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Baudrillard was, I think, on the mark when he asserted that the transformation from primitive to feudal to mercantile to capitalist society was instigated by a human desire for hierarchical differentiation, and not by material scarcity, as claimed by Marxists.
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Red Alert: Japan Warns of Possible Nuclear Meltdown
March 12, 2011Japanese officials are cautioning that a nuclear meltdown may occur at the Fukushima Daiichi nuclear power plant near the town of Okuma. According to Japan’s Jiji Press, some of the reactor’s nuclear fuel rods were briefly exposed to the air after the reactor’s water levels dropped through evaporation. A fire engine is currently pumping water into the reactor and the water levels are recovering, according to an operator of the Tokyo Electric Power Co. (TEPCO), which operates the plant. A TEPCO spokesman said the company believes the reactor is not melting down or cracking and that workers are currently attempting to raise the water level.
If a meltdown takes place — essentially the core of the reactor overheating and damaging the fuel rods themselves — it would be the first since the Chernobyl disaster in 1986 and the Three Mile Island incident in 1979.
Red Alert: Explosion Reported at Japanese Nuclear Plant
March 12, 2011An explosion occurred March 12 at the Tokyo Electric Power Co.’s (TEPCO) Fukushima Daiichi nuclear power plant in Okuma, Japan, Japanese news agency Jiji reported, citing local police. Reports of an explosion and smoke come after Japanese officials cautioned that a nuclear meltdown was possible. Officials at the plant had reported that part of the reactor core was exposed to air for a brief moment and that they were attempting to raise the water level to continue cooling the reactor. Officials later stated that steam was vented from the power plant to release the pressure built up by evaporating water. If an explosion occurred, it would indicate that the additional water pumped into the reactor has been unable to stave off the meltdown reaction inside the reactor core and that the plant is experiencing a far more serious crisis than initially reported by the Japanese authorities.
The founder of Tradebot, in Kansas City, Mo., told students in 2008 that his firm typically held stocks for 11 seconds. Tradebot, one of the biggest high-frequency traders around, had not had a losing day in four years, he said.
The Federal Reserve’s single largest intervention to prop up the American economy, its $1.25 trillion program to buy mortgage-backed securities, came to a long-anticipated end on Wednesday.
The program has been credited with holding mortgage interest rates at near-record lows and slowing the nationwide decline in home prices that threatened to send the economy into an extended slump.
Demand for mortgage bonds had been frozen since the federal takeover of Fannie Mae and Freddie Mac, the giant mortgage-finance companies, in September 2008. “We were in a deflationary spiral, causing mortgages to go underwater, more foreclosures and a further decline in housing prices,” said Susan M. Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania. “The potential maelstrom of destruction was out there, bringing down not only the housing market but the overall economy. That’s what was stopped.”
She called the Fed’s mortgage purchases “the single most important move to stabilize the economy and to prevent a debacle.”
“Financial markets have improved considerably over the last year, and I am hopeful that mortgages will remain highly affordable even after our purchases cease,” Janet L. Yellen, the president of the Federal Reserve Bank of San Francisco, said in a speech on March 23. “Any significant run-up in mortgage rates would create risks for a housing recovery.”
Ms. Yellen is President Obama’s choice to be the next vice chairwoman of the Fed, after Donald L. Kohn retires in June, but she has not been formally nominated.
A major factor in that recovery was the government’s announcement last December that it would guarantee debts owed by and securities issued by Fannie and Freddie, according to David Crowe, chief economist at the National Association of Home Builders.
While the future of the two mortgage-finance entities remains uncertain, the government backing has been particularly reassuring for foreign investors, including the Chinese and Japanese central banks, that hold securities based on mortgages originated in the United States, Mr. Crowe said.
The well-adjusted make poor prophets. On the other hand, those who are at war with the present have an eye for the seeds of change and the potentialities of small beginnings.
A pleasant existence blinds us to the possibilities of drastic change. We cling to what we call our common sense, our practical point of view. Actually, these are but names for an all-absorbing familiarity with things as they are. The tangibility of a pleasant and secure existence is such that it makes other realities, however imminent, seem vague and visionary. Thus it happens that when the times become unhinged, it’s the practical people who are caught unaware and are made to look like visionaries who cling to things that do not exist.
On the other hand, those who reject the present and fix their eyes and hearts on things to come have a faculty for detecting the embryo of future danger or advantage in the ripeness of their times. Hence the frustrated individual and the true believer make better prognosticators than those who have reason to want the preservation of the status quo. “It is often the fanatics, and not always the delicate spirits, that are found grasping the right thread of the solutions required by the future.”