Welcome to Sott.net
Mon, 01 Mar 2021
The World for People who Think

Society's Child
Map

Hourglass

Hugo Chavez Nationalizes Venezuelan Gold Industry, Demands 211 Tons Be Returned From Abroad

Image
This is the biggest story of the late day with implications for Jamie Dimon, precious metal ETFs, and central banks worldwide. We'll start at the beginning.

Anyone holding gold miner Rusoro is panicking.

Details from Reuters
Toronto-listed Rusoro, owned by Russia's Agapov family, is the only large gold miner operating in Venezuela. It produced 100,000 ounces last year.

The gold industry will be just the latest part of the economy to be put under state control by the socialist leader, who said he would issue the necessary decree in the coming days and called on the military to help control the sector.

"I have here the laws allowing the state to exploit gold and all related activities ... we are going to nationalize the gold and we are going to convert it, among other things, into international reserves because gold continues to increase in value," Chavez said in a phone call to state television.

Nuke

Two Nuclear Reactors In America Shut Down In 12 Hour Span

Image
© Wikipedia
Sequoyah Nuclear Plant, Tennessee
In a startling and strange occurrence, two American nuclear reactors triggered automatic shutdowns within twelve hours of each other.

Late Thursday night an automatic shutdown that occurred at the Sequoyah Nuclear Plant in Tennessee was supposedly caused by a coolant pump. Officials have reported that no radiation leakage occurred.
RSOE EDIS

The Nuclear Regulatory Commission says the unit 1 reactor at Sequoyah Nuclear Plant near Chattanooga automatically tripped.

The commission said the incident late Thursday night was traced to a coolant pump and apparently caused no leakage. It was classified non-emergency. Auxiliary feedwater automatically actuated as expected, the commission said Friday. The unit 2 reactor was not affected, the commission said.

Pistol

Shooting Outside Mexican Soccer Stadium Caused Panic

Tense moments in Mexico as thousands of soccer fans are interrupted by gun fire outside the Corona stadium Saturday in Torreon, Mexico.


Bad Guys

It's a Pattern: London Rioters Are Leaving Bookstores Untouched

london riots bookstores
© Reuters
While the rioters in England this week have looted shops selling shoes, clothes, computers, and plasma televisions, they've curiously bypassed one particular piece of merchandise: books. The Economist observes that while rioters have a centuries-old history of book burning, "books are losing out to high-end jeans and Apple-made gadgets" in London, with the Waterstone's bookstore chain emerging unscathed and the WH Smith chain reporting only one incident (some stores closed as a precaution). In explaining that the store would probably stay open during the unrest, one Waterstone's employee even felt comfortable enough to issue a dare to the rioters: "If they steal some books, they might actually learn something." The exception to the rule is the gay bookstore Gay's the Word, which had its front window smashed and its shopfront splattered with eggs (notably, no goods were stolen). "Our impression is that there are certain people who have an issue with a visible gay business and are using the excuse of chaos to cause anti-gay damage," an assistant manager told PinkPaper.

Confronted with all this evidence, The Huffington Post poses a couple vexing questions: "Did the bookstores survive because the rioters respect reading--or because they simply don't care about books? Is this a positive or a negative sign for the future of the industry?" Most people seem to be embracing the theory that the rioters simply didn't want books, particularly in the digital age. "The only shop NOT looted down the road from where I live was Waterstones," British author Patrick French tweeted. "I guess the rioters have Kindles--bought or looted." Martin Fletcher touched on a similar theme at the end of a report for NBC News. "A final thought that may say a lot about our times," he concluded. "In this shopping center every store had been looted but one, the book store." The "underlying message for bookshops," The Economist adds, is "hardly front-page news: looters, like more conventional consumers, are all too happy to ignore their wares."

Nuke

China: Radioactive Contamination Spreads Far Beyond Japan's Claims in Pacific Waters

Fukushima plant destruc
© Reuters/Tepco
Radioactive substances that leaked from the crippled Fukushima No. 1 nuclear power plant have spread over far broader areas of the sea than Japan has acknowledged, according to the State Oceanic Administration of China.

An Aug. 15 article in the electronic version of Science and Technology Daily, a Chinese newspaper, cited an ocean environment survey conducted off Fukushima Prefecture in the western Pacific Ocean as part of the Oceanic Administration's written reply to an inquiry by the newspaper.

The article said that radioactive substances were detected in a 252,000-square-kilometer area within 800 kilometers to the east of Fukushima Prefecture. It said the level of cesium-137 was up to 300 times higher than corresponding concentrations in waters near China. Strontium-90 was detected at levels up to 10 times higher than those found in Chinese waters.

Stormtrooper

Australia: Police can Order Removal of Face Coverings Under New law

NSW Police State
Police have welcomed new laws that require people to remove face coverings or risk a fine or jail time, saying officers will no longer be hindered on the job.

Under changes to the Law Enforcement Act that have the backing of the Islamic community, police can require anyone to remove a face covering - including a helmet, burqa, niqab or mask.

In most cases, the penalty would be a $220 fine, but cases involving motorists could incur penalties of up to a year in jail and a fine of $5500.

Bad Guys

Paying strict attention to reality is not one of Domionist's traits: US Republican Michele Bachmann is keeping an eye on the Soviet Union... 20 years after it dissolved

Michele Bachmann has said that the U.S. still needs to keep an eye on the Soviet Union - even though the country hasn't existed for nearly 20 years.

The Republican presidential candidate gave a radio interview describing the remaining threat from the old Cold War rival.

The website Think Progress captured Bachmann in interview with right-wing Christian attorney Jay Sekulow.

She said: 'What people recognize is that there's a fear that the United States is in an unstoppable decline. They see the rise of China, the rise of India, the rise of the Soviet Union and our loss militarily going forward.'

Image
© Reuters
Michele Bachmann has made a catalogue of historical gaffes
'And especially with this very bad debt ceiling bill, what we have done is given a favor to President Obama and the first thing he'll whack is $500 billion out of the military defence at a time when we're fighting three wars. People recognize that.'

Dollar

Venezuelan golden retreat could lead to dire trouble

President Hugo Chavez wants all of Venezuela's gold now held in European and American banks to be returned to Caracas. It would be the largest physical movement of gold in recent history.


Chavez said he is trying to protect his country from the financial woes on both sides of the Atlantic.

Eye 1

China Finds 100,000 SQ Miles of Radiation In Pacific Ocean 300 Times Higher Than Normal

map , radiation

How 3 million gallons of radioactive water dumped into the sea will spread through the Pacific Ocean

China has reported that the radioactive contamination in the Pacific Ocean from the Fukushima nuclear power plant is far wider than the areas released by the Japanese government.

China has discovered 100,000 square miles of Pacific Ocean waters, at distances up to 800 kilometers from Fukushima, with Cesium radiation levels up to 300 times normal and Strontium radiation levels up to 100 times normal.

China says a study conducted by its State Oceanic Administration has found widespread levels of highly radioactive contamination throughout Pacific Ocean.

Bizarro Earth

Briton: This Isn't a Carnival, It's a Police State

Image
© PA
Carnival, 2008: sometimes you really need all those coppers
Next weekend, I shall be living in a police state. There will be policemen at either end of my little street, policemen on duty outside my local pub, policemen guarding the entrance to the supermarket. If I go to the shops and plan to return to my flat by anything other than the circuitous "official" route, I'll have to show my local residents' ID to one of the 5,000 police officers patrolling the neighbourhood.

You see, I live in Notting Hill and it's Carnival time again. And what a special Carnival it promises to be, coming less than a month after street gangs attacked shops and restaurants bang in the middle of the parade route. Members of those gangs will be back for "Europe's largest fun-filled event", as the BBC wants us to think of it. That's why this year the cost of policing it will approach £10 million for the first time.

I don't want to sound like a killjoy. There's plenty of fun to be had at the Carnival, as revellers glug their way through 25,000 bottles of rum to the accompaniment of dozens of screaming sound systems. But that fun comes at a price, believe me. You should read the surveyor's report on our house. I've just forked out 12 grand to fortify walls loosened by the pulsating throb of the Carnival. Or "Carnivaaal", as right-on folk pronounce it.