Thursday, January 26, 2006

Deadly Cold Wave Grips Europe, Drawing Down Reserves


Photo from AFP/Aris Messinis
By Elaine Meinel Supkis

Europe is now suffering from the intense cold that swept in from Siberia. Hundreds of people have frozen to death or died in snow or ice related accidents in this freakish coldwave. It is snowing in Greece and Italy while the canals are freezing over in Holland. Meanwhile, in America, it is super warm.

From Reuters:
The bitter cold has spread to the far south of Europe, regions which normally enjoy milder winters.

In Greece, more than 400 villages and towns were cut off after 36 hours of continuous snowfall and hundreds of snow-clearing vehicles struggled to keep main routes open.

Ports across the country stayed shut as icy gale-force winds swept across the Aegean, casting a carpet of snow over the islands.

A Cambodia-flagged cargo ship sank in the northern Aegean amid a snowstorm on Tuesday, the Merchant Marine Ministry said. All but two of the 16 mainly Turkish crew were rescued by the coastguard and rescuers were search for the missing.
A hyper-dynamic weather system is causing huge problems. Two years ago, we saw snow in parts of India and Bangladesh, for example, people froze to death in Calcutta, of all places. The earth is like any system which is set to move faster and faster, this is what happens when energy is increased, of course.

When the hurricanes hit us, Europe drew down their energy reserves to prop us up so we wouldn't flood the world with ever cheaper petrodollars. Every country trading with us, virtually all of them run surpluses which is why our trade deficit now yawn at nearly a trillion a year (shaking my head in disbelief) so Europe didn't want us to devalue the dollar any more than Japan or China, so they kept us afloat.

Now, they are paying the price in spades with little reserves left to use in this crisis. Meanwhile, at home, we ignore them all with studious indifference, checking our fingernails. Today, Bush held a brief press conference which he actually said he didn't want to talk about New Orleans, why ask questions, who cares?

Should be his motto.

Europe has chosen the road of free trade except when it hurts and doing this has enabled them to join Asia in destroying our industrial base but this business of subsidizing America until everything is sucked out of Europe and into our own maws has a bad drawback, namely, the Europeans could be left holding a big bag of worthless paper and have nothing to show for it all.

I suppose they could ask for all that gas and oil back but I doubt we will give it to them. We already ate it.
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