Big Doin's Afoot..

Turkey expels Israeli ambassador, suspends military ties with Israel over flotilla raid  Tick.  Washington Post.  Excerpts:

Turkey says it is expelling the Israeli ambassador and cutting military ties with Israel over the country’s refusal to apologize for last year’s deadly raid on a Gaza-bound flotilla.

And:

Davutoglu also said Turkey was suspending all military agreements signed between the former allies, saying “it is time Israel pays a price.”

This is not a positive turn of events.

New evidence of a massive oil slick near Deepwater Horizon site   Story and video from Raw Story.  Excerpts:

A California nonprofit organization dedicated to the protection and preservation of wildlife has discovered what seems to be a massive oil slick in the Gulf of Mexico near the area of the original Deepwater Horizon spill.

In a flight over the Gulf Tuesday, OnWingsOfCare.org founder and pilot Dr. Bonny Schumaker spotted an oil slick that stretched for nearly 10 miles.

Last week, two Louisiana State University men took a boat into the Gulf and returned with video evidence of large blooms of crude oil swelling up to the water’s surface where the doomed oil rig once hovered.

BP had firmly denied that the well is continuing to leak.

“None of this is true,” they said in a statement.

New Data Supports Previous Fairewinds Analysis, as Contamination Spreads in Japan and Worldwide  The latest video from Arnie Gundersen.  From accompanying article:

Newly released neutron data from three University of California San Diego scientists confirms Fairewinds' April analysis that the nuclear core at Fukushima Daiichi turned on and off after TEPCO claimed its reactors had been shutdown. This periodic nuclear chain reaction (inadvertent criticality) continued to contaminate the surrounding environment and upper atmosphere with large doses of radioactivity.

In a second area of concern, Fairewinds disagrees the NRC's latest report claiming that all Fukushima spent fuel pools had no problems following the earthquake. In a new revelation, the NRC claims that the plutonium found more than 1 mile offsite actually came from inside the nuclear reactors. If such a statement were true, it indicates that the nuclear power plant containments failed and were breached with debris landing far from the power plants themselves.

..

Third, the burning of radioactive materials (building materials, trees, lawn grass, rice straw) by the Japanese government will cause radioactive Cesium to spread even further into areas within Japan that have been previously clean, and across the Pacific Ocean to North America.

Burning contaminated materials.  What could possibly go wrong?  Fukushima:  37 degrees North Latitude.  Southern Missouri:  36 degrees North Latitude.  Being globally down wind from Fukushima is awesome.

The Imminent Failure Of The Eurozone Excerpts from Zero Hedge.

Japan, and the E.U. are declining. That is, about one-sixth of the world's population is losing ground. These big economies are the ones that lead the rest of the world, including China. Countries like China, India, and Brazil, depend on the health of the big economies to keep buying their products and commodities so they can grow and generate wealth for their citizens.

What is especially concerning is the blow-up that is about to happen in Europe. It is not something that is happening "over there." In a world that is so interconnected financially and by trade, a sinking Europe is everyone's concern.

Their problems are much the same as ours with a twist. Their governments and central banks have also pursued reckless monetary and fiscal policies and now, effect is following cause. They have more or less followed the same policies as has the U.S., much to the same end. They spent large, engaged in Keynesian fiscal stimulus in a bailout attempt, ran up huge debts and deficits, and their economies are in decline.

The twist is the European Monetary Union (EMU), known as the eurozone. It is as if here in the U.S. there was no federal government and each state was truly sovereign, but there was a Federal Reserve Bank. Some states spend more than others, funding deficits by borrowing huge sums to support programs their citizens wanted. The profligate states want the Fed to buy their debt and float them loans created out of thin air, or otherwise they will go belly up and they will take down many states' banks. The responsible states know they will be stuck with the bill.

Even Goldman Sachs Secretly Believes That An Economic Collapse Is Coming  Before It's News.  Excerpts:

Goldman Sachs is doing it again. Goldman is telling the public that everything is going to be just fine, but meanwhile they are advising their top clients to bet on a huge financial collapse. On August 16th, a 54 page report authored by Goldman strategist Alan Brazil was distributed to institutional clients. The general public was not intended to see this report. Fortunately, some folks over at the Wall Street Journal got their hands on a copy and they have filled us in on some of the details.

It turns out that Goldman Sachs secretly believes that an economic collapse is coming, and they have some very interesting ideas about how to make money in the turbulent financial environment that we will soon be entering. In the report, Brazil says that the U.S. debt problem cannot be solved with more debt, that the European sovereign debt crisis is going to get even worse and that there are large numbers of financial institutions in Europe that are on the verge of collapse. If this is what people at the highest levels of the financial world are talking about, perhaps we should all start paying attention.

There is a tremendous amount of fear in the global financial community right now. As I wrote about the other day, the financial world is about to hit the panic button. Things could start falling apart at any time. Most of these big banks will not admit how bad things are publicly, but privately there is a whole lot of freaking out going on.

I don't know about anyone else, but all this Big Picture Doom is actually having the opposite effect.  The closer we get to whatever will ultimately happen, the calmer I get.  Strange, but much much emotionally lighter, that's for sure..  Have a great weekend.