World View: Cost of Cyprus Bailout Explodes Upward to 23B Euros

World View: Cost of Cyprus Bailout Explodes Upward to 23B Euros

This morning’s key headlines from GenerationalDynamics.com

  • Imported rice found to have dangerously high levels of lead
  • Cost of Cyprus bailout explodes upward to 23 billion euros
  • A new mutation of H7N9 bird flu is Tamiflu resistant
  • Pentagon: North Korea could deliver a nuclear weapon
  • Iran claims to have invented a machine to predict the future

Imported rice found to have dangerously high levels of lead

Rice
Rice

Researchers from Monmouth University in New Jersey have found thatrice imported from China and Taiwan contains 30-60 times the levels oflead permitted by the FDA. Samples of this imported rice were foundin America, Europe and South America, as well as in Asia. Riceimported from the Czech Republic, Bhutan, Italy, India and Thailandalso contained high levels of lead. However, imports account for only7 percent of the rice consumed in the United States. CBS News and American Chemical Society

Cost of Cyprus bailout explodes upward to 23 billion euros

The cost of the bailout of Cyprus, which had originally been estimatedat 17 billion euros, has now surged to 23 billion euros. In theprevious deal, the Europeans would provide a 10 billion euro loan, andCyprus would supply 7 billion euros, mostly by confiscating 60% ofbank deposits about 100,000 euros. Cyprus will be responsible forcoming up with the entire amount of the additional 6 billion euros.The increase is the result of a worse than expected recession — thatis, rosy, optimistic growth forecasts did not come true. It’s likelythat the 60% confiscation for bank deposits will be raisedsubstantially. Cyprus is also considering the possibility of sellingoff 400 million euros worth of gold reserves. However, this idea isconsidered controversial because Cyprus will need those gold reservesif it’s forced to leave the eurozone currency after all.

In other European economic news, Greece’s unemployment rate in Januaryrose to a new historic high, 27.2%, up from 25.7% in December. ForGreek youths, the unemployment rate was 59.3%. Cyprus Mail and AFP and Bloomberg

A new mutation of H7N9 bird flu is Tamiflu resistant

A gene mutation found in an H7N9 bird flu patient in Shanghai hasincreased resistance to the two drugs used to treat the flu, Tamifluand Relenza, though experts say that further testing is required. Thenew flu strain has sickened at least 33 people in China, killing nine.The Centers for Disease Control and Prevention (CDC) in Atlanta hasactivated its Emergency Operations Center in response to the H7N9 birdflu outbreak; Bloomberg and CIDRAP

Pentagon: North Korea could deliver a nuclear weapon

The Pentagon’s intelligence arm has assessed with “moderateconfidence” that North Korea has the ability to deliver a nuclearweapon with a ballistic missile, though the reliability is believed tobe “low.” Apparently, this information was mistakenly declassified bythe Pentagon, but its publication has raised the already high level ofanxiety over North Korea’s next move. The U.S., South Korea and Japanhave all been on high alert, wondering what the North Koreans will do– launch a missile, conduct a nuclear weapons test, target someone,test something, or whatever. There’s a growing feeling that the NorthKoreans are following a policy of such insanity that they might tryanything. Some analysts are suggesting that the reason for theappearance of total insanity is that there’s a major power strugglegoing on in the government, and the child dictator Kim Jong-un may bebrought down. CNN

Iran claims to have invented a machine to predict the future

A scientist at Iran’s state-run Center for Strategic Inventions hasinvented “The Aryayek Time Traveling Machine.” It will fit into abriefcase, and will predict the 5-8 years of the future life of anyindividual with 98% accuracy. It can also be used to predict wars andoil prices. However, the prototype has not yet been launched becauseovernight.” Telegraph (London)

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