,” 21-year-old Daniel Tackaberry told Reuters outside a nearby sports center where the local council had laid out air beds. “You don’t get everyone to leave this quickly.”

Several local councils said they were removing cladding from the facades of buildings that had failed the tests. In Camden, however, the London Fire Brigade found a number of faults, including concern about cladding, faulty fire doors and holes in compartment walls that could help a fire to spread.

Gould, the Camden council’s leader, said it would take up to four weeks to repair the blocks that were evacuated.

Communities Secretary Sajid Javid said the government was working with local authorities and fire services to address any problems that had been found.

“We are now rapidly identifying buildings of concern: samples are being tested very quickly; fire inspectors are checking the safety of the buildings as a whole; and we have issued interim safety guidance,” he said.

Police investigating the cause of the 24-story Grenfell Tower blaze have said the fire started in a fridge but spread rapidly due to external cladding on the building, trapping residents in their beds as they slept.

The cladding has since failed all safety checks and prompted a nationwide review of the materials used on everything from hospitals to hotels and apartment blocks.

The fire has become a flashpoint for public anger at the record of May’s Conservative Party in government following cuts to local authority budgets designed to lower the national deficit. Grenfell Tower is located in Kensington, one of the richest boroughs in Europe.

Battling to save her position after losing her majority in a June 8 election, May has promised to do everything she can to protect those residents who survived the fire and to improve the quality and safety of public housing in Britain.

British police have said they are considering bringing manslaughter charges over the Grenfell fire.

(Reporting by Kate Holton; Editing by Mark Heinrich and John Stonestreet

Source:

https://www.reuters.com/article/us-britain-fire-idUSKBN19F071

I’m waiting with baited breath to see what the next move is. Can’t help but think of the alleged FEMA camps in the States. Is this how the agenda plays out? Or is my conspiracist brain overthinking things? I realise those buildings need to made safe to live in, but I can’t help seeing the New World Order lurching forwards…

See also:

https://uncensored.co.nz/2017/06/24/34146/

Desert Farm Grows 17,000 Tons Of Food Without Soil, Pesticides, Fossil Fuels, or Even Groundwater

Thanks to Rose at theConTrail.com for the heads-up!

Desert Farm Grows 17,000 Tons Of Food Without Soil, Pesticides, Fossil Fuels, or Even Groundwater

Innovations that will make the human race thrive on Earth, saving its finite resources from extinction, are something we should embrace without a second thought.

We get our food from plants and animals. As we grow in numbers, so too does the global demand for food. Currently, activists are fighting the spread of Genetically Modified Food (GMO). The argument for GMO proponents has been that the world is running out of its resources, and hence, we need to find ways and means to sustain us. According to them, GMOs will ensure that we maintain our food production level. This argument might sound convincing on first hearing, however, deeper probing of GMOs has revealed that the harm it causes far outweighs the good it does.

desertfarm-1

We, therefore, cannot accept GMOs. It will bring a plethora of health problems to the populations who consume them, in the long-term. We must find other alternatives to boost our food production.

Thankfully, some innovators are coming up with sound and efficient ways by which we can grow our food – without relying on our finite resources.

A start-up, called Sundrop Farms, has developed high technology greenhouse facilities that use a number of solutions to grow crops with less reliance on finite natural resources, than conventional greenhouse production. Sundrop Farms has offices in London in the United Kingdom, and Adelaide, in southern Australia.

desertfarm-2

To grow crops; land, water, and energy are needed. These resources are finite. But with Sundrop Farms, these resources can be reinvented the other way around. In 2010, Sundrop Farms opened its first pilot facility in Port Augusta, South Australia.  Located in the middle of a desert, it would have been impossible to grow food in the area using a tradition farming method. But Sundrop is changing the game. It is growing crops in the desert through a latest innovative means.  It is combining seawater and sunlight to grow food in the middle of the desert.

With this, climate change, biotech company land grabs, drought, floods, and pestilence are no longer a concern for Sundrop Farms.

Sundrop is now using coconut husks, 23,000 mirrors to reflect solar power, and desalinated water on its 20-hectare farm to grow food at the Port Augusta farm. It works like a magic, but it isn’t such a mystical charm. It is through deep thinking that brought this innovation to our reality.

Rest Here:

https://realfarmacy.com/desert-farm/

South Korea set to abandon nuclear power programme

South Korea Nuclear Power

19 June 2017 | By GCR Staff

South Korea, one of the world’s leading civil nuclear powers, is to abandon plans to build any new reactors or extend the life of existing units. The announcement was made today by newly installed president Moon Jae-in.

Moon made the announcement at a ceremony to decommission the Kori-1 nuclear reactor at Busan, the country’s first and oldest nuclear power plant. He said his government would adopt policies for a “post-nuclear era”.

He said: “The shutdown of Kori 1 is the beginning of a nuclear energy-free country, a paradigm shift for a safer Korea.

“Korea’s energy policy used to pursue low cost and efficiency, while people’s lives, safety and environmental sustainability used to be treated lightly. But now it is the general idea that people’s lives and safety should be prioritised.”

Korea presently operates 25 reactors, including Kori-1, and these provide 23GW of energy, or about a third of the country’s electricity demand. Plans were in hand to increase this to 38GW by 2029, and the previous regime was seeking to renegotiate a treaty with the US to allow it to operate a full nuclear fuel cycle.

Korea has also been a player in the growing market for nuclear power stations in countries with no indigenous nuclear industry. The largest was a $20bn deal to build four nuclear reactors in the UAE.

Kepco, Korea’s state power utility, was considering an investment in the UK’s stalled Moorside nuclear project, presently owned by stricken Japanese engineer Toshiba. It was also in the running to build the first small modular reactor.

Moon, who campaigned on an anti-nuclear policy, said another reactor, whose lifespan was extended by 10 years to 2022, would be decommissioned as soon as possible.

The president had already ordered eight of the country’s coal power plants to cease production soon after taking office on 10 May, following the impeachment of his predecessor, Park Geun-hye.

South Korea is wrestling with air pollution problems that cost the country about $9bn a year, including carcinogenic fine dust particles. The country has 59 coal plants supplying almost 40% of the country’s electricity.

President Moon has said he wants to increase the portion of renewable energy to 20% by 2030 and increase LNG imports, possibly through a Russian pipeline passing through North Korean territory.

Image: The Kori plant at Busan has four reactors. Number 1 is on the right (Kori NPP)

https://www.globalconstructionreview.com/companies/south-korea-set-abandon-nu7clear-pow7er-program7me/

While I see this as essentially a good thing, did anyone notice the UN Agenda 2030 plan lurking in the shadows?

Russia Warns U.S. After Downing of Syrian Warplane

Syria Russia

https://www.nytimes.com/2017/06/18/world/middleeast/iran-syria-missile-launch-islamic-state.html?ribbon-ad-idx=5&rref=world/middleeast&module=Ribbon&version=context&region=Header&action=click&contentCollection=Middle%20East&pgtype=article

“WASHINGTON — An American fighter jet shot down a Syrian warplane on Sunday after it dropped bombs near local ground forces supported by the United States, the first time the American military has downed a Syrian aircraft since the start of the civil war in 2011, officials said.

The confrontation represents a further escalation between forces supporting President Bashar al-Assad of Syria and the United States, which has been directing the military campaign in Syria and Iraq against the Islamic State.

The American F/A-18 shot down the Syrian government warplane south of the town of Tabqah, on the same day that Iran’s Revolutionary Guards Corps launched several midrange missiles from inside Iran at targets in Syria, hoping to punish Islamic State forces responsible for last week’s terrorist attacks in Tehran.

The Guards Corp said it “targeted the headquarters and meeting place and suicide car assembly line” of “ISIS terrorists” in the province of Deir al-Zour, where Islamic State forces surround an estimated 200,000 people in a government-held section of the provincial capital of the same name…..”

https://www.independent.co.uk/news/world/middle-east/russia-shoot-down-all-flying-objects-in-syria-us-regime-warplane-isis-terror-a7797101.html

Credit Vadim Savitsky/Russian Defence, via European Pressphoto Agency

WASHINGTON — Long-running tensions between the United States and Russia erupted publicly on Monday as Moscow condemned the American military’s downing of a Syrian warplane and threatened to target aircraft flown by the United States and its allies west of the Euphrates.

The Russians also said they had suspended their use of a hotline that the American and Russian militaries used to avoid collisions of their aircraft in Syrian airspace.

The episode was the first time the United States downed a Syrian plane since the civil war began there in 2011 and came after the SU-22 jet dropped bombs on Sunday near American-backed fighters combating the Islamic State. It followed another major American military action against the Syrian government: a cruise missile strike to punish a nerve gas attack that killed civilians in April.

The latest escalation comes as competing forces converge on ungoverned swaths of Syria amid the country’s six-year civil war. Syrian forces and Iranian-backed militias that support them are extending their reach east closer to American-backed fighters, including forces that the Pentagon hopes will pursue the militants into the Euphrates River valley after they take the Islamic State’s self-declared capital of Raqqa. The collision of the disparate forces has, in effect, created a war within a war.

More:

“I would be very surprised if they willfully shot down a U.S. plane that came to bomb some al Qaeda target west of the Euphrates River,” said Michael O’Hanlon, a senior fellow in foreign policy at the Brookings Institution, a think-tank in Washington. “On the other hand, if we’re coming after Assad’s forces with some big armada, maybe they want us to be a little nervous that maybe we’d get shot at.”

O’Hanlon added, “They’re trying to create some deterrents, or some limits, on our involvement in escalation. And it’s consistent with the way this thing has been going back and forth for a while.”

Then again, some analysts believe the Russians are issuing empty threats because they can’t afford the consequences of doing anything more.

“A lot of of this is saber rattling and bluster from the Russians who are clearly unnerved actually by recent U.S. actions,” said Gardiner.

Gardiner said it’s significant that when a plane from NATO-member Turkey shot down a Russian fighter operating from Syria in 2015 there was rhetoric from Moscow but not a whole lot of action……

https://www.cnbc.com/2017/06/20/russian-threat-to-target-us-aircraft-in-syria-seen-as-more-bluster.html

Sabre-rattling, or serious threat? Maybe there wasn’t a lot of action in 2015, but things have moved on. I guess we’ll find out what the next move is soon enough.

Tsunami hits Greenland after 4.0 earthquake, reportedly killing four

 http://www.stuff.co.nz/world/europe/93817543/tsunami-hits-greenland-after-40-earthquake-reportedly-killing-four

Four people are missing and reportedly feared dead after the tsunami.

GOOGLE

Four people are reportedly feared dead in Greenland after an earthquake off the Arctic island’s west coast triggered a tsunami that flooded a village.

The Geological Survey of Denmark and Greenland said that an earthquake late on Saturday (local time) with a magnitude of around 4.0 on the Richter scale struck northwestern Greenland near the village of Nuugaatsiaq.

79.483.914.5100

It said surging water is reported to have destroyed 11 buildings there.

Greenland public broadcaster KNR said police have evacuated 40 people from Nuugaatsiaq. In addition to those missing, it said nine people were injured, two seriously.

Experts said the quake likely triggered a landslide into the sea, resulting in the tsunami and flooding. That’s not a rare occurrence on the Arctic island that is an autonomous constituent country within Denmark.

19-JUN-2017 02:19:3379.483.914.5100GREENLAND SEA

 

London Terror Attacks Continue: Van Drives Into Mosque

 https://www.theguardian.com/uk-news/live/2017/jun/19/north-london-van-incident-finsbury-park-casualties-collides-pedestrians-live-updates

Finsbury Park attack: one dead in ‘potential terrorist attack’ near London mosque, PM says – live updates

Police and ambulance crews on the scene in Finsbury Park.

Counter-terrorism police investigating and Theresa May will chair emergency meeting after van strikes pedestrians, killing one, in Seven Sisters Road

PM: police treating incident as ‘potential terrorist attack’