Thursday, April 21, 2011


News Links, April 22, 2011

## Global economic meltdown ##
Iceland Faces Inflation Despite Slowing Growth
Greeks Gird for Losses as Debt-Cutting Odyssey Enters Year Two
Greek Yields Soar to More Records on Restructuring Concern; Bunds Decline
Eurozone may see more bailouts
After Brief Pause, Lumber's Gigantic Collapse Continues
India Aims for Economic Expansion of 9% to 9.5%, Ahluwalia Says
Gold Climbs to Record as Debt Concern, Inflation Boost Investment Demand

## Fault lines/flashpoints/military ##
Syrian activists vow largest protests to date
Arab Upheaval 'An Appetizer For What's To Come'
Obama OKs use of Predator drones in Libya
Analysts: Libya War Could Drag On Indefinitely
Drug gangs muscle into new territory: Central America
Drug gangs help themselves to Central American military arsenals
German Document Hints at Decreased Military Abilities

## Energy/resources ##
China's Sinopec signs huge Australia gas deal
Cars in Nepal line up for scarce fuel in shortage
United States Budget Problems and the Oil Supply
Oil Crisis Just Got Real: Sinopec (Read China) Cuts Off Oil Exports
Fuzzy Data Help Roil Oil Markets (WSJ)
"Unreliable data on oil production—starting with the world's largest exporter, Saudi Arabia—are adding to the price volatility triggered by unrest in the Mideast, despite efforts to improve transparency.
"Saudi Arabia said on Sunday that its production had been at least 700,000 barrels a day lower in March than existing estimates, including those published by the Organization of Petroleum Exporting Countries."
U.N. chief: More nuclear accidents are likely
Brazil ethanol prices soar, fuel shortage looms
Oil prices likely to keep rising until June

## Got food? ##
India in dilemma over wheat exports
India's Food Inflation Rate Rises
"Food Shock" Report Reveals Why Food Price Increases Will Continue, Outlines Solutions for Food Supply Security
Feed, fuel costs add to issues egg farmers face
Organic Farmers Sue Monsanto to Protect against Contamination
Worries about rising costs cast pall on McDonald's
Corn, Soybeans Rally as Wet Midwest Weather May Delay Planting, Cut Yields

## Environment/health ##
Study: Gulf spill's social costs may linger for years
Ozone hole has dried Australia, scientists find

## Intelligence/security/internet/systemic breakdown ##
Security lags cyberattack threats in critical industries, report finds
"The world's water treatment plants, power grids, and other vital industries are seeing escalating cyberattacks, but are not ramping up security fast enough, says a new global report."
IPv4 addresses down to last block – rationing starts
Sony Reports Massive PSN Outage; Could Be "Attack"
PlayStation Network down for a day -- or two
Amazon cloud computing services go down, sites go dark

## Japan ##
Japan: area around Fukushima declared a legal no-go zone
TEPCO seeks 20% cut in employees' annual salaries
Radioactive iodine found in breast milk of four Japanese mothers
Leaks into sea 20,000 times over safe limit
OECD slashes Japan's GDP forecast
OECD recommends tax hike for post-quake Japan
More than 17,000 apply for unemployment benefits in Miyagi
Aomori business groups ask TEPCO, others to resume building nuclear plants
It's called insanity. -- RF
Tokyo Taxis' Fare Income Sank 6.8% In March
Foreign student exodus / At least 4,330 have left due to quake, nuclear fears
Livestock left to perish in zone

## China ##
China Inflation And Wage Protests Spread, Turn Violent
COFCO Says Ethanol Use in China Won't Harm Grain Security, Xinhua Reports
Electricity supply to face shortage this summer
"The National Development and Reform Commission (NDRC) announced on April 15 that a tight electricity supply may occur in most regions in China, according to the National Business Daily."
Officials warn of further inflation in China
China's Shenhua to help build 1.7 mln T emergency coal stock

## UK ##
Rich 'should be forced to aid poor'
"Rowan Williams said a return to the medieval tradition when monarchs ritually washed the feet of the poor would serve to remind politicians and bankers what should be the purpose of their wealth and power."

## US ##
Killer Combo of High Gas, Food Prices at Key Tipping Point (CNBC)
"Of the six US recessions since 1970, all but the "9-11 year 2001 recession" have been linked to—of not triggered by—energy prices that crossed the 6 percent of personal consumption expenditures, he said. (During the shallow 2001 recession, energy prices had risen to about 5 percent of spending, which is higher than the long-term 4 percent share.)
"What may make matters worse this time around, is there has been a steep increase in food prices that occurred as well. In other recent recessions food costs were benign, at between 7.5 percent and 7.8 percent of spending."
First Time in 75 Years, Handouts Exceeding Taxes
2011 New York Auto Show: Big fear is $5 a gallon gas
"2011 New York Auto Show reveals growing concern about rising gas prices. Executives at the 2011 New York Auto Show say sales could fall by 2 million vehicles a year if gas reaches $5 a gallon."
Poll: High gas prices cut into Americans' driving
Michigan Teachers Who Strike Could Lose License Under New Legislation
Nissan Says US Market Share May Fall Due to Parts
Most Obvious Trade: Short U.S. Treasuries
Airline results take a hit from higher fuel cost
Big U.S. Corporations Moving Jobs out of United States
David Stockman: Deficit Reduction "Flimflam & Swindle," Taxes Must Rise (includes video)
KC confronts a staggering number of vacant houses
"The number of vacant homes in Kansas City has jumped to as high as 12,000 — leaving some urban-core neighborhoods a quarter empty."
Jim Grant Explains Why QE3 Is Coming
Toshiba N-reactor contract for U.S. plant seen as kaput
Stingy megabanks swimming in cash
As Market Rises, Americans Flee Stocks

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