Minecraft crashes on world load with "java.lang.IllegalStateException: failed to create a child event loop"

On the “Loading World Building Terrain” screen minecraft freezes up and crashes for a minute or two, and then what happens is it crashes. Here is the crash report.

---- Minecraft Crash Report ----
// Surprise! Haha. Well, this is awkward.

Time: 8/26/15 4:53 PM
Description: Updating screen events

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 rd.a(SourceFile:40)
    at rd.b(SourceFile:37)
    at up.c(SourceFile:10)
    at rc.a(SourceFile:104)
    at bsu.a(SourceFile:1914)
    at bwf.a(SourceFile:210)
    at bxf.a(SourceFile:342)
    at bwf.a(SourceFile:350)
    at bxf.k(SourceFile:405)
    at bxf.p(SourceFile:382)
    at bsu.r(SourceFile:1473)
    at bsu.as(SourceFile:877)
    at bsu.a(SourceFile:314)
    at net.minecraft.client.main.Main.main(SourceFile:120)
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)
    ... 17 more
Caused by: java.io.IOException: Unable to establish loopback connection
    at sun.nio.ch.PipeImpl$Initializer.run(PipeImpl.java:101)
    at sun.nio.ch.PipeImpl$Initializer.run(PipeImpl.java:68)
    at java.security.AccessController.doPrivileged(Native Method)
    at sun.nio.ch.PipeImpl.<init>(PipeImpl.java:170)
    at sun.nio.ch.SelectorProviderImpl.openPipe(SelectorProviderImpl.java:50)
    at java.nio.channels.Pipe.open(Pipe.java:155)
    at sun.nio.ch.WindowsSelectorImpl.<init>(WindowsSelectorImpl.java:127)
    at sun.nio.ch.WindowsSelectorProvider.openSelector(WindowsSelectorProvider.java:44)
    at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:126)
    ... 20 more
Caused by: java.net.ConnectException: Connection timed out: connect
    at sun.nio.ch.Net.connect0(Native Method)
    at sun.nio.ch.Net.connect(Net.java:457)
    at sun.nio.ch.Net.connect(Net.java:449)
    at sun.nio.ch.SocketChannelImpl.connect(SocketChannelImpl.java:647)
    at java.nio.channels.SocketChannel.open(SocketChannel.java:189)
    at sun.nio.ch.PipeImpl$Initializer$LoopbackConnector.run(PipeImpl.java:130)
    at sun.nio.ch.PipeImpl$Initializer.run(PipeImpl.java:83)
    ... 28 more


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

-- Head --
Stacktrace:
    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 rd.a(SourceFile:40)
    at rd.b(SourceFile:37)
    at up.c(SourceFile:10)
    at rc.a(SourceFile:104)
    at bsu.a(SourceFile:1914)
    at bwf.a(SourceFile:210)
    at bxf.a(SourceFile:342)
    at bwf.a(SourceFile:350)
    at bxf.k(SourceFile:405)
    at bxf.p(SourceFile:382)

-- Affected screen --
Details:
    Screen name: bxq
Stacktrace:
    at bsu.r(SourceFile:1473)
    at bsu.as(SourceFile:877)
    at bsu.a(SourceFile:314)
    at net.minecraft.client.main.Main.main(SourceFile:120)

-- System Details --
Details:
    Minecraft Version: 1.8
    Operating System: Windows 8.1 (amd64) version 6.3
    Java Version: 1.8.0_25, Oracle Corporation
    Java VM Version: Java HotSpot(TM) 64-Bit Server VM (mixed mode), Oracle Corporation
    Memory: 3206944208 bytes (3058 MB) / 4116185088 bytes (3925 MB) up to 4116185088 bytes (3925 MB)
    JVM Flags: 3 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx4096M -Xms4096M
    IntCache: cache: 0, tcache: 0, allocated: 13, tallocated: 95
    Launched Version: 1.8
    LWJGL: 2.9.1
    OpenGL: Intel(R) HD Graphics 4000 GL version 4.0.0 - Build 10.18.10.3958, Intel
    GL Caps: Using GL 1.3 multitexturing.
Using GL 1.3 texture combiners.
Using framebuffer objects because OpenGL 3.0 is supported and separate blending is supported.
Shaders are available because OpenGL 2.1 is supported.
VBOs are available because OpenGL 1.5 is supported.

    Using VBOs: No
    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)

If anyone could help that would be awesome.