Saturday, June 25, 2011


News Links, June 26, 2011

## Global economic meltdown ##
Swiss Franc Climbs to Record High Versus Euro Amid Concern on Debt Crisis
Greece braces for the toughest week in its euro history
China Pledges Continued Support for European Debt
Silver-Coin Sales Booming at Perth Mint
Bankers agree on plan to increase capital buffers
Expect Chaos (Mish)
The end of Ponzi financing era in the United States and the World – When income, revenues, and swindles no longer support servicing debt. From California home owners, Greek bondholders, and Japanese zombie banks. (Dr. Housing Bubble)
Vietnam's inflation hits 16 percent in first half
Max Keiser And Sandeep Jaitly Explain Why Modern Economics Is "Rubbish"
Gasp! -- RF
UAE property prices set to slide further 10-20%
Oil Oozes Through Your Life

## Fault lines/flashpoints/military ##
Pakistani police station attacked
America's Worldwide Military Deployment
U.S., China Holding Talks on Rising Sea Tensions
Iran opens int'l anti-terrorism conference

## Global unrest ##
Protests go on as car bomb kills five in Yemen
Peru anti-mine protests continue
"Thousands of protesters opposed to mining and energy projects in southern Peru have taken over a commercial airport as the government struggled to restore calm a day after five died in a clash with police.
"Officials said that approximately 3,000 protesters had occupied the runway at the Juliaca airport in the region of Puno on Saturday. Several hundred police officers retreated to avoid another clash after weeks of protests over a controversial Canadian mining project."
Peru Cancels Mine After Police Kill 6 Protesters, Wound 30
Wimbledon is target of planned protest by Spanish activists
Syrian military 'moves into two villages'
Dozens march for freedom in Saudi Arabia: YouTube
"DUBAI, June 25, June 25, 2011 (Reuters) — Dozens of people wearing white shrouds have staged a peaceful march in the oil-producing region of eastern Saudi Arabia, demanding basic rights and the release of prisoners, according to a video posted on YouTube."
Greek Power Workers Ordered to Obey Court Order
"Greece's Energy Ministry called on the union at Public Power Corp SA (PPC) to abide by a court order directing the striking workers to bring a number of power units back online.
"The defiance of the order to the GENOP-DEH union to bring capacity back to June 23 levels is "creating a shortfall which places the stability of the system in a critical situation", the Athens-based ministry said in an e-maied statement. The shortage led to extended power cuts today and yesterday, when Public Power sought to have the strike declared illegal, according to the statement."

## Energy/resources ##
Iraq's biggest oil refinery closes after explosion
Contango Dooms Reason for Strategic Oil Release
Power-grid experiment could confuse electric clocks (US)
"Tweaking the power grid's frequency is expensive and takes a lot of effort, said Joe McClelland, head of electric reliability for the Federal Energy Regulatory Commission."
Diesel, cooking gas price hike on cards in India
'Iran to export gasoline to Iraq'
Hydropower increase won't end electricity shortage (China)
Tanzania announces indefinite power outages
"Tanzania's state-run power company has announced daily 12-hour power cuts for an unspecified period because of low water levels at hydropower dams and a shortage of fuel for thermal power generation."
Among The Costs Of War: $20B In Air Conditioning
Crude oil prices witness surge amid uprising in MENA
OPEC will keep oil price above $90, says SocGen
Sharjah closes all ENOC fuel stations amid dispute

## Got food? ##
Food Price Volatility and Insecurity (CFR)
Costlier diesel to fuel food price rise (India)
Higher gasoline prices drive up cost of food 8 percent (US)

## Environment/health ##
For a real vacation, stay off Internet
Diabetes epidemic affecting 350m – and western fast food is to blame
Severe drought hits eastern Africa
"Ten killed in clashes over grazing and water and Red Cross says several have died of starvation in Kenya."

## Intelligence/security/internet/systemic breakdown ##
PBS website hacked again, some data taken
Must read: AP Enterprise: Pharmacy robberies sweeping US
"A wave of pharmacy robberies is sweeping the United States as desperate addicts and ruthless dealers turn to violence to feed the nation's growing hunger for narcotic painkillers.
"From Redmond, Wash., to St. Augustine, Fla., criminals are holding pharmacists at gunpoint and escaping with thousands of powerfully addictive pills that can sell for as much as $80 apiece on the street."
Anti-Virus Pioneer Evgeny Kaspersky: 'I Fear the Net Will Soon Become a War Zone'
"Evgeny Kaspersky is one of Russia's top Internet virus hunters and IT entrepreneurs. In a SPIEGEL interview, he discusses a raft of recent hacker attacks on multinationals, the 'total professionals' behind the Stuxnet virus and his fear of both personal and widespread cyber violence."

## Japan ##
TEPCO sees highest demand for power since March quake
"With increased power consumption mainly due to air-conditioning, peak demand was 91 percent of TEPCO's 47.9 million kilowatt capacity."
Pensioners to Aid Nuclear Plant Clean-Up on Worker Shortage
Nissan forecasts 15% drop in profit for this year
No pay rises for a third of Japanese professionals in 2011
Tax increase urged to pay for rebuilding
Fund launched to help rebuild auto supply chains
"Nobumoto said automakers may be unable to secure enough parts for their planned production increases, which are expected to go into high gear this autumn, 'depending on the supply of electricity.'"
Toyota considers operating plant on industry's designated holidays
"Toyota Motor Corp. is considering operating a factory on the auto industry's designated holidays, joining other leading automakers in exempting itself from a nonbinding agreement to stop plants on Thursdays and Fridays during summer to save electricity, company officials said Friday."
Disaster slows loan payments / Banks allow delays in more than 12,000 cases in Tohoku region

## China ##
China Banks Told to Cut Loans to Property Speculators
China to cut import tariffs on 33 commodities
"Import tariffs on gasoline and fuel oil will both be lowered to 1 percent from the previous 5 percent and 6 percent, respectively, while tariffs for diesel and aircraft fuel will be cut to zero, the ministry said in a statement on its website."
China's ticking time bomb
"The fast-growing economy is fueled by low-paid migrant workers who have watched others profit from their sweat. How much longer will they be willing to do it?"

## UK ##
New crackdown on militant unions
"Ministers are drawing up plans for a harsh new crackdown on unions to be brought in if this week's strikes over changes to public-sector pensions develop into a full-scale summer of discontent."
Treasury urges British banks to take big losses to help Greece avoid meltdown
Middle class face £35,000 bill to help pay for care in their old age
Why Chinese companies want to buy British businesses

## US ##
Millions of teens facing a jobless summer (video)
Tighter Lending Crimps Housing
Economists note a slowing U.S. recovery
It's not a "slowing recovery" any more than it's a "double dip." It's just a continuation of the overall downward trend toward collapse. -- RF
Commercial real estate follows home values. Down.
State and local government s should be listed as a primary risk to the US outlook
Forecasts for Growth Drop, Some Sharply (NYT via CNBC)
"A drumbeat of disappointing data about consumer behavior, factory sales and weak hiring in recent weeks has prompted economists to ratchet down their 2011 economic forecasts to as little as half what they expected at the beginning of the year."
Austerity Is Already Here, and It's Killing the Recovery
The desert heat melts Arizona home prices
Many drugs in short supply at hospitals, pharmacies
Rising price of fuel not the only reason for food-cost increases

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