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Archive for March 31st, 2011

Is this the biggest crisis of all?

Posted by Admin on March 31, 2011

Proportion of CDSs nominals (lower left) held ...

Credit Default Swaps held by U.S.A Banks

http://in.finance.yahoo.com/news/Is-biggest-crisis-equitymaster-812900507.html

On Thursday 31 March 2011, 8:30 AM

We seem to be living in rather fragile times. There is too much going on in the world that can yet again derail the global economy. There’s the oil price and then there’s the Middle East turmoil. The Japan earthquake was a sorry addition to the list. And not to forget, the US economy is still not completely out of danger, trillions of dollars worth of injections not withstanding.

Clearly, the battle seems to be on as to what will really upset the applecart this time around. But what if we say the most likely candidate is not even in the list of events that we just discussed. It has somehow got pushed to the backburner.

But perhaps not anymore. Forbes adds that a severe escalation in Europe‘s credit crisis has the capacity to cause a repeat of the 2008 meltdown. Indeed, the chance that anyone or all of the so called PIIGS nations could default keeps rising by the day.

Not a week goes without something nasty taking place in any one of these nations. The latest issue to flare up has its roots in Portugal. Apparently, the parliament of the peripheral European nation recently voted against austerity measures of any kind. Not surprisingly, the ratings agencies swung into action and promptly downgraded the country’s sovereign debt ratings.

Other of the PIIGS may not be far behind. Already, Greece, Ireland and Portugal are commanding a heavy premium over the other two in the highly punitive Credit Default Swaps (CDS) market. CDS is nothing but an instrument that helps insure against defaults by corporate or sovereign bonds. Higher the premium, greater is the probability of a default.

Forbes adds that if Italian or Spanish CDSs start being grouped alongside Ireland and Portugal, it could signal a tipping point of sorts. This will then lead to a problem that will not be solvable by tossing another 100 billion Euros at the problem. And it will be not just sovereign bonds that will be on the line. It can have a huge impact on the European banking system. Not to forget the flight to safety attitude of investors that could spark a global sell off.

Thus, there you go. For the next few weeks, do not worry about the Japan tragedy much. Neither do fret about how high oil is headed next. Keep an eye on those troubled Euro nations. Particularly the risk premium they are commanding in the default market. And this would be the key to unlocking the mystery of the direction of the global economy.

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UFO over Lafayette, Colorado, caught on camera

Posted by Admin on March 31, 2011

Grainy B&W image of supposed UFO, Passoria, Ne...

Unidentifiable Flying Object

http://in.news.yahoo.com/ufo-over-lafayette–colorado–caught-on-camera.html

ANI – Tue, Mar 29, 2011 4:49 PM IST

Washington, Mar 29 (ANI): A strange triangular formation of red lights over Lafayette, Colorado, which was caught on camera, has left many spooked and wondering if it was a UFO.

Leroy van der Vegt and his son Nick captured the sight on camera, and the unidentified red lights did not blink but were in a triangular shape as they hovered in the sky.

“It was completely quiet. No noise at all,” ABC News quoted van der Vegt as saying. He doesn’t know what it was but he is sure that what he saw was not a satellite, helicopter or airplane.

He said the triangle eventually headed northeast and the lights faded. Lester Valdez and all of his neighbours saw the unidentified lights.

“I have never witnessed anything like that,” Valdez said. He said they looked like tiny, bright alien ships from ‘Close Encounters of the Third Kind‘.

“It was exactly something like that where you see an object and they all got into a pattern and they stood in a pattern, and they all moved in a direction and then they pretty much dropped and that was it,” Valdez said.

Sceptics like Lafayette residents Katie and Kevin Caron say there must be a reasonable explanation for the lights that doesn’t involve little green men.

“There’s a lot of things you can’t explain but the idea of it being an alien spacecraft is pretty wacky,” Kevin added. (ANI)

Also read:-

How hoax of UFOs landing in UK sparked nationwide panic in 1967

Britain releases UFO sighting and policy files

Russian flight controllers claim aliens spoke to them in ‘cat-like language’

Argentina sees UFO sightings as threat to air security

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Argentina sees UFO sightings as threat to air security

Posted by Admin on March 31, 2011

Grainy B&W image of supposed UFO, Passoria, Ne...

Unidentifiable Flying Object

http://in.news.yahoo.com/argentina-sees-ufo-sightings-threat-air-security-20101230-220733-776.html

By Indo Asian News Service | IANS – Fri, Dec 31, 2010 11:37 AM IST

Buenos Aires, Dec 31 (IANS) Argentina‘s Air Force has said it has received many reports of sightings by pilots and radar of unidentified flying objects (UFOs) that are a ‘potential threat to national air security’.

The Air Force said often combat planes have reported following strange objects in the skies above Argentina.

Even the local media have reported that dozens of photos reach their offices regarding alleged UFOs, often confused with planes or birds in flight and, in some cases, trick photographs.

The Air Force press office said the country’s military unit will set up a multi-disciplinary commission to investigate such UFO sightings, Prensa Latina reported.

The commission will be made up of specialists from the meteorological service, pilots, astronomers, doctors and radar and land experts.

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Britain releases UFO sighting and policy files

Posted by Admin on March 31, 2011

Grainy B&W image of supposed UFO, Passoria, Ne...

Unidentifiable Flying Object

http://in.news.yahoo.com/britain-releases-ufo-sighting-policy-files-20110302-162321-701.html

By Michelle Martin | Reuters – Thu, Mar 3, 2011 5:53 AM IST

LONDON (Reuters Life!) – Britain on Thursday released 35 previously classified files documenting sightings of unidentified flying objects (UFOs) by the military and members of the public dating back to the 1950s.

The files contain around 8,500 pages which mainly cover the period from 1997 to 2005 and include photographs, drawings and descriptions of flying saucer sightings, as well as letters the Ministry of Defence (MoD) sent eyewitnesses in response to their accounts.

Policemen, a soldier, a Royal Air Force (RAF) officer and members of the public report sightings of objects including a “chewy mint shaped solid craft” and aerial objects resembling a “ring”, a “jellyfish” and a “silver voile spin top”.

In one account a man said he believed he had been “abducted” by aliens in October 1998 after seeing an unidentified craft hover over his London home and finding he had gained an hour of time in the process.

“It was a large cigar-shaped vehicle with big projectiles on each side like wings,” he told the MoD.

“It seemed to have two very bright lights at the front and a white light flashing round and round underneath… As you can imagine, I felt quite shaken.”

The MoD wrote to the man informing him that the object was probably an airship, adding that the time he had gained was probably the result of the clocks being put back one hour on the night of his close encounter.

Another file released by the National Archives reveals how the RAF was inundated with calls one morning in 1967 after residents of southern England awoke to find six small beeping UFOs lying in a perfect line from the Isle of Sheppey to the Bristol Channel.

A bomb disposal unit blew up one of the UFOs, another was airlifted to the southeastern village of Aldermaston and both the army and the MoD’s intelligence unit were mobilised for what was considered a real “alien invasion”.

It was later discovered that engineering students at Farnborough Technical College had constructed and positioned the UFOs in a bid to raise money for charity.

“It does raise some questions about what really would happen if at any time in the future there was some kind of instant — would we be prepared?” said David Clarke, author of “The UFO Files” and consultant to the National Archives’ UFO project.

One of the files documents the experiences of a retired RAF officer who said he saw a UFO while on holiday in Sri Lanka in April 2004 and sent the MoD supporting photographs.

“I noticed a partial aura in the sky, a minute or so later there was a clap of thunder, then a short while later a ring like a doughnut appeared,” he told the MoD, adding that he thought it was an “air burst”.

In its reply the MoD suggested he contact the Sri Lankan government.

Other highlights include a UFO policy file from 1997 which reveals how the Ministry of Defence handled UFO reports and a file detailing the only full debate about UFOs ever to be held in Britain’s House of Lords — in January 1979.

The MoD said it investigated every UFO sighting report it received to determine “whether there is any evidence that the United Kingdom’s airspace might have been compromised by hostile or unauthorised air activity.”

The files are available to download free of charge for one month at www.nationalarchives.gov.uk/ufos.

(Editing by Paul Casciato)

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