In The News

Meteorite Hits Russian Urals: Fireball Explosion Wreaks Havoc, Over 500 Injured

Russia’s Urals region has been rocked by a meteorite explosion in the stratosphere. The impact wave damaged several buildings, and blew out thousands of windows amid frigid winter weather. Hundreds are seeking medical attention for minor injuries.

Russian space agency Roskosmos has confirmed the object that crashed in the Chelyabinsk region is a meteorite:

“According to preliminary estimates, this space object is of non-technogenic origin and qualifies as a meteorite. It was moving at a low trajectory with a speed of about 30 km/s.”

According to estimates by the Russian Academy of Sciences, the space object weighed about 10 tons before entering Earth’s atmosphere.

As of 15:00 Moscow time, 725 people have sought medical attention in Chelyabinsk alone because of the disaster, 112 of whom have been hospitalized, of them two in heavy condition. Among the injured there are 159 children, Emergency ministry reported.

A bright flash was seen in the Chelyabinsk, Tyumen and Sverdlovsk regions, Russia’s Republic of Bashkiria and in northern Kazakhstan.

The Russian army has joined the rescue operation. Army units are searching for meteorite debris in several places in Chelyabinsk region and in the neighboring Tyumen region.

Radiation, chemical and biological protection units have been put on high alert. Since the explosion occurred several kilometers above the Earth, a large ground area must be thoroughly checked for radiation and other threats.

The Ministry reported that 297 buildings were damaged, and another 450 buildings were left without gas because facilities in the city had also been damaged, an Emergency Ministry spokesperson said, according to Russia 24 news channel.

U.S. Institute: North Korea Upgrading Rocket Launch Site, Possibly With Iran's Help

 North Korea is upgrading one of its two major missile launch sites, apparently to 

handle much bigger rockets, and some design features suggest it is getting help from Iran, 

a U.S. research institute said Thursday.

A successful satellite launch in December and a nuclear test on Tuesday, both in defiance 

of UN Security Council resolutions, have intensified concern that North Korea is moving 

toward its goal of building a bomb small enough to be fitted on an intercontinental missile.

An analysis written for 38 North, the website of the U.S.-Korea Institute at Johns Hopkins 

School of Advanced International Studies, indicates that North Korea has made significant 

progress since October in constructing a new launch pad and other facilities at Tonghae, 

on the country's northeast coast. The assessment is based on commercial satellite photos, 

the latest taken in January.

Assessing the intentions of North Korea's secretive regime and the nation's technical capabilities is notoriously difficult. Analysts doubt the North has yet mastered how to miniaturize a nuclear device to mount on a long-range missile and attain its goal of being able to directly threaten the United States.

"This analysis is just another piece of the puzzle indicating North Korea's intention to field

 increasingly capable long-range missiles able to carry nuclear warheads," said Joel Wit,

 a former State Department official and editor of 38 North.

He said it hinted at "the cozy relationship between the North and Iran as both move 

forward with developing weapons of mass destruction."

Is The Dollar Dying? Why U.S. Currency Is In Danger

The U.S dollar is shrinking as a percentage of the world's currency supply, raising concerns that the greenback is about to see its long run as the world's premier denomination come to an end.

When compared to its peers, the dollar has drifted to a 15-year low, according to theInternational Monetary Fund, indicating that more countries are willing to use other currencies to do business.

While the American currency still reigns supreme -- it constitutes $3.72 trillion, or 62 percent, of the $6 trillion in allocated foreign exchange holdings by the world's central banks -- the Japanese yen, Swiss franc and what the IMF classifies as "other currencies" such as the Chinese yuan are gaining.

"Generally speaking, it is not believed by the vast majority that the American dollar will be overthrown," Dick Bove, vice president of equity research at Rafferty Capital Markets, said in a note. "But it will be, and this defrocking may occur in as short a period as five to 10 years."

Bove uses several metrics to make his point, focusing on the dollar as a percentage of total world money supply.That total has plunged from nearly 90 percent in 1952 to closer to 15 percent now. He also notes that the Chinese yuan, the yen and the euro each have a greater share of that total.

For a country with a budget deficit in excess of $1 trillion a year, the consequences of losing standing as the world's reserve currency would be dire.

"If the dollar loses status as the world's most reliable currency the United States will lose the right to print money to pay its debt. It will be forced to pay this debt," Bove said. "The ratings agencies are already arguing that the government's debt may be too highly rated. Plus, the United States Congress, in both its houses, as well as the president are demonstrating a total lack of fiscal credibility."