This book details the story of two earthquakes, one that has already happened and one that is imminent, and their consequences, not only for Japan but also for the rest of the world. It is structured in a way that ‘chunks up’ in sections, from local/national events through to global consequences.
The first section of the book tells the story of how a country that suffered atomic bombing ended up obtaining a third of its electricity from nuclear power, despite having the misfortune to be located in the most seismically active zone in the world. It then depicts the sequence of what happened in March 2011 after the tsunami struck.
Next, the book details recent peer-reviewed studies about radiation and its effect on human health. The following chapter reveals the full costs of nuclear power– an energy source that never comes in on budget and is incredibly expensive. The final part of this section of the book describes the inadequacy of storing spent nuclear fuel once a nuclear power station has been decommissioned.
The latter half of the book adopts a larger frame or viewpoint and looks at the use of nuclear and renewable energy in the context of world climate change and the widespread use of fossil fuels.
The final section of the book depicts a coming Tokyo earthquake and its consequences. A big earthquake in or near Tokyo is overdue. They usually happen every sixty to seventy years, yet the last one was in 1923. The author asserts that Japan will have to repatriate much of its treasury bonds which are held in the United States. The tsunami and meltdowns of 2011 represent the most expensive natural disaster in history. Even though Japan is the third biggest economy in the world, because of an estimated debt from the tsunami and Fukushima meltdowns of at least $500 million and weak indebted economy, it will struggle to pay this amount. The most obvious way to pay for rebuilding will be to sell stocks and treasury bonds held in the United States.
An earthquake striking Tokyo will hit right at the nerve centre of the country. All political and economic power is concentrated there.The headquarters of many global 500 companies, as well as all the powerful bureaucracies so vital to the country, are located in one central section of the capital. Most of Japan’s imports and exports are dispatched through Tokyo Bay. After a big quake, this area is likely to be crippled for some time. Moreover, much of Tokyo’s manufacturing takes place on reclaimed land in the Bay – land which tends to liquefy in a big quake.
This book argues that because of the fragile situation of world economies since 2008 (Lehman Bros etc), and the heavily indebted state of Japan’s finances post-tsunami/Fukushima, the only way that Japan will appeal to finance the enormous amount of post-quake rebuilding is to repatriate its investment in US government bonds and securities. This will have an immediate knock-on effect on the American economy and, soon after, most of the world’s economies.
Thanks to NetGalley for this book!
Tony Smyth has done his research. This book is full of facts and figures, with a good deal of opinion thrown in as well. His writing style is not too fussy, so I got into the cadence of words quickly while remaining interested throughout the litany of numbers. First off, I learned a good deal about seismic activity and how the buildings in Japan are created to withstand earthquakes. Some structures have fluid filled “shock absorbers” or sliding walls while others have complex structural cross-bracing which is designed to buckle while absorbing seismic energy.
Despite these measures, nothing could prevent the nuclear meltdown that occurred at the Fukushima power plant because there was no way to protect against the tsunami that devastated the area post-quake. Thousands of lives were lost, towns were washed away, and the land was (and still is) overrun with radioactive isotopes.
The author notes that the total costs of the earthquake, tsunami, and nuclear meltdowns of 2011 make those events the world’s most expensive natural disaster. There are a lot of absolutes in this book, yet the author remains fairly neutral about nuclear power. There are plenty of reasons (global warming, cost of disposal, impact on the planet) to seek out alternatives, yet Smyth balances his words well and merely uses them as a warning, not a condemnation. More concerning are the politics of how the reactors came to be, regardless of the fact that many of them are superfluous.
The author speaks from experience; he lives in Japan and is familiar with the socio-economic climate and Japanese culture. Despite the business-heavy title, each facet of the country and the disaster is discussed in plain language that cannot help but affect the reader. Smyth heavily includes the human element, with heart-wrenching stories of parents waiting in vain for their children to get home or children worried about their elderly parents in the flood zone.
My main takeaway from this book was not fear for the future of Japanese business; instead it was fear for the future of mankind and our planet. The section of the book concerning global warming was extremely edifying, and as a result I will personally make an effort to reduce my global footprint.
I feel this is an important book to read on so many levels. Please pick up your copy here.