Wednesday, June 15, 2011


News Links, June 16, 2011

## Global economic meltdown ##
Already poor, Yemen taking an economic beating from unrest
Euro-Area Accord on New Greek Aid May Be Delayed to July
Greek prime minister reshuffling government as protests rage
Greek Prime Minister George Papandreou offers to resign as austerity protests swell
Europe warned of financial chaos over Greek debt crisis
Europe's $103 Billion Yard Sale May Come Up Short as Buyers Seek Bargains
Slovakian Fin Min Talks Tough on Debt (CNBC video)
"'Until now the problem was we were so afraid of contagion that we didn't resolve the problem, we have just been pushing the problem in front of us,' Slovakian finance minister Ivan Miklos told CNBC in a discussion on the possibility of agreeing a new aid package for Greece next week. He added it was 'unacceptable' for debt laden countries to have a real fiscal or transfer union and 'we need hard budget constraints, not to give more money to those who are not making the necessary changes, the necessary reforms.'"
Qantas Cuts $750 Million in Spending; to Cancel Orders
"Australia's Qantas Airways will slash spending by A$700 million ($750 million) and plans to cancel aircraft orders as it battles waning demand, soaring fuel costs and investor displeasure with its shares trading near multi-year lows."
Philippines May Increase Interest Rate as Inflation Spurs Asian Tightening
Bank of Ireland Becomes 'Slave' to Debt Woe
Croatia Turns to Deficit, Recession Fight
What are the social implications of economic collapse?
Rich world economy prospects darken: Reuters poll
Contagion Risk Increases – Euro Falls As Moody's May Cut Rating On 3 Large French Banks Exposed To Greece

## Fault lines/flashpoints/military ##
The global order fractures as American power declines (Financial Times)
Around the Globe, US Military Bases Generate Resentment, Not Security
Argentina grants ID card to man born in Falkland Islands
When India and China Scramble for Africa, Who Wins?
"China and Indian have both boosted their trade and investment in Africa in recent years, but 'South-South' solidarity is not all it's cracked up to be. The continent's relationship with the Asian giants is lopsided. 'Africa is quickly becoming the largest market for both countries to dump their cheap commodities.' Both countries are focused on 'land and resource extraction, and new markets for manufactured products.'"
Feds watched as US guns were shipped to cartels
"Three federal firearms investigators told Congress on Wednesday that they were repeatedly ordered to step aside while gun buyers in Arizona walked away with AK-47s and other high-powered weaponry headed for Mexican drug cartels in a risky U.S. law enforcement operation that went out of control."
Gunmen kill Mexican governor's guards, leave threat
NATO sliding towards Libyan ground war: Russian envoy
U.S. helicopters fire on attackers in Iraq oil hub: military
CIA air base in works for Gulf to target Al Qaida

## Global unrest ##
Violent Crime Soars in Athens (NYT)
Wave of anger blankets Athens as Greece weighs new austerity measures
Oiling the Unrest in Belarus
Syrian rebels call for new wave of protests in Arab capitals

## Energy/resources ##
Indian Coal Shortages has Steel Producers Worried
Saudi, US Debated Oil Reserve Swap Before OPEC
"In the weeks leading up to the failed June OPEC meeting, U.S. and Saudi officials met to discuss surprising the market with an unprecedented arrangement: exchanging urgently-needed high-quality crude oil stored in the U.S. emergency reserve for heavier, low-quality oil from Saudi Arabia."
Gulf 'Dead Zone' This Year Predicted To Be Largest In History
Cost of oil, gas drilling up from recession lows
Arctic chill as Norway and Transocean try to offset production declines
Nuclear Twilight in Europe
In search of fuel in oil-rich UAE
No Less Than 50 Specialty Metals Face A Supply Threat
Japan's renewable energy plans: Chasing rabbits using solar power?
In sum, nothing can replace fossil fuels. -- RF

## Got food? ##
NW China fights locust plague
World changes eating habits as food prices soar

## Environment/health ##
Solar forecast hints at a big chill
IPCC asks scientists to assess geo-engineering climate solutions
Europe Braces for Serious Crop Losses and Blackouts
"Record dry spring could drive up wheat prices, and lack of water may force nuclear reactors to shut down"

## Intelligence/security/internet/systemic breakdown ##
Hackers Claim to Sting CIA Website, Attack Senate Site Again
Is anyone safe? Spate of incidents raises security concerns
Next health hazard: Hackable medical implants
Lawmakers Propose Warrant Requirement for GPS Data

## Japan ##
Japan's Sovereign Debt Crisis Has Reached A Critical Stage
"According to the McKinsey Institute, in 2009 Japan had a total debt including State, Local Government, Corporate and Households of around 471% of GDP."
Japan Plant Had Earlier Alert
"Nine months before the March earthquake and tsunami cut off power to the Fukushima Daiichi nuclear plant, one of its reactors suffered a loss of electricity under much more mundane circumstances: A maintenance worker from a subcontractor accidentally bumped an electronic switch with his elbow."
"Those lining up to profit from the clearance operation, which is expected to take three years, include homegrown gangs and Chinese crime syndicates."
The Three Contradictions of China's Miracle
China's property rating downgraded on tightening credit

## US ##
"The crime has become so prevalent that the FBI says it affects national security by disrupting 'the flow of electricity, telecommunications, transportation, water supply, heating, and security and emergency services.'"
Nebraska Nuclear Plant at Level 4 Emergency
Nuclear power plants are all ticking time bombs. -- RF
"The March 11 earthquake and tsunami in Japan continued to hamper U.S. manufacturing in May, the Federal Reserve said Wednesday."
Inflation Keeps On Rising but Manufacturing Gauge Slumps
"U.S. core consumer inflation rose at the quickest pace in nearly three years in May and a regional manufacturing gauge contracted this month, underscoring the headwinds facing the economy."

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