Chile Quake Has Waves of Financial Implications
By Greg Hunter’s USAWatchdog.com
It looks like the Haiti quake in January was just the warm-up act to the giant 8.8 magnitude shaker that hit Chile. It one of the largest quakes on record. This could not come at a worse time given the severe financial stress that is hitting the globe.
As I write this, Japan is bracing for a possible tsunami. Hawaii has been spared. The next question is how much will it cost to repair Chile’s damaged infrastructure? By all initial accounts, the damage will be in the many billions of dollars. Reuters reports that copper mines and oil refineries have been shut down. The good news is it appears Chile’s death toll will be small compared to that of Haiti’s because of much higher building standards. Also, are earthquakes going to be an ongoing expense the world is going to have to budget for in the future? Let’s hope not because the world cannot afford it right now considering the sovereign debt crisis gripping the world. By the way, according to an unscientific USAWatchdog poll question, Are you preparing for another financial meltdown? 87% of the 244 people who took the poll said “yes.”
Pray for the people of Chile and Haiti.