

Top 10 Most Expensive Accidents in History
Posted on Tuesday, December 16, 2008
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Labels: accidents, Expensive, great work, history, top 10
Labels: accidents, Expensive, great work, history, top 10
Throughout history, humans have always been prone to accidents. Some, such as the exotic car crashes seen on this page, can be very expensive. But that's trivial compared to the truly expensive accidents. An accident is defined as "an undesirable or unfortunate happening that occurs unintentionally and usually results in harm, injury, damage, or loss". Our aim is to list the top 10 most expensive accidents in the history of the world as measured in dollars.
#9. Tanker Truck vs Bridge
#8. MetroLink Crash
#7. B-2 Bomber Crash
#5. Piper Alpha Oil Rig
#3. Prestige Oil Spill
This includes property damage and expenses incurred related to the accident such as cleanup and industry losses. Many of these accidents involve casualties which obviously cannot be measured in dollar terms. Each life lost is priceless and is not factored into the equation. Deliberate actions such as war or terrorism and natural disasters do not qualify as accidents and therefore are not included in this list.
#10. Titanic
$150 Million
The sinking of the Titanic is possibly the most famous accident in the world. But it barely makes our list of top 10 most expensive. On April 15, 1912, the Titanic sank on its maiden voyage and was considered to be the most luxurious ocean liner ever built. Over 1,500 people lost their lives when the ship ran into an iceberg and sunk in frigid waters. The ship cost $7 million to build ($150 million in today's dollars).
The sinking of the Titanic is possibly the most famous accident in the world. But it barely makes our list of top 10 most expensive. On April 15, 1912, the Titanic sank on its maiden voyage and was considered to be the most luxurious ocean liner ever built. Over 1,500 people lost their lives when the ship ran into an iceberg and sunk in frigid waters. The ship cost $7 million to build ($150 million in today's dollars).
#9. Tanker Truck vs Bridge
$358 Million
On August 26, 2004, a car collided with a tanker truck containing 32,000 liters of fuel on theWiehltal Bridge in Germany . The tanker crashed through the guardrail and fell 90 feet off the A4 Autobahn resulting in a huge explosion and fire which destroyed the load-bearing ability of the bridge. Temporary repairs cost $40 million and the cost to replace the bridge is estimated at $318 Million.
On August 26, 2004, a car collided with a tanker truck containing 32,000 liters of fuel on the
#8. MetroLink Crash
$500 Million
On September 12, 2008, in what was one of the worst train crashes inCalifornia history, 25 people were killed when a Metrolink commuter train crashed head-on into a Union Pacific freight train in Los Angeles . It is thought that the Metrolink train may have run through a red signal while the conductor was busy text messaging. Wrongful death lawsuits are expected to cause $500 million in losses for Metrolink.
On September 12, 2008, in what was one of the worst train crashes in
#7. B-2 Bomber Crash
$1.4 Billion
Here we have our first billion dollar accident (and we're only #7 on the list). This B-2 stealth bomber crashed shortly after taking off from an air base inGuam on February 23, 2008. Investigators blamed distorted data in the flight control computers caused by moisture in the system. This resulted in the aircraft making a sudden nose-up move which made the B-2 stall and crash. This was 1 of only 21 ever built and was the most expensive aviation accident in history. Both pilots were able to eject to safety.
Here we have our first billion dollar accident (and we're only #7 on the list). This B-2 stealth bomber crashed shortly after taking off from an air base in
The crash was captured on video. It shows one B-2 Bomber successfully taking off followed by the B-2 Bomber which crashes. The crash starts at 2:00
#6. Exxon Valdez
$2.5 Billion
The Exxon Valdez oil spill was not a large one in relation to the world's biggest oil spills, but it was a costly one due to the remote location ofPrince William Sound (accessible only by helicopter and boat). On March 24, 1989, 10.8 million gallons of oil was spilled when the ship's master, Joseph Hazelwood, left the controls and the ship crashed into a Reef. The cleanup cost Exxon $2.5 billion.
The Exxon Valdez oil spill was not a large one in relation to the world's biggest oil spills, but it was a costly one due to the remote location of
#5. Piper Alpha Oil Rig
$3.4 Billion
The world's worst off-shore oil disaster. At one time, it was the world's single largest oil producer, spewing out 317,000 barrels of oil per day. On July 6, 1988, as part of routine maintenance, technicians removed and checked safety valves which were essential in preventing dangerous build-up of liquid gas. There were 100 identical safety valves which were checked. Unfortunately, the technicians made a mistake and forgot to replace one of them. At 10 PM that same night, a technician pressed a start button for the liquid gas pumps and the world's most expensive oil rig accident was set in motion.
The world's worst off-shore oil disaster. At one time, it was the world's single largest oil producer, spewing out 317,000 barrels of oil per day. On July 6, 1988, as part of routine maintenance, technicians removed and checked safety valves which were essential in preventing dangerous build-up of liquid gas. There were 100 identical safety valves which were checked. Unfortunately, the technicians made a mistake and forgot to replace one of them. At 10 PM that same night, a technician pressed a start button for the liquid gas pumps and the world's most expensive oil rig accident was set in motion.
Within 2 hours, the 300 foot platform was engulfed in flames. It eventually collapsed, killing 167 workers and resulting in $3.4 Billion in damages.
#4. Challenger Explosion
$5.5 Billion
The Space Shuttle Challenger was destroyed 73 seconds after takeoff due on January 28, 1986 due to a faulty O-ring. It failed to seal one of the joints, allowing pressurized gas to reach the outside. This in turn caused the external tank to dump its payload of liquid hydrogen causing a massive explosion. The cost of replacing the Space Shuttle was $2 billion in 1986 ($4.5 billion in today's dollars). The cost of investigation, problem correction, and replacement of lost equipment cost $450 million from 1986-1987 ($1 Billion in today's dollars).
The Space Shuttle Challenger was destroyed 73 seconds after takeoff due on January 28, 1986 due to a faulty O-ring. It failed to seal one of the joints, allowing pressurized gas to reach the outside. This in turn caused the external tank to dump its payload of liquid hydrogen causing a massive explosion. The cost of replacing the Space Shuttle was $2 billion in 1986 ($4.5 billion in today's dollars). The cost of investigation, problem correction, and replacement of lost equipment cost $450 million from 1986-1987 ($1 Billion in today's dollars).
#3. Prestige Oil Spill
$12 Billion
On November 13, 2002, the Prestige oil tanker was carrying 77,000 tons of heavy fuel oil when one of its twelve tanks burst during a storm offGalicia , Spain . Fearing that the ship would sink, the captain called for help from Spanish rescue workers, expecting them to take the ship into harbour. However, pressure from local authorities forced the captain to steer the ship away from the coast. The captain tried to get help from the French and Portuguese authorities, but they too ordered the ship away from their shores. The storm eventually took its toll on the ship resulting in the tanker splitting in half and releasing 20 million gallons oil into the sea.
According to a report by the Pontevedra Economist Board, the total cleanup cost $12 billion.
#2. Space ShuttleColumbia
On November 13, 2002, the Prestige oil tanker was carrying 77,000 tons of heavy fuel oil when one of its twelve tanks burst during a storm off
According to a report by the Pontevedra Economist Board, the total cleanup cost $12 billion.
#2. Space Shuttle
$13 Billion
The Space Shuttle Columbia was the first space worthy shuttle in NASA's orbital fleet. It was destroyed during re-entry overTexas on February 1, 2003 after a hole was punctured in one of the wings during launch 16 days earlier. The original cost of the shuttle was $2 Billion in 1978. That comes out to $6.3 Billion in today's dollars. $500 million was spent on the investigation, making it the costliest aircraft accident investigation in history. The search and recovery of debris cost $300 million.
In the end, the total cost of the accident (not including replacement of the shuttle) came out to $13 Billion according to the American Institute of Aeronautics and Astronautics.
#1.Chernobyl
The Space Shuttle Columbia was the first space worthy shuttle in NASA's orbital fleet. It was destroyed during re-entry over
In the end, the total cost of the accident (not including replacement of the shuttle) came out to $13 Billion according to the American Institute of Aeronautics and Astronautics.
#1.
$200 Billion
On April 26, 1986, the world witnessed the costliest accident in history. TheChernobyl disaster has been called the biggest socio-economic catastrophe in peacetime history. 50% of the area of Ukraine is in some way contaminated. Over 200,000 people had to be evacuated and resettled while 1.7 million people were directly affected by the disaster. The death toll attributed to Chernobyl , including people who died from cancer years later, is estimated at 125,000. The total costs including cleanup, resettlement, and compensation to victims has been estimated to be roughly $200 Billion. The cost of a new steel shelter for the Chernobyl nuclear plant will cost $2 billion alone. The accident was officially attributed to power plant operators who violated plant procedures and were ignorant of the safety requirements needed.
On April 26, 1986, the world witnessed the costliest accident in history. The

How Economies, world over, went bust.
Posted on Monday, December 01, 2008
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Labels: A, B, C, dollar, meltdown, recession, rupees, world
Labels: A, B, C, dollar, meltdown, recession, rupees, world
I am not sure if you have seen this earlier. But wonderful analogy. Makes the point very clear..
Just ignore the lack of Wren and Martin in the English.
Once there was a little island country. The land of this country was the tinyIsland itself. The total money in
circulation was 2 dollar as there were only two pieces of 1 dollar coins circulating around.
1) There were 3 citizens living on this island country. A owned the land. B and C each owned 1 dollar..
2) B decided to purchase the land from A for 1 dollar. So, A and C now each own 1 dollar while B owned a piece of land that is worth 1 dollar. The net asset of the country = 3 dollar.
3) C thought that since there is only one piece of land in the country and land is non produceable asset, its value must definitely go up. So, he borrowed 1 dollar from A and together with his own 1 dollar, he bought the land from B for 2 dollar.
A has a loan to C of 1 dollar, so his net asset is 1 dollar. B sold his land and got 2 dollar, so his net asset is 2 dollar. C owned the piece of land worth 2 dollar but with his 1 dollar debt to A, his net asset is 1 dollar.
The net asset of the country = 4 dollar.
4) A saw that the land he once owned has risen in value. He regretted selling it. Luckily, he has a 1 dollar loan to C. He then borrowed 2 dollar from B and acquired the land back from C for 3 dollar. The payment is by 2 dollar cash (which he borrowed) and cancellation of the 1 dollar loan to C. As a result, A now owned a piece of land
that is worth 3 dollar. But since he owed B 2 dollar, his net asset is 1 dollar. B loaned 2 dollar to A. So his net asset is 2 dollar. C now has the 2 coins. His net asset is also 2 dollar. The net asset of the country = 5 dollar.
A bubble is building up.
(5) B saw that the value of land kept rising. He also wanted to own the land. So he bought the land from A for 4 do llar. The payment is by borrowing 2 dollar from C and cancellation of his 2 dollar loan to A. As a result, A has got his debt cleared and he got the 2 coins. His net asset is 2 dollar. B owned a piece of land that is worth 4
dollar but since he has a debt of 2 dollar with C, his net Asset is 2 dollar. C loaned 2 dollar to B, so his net asset
is 2 dollar.
The net asset of the country = 6 dollar. Even though, the country has only one piece of land and 2 Dollar in
circulation.
(6) Everybody has made money and everybody felt happy and prosperous.
(7) One day an evil wind blowed. An evil thought came to C's mind. 'Hey, what if the land price stop going up, how could B repay my loan. There is only 2 dollar in circulation, I think after all the land that B owns is worth at most 1 dollar only.'
A also thought the same.
(8) Nobody wanted to buy land anymore. In the end, A owns the 2 dollar coins, his net asset is 2 dollar. B owed C 2 dollar and the land he owned which he thought worth 4 dollar is now 1 dollar. His net asset becomes -1 dollar. C has a loan of 2 dollar to B. But it is a bad debt. Although his net asset is still 2 dollar, his Heart is palpitating. The net asset of the country = 3 dollar again. Who has stolen the 3 dollar from the
country?
Of course, before the bubble burst B thought his land worth 4 dollar. Actually, right before the collapse, the
net asset of the country was 6 dollar in paper. his net asset is still 2 dollar, his heart is palpitating.
The net asset of the country = 3 dollar again.
(9) B had no choice but to declare bankruptcy. C as to relinquish his 2 dollar bad debt to B but in return he
acquired the land which is worth 1 dollar now. A owns the 2 coins, his net asset is 2 dollar. B is bankrupt, his
net asset is 0 dollar. ( B lost everything ) C got no choice but end up with a land worth only 1 dollar (C lost one dollar) The net asset of the country = 3 dollar.
Just ignore the lack of Wren and Martin in the English.
Once there was a little island country. The land of this country was the tiny
circulation was 2 dollar as there were only two pieces of 1 dollar coins circulating around.
1) There were 3 citizens living on this island country. A owned the land. B and C each owned 1 dollar..
2) B decided to purchase the land from A for 1 dollar. So, A and C now each own 1 dollar while B owned a piece of land that is worth 1 dollar. The net asset of the country = 3 dollar.
3) C thought that since there is only one piece of land in the country and land is non produceable asset, its value must definitely go up. So, he borrowed 1 dollar from A and together with his own 1 dollar, he bought the land from B for 2 dollar.
A has a loan to C of 1 dollar, so his net asset is 1 dollar. B sold his land and got 2 dollar, so his net asset is 2 dollar. C owned the piece of land worth 2 dollar but with his 1 dollar debt to A, his net asset is 1 dollar.
The net asset of the country = 4 dollar.
4) A saw that the land he once owned has risen in value. He regretted selling it. Luckily, he has a 1 dollar loan to C. He then borrowed 2 dollar from B and acquired the land back from C for 3 dollar. The payment is by 2 dollar cash (which he borrowed) and cancellation of the 1 dollar loan to C. As a result, A now owned a piece of land
that is worth 3 dollar. But since he owed B 2 dollar, his net asset is 1 dollar. B loaned 2 dollar to A. So his net asset is 2 dollar. C now has the 2 coins. His net asset is also 2 dollar. The net asset of the country = 5 dollar.
A bubble is building up.
(5) B saw that the value of land kept rising. He also wanted to own the land. So he bought the land from A for 4 do llar. The payment is by borrowing 2 dollar from C and cancellation of his 2 dollar loan to A. As a result, A has got his debt cleared and he got the 2 coins. His net asset is 2 dollar. B owned a piece of land that is worth 4
dollar but since he has a debt of 2 dollar with C, his net Asset is 2 dollar. C loaned 2 dollar to B, so his net asset
is 2 dollar.
The net asset of the country = 6 dollar. Even though, the country has only one piece of land and 2 Dollar in
circulation.
(6) Everybody has made money and everybody felt happy and prosperous.
(7) One day an evil wind blowed. An evil thought came to C's mind. 'Hey, what if the land price stop going up, how could B repay my loan. There is only 2 dollar in circulation, I think after all the land that B owns is worth at most 1 dollar only.'
A also thought the same.
(8) Nobody wanted to buy land anymore. In the end, A owns the 2 dollar coins, his net asset is 2 dollar. B owed C 2 dollar and the land he owned which he thought worth 4 dollar is now 1 dollar. His net asset becomes -1 dollar. C has a loan of 2 dollar to B. But it is a bad debt. Although his net asset is still 2 dollar, his Heart is palpitating. The net asset of the country = 3 dollar again. Who has stolen the 3 dollar from the
country?
Of course, before the bubble burst B thought his land worth 4 dollar. Actually, right before the collapse, the
net asset of the country was 6 dollar in paper. his net asset is still 2 dollar, his heart is palpitating.
The net asset of the country = 3 dollar again.
(9) B had no choice but to declare bankruptcy. C as to relinquish his 2 dollar bad debt to B but in return he
acquired the land which is worth 1 dollar now. A owns the 2 coins, his net asset is 2 dollar. B is bankrupt, his
net asset is 0 dollar. ( B lost everything ) C got no choice but end up with a land worth only 1 dollar (C lost one dollar) The net asset of the country = 3 dollar.

Modern Beds You'll ever see
Posted on Monday, November 17, 2008
No Comments
Labels: beds, closer look, great works, modern design
Labels: beds, closer look, great works, modern design
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