New Zealand earthquake will cost billions

The recent protests in Libya and elsewhere have dominated news while New Zealand has just gone through a massive earthquake, which could be the costliest disaster in a couple of years. Estimates are easily in the billions and parts of the area are just amazingly destroyed.

Thoughts?

Source with some images: http://www.bloomberg.com/news/2011-...me-costliest-insured-disaster-since-2008.html

DodgeFB said:

Libya is already jacking up our gas prices. Damn speculators!

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Investments are speculative- can't do anything about that. If the situation in Algeria gets really serious and both countries face closures on exports, then we'll be seeing a drastically greater spike. Nomura Holdings speculated $220 earlier today. Yes, $220, that's not a typo.

DodgeFB said:

The earthquake in New Zealand was terrible. I really hate to see that happen anywhere. I am waiting to see how that gets spun into being caused by "global warming" and George Bush.

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I doubt that'll happen, especially with the Mideast coverage and all, but it is certainly sad to see it happen, but it's a situation of the world that really can't be avoided, just better dealt with.