Thursday, May 12, 2011

 

News Links, May 13, 2011

## Global economic meltdown ##
Special report: Europe's Greek tragedy
Let Greece Implode (Forbes)
'Greece Is Bankrupt' and Will Restructure: Market Pro (CNBC)
Portuguese Austerity May Mean Greek-Like Recession
US Budget Deficit to Exceed $1 Trillion Again This Year
Why Growth is Dead (Chris Martenson)
Must read, if you're wondering why Ponzi schemes inevitably collapse. And in this case it is the growth economy. See especially the graph "Total US Credit Market Debt." -- RF
Treasury Auctions To Take US Over Debt Ceiling On Monday
"WASHINGTON -(Dow Jones)- The Treasury Department auctioned $56 billion in new debt Tuesday and Wednesday, enough to take the U.S. over its federal debt ceiling when the three- and 10-year notes settle on Monday."
Stagnation Worries Top Those on Inflation
In graphics: The eurozone's crisis
India Factory Output Rises Most in Five Months, Adding to Inflation Fears
Latin America's Boom Could End in Crisis: IMF Official
BRICs Start to Crumble (Barron's)
"The powerhouse emerging economies show lagging stock performance; even top-performing Russia just suffered a technical breakdown."
Economic Bust in Australia:Near-Record Corporate Bankruptcies, Employment Drops Unexpectedly; Rise in Bad Home Loans;Record Low Property Transactions
Eric Sprott Says Gold Is Now The World's Reserve Currency, Says Silver Was Manipulated Lower
Central Banks Purchase 127 Tons Of Gold In Q1
Hedge-fund managers ponder Armageddon
"LAS VEGAS (MarketWatch) — A collapse of the banking system, the demise of the U.S. dollar as the reserve currency, another oil shock, a new round of junk-bond defaults and a meltdown in Japan's bond market were among the doomsday scenarios explored by hedge-fund managers at a conference in Las Vegas Thursday."

## Fault lines/flashpoints/military ##
Yemeni forces kill 18 and wound hundreds as unrest escalates
"Worst violence in months sees demonstrators and defected army faction clash with republican guard."
Syria protests: Thousands of students rally in Aleppo
Syria: Opposition says Assad vows not to fire on rally
Nigerian army clashes with militants in oil delta
"The Nigerian army clashed with militants in the creeks of the Niger Delta on Wednesday, the first such skirmish for months in the heartland of Africa's biggest oil and gas industry."
Libya: Nato in fresh strike on Gaddafi compound
Libya rebels advance on oil town of Brega after Misrata victory
U.S. Rethinks Mideast Arms Sales
Grenade attack hits Saudi Consulate in Karachi
Ahmadinejad in bitter row over Iran's ministries
The Fall of the U.S. Empire (Financial Sense)
An interview with the guy who coined the term "Chaostan." -- RF

## Energy/resources ##
Diminishing Returns: Why Required Extraction Rates Are About To Surprise Us
Excellent. If you still don't understand why industrial civilization is fated to crash, then this article is a must-read for you. It is a bit long, but well worth the time. -- RF
Rising resource use threatens future growth, warns UN
Theater of the absurd. The world can't add another billion "middle-class consumers" no matter how efficiently resources are used. -- RF
OTC: BP calls deepwater drilling 'indispensable'
"A growing percentage of oil and gas reserves worldwide are in deep water, calling for new technologies to operate safely and reliably under enormous pressures and temperatures, BP America Inc. Chairman and Pres. Lamar McKay told the Offshore Technology Conference in Houston on May 3."
And that costs plenty. If you want to keep using oil, be prepared to pay. -- RF
Gulf states seek high-tech oil boost
"Persian Gulf oil producers are turning to advanced technology as fields become depleted and extracting the crude becomes more difficult while global demand grows."
Water-rationing plan set to expand (Taiwan)
Govt: No way out of looming power crisis (Tanzania)
India's PM calls emergency meeting as coal shortages deepen
"The shortage of coal in India has aggravated to such an extent that Prime Minister Manmohan Singh has called for a high level meeting on May 16, to be attended by the Ministers of Coal, Power, Environment and Finance to find a medium-term solution to the problem critically affecting power generation and steel production."
Brazil govt intervenes on $6.82 per gallon gasoline prices
Arctic Circle meets to discuss mineral exploration
"Senior ministers from eight countries around the Arctic Circle met in Greenland on Thursday to set down rules for the expansion of fishing, oil and mineral exploration made possible by the continuing melting of sea ice."
IEA Cuts 2011 Oil Demand Forecast for the First Time on Prices
OPEC raises crude oil demand forecast
Tillerson Says Big Oil Needs $21 Billion U.S. Aid
Will Natural Gas Fuel America in the 21st Century? (Richard Heinberg)

## Environment/health ##
Study Reveals Fracking Does Contaminate Groundwater with Methane

## Intelligence/security/internet/systemic breakdown ##
Massive net banking outage at Swedish bank
FBI spyware continuously trolls suspects' surfing
Data centers experiment with new power sources
"Data center power usage is soaring -- the U.S. Environmental Protection Agency estimates that data center energy requirements will double in the next five years."
US Air traffic controller errors way up, watchdog says
Software piracy hits record levels in Asia-Pacific

## Japan ##
Tepco: Leak Suggests Severe Damage
Tepco: Fukushima Fuel Rods Are Fully Exposed
Fukushima 'Full Meltdown' Made Official
"TEPCO officials confirmed today the months-long of suspicion that the Reactor No. 1 at Fukushima suffered a full meltdown."
Melting of reactor 1 fuel 'no surprise'
Radiation-contaminated area spans 800 square km, new map shows
"The total area contaminated with radiation from the Fukushima No. 1 nuclear power plant is estimated at about 800 square kilometers, or about 40 percent the size of Tokyo, according to a radiation map created by the science ministry and U.S. Department of Energy."
Radiation Detected in Tea Leaves in Japan
Chubu Electric starts work to shut down Hamaoka plant
Japan's Most Important Banker Sees Only Bubbles
Japan current account surplus slumps after quake
Nissan Q4 rises, sees full production likely by October
Carmakers Face Grim Outlooks Amid Lingering Shortages (Nikkei)
"Seven major automakers held off on releasing forecasts for the year ending March 2012, with parts shortages stemming from the March 11 earthquake forcing sharp production cuts."
Toyota faces more hardships
Carmakers to switch output to weekends
"Automakers will run factories on Saturdays and Sundays and halt them on Thursdays and Fridays from July to September to counter anticipated electricity shortages."
Komatsu eyes four-day workweek
"The president of Komatsu Ltd. said Thursday the construction machinery maker is considering shifting to a four-day workweek at its headquarters in Tokyo to cope with anticipated power shortages this summer in the region."

## China ##
Power Shortage Disrupts Life, Production in China
China's Hunan cuts power supply to residents -report
"Some cities in central China's Hunan province have started cutting power supplies to residents, a newspaper run by the official Xinhua News Agency reported on Wednesday, the latest sign that power crunches could be worse than expected in coming months."
Video: Food Gap Between China's Rich and Poor a Problem
HKMEx to launch yuan denominated gold Futures
Inflation 'set to increase further'
25 Million Reasons China Cannot Fight Inflation
China Raises Bank Reserves in Uphill Fight Against Inflation
"China moved again to head off inflation by requiring banks to hold more of their deposits in reserve, the eighth such move since November, despite little evidence that measure is taming prices and worries that it is depriving needy smaller companies of capital."
China Inflation Spreading Beyond Food Shows Wen to Persist With Tightening

## UK ##
Home repossessions rise 15%, CML says
RAB Set to Delist as Assets Evaporate
"RAB Capital the hedge fund that was the toast of London's financial community in the boom, is poised to delist from the UK's junior market amid a crippling wave of redemption requests from investors."
Restoring London's lost orchards

## US ##
Obstacles beyond technology may limit US production, lawmakers told
A good read for those interested in the problems limiting oil production. A shortage of CO2! Who would have thought? -- RF
Post-Recession, the Rich Are Different
Heartbreaking. I shall pray for the rich tonight. -- RF
Mississippi flooding drowns crops and casinos: What's the economic toll?
Foreclosure Delays Plague Housing Recovery
Scientists find MRSA germ in supermarket meats
Americans buy less food as gas prices rise: survey
Niall Ferguson's 4 Reasons Why US Dominance Is Over
"The era of US economic dominance is rapidly coming to an end as an "American Gothic" age sets in and China becomes the new global leader, economic historian Niall Ferguson said."
Falling Home Prices More Than Erase $8,000 Tax Credit for Many Buyers
High-End Real Estate Market Is Getting Desperate
Weekly Unemployment Claims an Elevated 434,000; Moving Average Trending Higher for a Month
The Economic Recovery Fantasy (Bill Bonner, Daily Reckoning)
"Look at the stock market in terms of gold. Stocks have lost more than 75% of their value over the last 10 years – and they're still going down."
U.S. Cost for Libya Air War Hit $750M: Gates
Producer Price Inflation Sees Greatest Jump Since 2008




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