Japan Earthquake, Japan Nuclear Crisis | featured news

Concerns over the deteriorating condition of Japan's stricken nuclear reactors, and the effect on global economies, sparked the Dow's biggest selloff since August and left the S&P 500 in the red for 2011.

Japan's devastating earthquake and deepening nuclear crisis could result in losses of up to $200 billion for the world's third largest economy but the global impact remains hard to gauge five days after a massive tsunami battered the northeast coast.

It seems too impossible to believe, but according to reports from CNN, Reuters and the AP tonight, the last workers at the Fukashima-Daiichi reactors have been withdrawn from the scene, halting efforts to continue cooling partially melted fuel rods with ocean water. Just a day earlier 750 more workers had been removed. Exhaustion, radiation exposure, hopelessness–we don’t yet know the reason for this latest move. Earlier in the day new fires, explosions and clouds of smoke or steam were spotted. Maybe the evacuation means that the worst of the danger is over (how else could they leave?) — but that doesn’t seem likely.

What a bone-headed move. There’s nothing wrong with the 7 nuclear plants that German Chancellor Angela Merkel decreed would be shut down. Just last fall Germany decided to extend the lives of these plants, which provide roughly 10% of Germany’s electricity. With solar and wind entirely unscalable, how’s Germany going to make up the electric deficit? Either by ramping up the use of fossil-fuel burning plants (and importing more natural gas from Russia) or importing power from its neighbors–like nuke-friendly France.

Aviation authorities across the globe are closely monitoring the radiation levels at  a Japanese nuclear power plant damaged in last week's earthquake and tsunami.

The last thing Japan needed was more bad news on its threatened nuclear reactors. But Monday and early today, that's just what this nation got.