Rice Farmer: April 2010

"We have a $14 trillion economy that has accumulated a fifty-eight percent net deficit, or more than double the distortions that had to be absorbed in the 1930s. It is obvious that sudden withdrawal of that support would lead to an instantaneous and catastrophic economic collapse."

The New Secessionists

City hopes lights off will brighten the budget

Buddy, can you spare $120 mil? Seattle's budget blues; Deficits projected for years to come

Panel to seek solutions to U.S. budget woes

"We could have double-digit growth for 30 years and never grow our way out of this."

Obama Debt Panel Considers Ideas to Reduce Red Ink

"This debt is like a cancer; it's a cancer that's going to destroy our country from within."

54% Lack Confidence in U.S. Banking System

Fed-up fliers turn to U.S. train travel

Depaving Portland: Who Says Cities Have to be Islands of Concrete?

Pentagon's Mach 20 Glider Disappears, Whacking 'Global Strike' Plans
Ten Trillion And Counting

Chronic unemployment rises to a record among jobless Americans: Chart of day

Raw Materials Bumping Up Home Prices

'Deep concerns': Napolitano testifies Arizona immigration law will be reviewed

Layoff Notices Sent to Thousands of US Teachers

Look out below: U.S. pain not done yet

Permanent Link posted by Rice Farmer @ 5:47 PM

Monday, April 26, 2010

News Links, April 27, 2010

Pakistan begins second phase of war games

Kim Jong-il Watches Massive Military Drill

Lawmakers Approve State of Emergency in Paraguay Region
Japan's First Foreign Military Base to Open in Djibouti Africa

Israel 'cuts arms sales to Turkey'

Report: US leaked warning on Hezbollah Scud possession

Hundreds Killed as US Escalates Pakistan Strikes, Few Notable Militants Reported Killed

British al-Qaeda commander planned July 7-style attack on New York subway

Al Qaeda operative Rashid Rauf reported killed in North Waziristan strike (Nov 22, 2008)

Russia, Norwegian leaders discuss Arctic border

China Renders Iran Sanctions Toothless

"In fact, refinery expansion currently underway should make Iran a gasoline exporter by 2013."

Chinese Oil Companies Expanding Collaboration on Major Projects

Will China Rip Africa's Face Off?

China's Navy Gets Its Act Together, and Gets Aggressive

British ambassador to Yemen escapes assassination attempt by suicide bomber

UAE motorists face further fuel price hike

Gas Shortages in Haiti: A Long Ranging Problem

Sympathy for the oil industry: diminishing returns start to hit home

Thai pro-govt supporters call for martial law

Thai Protesters Ask Backers to Block Police and Military as Crackdown Looms

Protests, blockades, grenade attack against politician

Portugal Credit Default Swaps Hit Record High

China Stimulus Plan Report Is Doubted by Economists

Greece's Fiscal Woes Are Lesson for Japan, IMF's Shinohara Says

Bank of Ireland Plans to Raise 3.4 Billion Euros

Greek Bond Yields at 12-Year High, Contagion Increasing

Merkel Tells Greece, Euro Region That Bailout Isn't a Done Deal

New World Order: Squatting - How to Squat in Abandoned Property

Squatters: 4.4 Million and Counting (US)

UK: Couples must budget £600,000 for retirement

US: Military cancels nuclear attack test

NSA holds cyber boot camp

Illinois lawmakers want National Guard to quash rampant violence in Chicago

Wanted: 3,000 National Guard Troops to Combat Violence 'Epidemic' at Mexican Border

Gasoline ready to push to new 18-month high with $3-per-gallon on the horizon

10 Cities Facing a Double Whammy of Default Risks

Airlines: First it was the baggage fees. What's next? Pay toilets?

Targeted Killing Lite: Inside the CIA's New Drone Arsenal
Missile system enters design phase

Carnivores' Dilemma Widens as Pork Signals Meat Surge

Tsunami of Red Ink - Global Look at National Debt and Who Owns US Debt

Permanent Link posted by Rice Farmer @ 5:47 PM

Sunday, April 25, 2010

News Links, April 26, 2010

Greece races for rescue, some fear $60 billion not enough

Greek domino topples; Rest of the "PIIGS" next!

EU Sovereign Debts Exploded In 2009 - Governments Now Biggest Spenders

Rogoff Says Greece Probably Won't Be Last IMF Bailout in Europe

The Party's Over: China's Endgame

I'll Tell You When Chinese Bubble Is About to Burst: Andy Xie

China Tightens Property Finance, Pledges 'Proactive' Measures

Carmakers 'Unsustainable' Growth in China Risks Overcapacity

Venezuela May Nationalize Gold Mining, Says Chavez

'Rare Earths Summit 2010' Emphasizes Opportunity for Non-Chinese Suppliers

A cruise missile in a shipping box on sale to rogue bidders

Iran fires short-range missiles in Gulf war games

Iran: Domestically Made Drones By March 2011

Afghans Torch NATO Vehicles After Latest Night Raid Killings

Ash cloud highlights Gulf's fragile food security

US, others commit $880 mln in food security funds

The return of oil

Russian gas exports increase 120% in first quarter

Putin wins Austrian gas deal, scorns EU pipeline

Saboteurs hit Iraq's northern oil pipeline, halting exports

How Far Are We Willing To Go For Oil?

Just How Dangerous Are Oil Rigs, Anyway?

Oil over $100 damaging, OPEC may act -Kuwait

India's Potentially Huge Coal Import Bill

Gunmen ambush security official's convoy in Mexico

No end in sight for Thailand's political crisis

Oz: Prepare to work until you're 100

Australia pushes net censorship in Washington

Japan: 100,000 Okinawans tell US to take its base and shove it

IMF warns against Japan's fiscal deterioration

Kan, Geithner Agree Govt Finances Need Bolstering

Japan to expand search for rare metals to maximize use of EEZ

US: Many cities nationwide face budget crises

The Rich Are On the Rebound

99 weeks of jobless benefits still not enough

FBI names veteran officer to oversee intelligence divisions

Permanent Link posted by Rice Farmer @ 4:54 PM

Saturday, April 24, 2010

News Links, April 25, 2010

A contrarian makes another call – this time, natural gas

Shale-Gas Drilling in U.S. May Stall as Below-Production Prices Erode Cash

Ripple Effects After an Offshore Oil Rig Explosion

China: Power use by energy guzzlers hit a new high

Abu Dhabi to crack down on energy use

The Imminent Crash Of Oil Supply: Be Afraid

U.S. Faces Choice on New Weapons for Fast Strikes

Thousands protest in Ukraine over deal with Russia

Iran strikes secret nuclear mining deal with Zimbabwe's Mugabe regime

The Recession is Dead! Long Live the Recession!

Interruption in flights was near-disaster for African flower growers

Thailand is close to civil war as its British-born PM rejects deal with angry Red Shirts

Thailand Crisis: Peace Talks Break Down

UK: Shortage in the London Power Grid

"The power shortage threatens companies' ability to build or expand data centers."

Super-rich become wealthier again, Sunday Times says

US: Scientists Say Growing Grain For Food Is More Energy Efficient

With Nowhere Else To Cut, Teachers Are Next To Go

Driven to Destruction – The End of The Interstate Age

And finally... Don't talk to aliens, warns Stephen Hawking

Permanent Link posted by Rice Farmer @ 4:59 PM

Friday, April 23, 2010

News Links, April 24, 2010

Athens to ask for activation of rescue package

Greece not alone with debt issues

World Faces 'Sovereign DisCredit': Economists

Brazil Credit Growth Is 'Not Sustainable,' HSBC Says

Mapping China's Growing Global Clout

Two More Signs China's Economy Is Overheating

N.Korea seizes S.Korean assets, warns of war

Sanctions on Iran's gasoline imports? That's war talk.

Iran, Russia and China beating a path to Latin America's door

Peru plans helicopter purchase from Russia
China opens missile plant in Iran

Fitch warns Japan credit rating at risk from debt

'Terrorists' blamed for attacks amid Thai deadlock

Facebook: Privacy Enemy Number One?

Oil rig explosion unmasks 'dangerous myth' of safety, lawmakers say

Oil Producers Risk Blowouts in Search for Deep Fields

India: Radioactive material removed from Delhi scrap shop

Food inflation creeps up to 17.65 per cent

Raw Materials Pushing Indian Tire Prices

Dozens killed in Baghdad in 'revenge al-Qaeda attacks'

As Russia Reclaims Its Sphere of Influence, the U.S. Doesn't Object

Black-Market Uranium Seized in Georgia

Japan: Fast-breeder reactor to relaunch operation as early as May

UK: Prison numbers in England and Wales reach record high

Mexico: 6 Mexican police officers killed in Ciudad Juarez

US: Wholesale food prices soar

3 Game Changes in the U.S. Army's UAV Road Map

America's Infrastructure Is Rotting Right In Front Of Our Eyes

"One of the key signs that we are in the early stages of an economic collapse and that we are heading towards another Great Depression is America's crumbling infrastructure."

One in Five Americans Fear Job Loss in Next 12 Months

Obama Revives Rumsfeld's Missile Scheme, Risks Nuke War
Bills show Arizona's bend to the right

Generation Y headed for financial trouble?

"The group appears likely to become the first U.S. generation in 100 years to do worse economically than their parents."

A Real Estate 'Re-Bust' for Detroit?

Is the US Facing a Cash Crunch? (Lots of tables and charts)

Richard Koo Says If Banks Marked Commercial Real Estate To Market,It Would "Trigger A Chain Of Bankruptcies"

Gingrich: Tea Party will become 'militant wing' of GOP

Airmen to Live Out Their Careers In Cyberspace

Gathering Storm May Sink Navy Shipbuilding Program

Permanent Link posted by Rice Farmer @ 5:02 PM

Thursday, April 22, 2010

News Links, April 23, 2010

Jet fuel's rise poses risk to airlines

Biofuels cause four times more carbon emissions

Ecological risk grows as Deepwater Horizon oil rig sinks in Gulf

Peak Phosphorus

"This is the gravest natural resource shortage you've never heard of."

Ukraine to up uranium output

South Korean ship sunk by crack squad of 'human torpedoes'

Report: SKorea warned of NKorean submarine attack

Pentagon backtracks: Iran attack not 'off the table'

Iran plans to produce missile systems similar to Russia S-300: official

Iran begins war games in Gulf, Strait of Hormuz

Argentina Makes First Defense Buy From Russia

"Argentina became the eighth Latin American country to buy Russian weapons, along with Brazil, Venezuela, Colombia, Mexico, Uruguay, Peru and Bolivia."

China military paper spells out nuclear arms stance

Bosnia gets Nato membership plan

Russian navy tests supersonic missiles in Sea of Japan exercise

Moore Capital warns of euro-zone 'breakdown'

More Euro Bleeding, And 3 Reasons Why Washington May Refuse More IMF Aid

Euro-Area Deficit Widens to More Than Double Limit

Markets Brace for Greek Default

Greek debt crisis worsens as EU revises figures

Greek Deficit Revised to 13.6%; Moody's Cuts Rating

Governments Will 'Bankrupt Us': Marc Faber

Pakistan holding thousands in indefinite detention, officials say

US weighs Iran military option

"If Iran decides to go for nuclear weapons, the US may not be able to permanently stop this from happening unless it is willing to occupy the country."

China's new dam seen as a water hog

China Bank Thinks It Can Get $30 Billion in I.P.O.

China Sets Sights On Enhanced Air, Sea Power

China's LNG imports surge 86.4% in Mar

The Ripple Effect of China's Sagging Real Estate Sector

Marc Faber on Bubble Building in China

Mexico: Armed gang abducts seven people during hotel attacks

Vietnam: Dry rivers spell power shortage

Japan: IMF says continued ultra-loose monetary policy needed to fight deflation

Idemitsu To Cut Oil Refining Capacity 16% By FY13

JAL Debt Worth 20% Of Par Value Based On CDS Auction Results

Canada: Crumbling Parliament buildings on verge of 'total failure': Auditor general

Thailand: Grenade attacks kill three and injure 75

French to ban Muslim women from wearing veil

Belgium lawmakers set to ban Islamic burqa Thursday

'Black Swan' Volcano Offers Us Lessons

UK: Leicestershire to dim street lights

US: GM bailout was a total failure

Schwarzenegger, Villaraigosa back plans to rein in pension costs

Inland Empire hate groups come into focus

NYC firefighters, Marines to hold terror drill

U.S. doctors, minorities still wary of shots: official

Killer fungus seen in Pacific Northwest

At 40, Earth Day Is Now Big Business

Many Americans struggling with rising rental housing costs
Flying car? Dept of Defense OKs new Jetsons-like vehicle

The Future of American Combat Aviation: FUBAR?

Home prices remain in decline

DataQuick: Foreclosures moving to mid-to-high end

Detroit area unemployment rate is 15.5% in March

"Lights Out" Could Save City Millions, Cause Crime

Permanent Link posted by Rice Farmer @ 5:36 PM

Wednesday, April 21, 2010

News Links, April 22, 2010

As power shortages spread, Pakistan switches off the lights

Tipping Point: Near-Term Systemic Implications of a Peak in Global Oil Production

Part 6: Principal Feedback Mechanisms Driving Collapse

Russia Pays Ukraine $40 Billion to End 'Gas War,' Fix Navy Deal

Russia's Black Sea Fleet to stay in Ukraine until 2042

Russia eyes purchase from French navy

Iran Announces War Games Amid Sanctions Fray

Does Death Prove Iraqi Al Qaeda Leader Existed?

-- International high finance! --
Greece default still in play as deadline looms

Greece 'needs £70bn to avoid default'

Greece – About To Hit The Panic Button?

Post-crisis banks must refinance $5 trillion

Sovereign debt tops IMF worries

More Capital for World Bank Signals More Global Trouble Ahead

Note: Recall this closely related item from two days ago.

Iceland reports record 34 percent inflation

Banks Punished in Swaps as Industrial Gap Soars: Credit Markets

What links the banking crisis and the volcano?
"We rely globally on over-complex, over-strained systems."

IATA: airlines lost over $1.7BN in ash chaos

Thailand's unrest spreads as army train blocked

Thai anti-government protesters fortify city barricades

-- Oil and gas --

India, US and China consider joint strategic crude oil response (Japan and SKorea also attending)

A Chilling Oil Graph

Kuwait Hires LNG Tanker as Offshore Terminal for Summer Imports

World LNG Demand Will Double by 2020, Shell's Outen Says

Transocean Deepwater Horizon oil rig explosion shows new risks

Iraq Oil Bases Sprout as Halliburton Chases Growth

Dubai: No property rebound until 2011 at earliest

Brazil: Indigenous people declare war to prevent construction of the Belo Monte dam

Saudi Arabia: US wants to join nuclear city project

Saudi youth unemployment over 40 pct

Japan: Chinese destroyers, subs, passed near the disputed Okinotori atoll

Chinese navy chopper approaches Japanese destroyer near Okinawa, takes photos

One-time cement center struggling to stay alive

Steel industry chief calls major mining firms 'greedy'

S Korea To Photograph, Fingerprint Visitors Starting This Summer

US says 'All options' open if Syria arms Hezbollah

Kitchen Gardens International: A gardeners' social network

UK: BNP leader attacks foreign workers

Unemployment rises to 2.5 million, highest in 16 years

First-time buyers 'at near twenty year low'

US: Arizona passes tough illegal immigration law

Air Force to launch X-37 space plane: Precursor to war in orbit?

Shocking: Digital Photocopiers Loaded With Secrets
"Your Office Copy Machine Might Digitally Store Thousands of Documents That Get Passed on at Resale"

The Dealer Next Door: Selling Marijuana Becomes a Second Job for Many

Big banks mint money again: $18.7 billion

Treasury May Sell Record Amount of Notes, Primary Dealers Say

And finally... Octopus steals underwater camera from diver

Permanent Link posted by Rice Farmer @ 5:21 PM

Tuesday, April 20, 2010

News Links, April 21, 2010

Israeli defense minister says no war this summer

Israel builds up deep-sea navy

America's Loose Nukes in Israel

Two Iraq Al Qaeda leaders killed: Did they really get Abu Omar al-Baghdadi?

"Iraqi authorities announced last year they had killed Baghdadi..."

Terrorists Seek Next 'Jihad Jane' on English-Language Web Sites

Turkey offers to mediate on Iran's nuclear programme

It may be too late to stop Iran getting nuclear bomb, says former US defence official

Henry Kissinger: US and Russia should share anti-Iran missile defense

Israelis Debate Striking Iran Without U.S. Consent

Would the U.S. Shoot Down an Israeli Jet? Top Officer Won't Say
Assad due in Egypt to discuss threat of Israeli-Syrian war

Saudi Arabia to Create First Nuclear City in Kingdom

Thai army 'ready to use live fire against red-shirts'

Communist rebels kill police in the Philippines

Somali pirates seize 3 Thai ships with 77 crew

The future of air travel

"Within the next decade, dozens of major airlines will go bankrupt."

Zambia flower and food exports hit by ash flight ban

China: Expert warns on hot money

China Idles 40% of Windpower Turbine Output Capacity

Japan: Ministry aims to build over 14 new atomic power plants by 2030

Japan's FY 2009 Crude Steel Output Falls below 100 M. Tons

Ash disruption causes Nissan to suspend some production

Iceland's Banks 'Could Collapse' Without Central Bank Knowing

Greece Debt Swaps at Record as Icelandic Ash Smothers Aid Talks

In Saudi Arabia, a Credit Squeeze

Greek Default Could Be 'Infectious,' Deutschlandfunk Reports

How lending Greece a hand could get Germany kicked out of the Euro

GDP Is The Real Fraud

German Windfall Profits From Exiting The Euro

Google releases tool to show government censorship requests

Arizona, Belgium, UK: Traffic Cameras Spun, Scorched, Swiped

Intelligence had warned of attacks in major cities (India)

UK: Inflation: surging fuel costs push CPI to 3.4%

Student loans fear follows inflation increase

Mexico/US: Tapeworm brain infections increasing

US: Gun rights advocates rally in Washington, Virginia

"They are coming for everything because they are a bunch of socialists."

Why the U.S. Can't Inflate Its Way Out of Debt

Virginia reopens highway rest stops, but roads are crumbling

Boston park system facing cash shortage

Copper Thieves Target Power Lines

Lawyer Who Saved Bill Clinton From Impeachment, Brought In To Rescue Goldman Sachs

Commercial Property Prices: The Downturn Continues

Recovery? Most metro areas still losing jobs

School lunches called a national security threat

L.A. Mayor Axes Firefighters, Clerks to Fill Yawning Budget Gap

Permanent Link posted by Rice Farmer @ 5:01 PM

Monday, April 19, 2010

News Links, April 20, 2010

US says military strikes against Iran on the table

Joint Chiefs Chair: No, No, No. Don't Attack Iran.

Israel mulls buying more F-15s, F-16s

Saudis Tighten China Energy Ties to Reduce U.S. Dependence

Iran to set up 'Oil Industry Bank'

Gas exporting countries to consider increase in gas prices for Europe

Blast hurts official's driver in Russia's Ingushetia

-- International high finance! --

Airline losses from ash climb over $1 billion

Greek borrowing cost at new high

Gordon Brown and Angela Merkel attack Goldman Sachs

The Ultimate Ponzi Scheme: IMF Increases Its Fire-Fighting Fund 11-Fold

"The IMF's eleven-fold increase in its fire-fighting fund, announced earlier this week, is a sign that the endgame for the global debt markets is approaching."

Abu Dhabi and Dubai rent to fall further 20%

SKorea's Lee vows strong action in ship sinking

Volcanic flight ban hits Kenya farm workers (On the virtues of globalization)

UK: What happens if Britain's population hits 70m?

UK's 'virtual water' reliance worsens global shortages

US: Seattle sees another housing bust

Poll: Americans' distrust of federal government is deepening

Bill Clinton's warning on extremist mood in US

Citigroup posts $4.4 billion first-quarter profit

Spitzer: Goldman suit no coincidence

Advocates carry handguns, rifles at Va. rally

McCain suggests using military tech on Mexico border

Senate set to consider NSA chief as head of Cyber Command

Richard Clarke On The Growing 'Cyberwar' Threat

Baja California luxury developments go from boom to bust

14 Risks with Supposedly "Safest" Securities

And finally... Grass-eating beetle could devastate Britain's lawns!

Permanent Link posted by Rice Farmer @ 5:13 PM

Sunday, April 18, 2010

News Links, April 19, 2010

Japan 'boosting intelligence on Chinese military'

Japan bemoans route used by Chinese flotilla

Japanese islanders rally against US base plan

Russia must have role in Europe-based missile defence system, says Nato chief

European new car market enjoys calm before storm

Volcano cloud pushes European airlines to the brink: analysts

Abu Dhabi opens arms to serious investors

Abu Dhabi told to avoid Dubai property perils

$364bn of UAE construction projects on hold, cancelled

Now we know the truth. The financial meltdown wasn't a mistake – it was a con

Merrill Used Same Alleged Fraud as Goldman, Bank Says

Goldman Sachs May Face U.K., German Probes After Suit

The Future of Capitalism - Profits and Growth (but not without cheap oil)

Saint-Etienne Swaps Explode as Financial Weapons Ambush Europe

China Lends Venezuela $20 Billion, Secures Oil Supply

China Boosts Gas Sales to Iran, Irks U.S.

Chinese coal demand to remain strong

Ecuadorean threat to oil giants

Russia eyes gas discount for Ukraine in exchange for energy project participation

Saudi Arabia sets up nuclear energy science centre

"Fast growing power demand is forcing Saudi Arabia to look at all sources of energy."

Thailand Tourism Devastated by Political Unrest

Thailand faces threat of yellow-shirt counter-protest

Malaysia: Cap on foreign workers likely

China Starts New Bureau to Curb Web

Suspicions Hamper U.S. Access To Kyrgyzstan Air Base

Taliban say buildup under way

Suicide bomb at police station kills 7 in Pakistan

UK: Government plan to bring back 200,000 stranded Britons will involve Navy if crisis worsens

General election 2010: Labour promises Mandarin in schools

Israel Sells More Drone Technology to UK

US: Eight Banks Fail, 2010 Tally Hits 50

Rising Fuel Prices Could Chill Summer Vacation Plans

Shoe heels go glitzy in hard times

Natural Gas Boom Gets Put On Hold (sheds revealing light on shale gas)

Airlines Pledge Not To Charge For Carry-Ons

Clinton Says He Got Wrong Advice on Derivatives

Southern California office market continues to weaken

And finally... Ride out collapse in style with the ultimate survival bunker

Permanent Link posted by Rice Farmer @ 5:02 PM

Saturday, April 17, 2010

News Links, April 18, 2010

Ahmadinejad: Israel has nukes while Iran banned from nuclear energy

Iran calls US 'the world's only atomic criminal'

SA defense minister says army is in dire straits

Germany to Review Possible Legal Steps Against Goldman

Swaps: A warning from France that the financial crisis isn't over

UAE: Petrol price to increase 11% across the country

Polish Crash Shows Russia's Crumbling Airports

China's Rules to Curb Property 'Madness' Will Take Effect Now

Israel iPad Ban Puzzles Many

Mexico cartels empty border towns

US: After Peak Oil, Are We Heading Toward Social Collapse?

California's jobless rate hits high of 12.6% in March

Postal Service Seeks to End Saturday Service To Avoid Financial Collapse
Kansas: Shortfall for '11 state budget tops $500 million

Arizona to allow concealed weapons without permit

GM's Pension: A Ticking Time Bomb for Taxpayers?
Wave of commercial foreclosure postings hits Central Texas

Foreclosure Pipeline Is Full to Bursting

Permanent Link posted by Rice Farmer @ 4:49 PM

Friday, April 16, 2010

News Links, April 17, 2009

Numerous Derivative Swap Deals Blow Sky High In Europe

Outstanding Sovereign Swaps Jump on Fiscal Jitters, BOJ Says

Greece lays groundwork for possible EU-IMF aid: PM

Greece May Spur German Rethink, Morgan Stanley Says

"Germany might consider exiting Europe's current monetary union to create a smaller bloc as the Greek crisis threatens to turn the euro area into a region of 'fiscal profligacy.'"

The Greek Drama: German Professors Take on the IMF and the EU

BRIC leaders: IMF, World Bank has 'legitimacy deficits'

Deflation is pushing Ireland to restructure faster

If the economy is recovering, why is gold still rallying?

Turkish unemployment up to 14.5 percent

Russia Could Raise Up To $5 Billion In Eurobond Market Return

Dubai World creditors reject 1 pct interest

Euro Zone Government Debt Could Top 100% of GDP

Defusing Canada's debt bomb

U.S. Debt Headed To Possible 'Crisis'

Russia flexes muscles in Western airspace

Hillary Clinton tells Israel to stop 'settlement activity' and provoking Palestine