Saturday, March 05, 2011


News Links, March 6, 2011

## Global economic meltdown ##
Portugal, Spain Aren't Likely to Seek Bailouts, EFSF Chief Regling Says
Sovereign debt levels imperil entire financial system
Saudi Stocks End Longest Losing Streak Since 1996 After State Purchases
Middle East airlines face cost hike
Saudi Arabia contagion triggers Gulf rout (Ambrose Evans-Pritchard)
"Fears of sectarian uprisings in Bahrain and Saudi Arabia have set off the first serious wave of investor flight from the Gulf, compounding market turmoil as civil war in Libya pushes Brent crude over $116 a barrel."
Is Canadian housing the next domino?
Weekly Fundamentals - MENA Unrest Upstaged Upbeat Economic Data
Tide turns: Sharp increase in number of Mexicans returning home
"The number of Mexican migrants returning to their country -- mainly from the United States -- has increased dramatically in the last five years compared with the previous five years."

## Libya ##
Libya's Rebels Claim Another Oil Hub in Day of Clashes
Chavez garners support from allies for 'goodwill commission' to Libya
Libya Rebels Snub Chavez Mediation, Press on Against Qaddafi

## Fault lines/flashpoints/military ##
Saudi Interior Ministry Says Demonstrations, Marches Prohibited by Law
Saudi Arabia drafts in up to 10,000 troops ahead of protests
"Desperate to avoid mass uprisings against the House of Saud, security forces have deployed in huge numbers across the region."
Egypt: Protesters raid on Cairo state security HQ
Oman's ruler replaces two top ministers after protests
China paper blasts Middle East protest movements
Viet Nam expresses outrage over China's military drill
"Viet Nam has expressed indignation at the military drill conducted by China near Truong Sa (Spratly) Archipelago. 'The exercise is a gross violation of Viet Nam's sovereignty over the archipelago and runs totally against the Declaration of Conduct in the East Sea (DOC) signed by ASEAN and China in 2002,' the Foreign Ministry said."

## Energy/resources ##
Saudi Aramco Raises April Crude Oil Prices for Asia, Northwestern Europe
Putin says BP can help develop arctic oil
Monetary gains make solar power a more practical choice
"Solar panels have a lifetime of about 25 years, and the inverters that change the AC current they produce into DC current usually have a 10-15 year guarantee."
When current renewable capacity wears out, we will likely no longer have the industrial capacity to replace it. Build what you can, now. -- RF
'A Coal Famine in the Winter is an Ugly Thing' (A lesson from the past)
'Support for nuclear projects up in US'
But there ain't no money. -- RF
Is "shale oil" the answer to "peak oil"?

## Got food? ##
US Corn Belt Braces for Major Flooding in Spring
"Illinois and Iowa alone produce almost a third of corn and soybeans in the United States, the world's leading exporter of those industrial crops."
The 23 Governments That Could Get Crushed By Food Price Inflation
Albert Edwards On The Surging Costs Of Food And Energy Eating Up American Wages
Corn prices heading to record highs amid "incredibly tight" supplies

## Intelligence/security/internet/systemic breakdown ##
S. Korea says it thwarted cyberattacks
NSA warns on tech concentration
"National Security Advisor Shivshankar Menon on Thursday warned about the increasing phenomena of concentration of technology infrastructure with a handful of corporate companies."

## China ##
China's Wen Targets Inflation as Top Priority to Cut Risk of Social Unrest
China's Wen pledges to address 'great resentment'
China projects 136 bln USD fiscal deficit in 2011
China to curb rise of housing prices
China formally bans reporting in Beijing shopping street
China internal security spending jumps past army budget
China blocks access to LinkedIn
Wen says China set for five more fat years of growth

## UK ##
Oil prices: Urgent steps needed to wean UK onto other energy sources, MPs say
There will be great weeping and gnashing of teeth when people realize they had greatly overblown expectations for renewables and electric cars. -- RF
Benefit cuts will leave a third of UK 'too costly for low-income households'
UK 'risks fresh financial crisis' says King
Osborne: I'll help drivers hit by soaring petrol prices
"George Osborne, the Chancellor, has vowed to use his forthcoming Budget to help hard-pressed motorists as a fellow minister admitted soaring oil prices could send the cost of petrol to more than £2 a litre."

## US ##
Utah Immigration Law Approved By State Lawmakers
E-mails detail utilities' lack of freeze planning
An instructive article on how the Texas blackout affected the water utility. Everything is connected. When the electricity stops, everything stops. Recall how this blackout shut down natural gas supplies in several other states. -- RF
Utah lawmakers look at reducing budget cuts as advocates protest food tax
'Social Safety Net' Less Safe As Cuts Debated
Ultimately the social safety net will completely disappear. Get used to it. -- RF
Protesters rally in Wisconsin after governor threatens layoffs
The Real News on Jobs
"Most of the new jobs created since February 2010 (about 1.26 million) pay significantly lower wages than the jobs lost (8.4 million) between January 2008 and February 2010."
Parts Shortage Closes Auto Plants
Here's a lesson in supply chain disruption. -- RF
Home prices: The double-dip is near

And finally... Senior Fed Economist Calls Ron Paul a Pinhead

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