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The “Most Significant Danger” According To Elliott’s Paul Singer…”An Electromagnetic Pulse (EMP).”
Zero Hedge
While we have ‘joked’ about it in the past, Elliott Management’s Paul Singer believes “there is one risk that stands way above the rest in terms of the scope of potential damage adjusted for the likelihood of occurrence“ - an electromagnetic pulse (EMP).
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Not a laughing matter….
Exceprted from Elliott Management’s latest letter from Paul Singer,
EMP: THE MOST SIGNIFICANT DANGER
While these pages are typically overflowing with scary or depressing scenarios, there is one risk that stands way above the rest in terms of the scope of potential damage adjusted for the likelihood of occurrence. Even nuclear war is a relatively localized issue, except in its most extreme form. And the threat from asteroids can (possibly) be mitigated.
The risks associated with electromagnetic pulse, or EMP, represent another story entirely. It can occur naturally, from solar storms that send “coronal mass ejections,” which are massive energetic bursts of solar wind, tens of millions of miles in a mere few hours. Or it can be artificial, produced by a high-altitude (at least 15 miles) explosion of relatively low-yield (even Hiroshima-strength) nuclear weapons.
Different initiators of EMP have different pulses and different effects. But the bottom line is that EMP fries electronic devices, including parts of electric grids. In 1859, a particularly strong solar disturbance (the “Carrington Event”) caused disruption to the nascent telegraph network. It happened again with similar disruptions in 1921, before our modern power grid came into existence. A NASA study concluded these events have typically occurred around once per century. A repeat of the Carrington Event today would cause a massive disruption to the electric grid, possibly shutting it down entirely for months or longer, with unimaginable consequences.
