Minecraft launches but when I try to create a new world, it crashes and goes back to the launcher. Here is the report. Thanks for help.

Description: Starting integrated server

java.lang.ExceptionInInitializerError
at net.minecraft.server.MinecraftServer.<init>(SourceFile:113)
at btk.<init>(SourceFile:38)
at azi.a(SourceFile:1590)
at bbq.a(SourceFile:202)
at bcl.a(SourceFile:172)
at bbq.a(SourceFile:301)
at bcl.d(SourceFile:232)
at bcl.k(SourceFile:211)
at azi.p(SourceFile:1308)
at azi.ah(SourceFile:760)
at azi.f(SourceFile:711)
at net.minecraft.client.main.Main.main(SourceFile:152)
Caused by: java.lang.IllegalStateException: failed to create a child event loop
at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:61)
at io.netty.channel.MultithreadEventLoopGroup.<init>(MultithreadEventLoopGroup.java:49)
at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:61)
at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:52)
at mv.<clinit>(SourceFile:31)
... 12 more
Caused by: io.netty.channel.ChannelException: failed to open a new selector
at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:128)
at io.netty.channel.nio.NioEventLoop.<init>(NioEventLoop.java:120)
at io.netty.channel.nio.NioEventLoopGroup.newChild(NioEventLoopGroup.java:87)
at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:57)
... 16 more
Caused by: java.io.IOException: Unable to establish loopback connection
at sun.nio.ch.PipeImpl$Initializer.run(Unknown Source)
at sun.nio.ch.PipeImpl$Initializer.run(Unknown Source)
at java.security.AccessController.doPrivileged(Native Method)
at sun.nio.ch.PipeImpl.<init>(Unknown Source)
at sun.nio.ch.SelectorProviderImpl.openPipe(Unknown Source)
at java.nio.channels.Pipe.open(Unknown Source)
at sun.nio.ch.WindowsSelectorImpl.<init>(Unknown Source)
at sun.nio.ch.WindowsSelectorProvider.openSelector(Unknown Source)
at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:126)
... 19 more
Caused by: java.net.ConnectException: Connection timed out: connect
at sun.nio.ch.Net.connect0(Native Method)
at sun.nio.ch.Net.connect(Unknown Source)
at sun.nio.ch.Net.connect(Unknown Source)
at sun.nio.ch.SocketChannelImpl.connect(Unknown Source)
at java.nio.channels.SocketChannel.open(Unknown Source)
... 28 more

A detailed walkthrough of the error, its code path and all known details is as follows:
---------------------------------------------------------------------------------------

– Head –
Stacktrace:
at net.minecraft.server.MinecraftServer.<init>(SourceFile:113)
at btk.<init>(SourceFile:38)

– Starting integrated server –
Details:
Level ID: New Worldk
Level Name: New Worldk
Stacktrace:
at azi.a(SourceFile:1590)
at bbq.a(SourceFile:202)
at bcl.a(SourceFile:172)
at bbq.a(SourceFile:301)
at bcl.d(SourceFile:232)
at bcl.k(SourceFile:211)

– Affected screen –
Details:
Screen name: bct
Stacktrace:
at azi.p(SourceFile:1308)
at azi.ah(SourceFile:760)
at azi.f(SourceFile:711)
at net.minecraft.client.main.Main.main(SourceFile:152)

– System Details –
Details:
Minecraft Version: 1.7.4
Operating System: Windows 8 (amd64) version 6.2
Java Version: 1.7.0_51, Oracle Corporation
Java VM Version: Java HotSpot(TM) 64-Bit Server VM (mixed mode), Oracle Corporation
Memory: 343058816 bytes (327 MB) / 382730240 bytes (365 MB) up to 954728448 bytes (910 MB)
JVM Flags: 2 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx1G
AABB Pool Size: 0 (0 bytes; 0 MB) allocated, 0 (0 bytes; 0 MB) used
IntCache: cache: 0, tcache: 0, allocated: 0, tallocated: 0
Launched Version: 1.7.4
LWJGL: 2.9.1
OpenGL: Intel(R) HD Graphics 4000 GL version 4.0.0 - Build 10.18.10.3308, Intel
GL Caps: Using GL 1.3 multitexturing.
Using framebuffer objects because OpenGL 3.0 is supported and separate blending is supported.
Anisotropic filtering is supported and maximum anisotropy is 16.
Shaders are available because OpenGL 2.1 is supported.

Is Modded: Probably not. Jar signature remains and client brand is untouched.
Type: Client (map_client.txt)
Resource Packs: []
Current Language: English (US)
Profiler Position: N/A (disabled)
Vec3 Pool Size: ~_ERROR~ NullPointerException: null
Anisotropic Filtering: Off (1)