Thursday, April 14, 2011


News Links, April 15, 2011

## Global economic meltdown ##
Greek Bonds Now Yielding Over 13%
IFR: Voluntary Greek debt restructuring in next 2 yrs: expert
Spain: China Mulling €9.3 Billion Cajas Investment
BRICS demand global monetary shake-up, greater influence
"The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions."
Excerpts From Executive Statements At The IMF/World Bank Meeting
"As usual anything that is being denied is about to hit us head on."
Bankers Running Rings Around Regulators
G-7 Boosting Currency Reserves as UBS Sees Intervention Revival
Iraq needs 8 trillion dinars to cover 2011 rationing budget
Who will save America from drowning in debt?
Housing Denial in Australia Feeds Off Same Myths We Heard in the US
Citi Issues USD Warning: "Significant Downside Risk For USD And JPY If Market Begins To Price In Unsustainable Debt Risk"
Middle East needs IMF, World Bank intervention, Carnegie says
Bahrain firms in talks to move operations to Dubai, analyst says

## Fault lines/flashpoints/military ##
NATO Commander Calls for More Warplanes
Syria Activists Report Phone, Power Blackout Amid Crackdown
Pirate attacks hit an all-time high worldwide
I have said time and time again that piracy will worsen. And the pirates are just getting warmed up. -- RF
U.S. Says Iran Helps Crackdown in Syria
Yemen opposition wants Saleh out within two weeks
"Yemen's opposition rejected an offer on Thursday to join Saudi-mediated talks on a transfer of power and set a two-week deadline for President Ali Abdullah Saleh to step aside."
China aircraft carrier watched by region
Uganda opposition leader injured during protest against high food and fuel prices
Portugal's Main 725,000-Strong Union Considering General Strike

## Energy/resources ##
Oil Gains a Third Day After Reports Saudi Arabia Cut Production This Month
"'The news that the Saudis are cutting output should be scaring the daylights out of people,' said Bill O'Grady, chief market strategist at Confluence Investment Management in St. Louis. 'It looks like they couldn't find buyers for their light blends,' he said."
Nuclear Power After Fukushima
"The industry was arguably on life support before Fukushima. When the history of this industry is written, Fukushima is likely to introduce its final chapter."
Uranium Producers in Takeover Play as Assets Exceed Share Price: Real M&A (Bloomberg)
"Uranium companies from Toro Energy Ltd. (TOE) to Mega Uranium Ltd. (MGA) are so depreciated they're trading at less than their assets would be worth in a fire sale."
A U.S. Nuclear Accident Could Be a Lot Worse than Japan
'Opportunities' for new oil spills are still there
Big shale gas reserves are a global phenomenon - US Energy Information Agency
As with anything else, it is not the quantity but the quality of something that counts more. The world is also swimming in oil, but that's not helping anything. -- RF
Oil-Price Shock Is Hitting American Consumers Hardest

## Got food? ##
Food prices: World Bank warns millions face poverty
How the US is like North Korea
"Much of North Korea's population is starving, yet its government pours money into missile and nuclear programs. Such behavior seems to be the height of irrationality. But North Korea is only following the international community's – especially America's – example."
It's easy to grow plants from seed
In my experience, "easy" depends on the plant. But everybody must learn how, anyway. -- RF
Food price hikes could push millions to poverty

## Environment/health ##
Cuba faces its worst drought for 50 years
"The state-run newspaper Granma says up to 70% of water pipes supplying the capital are leaking and in urgent need of repair, the BBC's Michael Voss in Havana says."
Gulf residents at BP meeting: We were treated like 'criminals'
"They asked us where we were from, we said Louisiana, and they said you can't go in."
Deepwater and dealmaking haunt BP meeting
"U.S. shrimper Diane Wilson told the BBC, 'I think a lot of the shrimpers are concerned. One concern, is that the shrimp are contaminated... A lot of the fishing communities, especially in Louisiana, are not touching the shrimp,' she said."

## Intelligence/security/internet/systemic breakdown ##
New visual disruption laser on market
Researcher: Police increasingly peeping at e-mail, instant messages (US)

## Japan ##
60% of Japanese Firms Negatively Impacted by Quake: Poll
Tepco Said to Plan for Three Months of Cooling at Fukushima
The Fukushima nuclear disaster just keeps getting messier and scarier
Onagawa nuke plant jolted beyond specs
Groundwater radiation level at nuke plant rises: TEPCO
Farmers urge TEPCO to compensate them for damages
Automakers' return to full production forecast for October at earliest
S Korea, China, Taiwan Banning Food Imports From Japan
No. of foreign visitors to Japan plunges 50% in March
Half of evacuees have no means to support themselves
Bustling Akihabara Electric Town darker, quieter as power shortages bite
Govt to monitor construction supplies
Department stores now expect lower sales because of disaster

## China ##
Beijing March New House Prices Plunge 26.7% M/M: Press
China's high-speed trains to slow down
Beijing's Empty Bullet Trains (Roubini)
"The problem, of course, is that no country can be productive enough to reinvest 50 percent of GDP in new capital stock without eventually facing immense overcapacity and a staggering nonperforming loan problem. China is rife with overinvestment in physical capital, infrastructure, and property. To a visitor, this is evident in sleek but empty airports and bullet trains (which will reduce the need for the 45 planned airports), highways to nowhere, thousands of colossal new central and provincial government buildings, ghost towns, and brand-new aluminum smelters kept closed to prevent global prices from plunging."
China's power consumption up 13.4% in March
Price rises must stop, group says
China official says curbing food prices key:report
China Changes How It Reports GDP

## UK ##
Elderly 'must expect to sell their homes to pay for care'

## US ##
Public Employees Feel The Heat In The Sunshine State
U.S. Nuclear Regulator Lets Industry Write Rules
At Peach Bottom, TMI, sirens have no backup power
Geithner says Congress will pass debt limit increase
Shortage of auto parts idles U.S. Subaru plant
Deficit/debt dilemma is way uglier than in the 90s
A major shortcoming of this article is that it doesn't consider the soaring cost of energy. -- RF
Here come the downgrades for Q1 GDP Growth
Illinois Wants School Districts To Pick Up Teacher Pension Tab
San Diego Cuts Library Hours to Help Erase $57 Million Deficit
Calif. Mortgage Defaults on the Rise
BofA CEO: Owners shouldn't look at home as an asset
Core producer prices, jobless claims rise
"Prices paid by U.S. factories picked up pace in March as the disruption caused by Japan's earthquake began to be felt in the auto industry and fuel prices rose strongly."
For some students: No repayment plan, no loan
Commodity price rise effect on earnings
Rising gas prices pushes wholesale costs higher
The Looting of America (Catherine Austin Fitts video)
Suicide Rates in U.S. Increase as Economy Declines, CDC Researchers Find

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