Japan Crisis Isn't Yet Grasped by the Markets - NYTimes.com: "The details of this catastrophe were unforeseeable, leading some to conclude this was a black swan event — something so wildly unexpected, so enormous in its impact, that it seems to defy our understanding and expose the fragility of our knowledge of the world. How could anyone have predicted this?
And yet in 2007, Tokyo Electric Power, or Tepco, escaped a disaster at its huge Kashiwazaki-Kariwa nuclear power station, on the opposite side of Japan, when that plant was damaged by a 6.8-magnitude earthquake — three times as large as what the plant was designed to withstand. Tepco basically lucked out last time."
Sunday, March 20, 2011
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