Tuesday, December 14, 2010

 

News Links, December 15, 2010

-- Global economic meltdown --
Eurozone debt crisis spreads to Belgium on rising political risk (Ambrose Evans-Pritchard)
Belgium may have debt downgraded by June - S&P
Get your panic buttons ready. -- RF
China Walks Market Tightrope as It Tackles Inflation
China's Rate Pause May Show Consensus Difficulty, Deutsche Says
And Now Presenting: Amazing Satellite Images Of The Ghost Cities Of China
Despite better educations, 'ants' still struggling
Chinese Property Investors Go Shopping in Japan
China Expanding its Influence in Europe
"The cash-strapped southern Europeans are increasingly looking to Beijing to solve their budget woes."
OECD warns Europe over new bank rescues, saying more may have to be rescued
The Rising Cost Of Money Will Be The Story Of 2011
Cf. this story from a few days ago. When energy gets more expensive, capital costs escalate and it's harder to pay back debt. -- RF
Bank Of Canada Chief Warns Of "The Death Grip Of The US Dollar"
When it comes to dealing with austerity, Africa wrote the textbook
Spain Sells 2.5 Billion Euros of Bills as Borrowing Costs Surge on Ireland
10 Signs That Confidence in U.S. Treasuries Is Dying
Ireland says no to bank bonuses
Canadians With More Debt Than U.S. Spark Policy Makers' Warning
BOJ Set To Start Shopping For ETFs, REITs
Dubai's RERA says 202 real estate projects cancelled
Government building drive feeds Riyadh office glut
Bubbles, bubbles everywhere. Just another consequence of the expansionist "growth" mindset left over from the halcyon days of cheap oil. -- RF
BOJ tankan shows business sentiment deteriorated

-- Fault lines/flashpoints/military --
Firearms from U.S. being used in Mexico drug violence
World's most powerful supergun 'can obliterate targets from 100 miles'
But it won't save the Empire. -- RF
Chinese department store lavatory costs £500 to use
This institutionalizes wealth disparity, and it will come back to haunt the rich. -- RF
Israel general drops defense bombshell
Russian Armed Forces on High Alert Over North Korea
S. Korea To Stage Big Air Raid Drill Amid Tension With North
Japan-operated tanker attacked off Somali coast
Italian Students Vent Anger
Holbrooke's Dying Words: 'You've Got to Stop This War in Afghanistan'

-- Energy/resources --
Oil to Reach $100 on OPEC Capacity Drop, Goldman Says
Indonesia to Ration Subsidized Fuel in Jakarta
Oil and Gas Exploration Innovations: Mostly Hot Air
Pickens Plan no longer features wind energy
China to raise rare earth tariff exports in 2011
Growing Trouble in Europe's Renewable Sector
Rising capital costs and disappearing subsidy funds are hitting renewables hard. It's important to realize that renewables are subsidized directly and indirectly by fossil fuels. -- RF
Saudi to start storing crude in Japan next year
Crude to be stored in Okinawa; another reason for Japan to beef up its defenses there. -- RF
China imports 3 billion cubic meters of Turkmen gas this year
How Much Does the United States Subsidize Energy
Energy costs more than you think. And the chickens are coming home to roost. -- RF

-- Intelligence/security/internet --
Vocus data center in Melbourne goes down
The UPS (uninterruptible power supply) lasted just one hour. Cellphone base stations too will run for a while on UPSs, but when their batteries run down, that's it. -- RF
The New York Police Department Starts Using Iris Scans on Suspects
US Air Force Blocks Internet Access To New York Times, Guardian And 23 Other Website Posting WikiLeaks Documents
So far WikiLeaks hasn't released anything we hadn't already figured out. So this China-style blockage cannot be meant to protect non-existent secrets. -- RF

-- UK --
Core funding being cut by 12.1%, say councils
Scottish house prices 'fall again', surveyors say
NI house prices will drop further says RICS
Efficiency savings will test NHS 'to the limit'
Energy costs squeeze ups pressure on consumers
U.K. Inflation Rate Unexpectedly Increases to 3.3%
Poll: 33 percent of Britons want to leave
Savers will find it hard to put money aside in 2011
Brace yourself! The second Big Chill set to last a month

-- US --
Layoffs are hitting suburban police departments (Chicago)
U.S. Mayors Cutting Road Repairs, Police Departments, Parks, Libraries to Cope With Economic Downturn, According to New Harris/Reader's Digest Poll
These percentages paint a grim picture of a future in which urban infrastructure and municipal services steadily decline in the face of fiscal ruin and desperation. And the really brutal austerity measures have yet to start. Cf. yesterday's item about Detroit. -- RF
More Protestant churches feel economic pain
GM Offering Buyouts to Several Thousand Skilled Workers
U.S. military weighs reusing damaged equipment
Credit cards? Nah! Americans moving to cash, debit cards.
The 'Tax The Rich' Con, Part III (Forbes)
Arctic cold spurs record power demand in SC
The 99ers — Our National Shame
Fed Retains $600 Billion Bond-Buying Plan to Boost Economy
In One Day, Federal Reserve Posts $8 Billion In Unrealized Capital Losses (And Possibly Double That)
CBO recommendation to munis -- default!
This is what I've been saying: we're going to see a storm of muni bond defaults. -- RF
Pixie Dust Loses Magic as Foreclosures Slam Disney's Utopian Florida Town
Economic Recovery Nonsense Continues
Obama-GOP tax deal the beginning of the end of Social Security, Sen. Sanders says

And finally...
'I'm not a witch' picked as top quote of year
Naked came the mail carrier




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