Fire Sale Thursday- Insolvent USPS Halts Funding of Pensions as Workers Report Chaos; AIB Has Fire Sale, Sells $310 Million Investment for $140k; TEPCO Stock Price More Important to TEPCO Than Life, Sound Familiar?; Ft. Calhoun NPP Underwater, Floods Grow; New Models Show 80% of North America Covered in Nuclear Fukushima Dust; SAAB Can't Pay Workers, Insolvent; IEA Releases Oil Reserves, Oil Plummets; Debt Ceiling Talks Break Down; Much More

Update 1: Reactor 4 SFP only 8 degrees from boiling. Are they preparing to cook rice?

Update 2: Get ready Iowans. Cooper NPP situation has worsened.

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fire sale
1.a special sale of merchandise actually or supposedly damagedby fire.
2.a sale, as of assets, at reduced prices, in order to raise money quickly.

We begin today with the definition of "fire sale" because as the global economies implode, we will certainly see many more "fire sales." A fire sale is usually a desperate attempt to keep the lights on for one more day, as we have seen in Greece. As we have been reporting since the start of this site, the USPS is insolvent. Although it has been denying this fact, they are now coming to the realization of this fact as we reported yesterday in Update 1. Already, the backlash is becoming evident as workers are reporting "sheer chaos" on the news that the funding of their pension has been halted. The USPS says the move will save $800 million this year, but as with every attempt to save a penny at any insolvent organization, all it does is buy another day. See: Greece. See: Allied Irish Banks.

As with all insolvent organizations, fire sales are always a major warning sign that their end is imminent. Case in point: AIB. We learn that Allied Irish Bank, the gov't owned and insolvent bank of Ireland that we reported last week that defaulted on their bond payments, today has sold their $310 million investment in a Bulgarian bank for a mere $140k. Desperate times call for desperate measures and nothing is more desperate than a fire sale.

Speaking of radioactive fire sales, TEPCO stock which has been burnt to a crisp and is now worth less than a roll or two of toilet paper, has announced that necessary work to stop the radiation from seeping into the ground water "will cost too much and hurt their stock." Pay no attention to your thyroid cancer - at least you have TEPCO stock.

If Japan's global catastrophe was super bullish for the global economy, here is some news that should send the markets into the stratosphere. Ft. Calhoun's NPP is underwater and the situation is spiraling out of control. Authorities say everything is ok. No fly zone has been implemented over the area since the fire first broke out. The flooding in the midwest is growing. The Cooper NPP is now at risk of losing control. Authorities say everything is ok. Authorities say everything is ok. Authorities say everything is ok. So, everything must be ok. Right? Remember, Fukushima is not as bad as Chernobyl, authorities said. In fact, it's not even as bad as Three Mile Island. From Reuters:
"The Japanese Nuclear Safety Agency on Saturday rated the nuclear accident at Tokyo Electric Power Co's (TEPCO) Fukushima Daiichi plant inJapan at a four on a scale of one to seven, which is not quite as bad as the Three Mile Island accident in the United States in 1979, which was rated a five."
Who has been warning that Fukushima is exponentially greater since day 2? Our readers know the answer.

Now we get this, almost 4 months later. From WeatherTech: "Models Show That Radioactive Dust From Fukushima Plant Covered 80% of N. America." Must watch. And we can only hope you have been connecting the dots from day one. This has indeed become an "ELE."

In case you wanted to know why the coverage at the two nuclear power plants in the U.S. are getting no attention, notice this discovery from HawaiiNewsDaily:
"So who made the dry storage cask containers at Fort Calhoun? That would be Transnuclear, Inc.And who owns Transnuclear? Areva.And what else is Aveva doing?Selling water purification tanks and systems to TEPCO for Fukushima."
Any questions?

In other radioactive bullish for the global economy news, SAAB today announced it doesn't have enough money to pay its workers. One step forward, and five steps back. Add SAAB to the list of insolvent organizations and expect a huge fire sale.

Huge non-event news out today, that the IEA will release oil from the Strategic Oil Reserves. Oil prices tank, along with "the markets," as only Hedge Funds and HFT algos are left to cannibalize their flesh. Whoops! Dr. Deficit was last seen fleeing the country and headed to his underground bunker. 

The other "big news" for the day is from ZeroHedge, which is reporting the debt ceiling talks have just gone in the toilet. Of course, this is nothing more than theatrics meant to induce fear, which will be fixed by a Kenyan Knight in shining armor, riding in on a White Horse of the Apocalypse and who happens to be running for re-election. We always liked fairy tales - especially those with radioactive happy endings.