Monday, January 24, 2011


News Links, January 25, 2011

-- Global economic meltdown --
China vs. JPMorgan: the battle over gold and silver
Russia To Increase Gold Holdings By 13% In 2011, Will Buy 100 Tonnes Of Gold Each Year
World Economic Forum Endorses Fraud (Mish)
Japan PM renews calls for fiscal reform talks
Japan PM Says Japanese Public Must Shoulder Burden Amid `Severe' Fiscal Strain
Q+A-Are Japan's public finances at tipping point?
Japan's new graduates facing grim job prospects
New EU Bank Stress Tests More Like the US: Lagarde
How encouraging! -- RF
Spanish Banks' Capital Shortfall Will Not Exceed $27 Billion, Salgado Says
China Property Prices Defy Beijing's Cooling Measures
China: Boom or Bust?
China might revalue its currency this year: Kissinger
Global Price Fears Mount
Brace Yourself: Peter Schiff Predicts U.S. "Inflationary Nightmare", Made in China
U.S. Treasury Secretary Admits U.S. Default is Imminent
"If this document [Geithner's letter to Congress] is not a harbinger of impending civil unrest on a national scale in the United States, I can't imagine what is."
UK-Nordic-Baltic Summit to form new "alliance"
The Natural Laws of Collapse
Overcapacity Still Plagues The Auto Industry
Sarkozy targets commodities in G20 agenda
How Central Bankers Will Save Us from Rising Food Prices (Daily Reckoning)
Inside Citigroup's Strategy to Become Global Consumer Bank
U.S. Markets Breaking Down, Schiff Says: Buy Gold, Energy and Emerging Markets
Dubai real estate deals down 65% in 2010
Saudi banks won't need state bailout, says CenBank governor
Record Credit Card Debt Fueled by Growing Peso Shortage: Argentina Credit

-- Fault lines/flashpoints/military --
New Africom chief will consider base in Africa despite initial opposition
Egypt government warns activists against Tuesday "Day of Wrath" protest
Politics and Growing Violence in Egypt
Suicide bomber kills 35 at Russia's biggest airport
Kuwait getting Patriot missiles
Amid rumors of rebel groups unifying in Congo, countries in region discuss joint military action
Sarkozy urges financial reform to avoid unrest

-- Energy/resources --
France Was Net Power Importer on More Days in 2010
Oil 'could hit $200 a barrel' says investor Jim Rogers
Today's Trends: China Oil Demand Hits Record, to Keep Climbing in 2011 (Rigzone)
Saudi: 2011 oil demand to grow 1.8M barrels a day
Water, Not Oil Could Soon Become the World's Greatest catalyst for Conflict
Sinopec to invest in USD 5 billion oil pipeline in Canada
Record cold has South Korea telling citizens: wear long johns
Metals Traders Worth $3 Million on Wall Street Amid Shortages
Vast gas fields found off Israel's shores cause trouble at home and abroad
Fight Over Oil Sands Pipeline Continues to Heat Up

-- Got food? --
Food price rises 'may cause unrest': ministers
"Agriculture ministers from Europe, Africa and Canada warned Saturday of dire consequences, including riots and social unrest, unless action is swiftly taken to improve food security and tackle price hikes."
Food prices to rise sharply as more struggle to put meals on their tables (East Africa)
Korean situation
"Families of [NKorean] Communist Party and security service officials are buying all [the food] they can, and apparently stockpiling it. Lower ranking officials are increasingly asking that their bribes be paid in food (especially rice), rather than cash (which is declining in value at the black market currency exchanges). Similarly, several factories, that are still working and exporting, are asking to be paid in rice."
Global food system must be transformed 'on industrial revolution scale'
Judging by this article, the prescription is totally wrong-headed. More roads and infrastructure? GM crops? This is the same industrial thinking that got us into this mess in the first place. -- RF
McDonald's serves up UK record
McDonald's likely to raise prices in 2011

-- Environment/health --
What will cars be like in the future?
Horse-drawn carts? -- RF

-- Intelligence/security/internet/systemic breakdown --
Report: Stolen data sold over online black market
China's netizens reach a whopping 457 million
Mexico to become first country to use iris scans on ID cards

-- China --
China adopts new rules to quell huge source of unrest
China's £1.1bn desalination plant is latest megaproject in increasingly desperate race against water shortages
Shandong drought threatens drinking water supply, crops

-- UK --
Every mile of road 'has ten potholes' claim
Sharp rise in the number of struggling companies
Insolvencies set 'to rise by 10%' in 2011
Households grow more pessimistic on finances
Communities threatened by government cuts, warns Unison
Auto Trader search data shows big interest in smaller cars
Teachers threatening to strike over pensions

-- US --
Police fear 'war on cops'
"With the Florida deaths, the nation is on track in 2011 to match the 162 police officers killed in the line of duty in 2010."
Bank Valuations Stuck at 2009 Lows Showing No Recovery From Credit Crisis (Bloomberg)
"Valuations for U.S. financial stocks have fallen so far, it's like the rebound from the worst crisis since the 1930s never happened."
Cantor: 'No Federal Bailout of States'
Seeking a Warm Place on City's Coldest Night
Shortage of spare parts often delays Air Force maintenance
Yesterday it was a tampon shortage; today it's warplane parts. And don't forget the pharmaceutical shortage covering all of North America. Systemic breakdown is here and now. -- RF
The rush is on to make food traceable
"The new requirement represents a major adjustment for some parts of the nation's food system, as the government imposes standards and electronic record-keeping on an industry where small players still rely on handshakes and paper invoices."
Spread Between Short- & Long-Term Borrowing Rates Hit Widest Ever
The College Degree Scam
Postal Service announces new closures
'Multiple' gas fires spark Ohio mass evacuation
Consumers Shifting Back to High-End Liquor
Definitely, this means the recovery has taken root. -- RF
January 23 2011: Only 47% of working age Americans have full time jobs (Automatic Earth)
Commodities Prices Are Hitting Your Wallet

And finally... Man starts fire trying to kill bedbugs

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