Just wow:
An early decline in Japanese shares picked up speed Tuesday afternoon, with the main index skidding 14.4% as the country’s prime minister warned of a high risk of elevated levels of radiation from a reactor at the Fukushima nuclear-power plant after another explosion earlier in the day…
Meanwhile, Mish notes that all major world stock exchanges are an ocean of red at the moment – and the US futures for Tuesday are looking pretty grim. We can expect a bit of bounce back from this, but clearly things are turning to the worse…and at a time when a fragile US and global economy just can’t take the strain.
The Bank of Japan is firing up the printing presses to try and staunch the flow and, naturally, central banks around the world will follow suit. We’ll see how long this holds – it may weather this crisis, but until genuine wealth creation resumes, doom stalks the economic landscape. And the really bad news is that only a very few governments around the world are working on that wealth creation thing – most are just borrowing and printing and crossing their fingers.
UPDATE: Really, really bad news about those nuclear reactors. I hope to God that all this turns out to be a mistake…that early reports are just over-reactions. But it looks pretty darn bad…
Graciously hear us, O Lord, when we call upon You,
and grant unto our supplications a calm atmosphere,
that we, who are justly afflicted for our sins,
may, by Your protecting mercy, experience pardon.
Through Christ our Lord.
Amen.
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