Will Fukushima Bankrupt Japan? Posted on November 10, 2011 by WashingtonsBlog
Nuclear Accident May Bankrupt Japan
I noted in April that a nuclear catastrophe could cost ten trillion dollars or more (many times more than the insurance which nuclear power operators are required to carry) … and could even bankrupt a country.
Taipei Times notes today that, according to a Japanese author:
A professor from the University of Tokyo has even estimated that it would cost up to ￥800 trillion (U.S. $10 trillion dollars), amounting to approximately 10 years of the national budget, if the soil and road surface of radiation-affected areas are to be cleaned up.
The damage is so much that the Japanese government would go well beyond bankruptcy, Liu said.
Indeed, Fukushima, the financial crisis and other major disasters like the BP Gulf oil spill were all caused by the 1%: (1) making insane bets that nothing would blow up, and (2) cutting every possible safety measure to make more money.
And exactly like the toxic financial assets that the big banks dumped onto the national balance sheets of Greece, Italy, America and elsewhere – and ultimately the people – the Japanese government and Tepco are dumping the cost of the Fukushima disaster on the backs of the Japanese people in decreased health, vigor and prosperity.
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