Friday, June 10, 2011


News Links, June 11, 2011

## Global economic meltdown/dollar dump ##
Schaeuble says Greece is close to broke
Greek government fends off attacks on austerity, to vote in June
Trichet Escalates Greece Clash as ECB Puts Onus on Governments for Rescue
Greek default is inevitable (MarketWatch)
Bank of Korea Raises Interest Rates
China May Exports Squeezed by Slowing Global Demand
New Fundamental Rules for the Greenback: HSBC
DJIA Posts First Sub-12000 Close Since Mid-March
Saab suspends output while it seeks parts and cash
Fed Will Buy $50 Billion of Treasurys in Final QE2 Push
China ratings house says US defaulting: report
Asian Stocks Drop, Equaling Post-Lehman Decline, on U.S. Growth Concerns
There Will Be Blood in Europe (Courtesy of the ECB)

## Fault lines/flashpoints/military ##
3 Iraqi officials assassinated in Baghdad
Iraq government says Congress delegation "not welcome"
"Iraq said on Friday a visiting Congress delegation was "not welcome" in the country, citing reports its leader called on Baghdad to pay compensation to Washington for years of war since the 2003 U.S.-led invasion."
Iraq will ask US troops to stay post-2011, says Panetta
China accuses Vietnam in South China Sea row
"China has accused Vietnam of "gravely violating" its sovereignty in an escalating row over disputed waters in the South China Sea."
Vietnam Plans Live-Fire Drill After China Spat
China navy to stage exercise in western Pacific
U.S. Urges Calm As Vietnam-China Spat Escalates
Mexico drugs war: Corruption grows on US border
"Mexican drug cartels are increasingly targeting American border guards and customs agents with bribes and sexual favours, a US security official says."
Gaddafi A Legitimate Target, Says NATO Official
Pakistan sends home American military trainers as mutual mistrust deepens
CIA chief Leon Panetta in Pakistan for talks
Is Pakistan's Military Facing An Enemy Within?
World's biggest refugee camp runs out of space
"A humanitarian emergency is unfolding in the world's biggest refugee camp in Kenya because it has no space for new arrivals."
At least 15 Indian police killed in Maoist attacks
US Defense Secretary Warns NATO of 'Dim' Future
Fighting over Sudan oil zones escalates
"The conflict in Sudan over oil zones on the hotly disputed border between the Arab Muslim north and the African Christian south, due to become the world's newest state July 9, is widening with both sides squaring off for a renewal of a civil war halted in 2005."
Clinton warns Africa of China's economic embrace
"Secretary of State Hillary Clinton on Friday warned Africa that China does not always have its interests at heart as economic ties expand, and offered the United States as an alternative."
Pot calling kettle! -- RF

## Global unrest ##
Protests continue over shortage of cotton seed (India)
Latest developments in Arab political unrest stretching from North Africa to the Persian Gulf (AP)
100,000 protesters hit the streets in Yemen
Feeling winds of Arab Spring, Israel douses sparks of Palestinian uprising
Syria: Turkey condemns violence as Assad's helicopters open fire
Activists: At least 32 dead in new Syria protests
When can the Chinese expect their Arab Spring?
Saudi authorities detain six women for driving

## Energy/resources ##
2010 Oil Story: Drawing Down the Inventories (Gregor Macdonald)
Must read. This is the same as withdrawing savings to make up for spending that exceeds one's income. And lo and behold, the following article also cites draining inventories. -- RF
OPEC says oil supply gap looms later this year (Reuters)
"OPEC followed this week's failure to reach an output deal with a forecast world oil supplies would begin to fall short later this year, draining inventories just when demand is expected to hit a seasonal peak."
Saudis Ready to Pump Oil After OPEC Collapse
"The world's largest oil exporter will increase production, though it's too early to say by how much, a Saudi industry official with knowledge of the matter who declined to be identified, said today. Al-Hayat, citing senior officials, reported earlier that the kingdom will boost output to 10 million barrels a day in July from the current 8.8 million."
Electric Company Of Saudi Arabia Warns Country May Run Out Of Oil By 2030
Rockies Snow Decline Bad Sign For US Water Supply
"Snowpack declines in the Rocky Mountains over the last 30 years are more significant than during any other period in past centuries and foreshadow a strain on summer water supplies for more than 70 million people across the Western United States, a U.S. government study said."
Ho Chi Minh City at risk of fresh water shortages (Vietnam)
Germany, China, India demand to drive diesel prices
Refineries' liquidity crunch creates petrol shortage (Pakistan)
"Confronted with acute financial crisis due to non-payment of fuel bills by power generating companies refineries have drastically cut import of crude oil causing petrol shortage in the country."
WesTrac MD Jim Walker warns of looming tyre shortage for mining trucks (Australia)
Petrol rationing hits small businesses (Dubai)
Gap Between Oil Benchmarks Widens To Record
Fuel costs have soared in Europe, holidaymakers warned
"Holidaymakers could have to pay up 35% more for fuel in Europe compared to last summer thanks to soaring pump prices and a weaker pound, a new report has revealed."
Petrobras announces 700mn barrel oil find
Wow, that's a whole week's worth! -- RF

## Got food? ##
France Sets Out Aid Package For Drought-Hit Farms
Farmers Face Water Shortage As Climate Changes: FAO
Wet spring, lousy harvest mean higher food prices
The photo of the soggy cornfield looks more like a rice paddy. -- RF
Calculating Water Footprints: How Much Water in Your Food?

## Environment/health ##
Solar storm delivers a glancing blow to Earth – and a warning
"The solar storm caused by a massive eruption two days ago arrived at Earth Wednesday, but it was only a taste of what scientists say might come – and the world is not prepared."
Tropical Disease Buzzes Back Into U.S.
Spent Nuclear Fuel Pools in the U.S. (PDF)
"According to a new analysis by the Institute for Policy Studies and the Project On Government Oversight, our nation's stockpile of radioactive spent fuel is stored in such unsafe conditions that the lives of millions of people who live near nuclear reactors in this country are at risk."

## Intelligence/security/internet/systemic breakdown ##
Anonymous takes down Turkish site to protest censorship
CIA chief Leon Panetta: The next Pearl Harbor could be a cyberattack
Netanyahu urges Israel to become a global cyber-power
Personal data stolen from UK developer Codemasters by hackers
US Must Break OPEC Monopoly to Be Secure: Ex-CIA Head
Woolsey is delusional. -- RF
Drug shortages at all-time high (US)
"The number of drug shortages is at a record high, and the Food and Drug Administration is warning that they are getting even worse."

## Japan ##
Shareholders urge TEPCO to give up nuclear power
Tokyo Riot Squad to Safeguard Tepco Annual Meeting
"Japan's National Police Agency will send 150 officers and riot squads to Tokyo Electric Power Co.'s annual general meeting this month to quell possible protests by shareholders and terror attacks, a police official said."
Japan mayor Wants Tsunami-Hit Rice Paddies To Go Solar
How incredibly shortsighted. In a few years the paddies can be farmed again, and then all that junk will have to be removed. The paddies should be kept flooded to accelerate their desalination, but the industrialist mindset will delay it. -- RF
Japan recalls Shizuoka tea over radiation fears
Shizuoka tells tea retailer to conceal radiation info
Radioactive strontium detected in 11 places in Fukushima Prefecture
Toyota forecasts 35 percent profit slide after quake
"Toyota Motor Corp forecast a larger-than-expected 35 percent fall in annual profit on Friday and warned the strong yen was making it difficult to justify keeping production in Japan."
Kansai Elec asks users to save power with reactors off line
"Western Japan's Kansai Electric Power Co has asked its customers to cut power use by 15 percent during peak hours this summer as public worries over safety are keeping nuclear reactors offline, pushing the country's power crunch beyond the quake-hit northeast."
7 utilities may face peak-time power shortages
"Businesses and the public should expect to be asked to redouble their efforts to save electricity this summer as seven of nine electric utilities surveyed will likely fail to meet peak-time power demand due to the shutdown of their nuclear reactors."
Renesas to normalize output at quake-hit chip plant by late Sept

## China ##
China's power crunch may add to US price rises
China flooding worsens, toll rises
The Boom and bust of China's Rise
Hong Kong Widens Effort to Cool Home Prices, Ordering Higher Downpayments
China's Affordable-Housing Push Hits Delays
"China's government acknowledged that it was falling behind schedule on its ambitious plans to build tens of millions of units of low-income housing over the next five years as way to help ordinary Chinese buy homes and to cushion any downturn in the property market."
China May crude imports top 5 mln bpd
China asks oil firms to build more storage
"China has asked its two oil majors, CNPC and Sinopec Group, to accelerate expansion of commercial oil storage facilities to secure domestic supply amid fluctuation of international oil prices, China Reform News reported on Thursday."

## UK ##
South West Trains chaos: Delayed passengers break out
"Passengers have told how they got out of trains stuck for hours on South West Trains services outside London and walked down the tracks.
"Services were halted near Woking, Surrey, on Thursday night following a signalling problem caused by a possible attempted theft of cable."
UK holidaymakers 'face high petrol prices'
Drought declared as shortages set to last until autumn
Farmers and government hold drought talks in England

## US ##
18 Signs The Collapse Of Society Is Accelerating
Thieves are now climbing poles to steal copper
Whitney: 2 million state and local government jobs at stake (CNN Money video)
Officials say heat caused Detroit power outage
Costs of Libyan War Soaring
Water managers: shortage near crisis level for West Palm Beach
Key regulator: Speculators swamping oil, grain markets
Yes, speculators exist. But the idea here is to turn the public's eyes from the fundamental and crucial cause of high fuel and food prices: SUPPLY AND DEMAND. Check out Gregor Macdonald's item above to see that we are falling behind. -- RF
Town: CL&P trying to protect Greenwich from 'total failure'
"CL&P spokesman Frank Poirot said Friday that the utility had spent $10 million on system upgrades in Greenwich so far this year, about a third of the $33 million spent statewide.
"We're 'just keeping up with the growing demand for electricity in Greenwich is what it's all about and replacing equipment that's beyond its useful life.'"
Fuel surcharges on plane tickets soar. How long will it last?
Despite Gas Drop, Import Prices Higher Than Expected
"U.S. import prices rose for an eighth straight month in May despite a drop in fuel costs, with the year-on-year increase reaching its highest level in nearly three years, according to data on Friday."
Is Credit On The Verge Of An Oversaturation "Perfect Storm" Implosion
$49 Billion Later, Muni's See 1st Inflow Post Whitney Scare
California Cities Adopt Pension Reforms
Many of us won't be able to retire until our 80s
"Retirement" just keeps receding into the future. Plan on working until you drop. -- RF
Organized retail thieves striking harder (MarketWatch audio)
"The five-fingered discount is small potatoes. Nearly 95% of major retailers tell the National Retail Federation they've been victims of large, organized thefts in the past year. The NRF's Joseph LaRocca says these are the highest numbers he's seen."
'Bloodthirsty' pack of dogs terrorizes Washington community

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