Tuesday, May 10, 2011


News Links, May 11, 2011

## Global economic meltdown ##
Greece Denies Report It Is Seeking New EU Aid Package
European Union plays for time over Greece
Daily Austerity Watch: The New Greek Bailout
Ireland Proposes To Tax Pensions
Australia Shrinks Spending to Combat Inflation
Pro: Early Stages Of EU Falling Apart? (CNBC)
PIMCO raises bet against U.S. government debt
Jim Rogers may short Treasuries: this afternoon (Reuters)
JPMorgan Joins Bank of America in Perfect Record for First-Quarter Trading
5 Reasons Gold Will Continue to Shine
Deutsche Bank Sees Gold Rising as High as $2,000 as George Soros Pares Bet
Silver Will Hit New Highs in Just Weeks
Financial problems main cause of Dubai suicides
Diamond to build 2,500 houses amid property glut (Dubai)
Saudi's Maaden plans to double gold production
Japan quake slowdown to hurt Toyota sales in UAE
ASPO-9: the ghost of hyperinflation to come

## Fault lines/flashpoints/military ##
Yemen facing collapse, opposition says
Syrian Military Tightens Grip In Restive Areas
Is troubled US-Pakistan marriage heading for divorce?
Fear that U.S. could grab nuclear arsenal heightens Pakistani anger
Covert War With Iran: A 'Wilderness Of Mirrors'
Ahmadinejad Seen As Loser In Iranian Power Struggle
NATO Missile Strikes In Libya Target Gaddafi's Tripoli Compound, Say Witnesses
UN aid chief: If Libya's fighting continues, the country will run out of food
NATO bombs rock Tripoli, Libya rebels hail advance
Land scarcity drives a bout of ethnic violence in Kenya, Ethiopia
Uzbek president accuses the West of funding Arab revolts
"Uzbekistan's autocratic President has accused the West of funding this year's Arab uprisings to gain access to oil, gas and mineral reserves."
Aircraft carriers gain naval clout
"Despite growing controversy about the cost and relevance ofaircraft carriers, navies around the world are adding new ones to their inventories at a pace unseen since World War II."
Russia's Lavrov In Baghdad To Boost Military Ties

## Energy/resources ##
Saudi keeps oil supply steady ahead of OPEC meeting
Crude oil adds $1.33, tops $103 a barrel
Arctic nations eye future of world's last frontier
"Leaders of Arctic nations gather in Greenland this week to chart future cooperation as global warming sets off a race for oil, mineral, fishing and shipping opportunities in the world's fragile final frontier."
U.N. chief calls for nuclear safety boost
But that means building nuke plants — which already suffer from massive cost overruns — will become even more expensive. It's another nail in the coffin of the nuclear renaissance. -- RF
South Africa Coal at Highest in Almost Month on Atlantic Market

## Got food? ##
Grain Crop Weather Damage Growing on Europe Drought, Canada Rain
"Less than a year after the worst drought in a generation destroyed one-third of Russia's wheat crop and sent global food prices surging, more adverse weather is damaging fields from North America to Europe to Asia."

## Environment/health ##
U.S., Japan Deny Plans to Send Spent Nuclear Fuel to Mongolia
Mississippi Flooding Threatens Crops, Refineries

## Intelligence/security/internet/systemic breakdown ##
Osama bin Laden dead: Barack Obama ordered large enough team to fight off Pakistan forces
Pakistan Gives U.S. General the Silent Treatment After Osama Raid
CIA to let some senators see bin Laden photos
Data Center Power: Energy Consumption Reduction Demanded in California
National Emergency Alert System Set To Launch In NYC

## Japan ##
Near-record 2 million people on welfare in Japan: Mainichi survey
Earthquake Impacts NEC Profit
Suzuki Q4 op profit down 51 pct, skips forecasts
Sony: No date yet for PlayStation Network return
TEPCO to sell over Y500 bil of assets to cover compensation
Tepco turns to government for cash
Tokyo Electric Executives to Take Further Salary Reductions
Kan to forgo PM's salary until nuclear crisis brought under control
Hamaoka impact will be far-flung
"The seismology expert said that prevailing westerly winds would carry radioactive substances toward Tokyo, unavoidably affecting areas in between, including U.S. military bases in Zama, Atsugi and Yokosuka."
A rumor making the rounds in Japan is that the US exerted pressure on Japan to close Hamaoka, as a disaster at the plant would potentially close the bases and affect the military balance in the Far East. -- RF
Hamaoka nuclear plant's shutdown may impact nationwide power supply
Chubu Electric faces massive loss in wake of Hamaoka nuke plant closing
Gov't to financially support Chubu Electric over Hamaoka suspension
Japan says nuclear policy must be reviewed from scratch
"Prime Minister Naoto Kan said on Tuesday that renewable energy would be a key pillar of Japan's energy policy after the world's worst nuclear crisis in 25 years and that its nuclear policy must be reviewed from scratch."
Mitsubishi's FY2010 net profit up 68.5% on higher resource prices
"Mitsubishi Corp said its group net profit for fiscal 2010 surged 68.5% from a year earlier to 463.19 billion yen as higher oil and other resource prices helped boost its energy and metal operations."
27 percent of evacuees say they have no prospects of making a living: poll
Evacuees enter no-entry zone / Given 2 hours, 1 plastic bag, residents grab supplies for uncertain future
Video: Spent fuel pool at Fukushima No. 3
The explanation is in Japanese, but the totally ruined state of the pool is clearly visible. -- RF

## China ##
Leaked China data show consumer inflation at 5.1%
China Net Crude Imports Rise as Factories Boost Fuel Demand
Financially struggling utilities heighten China power shortages: reports
China: Trade Surplus Increased Sharply To US$11.4 Billion In April 2011
Hong Kong's Luxury Boating Industry Faces a Parking Crisis
"The booming demand for luxury yachts in Asia's financial capital Hong Kong, largely fueled by wealthy mainland buyers, is pushing the rental price of marina berths located across the city's coastline up to record levels."

## UK ##
Cable theft 'caused over 6,000 hours of train delays'
Rail metal theft triples and costs £1m a year in Wales
Japan Crisis May Impact Jaguar Land Rover Production
Half of schools in England see budget cuts, survey suggests

## US ##
McDonald's is killing the middle class
Florida to cut state unemployment benefits
Americans raiding retirement funds early
Caring for poor, hospitals reach brink of closure
"Two charity hospitals in Illinois are facing a life-or-death decision. There's not much left of either of them — one in Chicago's south suburbs, the other in impoverished East St. Louis — aside from emergency rooms crowded with patients seeking free care. Now they would like the state's permission to shut down."
Ala. nuclear plant cited for serious safety issue
Will Secession Be On The Ballot In Tuscon, Arizona?
Midwest flood threatens US oil infrastructure
Prices at the Pump Likely to Keep Rising
Cost of U.S. Imported Goods Rises More Than Estimated on Food, Fuel Prices
12 Month Gain In Imported Food Costs Biggest On Record And Other "Transitory" Observations
Inflation: Poison for Obama in 2012
Report: 85 percent of Las Vegas homeowners with mortgage are underwater
Weekly Insider Selling To Buying Ratio: 565x
U.S. Postal Service reports $2.2 billion loss

And finally... Yes Men Affiliates Prank Peabody Energy

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