Two weeks ago, I opined on the future of the Japanese economy saying that the market was overestimating Japan’s speed of recovery. The crux of this argument was based on the radioactive contamination in the earthquake and tsunami damaged area would slow cleanup and reconstruction to a snail’s pace. In other words, the Japanese meltdown will inhibit recovery.
As a former GE Mark1 nuke plant startup engineer, I was seeing events unfolding which told me the situation was far beyond the design features. Over the last two weeks, the situation appears to have gone from serious to calamitous.