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Geomagnetic reversal is an engrossing area of geophysical research that will continue to occupy physicists and geologists for many years to come. Although the dynamics behind this event are not fully understood, there is absolutely no scientific evidence supporting the claim that there could be a geomagnetic reversal around the time of December 21st, 2012.
Besides, the effects of such a reversal have been totally over-hyped. Should we experience geomagnetic reversal in our lifetimes (which we probably won't), it is unlikely that we'll be cooked alive by the Solar Wind, or be wiped out by cosmic rays. It is unlikely that we'll suffer any mass extinction event (after all, early man, homo erectus, lived through the last geomagnetic shift, apparently with ease). We'll most likely experience aurorae at all latitudes whilst the dipolar magnetic field settles down to its new, reversed state, and there might be a small increase in energetic particles from space (remember, just because the magnetosphere is weakened, doesn't mean we wont have magnetic protection), but we'll still be (largely) protected by our thick atmosphere.