Monday, June 06, 2011


News Links, June 7, 2011

## Global economic meltdown ##
Bank of France governor says Eurozone economic crisis is over
The situation is so hopeless now that the only thing left to do is spout absurdities. -- RF
Traders Are Dumping Stocks and Buying Gold and Silver
IATA Halves Airline Industry Profit Forecast
"Global airlines more than halved their forecast for 2011 industry profits on the back of high oil prices and turmoil in Japan, North Africa and the Middle East."
Fitch Blows At Greek Bailout House Of Cards, Says On Closing Of Distressed Debt Exchange Will Place Sovereign Rating Into Default
German Banks Top French on $23B Greek Debt
Banks asked to roll over Greek debt, ECB's Wellink says
Eight more Eastern European countries could join EU by 2018, President of Romania says
Producer prices climb in Europe
With A 3 Week Delay, Deutsche Bank Discovers That Q2 GDP Will Collapse Following Plunge In Car Production
Financial Repression: A Sheep Shearing Instruction Manual

## Fault lines/flashpoints/military ##
Five soldiers killed in an attack in central Iraq, U.S. military says
Israel to export unmanned aerial vehicles to Latin America
Wounded Saleh vows to return to Yemen. Can Saudis stop him?
Mexico peace tour: In Calderón's Michoacán, drug groups still in control

## Global unrest ##
'Violent storm' ahead for Nigeria
"Nigerian militants today announced an imminent attack on 'oil industry targets and occupying government forces' deployed by Abuja in the creeks."
Syria reports 'massacre' of security forces, 120 killed
Bahrain police clash with Shi'ite religious marchers
Few Options for Europe's Indignant Youth
"Solidarity with Spain's "los indignados (the indignant)" has sparked a wave of protest across Europe as jobless and alienated young people show their frustration over their bleak futures."
The House of Saud strikes back
"Saudi Arabia isn't taking this whole democracy thing lying down. It's putting down uprisings, beefing up alliances with fellow autocrats, and distancing itself from the US."
Saudi council calls for women to get local vote
OPEC Is Facing a Critical Test As Mideast Unrest Deepens

## Energy/resources ##
The Politics of Alternative Energy 1: The Myth of Viable Industrial-scale Renewable Energy
In this connection, alert readers will recall this excellent article from a few weeks ago. The idea that we are going to run industrial civilization on renewables is pure fantasy. -- RF
How Much Economic Activity Did High Gas Prices Destroy This Year?
Saudi Arabia to Push OPEC to Lift Oil Output, Cut Prices
"Gulf Arab OPEC members led by Saudi Arabia will push for an increase in supplies at a meeting of the oil cartel this week in an effort to support flagging world economic growth by bringing crude prices back below $100 a barrel."
Germany Must Find 10 Gigawatts of Capacity, Handelsblatt Says
"Germany will have to generate as much as 10 gigawatts of energy capacity from alternative sources to make up the shortfall from its accelerated exit from nuclear power by 2022, Handelsblatt newspaper reported, citing draft legislation."
Wool price surge to hit suit buyers
USGS warns of rising rare earths demand
LNG demand rising
"Making up for Japanese energy deficits with liquefied natural gas could be an overall trend after the March earthquake and tsunami, a bank analysis finds... The bank said it expected LNG imports for Japan to increase nearly 10-fold by the end of the year."
Is The Future Of Nuclear Power In Minireactors?
Saudi Aramco's exports lower in 2010, output steady
Saudi Arabia to double exports of crude oil to India
"Saudi Arabia has agreed to double its crude oil exports to India in a move that would reduce the Asian country's dependence on Iranian crude."
Total CEO says oil market is well supplied
China, Not U.S., Key to Global Oil Demand (Jeff Rubin)
The Global Energy Crisis Deepens (Michael T. Klare)

## Got food? ##
US farmers have long row to hoe

## Environment/health ##
Arizona wildfire: 184,000 acres ablaze, flames creep closer to homes
China rains end drought, start floods

## Intelligence/security/internet/systemic breakdown ##
Mobile Communications Problems Affecting 1.72M Users in Japan
Cyberspies Target China Experts
Latest Hacks Could Set The Stage For Cyberwar
Hackers Target FBI Affiliate, Post Passwords Online
One in four US hackers 'is an FBI informer'
"The underground world of computer hackers has been so thoroughly infiltrated in the US by the FBI and secret service that it is now riddled with paranoia and mistrust, with an estimated one in four hackers secretly informing on their peers, a Guardian investigation has established."
Cities need to seriously tackle water infrastructure repair before the problem overflows (Canada)
Japan seeks unheard-of new uses for cell location data
Is Your Mobile Phone Transmitting Your Private Information to Corporations?

## Japan ##
Tepco shares plunge to record-low on future concerns
TEPCO expecting 10% plunge in electricity sales volume in FY 2011
Plutonium detected in soil outside Fukushima nuke plant
Gov't may expand scope of evacuation order in Fukushima
Agency doubles radioactive release estimate in early days of crisis
Only way is up for staple prices / Rising prices seen hitting consumers hard
Majority of public think that the Diet is not functioning: Mainichi poll
All governments are becoming dysfunctional. -- RF
Japan Finance Minister: Economy Shows Bright Signs, Supply Chain Returning To Normal

## China ##
China's workforce no longer on rise
"'China is a country in a race against time,' the U.S. Chamber of Commerce wrote in a study of China's emerging economic policies. As it rushes to develop an economy in which a smaller force of more productive workers can support an explosion of retirees, 'the country can't get rich before it gets old,' the report said."
Inflation still hanging over China
"China's central bank, battling rising inflation in May, may raise interest rates banks must pay on deposits and also their reserve requirements, analysts said."
Chinese entrepreneurs leaving China, rich sending their money abroad
"As foreigners pour into China, China's entrepreneurs are taking their money out. Which group do you think knows more about what is going on?"
Asia Distillates-Diesel seen firm on China shortage
"Sentiment on Asia's diesel cracks was firm on Monday after news that China was experiencing a power shortage, which would force its factories to rely on diesel-fired generators and would constrain its
diesel exports."

## UK ##
Fuel card news: Diesel shortage risks fuel security
Wage stagnation over decades as income gap widens
Network Rail losing millions from copper thefts
"Copper theft from railway lines is so rife the rail operator has had to take on new staff, as well as pay compensation for delays."
Number of new cars sold continues to fall
UK deeper and deeper into Libya
Doctors asked to identify potential terrorists under government plans
Heavy downpours will not stop drought
Why Britain's property market is as dangerous as Spain's

## US ##
Must read: Meredith Whitney: State finances are worse than estimated
"Meredith Whitney is issuing a fresh warning to mutual funds, banks, and politicians: The state of state finances is far worse than what you think, or at least than what you've been willing to tell the investors and taxpayers who will eventually carry the burden... Her conclusion is that the future deficits that need to be closed, either by new taxes or draconian cuts in social services, are far bigger than the official numbers show, and that debt levels, when all liabilities are counted, vastly exceed the official estimates."
Readers will recall that yesterday I said muni bondholder haircuts will be performed with buzz saws. -- RF
State, local governments set to see record job cuts, layoffs
Massive power outage affects 163,000 in El Paso area
Iowa governor warns of 'very serious' flood threat
Food stamp usage continues to climb
Nazi-era Technology Embraced by Republicans in U.S. Congress in the Name of National Energy Security
Solving the Mystery of Corporate Cash Hoarding
How about the most obvious explanation? When times are bad, it makes sense for entities, be they individuals or companies, to have a strong cash position. -- RF
Economic concerns sink stocks for 4th straight day
3 Ways Your Social Security Payments Are Already Being Cut
Quantifying The Treasury's Plunder Of Retirement Accounts: $80 Billion Between The G- And CSRD Funds Since Debt Ceiling Breach
Foreclosure ownership gaps leave 'rotting' homes
Why Grocery Shopping May Never Be the Same

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