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A fire at the the Hazelwood open-cut coal mine has turned a large swathe of Morwell, Australia into something out of J.R.R. Tolkien’s Mordor.
The fire at the mine has been blazing for three weeks and is believed to be the result of a bushfire started by an arsonist. The town of Morwell and its 14,000 inhabitants has been blanketed in smoke and authorities fear it could take months to completely extinguish the blaze. The town is about 150 km east of Melbourne.
The blaze poses a difficult challenge for firefighters because even when flames are extinguished the coal continues to smoulder. The fire can reignite at any moment and rages underground. Firefighters are concerned about the danger posed by landslides caused by the huge quantity of water being used on the flames.
Let’s hope they get things under control soon.
Presidential Palace In Bosnia Set On Fire As Riots Break Out Protesting 40% Unemployment | Zero Hedge
Another day, another European nation is hit by violent riots as protests over the economy and corruption spilled over violently into the street, this time Bosnia where more than 150 people were wounded on Friday in the worst civil unrest in the country since the 1992-95 war. The reason: anger over the dire state of domestic politics, the economic collapse and especially the country’s 40% unemployment rate. The Telegraph reports that angry protesters set fire to part of the presidential palace in Sarajevo, as well as government buildings in the capital Sarajevo, Tuzla and Zenica. At least 80 people were injured in Sarajevo and 10 in Zenica, authorities said. There were no immediate casualty figures from Tuzla, where the worst of the fighting was.
Bosnia is a relatively new entrant to the current iteration of mass protests, however judging by the severity of public anger, the country is doing its best to catch up with the rest of Europe. More:
Demonstrators also clashed with riot police for a third consecutive day in the protests, which have remained largely contained to the Croat-Muslim Bosniak half of Bosnia.
Anti-government protests began on Wednesday in the northern city of Tuzla, before spreading as thousands took to the streets of a dozen cities to express their discontent over the almost 40 per cent unemployment rate.
Local media said police used rubber bullets and tear gas to disperse protesters in Sarajevo, where demonstrators stormed two government buildings including a presidential office, setting them ablaze and smashing furniture. The palace fires were promptly put out but almost all the windows were broken.
By 7pm local time, protesters had dispersed in the three main flashpoint towns, but police remained out in force. All shops were closed and streets were littered with glass and debris. On Saturday morning, the streets of Sarajevo were calm after firemen spent the night dousing the flames which almost gutted one regional government building, consuming cars and newsstands nearby.
However the city was bracing itself for further protests.
In Tuzla, the crowd stormed the local government building, throwing furniture, files and papers out of the windows and then setting the building on fire.
The protests in Tuzla may be calming following the resignation of Sead ?ausevi?, the Prime Minister of Tuzla Canton – one of 10 cantons in the Croat-Muslim Bosniak half of Bosnia – but other cities are only just getting beginning. In an unprecedented move, hundreds gathered in the capital of the Bosnian Serb part of the country, Banja Luka, to express support for protesters in the country’s other mini-state, which is shared by Bosniaks and Croats.
“We gathered to support the protests in Tuzla where people are fighting for their rights,” said Aleksandar Zolja, an activist from Banja Luka. The protests began on Wednesday with a clash between police and unpaid workers of four former state-owned companies, which left some 130 hurt, mostly from tear gas.
Said otherwise, wealth transfer, crony capitalism, corruption and an economic collapse have managed to unite the same people that just two decades ago were killing each other during the Yugoslavian civil war over such typical Eastern European lines of tension as religion and ethnicity. Congratulations.
Four companies employed most of the population of Tuzla. When they were privatised, contracts obliged the new owners to invest in them and make them profitable but they sold the assets, stopped paying workers and filed for bankruptcy.
Ironically, the very same is happening in the US and the rest of the world, as the productive assets are being confiscated, the middle class is being exterminated, and an increasingly smaller number of entities control the bulk of the wealth.
Summarizing the Bosnian situation in a nutshell:
Beside the high unemployment rate, the privatisation that followed the end of communism and the 1992-95 war produced a handful of tycoons, almost wiped out the middle class and sent the working class into poverty. Corruption is widespread and high taxes to fund a bloated public sector eat away at paychecks.
Or yet another teaser of what is coming to every other insolvent, crony capitalist, corrupt country in the world.
While we are sure it is a very sad coincidence, on the day when Argentina decrees limits on the FX positions banks can hold and the Argentine Central Bank’s reserves accounting is questioned publically, a massive fire – killing 9 people – has destroyed a warehouse archiving banking system documents. As The Washington Post reports, the fire at the Iron Mountain warehouse (which purportedly had multiple protections against fire, including advanced systems that can detect and quench flames without damaging important documents) took hours to control and the sprawling building appeared to be ruined. The cause of the fire wasn’t immediately clear – though we suggest smelling Fernandez’ hands…
While first print is preliminary and subject to revision, the size of recent discrepancies have no precedent. This suggest that the government may be attempting to manage expectations by temporarily fudging the “estimate ” of reserve numbers (first print) while not compromising “actual” final reported numbers. If this is so, it is a dangerous game to play and one likely to back-fire.
During a balance of payments crisis – as Argentina is undergoing – such manipulation of official statistics (and one so critical for market sentiment) is detrimental to the needed confidence building around the transition in the FX regime.
And today the government decrees limits on FX holdings for the banks…
Argentina’s central bank published resolution late yday on website limiting fx position for banks to 30% of assets.
Banks will have to limit fx futures contracts to 10% of assets: resolution
Banks must comply with resolution by April 30
And then this happens…
Nine first-responders were killed, seven others injured and two were missing as they battled a fire of unknown origin that destroyed an archive of bank documents in Argentina’s capital on Wednesday.
The fire at the Iron Mountain warehouse took hours to control…
The destroyed archives included documents stored for Argentina’s banking industry, said Buenos Aires security minister Guillermo Montenegro.
The cause of the fire wasn’t immediately clear.
Boston-based Iron Mountain manages, stores and protects information for more than 156,000 companies and organizations in 36 countries. Its Argentina subsidiary advertises that itsfacilities have multiple protections against fire, including advanced systems that can detect and quench flames without damaging important documents.
“There are cameras in the area, and these videos will be added to the judicial investigation, to clear up the motive of the fire and collapse,” Montenegro told the Diarios y Noticias agency.