Tuesday, June 28, 2011


News Links, June 29, 2011

## Global economic meltdown ##
No relief seen from inflation in S. Korea
Afghanistan Central Bank Head Flees To US
Specter of Years of Stagnating Wages Hunts the Globe (FT via CNBC)
"In the postwar years, there was a belief in developed economies that each generation could expect to have materially better living standards than their parents. Yet the outlook for income growth has rarely looked worse than it does today."
Debt saturation and energy decline make it inevitable. And it's going to get worse as the global "growth-economy" Ponzi scheme continues to unravel. -- RF
Dollar Seen Losing Global Reserve Status
No bailout Plan B, EU warns Greece
"The European Commission insisted today it isn't bluffing over the euro crisis - if Greece does not vote for more austerity tomorrow there is no more EU bailout money."
Eh Bien, Madame Lagarde, About Those Local Debts, They Too Are in Crisis
A good read. Local governments around the world are up to their eyeballs in debt. -- RF
Indian Companies Tighten Their Belts (WSJ)
"NEW DELHI—India's companies are scaling back spending and curbing expansion plans this year, putting a dampener on the country's economic growth, in an unintended consequence of interest-rate hikes aimed at stemming inflation."
Campbell to cut 770 jobs, close Russian operations
Up to 15 EU banks to fail stress test
Saab can finally pay workers... to do nothing

## Fault lines/flashpoints/military ##
Population bomb: 9 billion march to WWIII (Paul Farrell)
Iran: Our missiles can reach US bases, Israel
Iran fires missiles in second day of war games
As Yemen Teeters From Political Unrest, a Humanitarian Crisis May Not Be Far Off
Philippine-US joint naval drill amid tension with China
South China Sea disputes could lead to war in Asia: think tank
"CANBERRA, June 28, 2011 (Reuters) — Risks are growing that incidents at sea involving China could lead to war in Asia, potentially drawing in the United States and other powers, an Australian think tank warned on Tuesday."
Berlin Willing to Supply Weapons for Libyan War
"NATO is running out of munitions to use in the Libya conflict. Now the German government is willing to supply weapons to its allies, despite its fundamental opposition to the war, SPIEGEL ONLINE has learned. The defense minister has already approved a NATO request. "
Egypt spy trials sour links with Israel
Afghanistan: Kabul's Intercontinental hotel attacked by Taliban militants
South Korea braced for North Korean 'provocation' as tension mounts
Gunmen kill police chief inside his Mexico office
China rejects US involvement in South China Sea disputes
Saudi Arabia Using Oil as an Economic Weapon Against Iran
So far it appears that KSA no longer has the spare capacity to do it. -- RF
Exclusive: Yemen weighs military options to repair pipeline
Yemen is toast. -- RF
Rumors over Chavez absence reach frenzy in Venezuela

## Global unrest ##
Senegal: Protests in Dakar and Mbour over power cuts
"In Dakar, several government buildings were set on fire including the offices of the state electricity company.
"Security forces in Mbour fired tear gas to disperse thousands of demonstrators."
General strike under way in Greece
Fierce battles break out amid mass Greece protest
Arab Spring: Nature of armies decisive in revolutions

## Energy/resources ##
Japanese firm to recover gold, silver from E-waste
Crude oil back at $92 per barrel
Prepare for a world energy war (Michael T. Klare)
However, I disagree that in 30 years renewables will be able to take up the slack. -- RF
The Strategic Petroleum Reserve Release Has Now Been Fully Priced In As Crude, Gasoline Surge
Dubai Denies Emirate Neighbors Fuel in Struggle to Pay Debt: Arab Credit
"Dubai, the second-largest of seven sheikhdoms in the United Arab Emirates, has stopped supplying gasoline to its neighbors as subsidies on fuel prices squeeze the city's ability to service and repay debt.
"Emirates National Oil Co., a Dubai government-owned refiner and operator of service stations, closed filling points in neighboring Sharjah and restricted supplies to other northern emirates last week. Dubai has $16 billion of publicly held debt maturing later this year, International Monetary Fund data show."
China's CNPC says Iraqi oil field now onstream
Flooded Nebraska nuclear plant raises broader disaster fears

## Got food? ##
China told to reduce food production or face 'dire' water levels
"China needs to reduce food production on its dry northern plains or aquifers will diminish to a "dire" level in 30 years, one the country's leading groundwater experts has warned."
Extreme drought drives up food prices
Commodities Watch: Corn-Wheat Imbalance Continues

## Environment/health ##
Horn of Africa sees 'worst drought in 60 years'

## Intelligence/security/internet/systemic breakdown ##
Waterlogged Sask. highways crumble in spots (Canada)
'Anonymous' hackers declare war on Orlando
"The hacker group Anonymous on Monday declared war against the city of Orlando, Florida, over the arrest of people handing out food to homeless people."
Why China established 'Online Blue Army'
At end, bin Laden wasn't running al Qaida, officials say
This whole debate about whether bin Laden was in command or not is absurd because he'd already been dead for years. -- RF

## Japan ##
Japan: "Too Rich To Be Bankrupt"
"Societe Generale not only believes that Japan is on course for a v-shaped recovery, but they also say Japan is 'too rich to be bankrupt.'"
I've been waiting to see that V-shaped recovery for 20 years. No sign of it yet. -- RF
Radioactive water leaks from Tepco plant
1 Sievert Water Leaking From Fukushima As Full Body Radiation Checks Begin Across Prefecture
34,000 Fukushima children to receive radiation meters
Heat stroke hospitalization cases from June 20-26 up 5-fold on year
38 years of nuke profit up in smoke?
"Tokyo Electric Power Co. faces a potential damages bill exceeding its profits from nuclear power generation over a 38-year period beginning in 1970, the year it opened the crisis-hit Fukushima No. 1 plant, according to a recent study."
Moody's Cuts Toyota Rating; Further Downgrade Possible
Japan Utilities Take Bond-Market Hit
Agriculture minister supports putting solar panels in fallow fields
Stupid and shortsighted. -- RF
Tax hikes for reconstruction face stiff opposition
Japan's Kyushu: needs to buy more oil, LNG for summer peak

## China ##
Higher hydropower generation eases China power shortages - NDRC
Some Japanese companies in China also notified of rolling blackouts (link in Japanese)
Japanese companies in Kunshan City, an industrial city near Shanghai, are expected to share the pain.
China Heading for a Hard Landing, Pt. 2
Old pipes stymie water quality (Shanghai)
Who Says China Inflation is Under Control

## UK ##
Cuts protests: where is the anger now? Will a teachers' strike reignite the unrest?
Austerity engulfs the high street
"More than 10,000 retail jobs face the axe as the British high street faces one of its most painful bouts of contraction since the second world war amid the biggest squeeze on household budgets for decades."
Household income sees biggest fall since 1977
"UK households have seen the biggest fall in disposable income for more than 30 years, official figures have shown."

## US ##
Ron Paul: U.S. should declare 'bankruptcy'
Thousands Evacuated as Growing Blaze Nears Nuke Lab
Wildfire swells near New Mexico nuclear laboratory
How long can nuclear reactors last? US, industry extend spans
"When commercial nuclear power was getting its start in the 1960s and 1970s, industry and regulators stated unequivocally that reactors were designed only to operate for 40 years. Now they tell another story — insisting that the units were built with no inherent life span, and can run for up to a century."
Desperate situations make people spout absurdities. -- RF
Think Congress has a month to avert Debt Default Day? Think again.
Moody's cuts Connecticut outlook to negative
New Jersey Borrowing a Sign of Coming Muni Crisis: Whitney
Exactly what I said yesterday. Whitney has been right since the beginning. Don't touch that dial — the muni crash-and-burn show will go on! -- RF
Odd Letter From Corps Upsets Property Owners
J&J Recalling 60,000 Bottles of Tylenol
Home Prices in 20 U.S. Cities Fall by Most in 17 Months, Case-Shiller Says
The California Dream is fizzling out
Woman's leg broken, others hurt in Spring Garden mob attack

And finally... Woman sprays police with breast milk

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