Wednesday, May 12, 2010
STATE OF THE WORLD ON 12MAY10
1. Well, the first capping attempt failed over the weekend, so a smaller hat is being tried. If the purported 210,000 gallon/day rate continues, 50 more days before the Exxon Valdez 11 million gallon mark is reached. Click on oil spill photos for the some terrific photography. Makes you wonder if somebody up there wants us to get out of fossil fuels, for front and center are the West Virginia coal mine explosion, regular such incidents in China, global warming and cost of gasoline. Keep in mind, though, that European citizens pay double what we do for gas. Want more? Go to fossil fuel disasters to get a fill of what is wrong with oil and coal. Incidentally, CEO Tony Hayward of BP keeps saying we are responsible, but... The pass the buck game is being played by BP, Halliburton, Transocean, and the Minerals Management Service. Remember that the Exxon Valdez suits have not yet been adjudicated. They've got the best lawyers and lobbyists in the business. Next, why not blame South Korea and stop buying Hyundai cars, for they built the Deepwater Horizon in 2001. No, let's not stop there, for the rig flies the flag of the Marshall Islands. Well, maybe not. This could be revenge for us testing Hydrogen Bombs on one of their islands (Bikini). Castle Bravo below was the largest nuclear bomb detonated by the USA.
2. Can you believe that nearly a week has passed, and no one knows for sure what caused the stock market hiccup? In a matter of a few minutes, investors lost a trillion dollars! When things go bad, everything gets worse. What next?
3. Minutes after David Cameron and Nick Clegg shook hands to form the Conservatives / Liberal Democrats coalition (mind you, this is close to the Republicans and splinter Democrats doing so in our House of Representatives), Queen Elizabeth II appointed Cameron as the new prime minister. How's this for inbreeding? The mistress of King William IV (David's great-great-great-great-great grandfather) is the strain from which came the current queen. Cameron is the youngest PM in 198 years, and one upped Obama: not mere change, but a seismic shift in British politics. More, Clegg was selected as the deputy prime minister (rarely filled office), and his party got four cabinet posts. The DPM is also 43 years old. Barack Obama is 48.
The Dow Jones Industrials jumped 152 to 10,900, and virtually all world markets also rose. Gold increased $9/toz to $1240 and crude oil is in the range of $75/barrel.