Thursday, March 10, 2011


News Links, March 11, 2011

## Global economic meltdown ##
Spain debt rating downgraded by Moody's
Japan's Exchanges to Begin Merger Talks
"In terms of market capitalization, a merger of the Tokyo Stock Exchange and its western Japan rival, the Osaka Securities Exchange, would create the world's second-largest exchange operator, outpacing Nasdaq OMX behind market leader NYSE Euronext."
Global Stocks Get Slammed On Jitters About Debt, Growth
Bank of Korea Raises Key Interest Rate to 3% as Inflation Exceeds Target
Credit Default Swaps: Here We Go Again
Euro Weakens as Spain's Credit Downgrade Revives Debt Concerns in Region
Europe Catches Up to the Can: Spain's Downgrade Puts Crisis Back in Focus
Unexpected Trade Deficit in China; Chinese Importers Caught in a Squeeze; Global Macro Picture Weakens
Gold, Infinite Debt, and the Problem of Capital Storage: Has The Hotelling Moment Arrived?
Eastern Europe Uses Greek Crisis as Cover to Delay Move to Euro Discipline
Skyscrapers Are A Great Bubble Indicator: They tend to go up before the economy goes down.
Ireland's New Government Forms Coalition, Immediately Surrenders To EU & IMF Banksters
Citigroup Is `World's Best-Positioned Bank,' Chief Pandit Says
On Japan's Bond Market And Its Economy
Fairly good overview of Japan's situation. However, I think the moment of truth will come sooner than 2016. -- RF
New panel to examine Japan's economic risks
Most likely the "experts" will continue to studiously ignore energy decline, and that denial will hasten Japan down the path to ruin. -- RF
Abu Dhabi sees $35.5bn in construction contracts awarded in 2010
S&P Cuts Libya To Junk

## Libya ##
Qaddafi bombs oil facility in blow to Libya's oil infrastructure
"A rebel position at Libya's Ras Lanuf came under withering fire today as Muammar Qaddafi's forces set an oil tank ablaze at a key export terminal."
Gaddafi takes key towns as Nato squabbles over Libya action (Guardian)
• Rebels retreat from Ras Lanuf and Zawiya
• Regime warns of full-scale military action
• Nato in paralysis as US blocks no-fly zone
• Navy chief says Britain ready to send more ships
Hillary Clinton to meet Libyan rebel leaders
U.S. To Soon Send Disaster Relief Teams To Eastern Libya, White House Says
Gates, Others Talk Up US No-Fly Zone in Libya
France recognises rebels as government
Nicolas Sarkozy to urge 'targeted air strikes'
US says NATO 'natural choice' for Libya intervention
Obama wants allies on board before intervention in Libya
No consensus seen in Congress for U.S. Libya action
Fly F-22s Over Libya, Advocates Say
Russia bans arms sales to Libya
Pro-Gadhafi kidnap gangs silencing foes — sometimes for good

## Fault lines/flashpoints/military ##
Former Goldman Sachs Analyst Charles Nenner Joins Marc Faber and Gerald Celente in Predicting Major War
Surge in Arab protests expected on Friday in Gulf
Yemen: President Saleh announces 'parliamentary system'
Morocco's King Mohammed pledges constitutional reform
Belarus dictator mocks plan to prosecute him
The West Completely Misjudged the Situation in Saudi Arabia
A contrarian take on KSA.
Saudi police open fire on pro-democracy protesters
Army Takes Tahrir Square As New Violence Hits Egypt
ElBaradei 'to run' for president
Revolts Raise Fear of Migration in Europe
Bahrain prepares for march, sectarian clash erupts
Taiwan to cut troop numbers by 9,200
India's Hyderabad shut down as thousands demand new state
Maersk Alabama targeted again by Somali pirates
China says wells in disputed gas field are operational
Somali Pirates Expand Reach, Attack Almost Daily
U.S. Navy Ill-Prepared for New Arctic Frontier: Study

## Energy/resources ##
India to face huge coal shortage by 2021-22: Govt
India's Widening Energy Deficit
"India's energy crisis is set to deepen as top producers of coal, natural gas and oil recently said their output will grow little in the next few of years – not what the country wants to hear at a time when its thirst for fuel shows no sign of abating."
Quebec Halts Most Shale-Gas Activity
Oil Reserves, Fracking and Gap Oil
PHOTOS: The Giant Saudi Oil Compound That's Just Miles From The Protests
Saudis say they far exceeded oil output quota in February
China and Brazil Leading Energy Infrastructure Investments in Latin America
Failed Substation Blamed for Massive NJ Power Outages (US)
Pipeline Attack Halts Iraq Oil Export Flows To Turkey -Police Source
Erste Oil Special Report: "Force Majeure - Middle East"
Libyan oil output down by more than two-thirds

## Got food? ##
'Starving' families forced to steal food in wake of rising prices (Australia)
High Beef Prices, Low Economy, Spring: Perfect Storm For Increase In Beef Cattle Rustling (US)
From shoplifting to cattle rustling, food theft of all kinds will worsen as prices rise. -- RF

## Environment/health ##
Gulf spill sickness wrecking lives (Al Jazeera)
"Nearly a year after the oil disaster began, Gulf Coast residents are sick, and dying from BP's toxic chemicals."
Kid Crazy: Why We Exaggerate the Joys of Parenthood (Time)
Stink Bugs: A Most Vile Scourge, for Farmers and Homeowners (US)
"The bugs -- which have no natural enemies -- have been wreaking havoc on farmers around the country, decimating fruit and vegetable crops, including corn, soybeans and tomatoes, as well as organic crops without chemical pesticides."

## China ##
Is China's Housing Bubble About To Burst? (Dave Cohen)
China's oil reserves enough for one month
Molycorp Says China May Become Net Importer of Rare-Earth Minerals by 2015

## UK ##
Vodafone UK network suffers another outage
Pension reforms: Public sector workers to pay more and retire later
Storm looms as public sector pension reforms unveiled
UK pay rises at record low, says Vocalink
Most Britons Face 60% Income Loss in Retirement

## US ##
GOP rams anti-union bill through Wis. Senate
Philadelphia School District prepares for massive cuts
Breaking up is hard to do because of the economy
Budget deficit hits record $222.5 billion in February
Wisconsin at epicenter of drive to curb unions
Factbox: Several states beyond Wisconsin mull union limits
A Failing City Calls In The Finance Doctor
Bill seeks to outlaw Shariah law in Fla.
Dade Cops Waiting To Get Crime Fighting Drone Airborne
More U.S. Citizens Toss Passports as IRS Seeks Hidden Assets
Jobless Claims in the U.S. Rose 26,000 Last Week to 397,000
Treasuries Surge as U.S. 30-Year Bond Sale Draws Highest Demand Since 2000
Debit cards: $50 spending limit coming?
U.S. takes over three Tylenol plants
Forecast for New York: "Tsunami" of Foreclosures
Less Debt Gives U.S. Consumer a New Lift
Lots of deleveraging going on. -- RF
AIG Goes For Re-Broke, Offers To Repurchase Toxic Subprime Portfolio From Fed For $15.7 Billion

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