Wednesday, June 01, 2011


News Links, June 2, 2011

## Global economic meltdown ##
Factory Sector Shifted to Lower Gear Globally
UK Consumer Recovery to be Slowest in 180 Years
China to Clean Up Billions in Local Government Debt
The Trillion Dollar Question: China's Local Government Debts Mystery Revealed
Euro-Zone Manufacturing Growth Slows
Asian Manufacturing Data Highlight Slowing Growth
Japan, Australia Stock Futures Fall as U.S. Manufacturing, Job Growth Slow
Greece nears IMF/EU deal and dismisses drachma talk
Greece's Debt Rating Is Cut Even Further by Moody's
IMF to eat Belarus alive (Pravda)
What Recovery? The Economy's Weak And Getting Weaker, Says Mish (Yahoo Finance video interview; pretty bearish)
China's Manufacturing Slowest in 9 Months, New Orders Suggest Manufacturing May Have Already Peaked; Australia Biggest GDP Drop in 20 Years
Krugman: Eurozone is at the Panic Stage

## Fault lines/flashpoints/military ##
Iran-Pakistani relations deepen
About 200 "launch cross-border attack" on Pakistan post
"About 200 militants crossed into Pakistan's rugged northwest from Afghanistan on Wednesday and attacked a security checkpost, killing one policeman, police said, and a television station put the death toll at seven."
El Salvador Fears Ties Between Cartels, Street Gangs
NATO extends operation in Libya another 90 days
Russian and Nato jets to hold first ever joint exercise
"Russian and Nato fighter jets will hold their first ever joint exercise next week, teaming up in a bid to prevent attacks such as the September 11, 2001 strikes on the United States, the alliance has announced."
Libyan oil minister confirms defection
No dialogue with parties involved in occupying Iraq - Sadrist Trend
"Sadrist spokesman announced today that 'the Sadrist Trend is firm on its stand to not engage in any dialogue with any party involved in occupying Iraq.'"

## Global unrest ##
Violence escalates across Yemen amid civil war fears
50 killed as Yemen's civil war continues to brew
Bahrain warns against unrest as king calls for dialogue
China starts coal mine crackdown after Inner Mongolia unrest

## Energy/resources ##
Kazakhstan restricts hydrocarbon exports
"Pressure from rising indigenous demand along with a refinery capacity shortage has caused Kazakhstan to extend a ban on light hydrocarbons distillates."
Analysis: Germany, France Fear Nuclear Power Gap This Summer
"Demand for power rises in the summer when homes and businesses turn on cooling devices but with a big chunk of Germany's nuclear capacity out and a possible cut in French nuclear capacity due to a severe drought, things may get tight."
Streetlights out or rates up with surprise street light power increase (Australia)
Fuel shortage continues in Sharjah
Mongolia faces critical diesel shortage (FT)
"Mongolia is running critically low on diesel after Russian deliveries failed to arrive, a development that threatens to crimp mining activity in the resource-rich country.
"The Mongolian government has ordered a temporary halt of diesel supplies to some miners and has dipped into its emergency stockpile, according to Mongolian state media. In the capital of Ulan Bator, public bus fares were raised by 33 per cent."
Mining industry expects labour shortage (Canada)
Pipeline problems hit Canadian crude prices
As oil prices rise, your asparagus gets tougher (Daily Reckoning)
"Residents of developed nations rely on oil for almost everything, even the appearance of our lawns and the quality of our vegetables depend on it."
Rare Earths Are About to Become a Lot More Rare

## Got food? ##
France Pledges Aid For Drought-Hit Farmers
Drought impacting your family's food

## Environment/health ##
Germany: 365 More Sickened in Bacterial Outbreak
"The Garden of Eden Had Been Turned Into The Ashes of Hell"- Azzam Alwash On The Destruction Of The Marshlands of Iraq

## Intelligence/security/internet/systemic breakdown ##
U.S. arms makers said to be bleeding secrets to cyber foes
"Top Pentagon contractors have been bleeding secrets for years as a result of penetrations of their computer networks, current and former national security officials say."
Cisco predicts internet device boom
Gen. Hamid Gul: US will start WW3 if war expands to Pakistan (video)
Interesting analysis, well worth watching. The general agrees with thinking people that the US killed the "legend" of Osama bin Laden, because the man had already been dead for years. -- RF
O2 Suffers Massive Outage, Sussex, Kent, North And East London Affected
"Thieves attacked the carrier's East London hubs, causing such destruction that O2 engineers are still struggling to bring the network back online for the users."
Google e-mail accounts compromised by 'Chinese hackers'
"Google said its own security defences were not compromised but that individual users were tricked
Hackers in China have compromised personal e-mail accounts of hundreds of top US officials, military personnel and journalists, Google has said."
US could respond to cyber-attack with conventional weapons
Online banking service down at Citizens Bank (US)

## Japan ##
IAEA: Tsunami Risk Was Underestimated
The Painful Evacuation of a Japanese Village
Fukushima effect: Japan schools take health precautions in radiation zone
Japan's Auto Sales Plunged 38% in May
Panasonic Plans to Build a 'Sustainable Smart Town' in Japan by 2014
High-tech smart towns are another crock of baloney upon which the masses will gladly feed. -- RF
Japan wants businessmen to shed suits, save energy
Radiated Water at Fukushima Plant May Breach Storage Trenches in Five Days
Quake-hit Renesas plant restarts production
"Although Renesas' stock of microcontrollers and other products is expected to run out soon, the factory's production capability of semiconductors in June will be only 10 percent of that before the quake."

## China ##
China sees tight fuel supply amid ongoing power shortage
China factories feel credit squeeze as expansion slows
China manufacturing PMI lowest in 9 months
China's Millionaires Jump Past 1 Million on Savings, Expansion of Economy

## UK ##
UK diesel shortage 'may put energy security at risk'
"Britain is facing a shortage of UK-sourced diesel and may need to triple imports over the next decade, the UK Petroleum Industry Association has warned."
Leicestershire street light dimming scheme continues
"Thousands more street lights across Leicestershire could be dimmed or switched off overnight in the latest phase of a cost-cutting scheme."
Blackpool earthquake tremors may have been caused by gas drilling
Driest spring for over 100 years, the Met Office says
China Property Prices Rise in May
"Residential property prices in 100 major cities in China posted an accelerated rise in May, a private index showed Wednesday, despite government efforts to address worries that housing costs have risen too far too fast."

## US ##
Daily Austerity Watch: Government Shutdowns Loom In Minnesota, Iowa
Rising water costs lead to uncertain future for farmers
Why New York City Home Prices Are Headed for Collapse
"When the banks begin to foreclose and dump the REOs on the market, prices in all five boroughs will completely collapse. This is almost certain, so ignore it at your own risk."
Mother Nature's Solution to the Housing Collapse (Barron's)
"Where cut-rate mortgages and cheap prices failed, mold and mildew may succeed in clearing the glut of foreclosed properties."
Auto Sales Decline Due to Shortages, Gas Prices
US economy may be sliding back towards recession, Wall Street fears
Talking about going back into recession is a crock of baloney like talking about a housing "double dip." This is just a continuation of the overall downward trend. There never was a "recovery." -- RF
Thousands without power in D.C.
"Record high temperatures and heavy electrical demand in the Washington region on Tuesday led to a call for selected customers to reduce power usage. Meanwhile, several thousand District residents were without electricity."
Wall Street Baffled by Slowing Economy, Low Yields: Trader (CNBC)
"What we've got right now is almost near panic going on with money managers and people who are responsible for money."
Pimco's Gross Says Treasury Investors Face Similar Fate as Boiling Frog

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