Wednesday, February 23, 2011


News Links, February 24, 2011

-- Global economic meltdown --
Korean Bank Run Spreading: Eighth Bank Closes Following "Massive Withdrawals"
Vietnam Raises Rates for Second Time in a Week as Dung Battles Inflation
Dubai Can't Kick Its Building Habit as Glut Lowers Prices
"In the next two years, tens of thousands of new properties will come onto a market where about 40 percent of homes and offices are empty."
Pumping up a real estate bubble that is already higher than the Burj Khalifa. -- RF
Commodities Bloodbath Except Gold, Silver, Crude
Singapore CPI Rises at Faster Pace
Japan posts first trade deficit in almost two years
Eric Sprott: "There Is No More Silver Left"

-- Libya --
Gadhafi defiant as defectors call for regime's overthrow
Gaddafi loses more Libyan cities
Why a Stable Libya is So Important to OPEC and World Oil Production
Clampdown in Tripoli as protests close in
Libya: Middle East airports turn away Gaddafi planes
"Airports around the Middle East were on Wednesday night turning away planes carrying members of Col. Muammar Gaddafi's family."

-- Fault lines/flashpoints/military --
Hundreds back Facebook call for Saudi protest
Nearby Uprisings Stoke Saudis' Political Passions
Saudi king back home, orders $37 billion in handouts
The fuse has been lit; handouts won't stop the explosion. -- RF
Libya and Oil Part II – Don't watch Libya. Watch Saudi.
Greek police in fresh clashes with protesters
Watching Bahrain, Saudi Shi'ites demand reforms
Bahrain frees political prisoners
Roughly 1/5 of Bahrain's Population Out in Protests
Thousands protest against high food prices in Delhi
'I won't pay' movement spreads across Greece
"In light of austerity measures, citizens ignore tolls, transit ticket costs, even bills for healthcare"
Behind Libya: rising food prices and US debt (Bill Bonner, Daily Reckoning)
"Behind the popular discontent in the Arab world is food. And behind soaring food prices is Ben Bernanke."
Special Report: In Africa, can Brazil be the anti-China? (Reuters)
Anti-China or whatever, everyone is just aiming to plunder Africa's resources and energy in a futile effort to maintain the infinite-growth ponzi-scheme economy. -- RF
Pirates up the ante, beef up defenses and threaten to kill more hostages
Don't Expect The World's Navies to Save You from Pirates (Danger Room)
Fresh gun battles erupt in Ivory Coast's main city
BULLETIN: Libyan judge says Gadhafi ordered Lockerbie bombing
US Army wants rapid-fire rubber bullets for crowd control
The sinking US empire: Israel must prepare for continued global decline of its greatest ally, the United States (YNET)
DPJ members at 'Takeshima Day' (Japan; another simmering territorial dispute)

-- Energy/resources --
Rise in electricity demand spells trouble in summer (India)
Power cuts fuelling crisis (India)
"We are making it official. There will be an additional one hour of load shedding every day till the power situation improves."
293 delayed projects led to cost overrun of Rs 68K cr (India)
India just keeps falling farther and farther behind. -- RF
Libyan Unrest Causes Commodity Prices to Skyrocket
Russian 'nuclear renaissance' postponed as government cuts Rosatom investment program
Nuclear renaissance: Dead on arrival. -- RF
China Plans Overseas Iron Ore Asset Spree
North African gas supplies to the European gas market
Floating Crude and Shipping Rates Could Trigger $4 Gas
Saudis Said to Be Willing to Pump More Oil Without OPEC Meet
Saudi minister: OPEC nations has capacity to produce surplus oil
If the world calls, will Saudi be there? (Foreign Policy)
Nomura Predicts $220 Oil If Just Libya, Algeria Cut Output
Ecuador rings up billion-dollar oil sale to China

-- Got food? --
Control over your food: Why Monsanto's GM seeds are undemocratic (CSM)
Gov't to hike wheat price by 18% in April (Japan)

-- Environment/health --
Last Year's Whooping Cough Rate Among The Worst In Half A Century (US)
Coral reefs heading for fishing and climate crisis

-- Intelligence/security/internet/systemic breakdown --
Iranian Cyber Army takes credit for VOA hack
Quality of life will rise as more people flock to cities
I include this as an example of how people who believe in endless energy and infinite growth can get it so wrong. Big cities will crumble -- indeed they already are crumbling -- and will become absolute hellholes ruled by armed gangs and packs of dogs. -- RF
Internet 'kill switch' bill gets a makeover (US)
"But the revised wording continues to alarm civil liberties groups and other critics of the bill, who say the language would allow the government to shut down portions of the Internet or restrict access to certain Web sites or types of content."

-- China --
Natural gas stockpiles crucial to energy security
China's weather forecasters reluctant to confirm rumours of rain
HK's inflation rises 3.6%
Wow! US Ambassador To China Caught On Video At "Jasmine Revolution" Protest
Chinese Push for 'Jasmine' Protests Continues

-- UK --
NHS to lose 50,000 jobs, including doctors and nurses
About 1.6m children in the UK are living in severe poverty, Save the Children says
Save the Children: Severe child poverty Wales highest

-- US --
Indiana Official: "Use Live Ammunition" Against Wisconsin Protesters
Airline Credit Swaps Climb for Second Day as Oil Reaches $100
Airlines hike fares - again
Social Security Works to Avert Data Center Failure
New Report: 'Higher Hate Group Count Than Ever'
In Pa., Low-Income Adults Soon May Be Uninsured
Bank Closings Tilt Toward Poor Areas
This is America: A Visual Reminder Of US Social Stratification
Neofeudalism advances quickly as wealth concentrates within the new aristocracy and the rest of us are relegated to serfdom. -- RF
Credit cards: Fees, fees, and more fees
Wisconsin Situation (and Others Like It) Driving Investors From Munis to Stocks
The Bulls and Bears Agree: Muni Default Risk Is Greater Than Ever
Indiana lawmakers pass immigration curbs like Arizona
Mexican army arrest in US agent Jaime Zapata killing
Providence to teachers: All jobs up for cuts
Vacant homes plague Washington Park; census shows one in three empty
Providence, R.I., to pink slip all teachers
Gasoline, Heating Oil Surge as Libya Revolt Threatens Supplies
Very Weak 5 Year Auction Raises Speculation That Neither US Dollar Nor Treasurys Are Flight To Safety Any Longer
Geithner Says Not To Worry About Surging Oil Prices: "Central Banks Have A Lot Of Experience In Managing These Things"
"You really can't make this sh*t up: 'The economy is in a much stronger position to handle' rising oil prices, Tim Geithner said today during a Bloomberg Breakfast in Washington. 'Central banks have a lot of experience in managing these things.' We are, all of us, now doomed."
Seattle restaurant puts TSA workers on no-eat list
Problem bank ratio at 23-year high

And finally...
Don't let this happen to you! Texting driver crashes into river

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