A dead cat bounce before the real storm?

by Lars Tong Strömberg on July 5, 2011

Enjoying vacation in the sun spending some time reading about the latest global financial developments. In my point of view, the markets are recovering surprisingly fast from the Greek turmoil from last week and it seems the bulls are back on the street once again.

But for how long? Personally, I am quite pessimistic about the global economy considering how slow the recovery has been in the US recently and the tendency among leading politicians in the US and in Europe to keep kicking the national debt cans down the road.

With media focus entirely on Greece, it should be pointed out that the problems are far from over in the other PIIGS countries. In the case of Spain and Italy, the sizes of the economies and the potential domino effects defaults on national debt would have in these countries are enourmous compared to Greece.

The really big worry though in terms of sheer potential economic impact is of course the US. Although section 4 of the 14th amendment possibly could save the imminent debt ceiling scare, just having to refer to interpretation of a clause in a document written over 140 years ago in order to save the pressing situation, does not give credit to politicians in the US.

Overall then? Just how bad is the situation right now? Well, continuing on the “documentaries worth watching” track from my blog post on Chernobyl, I can strongly recommend spending some time on this one:

 

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Today, it´s 25 years ago since the worst nuclear power plant accident in world history occurred in Chernobyl, Ukraine. The worst accident so far, I should add as the jury is still out on Fukushima Dai-Ichi, Japan. Like Chernobyl, the latter is now also upgraded to a 7 on the INES scale.

As I have strong memories from my childhood from the events of Chernobyl and the 25 year date was coming up, I have spent some evenings the last couple of weeks checking out several documentaries about what actually happened back in 1986.

As always with documentaries, you learn a lot of new things about a phenomena or event, but what really sent chills down my spine was when I learned that there was in fact a 5-10% risk of a second, much bigger explosion: An explosion that could have been equivalent to a 3-5 megaton atomic bomb rendering Europe uninhabitable…

See for youselves (from 31:50 and appr. 5 minutes onwards in the following clip):

As always if you are interested in a certain topic, Youtube is a great source for finding documentaries and here are a couple of other documentaries I can recommend if you are interested in Chernobyl:

This one, is broken down into 6 parts and details what happened on the plant right before the explosion. Unfortunately, it has Russian subtitles for the dialogue between the workers at the plant, but it´s still definitely worth it even if you like I cannot understand a word of Russian.

Here is another really interesting and well-filmed piece (but with a totally different angle), covering the animal life in the forbidden zone and how it has developed after the accident.

Last, but definitely not least, “Chernobyl Heart” won the Best Documentary Short Subject award at the 2004 Academy Awards and shows the true human cost of nuclear energy.

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