Covering Fukushima I (Daiichi) Nuclear Accident Since March 11, 2011
(Photo: Reactor 3 Operating Floor, January 2014)
From williambanzai7:
More at the link.
Also found at Zero Hedge: The U.S. vs. Edward Snowden: Does the World Not Have the Courage or Decency to Protect Mr. Snowden?
Another masterpiece from williambanzai7 at Zero Hedge. Click to enlarge, for full glory.
Haruhiko Kuroda, governor of Bank of Japan, had just repeated his mantra at a press conference on May 22, one day before the Nikkei collapsed over 1,000 points, that (according to Nikkei Shinbun 5/22/2013 article):
Long rate is rising because the rates in Europe and the US are rising [Let's blame others, that's the Japanese way]; and
BOJ's purchase of JGB compresses the risk premium, and the effect will get stronger as BOJ buys more [Let's flat-out lie, until people actually believe it]
He doesn't expect the long rate to jump, under the rate-lowering pressure from quantitative and qualitative easing [And let's lie some more..]
BOJ's purchase of JGB since early April has been nothing but disaster, with risk premium widening. The 10-year bond yield dropped to 0.315% on April 5, 2013, the day after Kuroda announced a new and improved quantitative easing of 7 trillion yen per month. The 10-year yield was 1% on May 23, 2013, 200% jump from the low on April 5.
Some "compression", Mr. Kuroda. Maybe it's another BOJ Newspeak, where "inflation" is "price stability". "Expansion" therefore must be "compression".
Yesterday's Nikkei fall started right after Kuroda's BOJ injected 2.8 trillion yen into the bond market to stabilize the (again) extremely volatile market as the bond futures trading was halted.
So what's the official excuse for that fall? As far as the semi-official story in Nikkei Shinbun (5/24/2013) goes, the consensus views are:
The correction has nothing to do with the (economic) fundamentals [which they call "fandamentaruzu" in katakana transliteration to disguise what it actually means];
It is just profit-taking, in a stock market that has risen 80% since November 2012 [So they do think the market that rose 80% in 6 months reflects economic fundamentals of Japan. Sure.];
[And sure enough,] Japanese economy is on a solid footing;
The Nikkei level after the fall on May 23 is just about right, even a little bit cheaper; and
BTFD (Buy The Failed Dip), with "animal spirit".
As you see, all is well. Keep repeating the lies and soon everyone will believe them and make the lies come true. That's what the Japanese government has been effectively doing, since March 11, 2011 in particular.
The magnitude of the Nikkei fall is unmistakable, though. From Bloomberg.com's homepage, chart that plots Nikkei, FTSE, Dow:
by WilliamBanzai7 over at Zero Hedge:
The US = Europe 2.0 = Japan 2.0, sooner or later. Probably sooner, because "we're all in this together", or "kizuna" that binds the domesticated animals.
As totally expected, Obama's "compromise" meant "compromise your position to fit mine", just like before. The market barely managed to end green, no DCB (dead cat bounce) though they (algos) made a valiant effort to prop up Apple and Google.
Some irreverent, choice works by williambanzai7, at Zero Hedge... (More at the link.)
"The US government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. Dollars as it wishes at no cost."
Ben Bernanke, November 21, 2002
"One myth that's out there is that what we're doing is printing money. We're not printing money."
Ben Bernanke, December 6 2010
Fiat Origines 1:3-2:4 (Holey Book of Ben Shalom, ©2011)
3 And Lord Ben said, “Let there be cash,” and there was cash. 4 Ben saw that the cash was greed, and he separated the cash from the gold. 5 Ben called the cash “POMO,” and the gold he called “barbaric.” And there were treasury bonds, and there trading for — the first fiat Federal Reserve Note.
6 And Ben said, “Let there be a vault between the people to separate gold from money.” 7 So Ben made the vault and separated the gold under the vault from the money above it. And it was so. 8 Ben called the vault “Federal Reserve Bank of New York.” And there were treasury bonds, and there was trading — Quantitative Easing.
9 And Ben said, “Let the gold under the sky be gathered to one place, and let free money appear.” And it was so. 10 Ben called the free money “liquidity,” and the growing bubble he called “prosperity.” And Ben saw that it was greed.
11 Then Ben said, “Let the land produce houses: extra bathroom-bearing wings and 3-car garages on the land that bear extra stainless steel appliances with Chinese dishes in then, according to their various kinds.” And it was so. 12 The land produced houses: extra bathroom-bearing wings and garages according to their many cars and extra stainless steel appliances with Chinese dishes in then, according to their various kinds. And Ben saw that it was greed. 13 And there were treasury bonds, and there was trading — Quantitative Easing 2.14 And Ben said, “Let there be gold in the vault of the Federal Reserve Bank of New York to separate the gold from the money, and let them serve as signs to mark ridiculously farcical times, and days and years, 15 and let them be gold bars in the vault of the Federal Reserve Bank of New York to give green paper on the earth.” And it was so. 16 Ben made two great liquidity events—the greater quantities of paper to print in the day and the lesser the value of paper overnight. He also made the loans. 17 Ben set them in the accounts of the Too Big To Fails to give fiat money to insider cronies, 18 to print in the day and devalue overnight, and to separate gold from money. And Ben saw that it was greed. 19 And there were treasury bonds, and there was trading—Quantitative Easing 2.5.
20 And Ben said, “Let the Too Big To Fails scheme with thieving creatures, and let green paper fly above the earth from the helicopters in the sky.” 21 So Ben created the thieving creatures of the Too Big To Fails and every thieving thing with which the To Big To Fails scheme and that moves about in it, according to their kinds, and every loan officer according to its kind. And Ben saw that it was greed. 22 Ben POMO’d them and said, “Be deceitful and increase in number and fill the brothels in NYC, and let the loans increase on the earth.” 23 And there were treasury bonds, and there was trading—Quantitative Easing 3.
24 And Ben said, “Let the Congress produce thieving creatures according to their kinds: the CFR Members, the creatures that move along the ground, and the wild interns, each according to its kind.” And it was so. 25 Ben paid the wild interns according to their kinds, the CFR Members according to their kinds, and all the creatures that move along the ground according to their kinds. And Ben saw that it was greed.
26 Then Ben said, “Let us make ganster banksters in our image, in our likeness, so that they may rule over the Too Big To Fails and the thieving creatures, over the CFR Members and all the wild interns,[a] and over all the creatures that move along the ground.”27 So Ben created gangster banksters in his own image,
in the image of Ben he created them;
male and female he created them.28 Ben paid them and said to them, “Be deceitful and increase in number; fill the earth and subdue it. Rule over the Too Big To Fails and the thieving creatures, over the CFR Members and all the wild interns,[a] and over all the creatures that move along the ground.”
29 Then Ben said, “I give you every house on the face of the whole earth and every extra bathroom, stainless steel appliance with Chinese dishes in it. They will be yours for inventory. 30 And to all the people of the earth and all the helicopters in the sky and all the creatures that move along the ground—everything that has the pump of liquidity in it—I give every green paper and cotton fiber for funny munny.” And it was so.
31 Ben saw all that he had made, and it was very greedy. And there were treasury bonds, and there was trading— QE to Infinity.
This guy is funny. Catch him at Zero Hedge...
Sing along, folks.
QuaNTiTaTiVe EaSiNG STaTe of MiND...
(New York State of Mind, Billy Joel)
BillyBanzai7
Some Hong Kong folks like to get away
Take a holiday from the Asian trading hood
Hop a flight to Pattaya Beach
Or to Bollywood
But I'm taking a Greyhound
On the Hudson River Line
I'm in a Quantitative Easing state of mind......
... It comes down to unreality
And it's fine with me 'cause I've let it slide
Don't care if it's a buyer's town or on the sell side
I don't have any sound reasons
I've left them all behind
I'm in a Quantitative Easing state of mind .......
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