Weekday NEWS to Comfort the Disturbed and Disturb the Comfortable.
Regulators close small bank in Alabama,
makes 24 US bank failures so far in 2012
By AP - WashingtonPost.com
WASHINGTON — Federal regulators have seized a small bank in Alabama, bringing to 24 the number of U.S. banks that have failed so far this year.
The bank had about $51.6 million in assets and $45.1 million in deposits as of March 31.
Southern States Bank, based in Anniston, Ala., agreed to take over the deposits and essentially all the assets of the failed bank, which had one branch.
Gold may have regained some safe haven status: HSBC
LONDON (Commodity Online): Gold may have regained some of its safe-haven allure on Friday's sharp rally, which occurred as the dollar strengthened and risk assets weakened, said HSBC, British multinational bank, in a commodity research note.
The Dow Jones Industrial Average fell for the 11th time in 12 sessions. European debt issues remained in the spotlight.
The British bank stated that, "The ability of gold to move higher despite declines in risk assets may be a turning point for gold as it may have regained some of its status as a safe haven, we believe."
Will precious metal premiums one day trump the spot price?
By Dr Jeffrey Lewis - CommodityOnline.com
One of the curious characteristics of the retail precious metals market is the premium that retail investors need to pay in order to purchase silver or gold bullion coins for investment purposes. This premium consists of the extra price that an investor needs to pay over and above the intrinsic value of the metal contained within the coin evaluated at prevailing spot market prices.
By Abandoning the Gold Standard
We Accepted Central Planning and Chaos
BY DETLEV S SCHLICHTER - FinancialSense.com
With this essay I will try to reconcile two apparently conflicting perceptions of the key problems with our present monetary system. I will start by characterizing these two positions first:
As readers of my website and book know, it is my conviction that the central problem with the present system is the high degree of elasticity of the money supply. A system of constant fiat money expansion, of ongoing injections of new money into the economy via financial markets – sometimes slow, sometimes fast – must systematically distort interest rates and disarrange saving and investment. This will lead to capital misallocations and the mispricing of assets. As these distortions are systematic, the resulting dislocations are bound to accumulate over time and thus progressively destabilize the economy. Elastic money is suboptimal, unstable and unsustainable.
Gartman adding to Gold position, but only in euro terms
LONDON (Commodity Online): Investor and newsletter writer Dennis Gartman said that he is adding to his small gold position but buying only in euro terms.
Gold has been boosted by the combination of Federal Open Market Committee minutes Wednesday saying several members would consider more easing if the economy remains weak, coupled with a disappointing Philadelphia Fed index on Thursday, said Gartman in his latest news letter.
The 100% Economy:
Why the U.S. Needs a Strong Middle Class to Thrive Nick Hanauer is the kind of innovator and venture capitalist expected to power the country's next wave of growth. So why does he insist that only the fading middle class can rescue America?
By Jim Tankersley - TheAtlantic.com
SEATTLE--Nick Hanauer toddled through his early years in a cramped Greenwich Village apartment. His mother waited tables at the Bitter End. His father worked low-level jobs on Wall Street and as an editor at a publishing house. When Nick was 5, his folks left New York to join a family pillow-making business in the Pacific Northwest. They raised their three sons in a three-bedroom house in the suburbs and sent them to public schools. After Nick, the eldest, earned a philosophy degree at the University of Washington, he went to work for his father. In his 30s, he scraped together $45,000 to invest in a small start-up that sought to revolutionize American retail. It was called Amazon.com.
We Move Along Toward the Bang Point - Lacy Hunt
Casey Research's Chief Technology Investment Strategist, Alex Daley sits down with Lacy Hunt, Executive Vice President of Hoisington Investment Management, at the latest Casey Research Conference, "Recovery Reality Check" in Weston, Florida.
Panic Like It's March 2009
BY CHRIS PUPLAVA - FinancialSense.com
As everyone is well aware, Europe is an absolute mess and while the U.S. stock market has been remarkably resilient, it has finally succumbed to news across the Atlantic and is now the final region to experience a decline. The U.S. economy has been fairly strong this year with a continued improvement in the labor market at the same time inflation has been kept at bay. While Fed Chairman Bernanke would like to launch another round of quantitative easing (QE3), he has not had the latitude to do so as weakness in Europe and a declining stock market have not provided the Fed with enough of cover to hit the print button.
Rising US recession risk poses the real threat to Europe The US economy has slowed to stall speed. A few lonely forecasters fear that America has already fallen back into recession, replicating the terrible double-dip of 1937.
By Ambrose Evans-Pritchard - Telegraph.co.uk
The Philly Fed's manufacturing index dropped suddenly to minus 5.8 in May. The US Conference Board's index of leading indicators fell in April. Job creation has slipped from 250,000 a month to nearer 130,000 in March and April.
The Economic Cycle Research Institute (ECRI) says post-War personal income growth in the US has never been this weak for three months in a row without triggering a recession. It has happened ten out of ten times.
At Camp David, world leaders agree
on more spending to boost Europe's economy
By David Nakamura and Howard Schneider - WashingtonPost.com
CAMP DAVID, Md. — Leaders of the world's wealthiest nations opened the door Saturday to more government spending in Europe as way to revive the continent's struggling economy, shifting away from the idea that the surest way to recovery was through strict fiscal austerity.
Meeting at the Group of Eight summit at Camp David, President Obama and his fellow leaders said they were committed foremost to creating jobs and growth, a shift, at least in emphasis, from previous gatherings dominated by German efforts to reduce high government debt through drastic fiscal reform.
Obama to press NATO for Afghan funds
by Hayley Peterson - WashingtonExaminer.com
President Obama is huddling with the leaders of more than 60 countries in his hometown of Chicago this week to work out a timetable for the withdrawal of troops from Afghanistan and to figure out who is going to pay $4 billion a year to help the Afghans protect themselves beyond 2014.
After a decade of war, Obama and the 28 member nations of NATO will redefine the combat mission in Afghanistan and plot the withdrawal of the 130,000 foreign troops remaining in the country.
G8 Summit: World leaders push for Greece to stay in the eurozone World leaders have thrown their weight behind Greece staying in the eurozone after a day of crisis talks at the G8 summit in Camp David.
By Angela Monaghan - Telegraph.co.uk
"We agree on the importance of a strong and cohesive eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the eurozone while respecting its commitments," leaders said in a statement released by the White House on Saturday night.
"We all have an interest in the success of specific measures to strengthen the resilience of the eurozone and growth in Europe."
Jim Cramer Is Predicting Bank Runs In Spain And Italy
And Financial Anarchy Throughout Europe
By Michael Snyder - TheEconomicCollapseblog.com
During an appearance on Meet The Press on Sunday, Jim Cramer of CNBC boldly predicted that "financial anarchy" is coming to Europe and that there will be "bank runs" in Spain and Italy in the next few weeks. This is very strong language for the most famous personality on the most watched financial news channel in the United States to be using. In fact, if Cramer is not careful, people will start accusing him of sounding just like The Economic Collapse Blog. It may not happen in "the next few weeks", but the truth is that the European banking system is in a massive amount of trouble and if Greece does leave the euro it is going to cause a tremendous loss of confidence in banks in countries such as Spain, Italy and Portugal. There are already rumors that the "smart money" is pulling out of Spanish and Italian banks. So could we see some of these banks collapse? Would they get bailed out if they do collapse? It is so hard to predict exactly how "financial anarchy" will play out, but it is becoming increasingly clear that the European financial system is heading for a massive amount of pain.
"Attempts to form a government in Greece collapsed on Tuesday, jolting financial markets at the prospect leftists opposed to the terms of an EU bailout could sweep to victory in a June election and nudge the euro zone crisis into a dangerous new phase." –CNBC
Why should the Greek people be financially destroyed and rendered destitute by forced German and Brussels EU austerity measures and more loans designed only to pay the interest on the debt to the big banks? What if the banking and media establishment are dead wrong about nations withdrawing from the Euro like they have from the beginning of the crisis? I suggest a strong economic recovery is the likely result rather than depression as forecast by experts working for the banks that have enslaved Greece.
What Would You Do?
The most pro-European thing to do now is reject the euro Those readers who have been berating me for years for even considering the possibility of a country leaving the euro have recently fallen silent. (You know who you are.)
By Roger Bootle - Telegraph.co.uk
This week I want to move on from trying to forecast what even the most purblind of euro-fanatics now recognise as, to put it mildly, a very distinct possibility, to considering the consequences.
You may think this is premature. Personally, I have always thought that if you are going to be a forecaster you should specialise in being early.
Euro austerity example Ireland 'may need second bailout'
Ireland, seen as the eurozone's "poster child" for implementing austerity, could require a second bailout, economists warned.
By Emma Rowley - Telegraph.co.uk
As households struggle to pay their mortgages, the country's rescued banks may need €4bn (£3.2bn) more to cover losses on loans than was assumed in stress tests last year, said analysts at Deutsche Bank.
That would hit the finances of the Irish government, which has already pumped about €63bn into its banking sector in the last three years.
Wealthy eurozone countries must back weak nations,
George Osborne warns The wealthiest eurozone nations must support the weaker, indebted nations such as Greece and Portugal or face the prospect of the currency union breaking up, George Osborne has warned.
"Eurozone countries must either stand behind their currency or face up to the prospect of Greek exit with all the risks that could involve," the Chancellor wrote in The Sunday Times today (£).
Mr Osborne, who watched the Champions League final with his German counterpart Wolfgang Schaeuble last night, warned of "enormous risks" to the UK economy if the crisis is not tackled.
Endgame in Greece
By Clive Crook - TheAtlantic.com
European Union leaders are saying they want the new election in Greece scheduled for June 17th to be a referendum on whether the country will (a) remain part of the euro area, and (b) meet their conditions for EU support in that effort. All concerned will be lucky if the issue has not been resolved before then--by a disorderly Greek exit from the currency system, and what follows. This weekend may be the last chance to intervene to stop that disastrous outcome.
Greece and the Eurozone:
What to Expect When You're Expecting the Unknowable
By Jared Bernstein - HuffingtonPost.com
More out there today on the possibility of Greece leaving the Eurozone. The New York Times is a bit less pessimistic than the Washington Post, but if you're looking for something new to get nervous about, here you go. Better yet, I'll summarize: we don't know the outcome, but it will be ugly. Of course, it's already ugly, and that's worth remembering.
In terms of global reverberations, investors from other countries have been pulling out of Greece for a while. Claims by foreign banks in Greece are now down to below $100 billion, compared to $600-700 billion in Spain and Italy.
Keiser Report: Guernica of Financial War (E290)
In this episode, Max Keiser and co-host, Stacy Herbert, discuss the Guernica of the financial war and the 'eternity' of 100 microseconds. In the second half of the show Max talks to artist, Alex Schaefer, about burning Chase, dangerous derivatives and paper dollars.
JPMorgan Chase and Central Banking
Mises Daily: by Frank Shostak
On Friday, May 1, 2012, JPMorgan Chase said it suffered a $2 billion trading loss. Some commentators have suggested that the huge loss emanates from so-called proprietary trading or placing risky bets using the bank's money. The loss raised the credibility of the Volcker rule, which restricts banks from trading their own money. Despite JPMorgan Chase's large loss, the opponents of the Volcker rule are of the view that the rule, if it is introduced, will only destabilize the financial markets and make things much worse. Hence they would like to allow market forces to do their job.
Do Fewer Banking Controls Always Equate with a Free Market?
The proponents for less control in the banking industry hold that fewer restrictions imply a better use of scarce resources, which leads to the generation of more real wealth.
We Told You So
By James K. Galbraith, The Baffler - Truthdig.com
....To economists in my own circle, it had long been clear that the financial crisis then unfolding was an epic event. We had watched the subprime mortgage disaster build up. In August 2007 we knew the meltdown had begun. Bear Stearns had failed. But for reasons that have to do with the pace and rhythm of politics, these issues remained on the back burner, the campaign being dominated by health care and the Iraq war. For those of us on the outside, it was hard to know whether the insiders understood what was coming.
And so it seemed a good idea to raise an alarm. But here you confront the Cassandra paradox: if you predict disaster, no one believes you. Economics is rife with alarmists; if the wolf really is at the door, it's better to have a whole chorus saying so.
Sen. Tom Coburn, part one: Defusing the debt bomb [interview]
Posted by Ezra Klein - WashingtonPost.com Ezra Klein: So 'taxmageddon' is coming at the end of the year. Depending on how you look at it, it's an opportunity for Congress to trigger a massive and unnecessary fiscal crisis, or to actually get some serious legislating done on our long-term fiscal issues. Are you optimistic about the outcome? Tom Coburn: No. But it depends on what the mix is. If President Obama is still president and we're in control of the Senate, I think you'll see significant attempts to get something done. But I don't think they'll be much more successful than what we saw in August. And I wouldn't consider that very successful. If Romney wins and we win control in the Senate, we have to send a signal that we're going to fix it in order to take away all that potential risk to the economy. You have to say we'll work all over the Christmas holidays to get it fixed.
Obama pursues higher tax rates, growth be damned
by Michael Barone - WashingtonExaminer.com
In the run-up to this weekend's G-8 summit at Camp David, journalists have unfavorably compared European "austerity" with Barack Obama's economic policies.
European spending cuts, the argument goes, have hurt people and are arousing political opposition, while Obama's proposals to indefinitely keep federal spending at 24 percent of gross domestic product are likely to succeed.
Evil Republican spending cuts, in contrast, would deny the economy needed stimulus and would wreak havoc on ordinary people.
Vermont bans fracking
By Dave Gram - AP - Dispatch.com
MONTPELIER, Vt. — Gov. Peter Shumlin yesterday signed into law the nation's first ban on a hotly debated natural gas drilling technique that involves blasting chemical-laced water deep into the ground.
The Democrat, surrounded at a Statehouse ceremony by environmentalists and Twinfield Union School students who pushed for the ban, said the law may help Vermont set an example for other states. The ban may be largely symbolic, though, because there is believed to be little to no natural gas or oil beneath the surface in Vermont.
New Normal: Majority Of Unemployed Attended College
By JED GRAHAM, INVESTOR'S BUSINESS DAILY
For the first time in history, the number of jobless workers age 25 and up who have attended some college now exceeds the ranks of those who settled for a high school diploma or less.
Out of 9 million unemployed in April, 4.7 million had gone to college or graduated and 4.3 million had not, seasonally adjusted Labor Department data show.
8 Thoughts About Facebook's Post-IPO Future The big news of the day (the week? the month?) is that everyday investors can now buy shares of Facebook. Quiet. Please sit down, everyone. Ladies and gentlemen, quiet please. Please! I am holding the conch shell. I am holding the conch shell
By Alexis Madrigal - TheAtlantic.com
Everyone wants to have their say about Facebook today, even if there isn't too much more to say than there was yesterday. We know this is a company with an astounding number of very engaged users. We know that some people love it and other people find it annoying. We know their ads have a lower than average clickthrough rate, but that it seems like they have the potential to build the world's most formidable advertising business. We know they make some money but not nearly as much as companies that have much smaller market values.
Expatriation in the Wake of the Facebook IPO
By Bill Bonner - dailyreckoning.com
05/19/12 Baltimore, Maryland – The Maryland House of Delegates just voted to raise taxes. Should we move to Florida…or Delaware?
If we move to Palm Beach, will we ever be able to visit our beloved Maryland homeland again?
The Financial Times reports that thousands of wealthy French people are now moving to London. Their motive? They want to escape the taxes proposed by France's new president, Francois Hollande.
Should the French impose an exit tax on these "ex-patriots"? Should it then bar them from visiting France?
Of course not.
"Anyone who tells you that America is in decline or that our influence has waned," said President Obama in his 2012 State of the Union address, "doesn't know what they're talking about."
It was a "rah-rah America!" applause line for a president who needed to get the assembled Republicans out of their seats a few times over the course of the evening. But the line works literally, too. Whenever someone tells me that the United States is in decline, I have no idea what they're talking about. And neither, I tend to think, do they.
The claim is maddeningly vague. What does it mean for the United States to be in decline? Are we talking about our geopolitical influence relative to other world powers? Our standard of living relative to other nations? Our current standard of living compared with some assumption about its appropriate rate of improvement?
Obama impeachment bill gaining steam
By Jeffrey Phelps - Examiner.com
Hoping to soon pass committee and make it to the house isHCR 107, a bill threatening the possibility of the impeachment of the President of the United States for high crimes and misdemeanors, now thrust into the spotlight.
Citing a demand Wednesday that Obama regain respect for the War Powers Act, constitutional laws that restrict a President from waging a war without first receiving the approval of the people and its Congress, was the architect of the legislation, 9-term North Carolina Congressman, Walter Jones.
Obama Impeachment Bill Goes Viral!
Alex speaks with Congressman Walter B. Jones, Jr. about H.CON.RES.107 -- a bill that deems the use of offensive military force by a President without prior and clear authorization of an Act of Congress an impeachable high crime and misdemeanor under article II, section 4 of the Constitution.
112th Congress (2011-2012) H.CON.RES.107.IH
Expressing the sense of Congress that the use of offensive military force by a President without prior and clear authorization of an Act of Congress constitutes an impeachable high crime and misdemeanor under article II, section 4 of the Constitution.
Rev. Wright urged to stay silent until after 2012
by Byron York - WashingtonExaminer.com
Rev. Jeremiah Wright, whose "God damn America" sermon set off a firestorm during the 2008 campaign, agreed not to publish an account of the episode until after President Obama's 2012 re-election campaign, according to an interview Wright conducted with the author of a new book on Obama. Wright said he made the decision at the urging of a friend and mentor, the prominent University of Chicago emeritus professor Martin Marty.
In the interview, Wright told Ed Klein, author of The Amateur: Barack Obama in the White House, that he keeps a cardboard box of documents and notes detailing his experiences beginning in March 2008, when the controversy over his sermons began. "It's a painful box to look at," Wright said.
A Victory for All of Us
By Chris Hedges - Truthdig.com
In January, attorneys Carl Mayer and Bruce Afran asked me to be the lead plaintiff in a lawsuit against President Barack Obama and Defense Secretary Leon Panetta that challenged the harsh provisions of the National Defense Authorization Act (NDAA). We filed the lawsuit, worked for hours on the affidavits, carried out the tedious depositions, prepared the case and went to trial because we did not want to be passive in the face of another egregious assault on basic civil liberties, because resistance is a moral imperative, and because, at the very least, we hoped we could draw attention to the injustice of the law. None of us thought we would win. But every once in a while the gods smile on the damned. U.S. District Judge Katherine Forrest, in a 68-page opinion, ruled Wednesday that Section 1021 of the NDAA was unconstitutional. It was a stunning and monumental victory. With her ruling she returned us to a country where—as it was before Obama signed this act into law Dec. 31—the government cannot strip a U.S. citizen of due process or use the military to arrest him or her and then hold him or her in military prison indefinitely. She categorically rejected the government's claims that the plaintiffs did not have the standing to bring the case to trial because none of us had been indefinitely detained, that lack of imminent enforcement against us meant there was no need for an injunction and that the NDAA simply codified what had previously been set down in the 2001 Authorization to Use Military Force Act. The ruling was a huge victory for the protection of free speech. Judge Forrest struck down language in the law that she said gave the government the ability to incarcerate people based on what they said or wrote. Maybe the ruling won't last. Maybe it will be overturned. But we and other Americans are freer today than we were a week ago. And there is something in this.
'Am I on the 'No Fly' List?'—and other FAQs to the FBI Want to know if you're on it? That's classified. And trying to get off of it? No one can tell you how.
By Conor Friedersdorf - TheAtlantic.com
Days ago in Portland, Oregon, a federal attorney answered questions posed by Judge Alex Kozinski in a hearing about the government's classified watch lists for suspected terrorists, like the one colloquially referred to as the No Fly List. The ACLU has challenged the list on behalf of clients who think they're on it for reasons unknown to them and would like the chance to demonstrate they don't belong there. The problem? Federal authorities have set up a Kafkaesque system where you never get to know anything about why you're denied permission to fly.
Spy drone could have almost
brought down a plane in Colorado
An airline pilot came close to crashing his plane near Denver, Colorado this week after encountering a mysterious object in the sky thought to be an unmanned drone aircraft.
A tape recording made available this week confirms that the pilot of a Cessna Citation 525 CJ1 radioed air traffic controllers outside of Denver on Monday after nearly colliding with an unidentified flying object. Several factors have suggested that the aircraft was most likely a robotic drone aircraft.
According to the record, the pilot came close to hitting what he described as "a large remote-controlled aircraft."
The Cessna's pilot says that the craft was encountered at around 8,000 feet above sea level, or 2,800 feet above the ground in near the highly elevated city of Denver.
Colorado declares emergency in Hewlett blaze
By Michael Muskal - LATimes.com
May 18, 2012, 9:24 a.m.
The Hewlett fire in Colorado has grown to 7,673 acres, prompting officials Friday to declare an emergency.
In an executive order, Colorado Gov. John Hickenlooper declared the emergency because of the fire in Larimer County. The move makes $3 million in state emergency funds available for firefighting.
"The Hewlett Fire's proximity to numerous homes and property poses an imminent danger to life and property and, therefore, constitutes a disaster for the purposes of the act," according to the executive order.
UFO Amnesty: Ex-Army Colonel John Alexander
Seeks Amnesty For Military Who Witness UFOs
By Lee Speigel - HuffingtonPost.com
If you're in the military and have ever seen what you believe to be a UFO, but were reluctant to mention it for fear of ridicule or, worse, repercussions that might end your career, take heart. Things may change.
A former military insider with top secret clearance who created Advanced Theoretical Physics -- a group of top-level government officials and scientists brought together to study UFO reports -- has just called on three of the highest-ranking military and intelligence officials in the Obama administration.
Magnitude-6.0 earthquake kills at least 4
in northern Italy cheese region, topples buildings
AP - WashingtonPost.com
SANT'AGOSTINO DI FERRARA, Italy — A magnitude-6.0 earthquake shook several small towns in northeast Italy Sunday, killing four people, knocking down a clock tower and other centuries-old buildings and causing millions in losses to the region known for making Parmesan cheese.
The quake struck at 4:04 a.m., with its epicenter about 35 kilometers (22 miles) north of Bologna at a relatively shallow depth of 5 kilometers (3.2 miles), the U.S. Geological Survey said. Civil protection agency official Adriano Gumina described it as the worst quake to hit the region since the 1300s.
US Army General Warns of Impending Fukushima Doom A Natural Solutions Foundation Media Release: Maj. Gen. Albert N. Stubblebine III (US Army Ret.)'s Estimate of Situation about Fukushima, Japan, focusing on the immediate threat to the Northern Hemisphere emanating from the highly radioactive ruins of the 5 Fukushima nuclear reactors.
The Woodlands, Texas - PRWeb.com
Maj. Gen. Albert N. Stubblebine III (US Army Ret.), President of the Natural Solutions Foundation, an international NGO (non-governmental organization), released a 27 minute public service Estimate of Situation about Fukushima, Japan focusing on the immediate threat to the Northern Hemisphere emanating from the highly radioactive ruins of the 5 Fukushima nuclear reactors. The video is available without charge at http://www.GeneralBert.com.
Gen. Stubblebine's prognosis is dire: "When the highly radioactive Spent Fuel Rods are exposed to air, there will be massive explosions releasing many times the amount or radiation released thus far. Bizarrely, they are stored three stories above ground in open concrete storage pools. Whether through evaporation of the water in the pools, or due to the inevitable further collapse of the structure, there is a severe risk. United States public health authorities agree that tens of thousands of North Americans have already died from the Fukushima calamity. When the final cataclysm occurs, sooner rather than later, the whole Northern Hemisphere is at risk of becoming largely uninhabitable."
other viewpoint... Leuren Moret: Fukushima-depopulation update;
exposes Gen. Albert Stubblebine; offers solutions
In this exclusive wide-ranging May 15, 2012 interview with Alfred Lambremont Webre, independent scientist Leuren Moret, MA, PhD (ABD), updates the viewing audiences on the status of the ongoing Fukushima radiation-depopulation rollout, stating that "Fukushima radiation has taken over our planet." Leuren Moret also exposes inaccuracies in a recent Fukushima "Estimate of the Situation" video by former Gen. Albert S. Stubblebine (U.S. Army, Ret.). Stubblebine has publicly denied his involvement in a secret 1968 - 73 DARPA time travel and teleportation program despite direct eye witness whistleblower testimony to the contrary by Washington State attorney Andrew D. Basiago. Leuren Moret also offers solutions on how humanity can adapt positively to the challenges of this Fukushima radiation false flag depopulation plan, instigated by an international war crimes racketeering organization led by the Dutch and British Monarchs and City of London bloodline families including the Rothschilds.
6.2 magnitude earthquake strikes off the coast of Chile
May 18, 2012 – CHILE - A shallow 6.2 magnitude earthquake struck off the west coast of Chile at a depth of 10 km (6.2 miles). The epicenter of the earthquake was 542 km (336 miles) WSW of Castro, Los Lagos, Chile and some 1478 km (918 miles) SSW of SANTIAGO, Region Metropolitana, Chile. This is the second 6.2 magnitude earthquake to strike the coastal region of Chile in 4 days. A 6.2 quake struck Tarapaca on May 14. The Nazca plate is certainly letting us know that tension still resides on the plate. No tsunami warnings were issued with today's earthquake and there have been no reports of damage or injuries.