Monday, June 27, 2011

 

News Links, June 28, 2011

## Global economic meltdown ##
Extra Bank Capital Means 'Global Recession': Bove
Interest rates must rise worldwide, says BIS
"The Bank for International Settlements (BIS) has warned that low interest rates across the globe are a threat to world financial stability."
Debt Hamstrings Recovery: Inability of Nations, Consumers to Get Out of Hock Weighs on Global Economy
Greece given hope as French banks agree debt rollover
Moody's Warns Of "Severe Greek Bank Cash Shortage" Due To Accelerating Deposit Flight
Leading German Economist Buys Greek Bonds On Belief in "Boundless Stupidity of German Government", Says Bailout Programs Will Exacerbate Problems
Moody's: Greek Banks Have Lost 8% of Deposits
"Greek banks have lost about 8 percent of their private-sector deposits so far this year as customers worried about Greece's potential debt default transferred funds abroad or bought gold, Moody's said Monday."
Spanish Banks Hiding Over $70 Billion In Bad Real Estate, El Confidencial Finds

## Fault lines/flashpoints/military ##
No End in Sight, NATO Struggles to Sell Libya War
China eyes military ties with Greece
In Caracas, Armored Cars Are All the Rage
Chinese Navy Mission Reveals Secret Drone
Russia prepares for possible visit by North Korea's Kim

## Global unrest ##
Turkey police disperse pro-Kurdish protesters
Thousands march in Morocco over king's reforms
Protest Against Italy's High-Speed Rail Line Leaves Dozens Hurt
"Upset that a planned high-speed railroad line would disrupt their mountainous environment, around 2,000 demonstrators gathered late Sunday for a protest that erupted into violence early Monday."
Syrian critics vow peaceful uprising
Fed up of power failure, people take to streets

## Energy/resources ##
France to invest one billion euros in nuclear power
Protesters Demand French Nuclear Plant Closure
"Thousands of demonstrators formed a human chain outside France's oldest nuclear power plant on Sunday to demand the site be closed as the government mulls whether to extend its life by a decade."
Worldwide Nuclear Industry Woes Deepen
Releasing Oil From the SPR - A Desperate Economic Fix as QE2 Comes to an End? (Gail Tverberg)
New EIA report says shale gas boom could go global
Presents both pro and con views. -- RF
Kuwait''s crude oil exports to China jump 62.4 percent
Chinese company begins construction of 100,000 bpd oil field in southern Iraq
Tanzania slides into 12-hour power cuts
Sharjah fuel shortage to end before Ramadan
Experts link Gulf fuel crisis to lack of investments in refineries

## Infrastructure scavenging ##
One copper theft per week has been reported in Fort Worth

## Got food? ##
Starving plight of N Koreans revealed, even military is starving (video)
New burdens put pressure on global supply chain and prices

## Environment/health ##
Hong Kong Scarlet Fever Outbreak Spurs Drug-Resistance Fears

## Intelligence/security/internet/systemic breakdown ##
More Glitches Hit NYSE Euronext
Google gives user data to government in most cases
Palm Springs Power Outage Takes Down City's 911 System
The 10 worst cloud outages (and what we can learn from them)

## Japan ##
Who will pay for repair of aging street lights and electricity? (article in Japanese)
Kofu, capital of Yamanashi Prefecture, is left with a heavy bill for the repair of and power for aging street lights which declining shopping arcades can no longer maintain. The cash-strapped capital city is wondering how long this can continue.
Kansai Electric: Unsure If It Can Restart Maizuru No.1 Unit By Jul 1
"TOKYO (Dow Jones)--Kansai Electric Power Co. (9503.TO) said Monday it is unsure if it can restart by July 1 the 900-megawatt No.1 unit at its Maizuru coal-fired power station in western Japan, which has been offline since May 30 for unplanned maintenance.
"The outage of the big thermal power unit may worsen an expected power shortage in the Kansai area amid the continued suspension of the utility's nuclear power reactors."
Disposal of radioactive debris a headache for Fukushima Prefecture
"A lack of storage space and incinerators and fierce disagreements over final disposal sites--municipalities in Fukushima Prefecture face extreme difficulties in disposing of tsunami debris contaminated with radioactive material leaked by the crippled Fukushima No. 1 nuclear power plant."
¥350 billion crisis loan eyed for Chubu Electric
Beyond Japan's Fukushima exclusion zone, shuttered shops speak to radiation doubts
Water recycling system at nuclear plant stops again
Kan creates 2 new cabinet posts; lists conditions for stepping down
More problems arise, new cabinet posts and bureaucracies are created to deal with them, complexity and energy flows increase: Here we can see the classic path toward inevitable collapse. -- RF
400 TEPCO shareholders submit anti-nuclear power motions
Dai-ichi Life hit over Tepco losses
Average pocket money for salarymen hits lowest in 3 decades
Nuclear shutdown threatens Japan's economic growth
Nippon Steel to raise Nissan steel prices by 15%

## China ##
China Local Debt Hit $1.65 Trillion in 2010
"China's local governments had amassed 10.7 trillion yuan ($1.65 trillion) of debt by the end of last year, Liu Jiayi, auditor general of the country's National Audit Office, said Monday. That's equal to more than a quarter of China's 2010 gross domestic product of 39.7983 trillion yuan."
China Auditor Finds Irregularities in $1.7 Trillion Local Government Debt
China Risks Being Next Property-Bubble Blow Up (WSJ)
"Now, he says a housing downturn could produce a 'major, major economic correction' in China, a view shared by other mainstream economists."
Is "major, major correction" economist-speak for "crash"? -- RF
China premier: Hard to keep inflation below 4%
Demolitions cause most social unrest
Why China's Heading for a Hard Landing, Part 1
China to lower petrol tariffs from July 1st

## UK ##
Elderly 'facing cuts to care despite promises'
NHS told to avoid 'slash and burn cuts'
Generals, admirals and air chief marshals face sack, Liam Fox warns
Cut, cut, cut. -- RF
War dead to be driven down side streets to avoid the public
Bank chief warns of wave of home repossessions if rates rise
Major disruption at schools as teachers go on strike
Flash flood warning issued following heatwave

## US ##
Threat of $100 Billion Hit if US Top Rating Lost
"Investors in the U.S. government bond market could face losses of up to $100 billion if the largest economy loses its triple A rating, according to a research arm of McGraw-Hill, the parent of Standard & Poor's."
Back-Up Generators Used At NE Nuclear Plant
Nuclear Catastrophe Imminent in Nebraska?
US nuclear evacuation plans haven't kept up with population
Family debt soars with second child
The American Police State is the 'New Normal'
The Next Mortgage Bombshell (Barron's)
"The private insurers that cover $700 billion of U.S. mortgages are facing an onslaught of foreclosures. The big three—MGIC, Radian, PMI—are at risk."
Housing can't recover if property taxes keep going up
Consumer Spending in U.S. Unexpectedly Stagnated in May as Prices Climbed
Fed Seen Buying $25 Billion a Month in Treasuries After QE2 Comes to End
Broke New Jersey Seeking $2.25 Billion Bridge Loan At Up To 9% From JPMorgan For Emergency Funding
Meredith Whitney has always been right. It's just a matter of time until munis crash and burn. -- RF
Minnesota government shutdown could hurt kids
Gas Prices: Down Lately, But Up 30% From 2010




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