Thursday, July 21, 2011


News Links, July 22, 2011

## Global economic meltdown ##
Greek Deal Likely to Involve Bond Exchange
"Euro-zone leaders are debating a new bailout package for Greece will likely include new rescue loans of roughly €70 billion ($99.51 billion) and a program to exchange much of Greece's outstanding bond debt for new, 30-year bonds, people familiar with the talks said."
Bank Levy Plan Dropped From Greek Bailout
Eurozone leaders draw up radical plan to safeguard euro
The Fatal Flaw In Europe's Second "Bazooka" Bailout: 82 Million Soon To Be Very Angry Germans, Or How Euro Bailout #2 Could Cost Up To 56% Of German GDP
Euro Leaders Start Crisis Talks as Juncker Says Greek Default Is Possible
Greece Threatened with Widespread, Long-Term Poverty
"Greece is tightening its belt -- and the number of people living in poverty is surging as a result. Thousands line up in front of food banks and resort to rifling through rubbish bins. The country's financial crisis is rapidly turning into a social one -- while wealthy tax evaders manage to get off scot-free."
Euro-Zone Growth Slows
"The euro zone's economy slowed sharply in July, as activity in the private sector barely expanded, according to a survey of purchasing managers in manufacturing and services."
EuroZone Manufacturing Barely Above Contraction
David Morgan on Silver Price Manipulation, Delivery Default & Supply Shortage Risks (Chris Martenson)
Audit: Fed gave $16 trillion in emergency loans
"The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government's first-ever audit of the central bank.
"Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion."
Argentina's economists fined for giving different inflation numbers

## Fault lines/flashpoints/military ##
Spratly Islands row: Philippine trip riles China
"China says the Philippines infringed its sovereignty on Wednesday by sending a delegation of politicians to a disputed island in the South China Sea."
US fleet may quit troubled Bahrain
"THE US Navy is looking at plans to move its Fifth Fleet away from Bahrain amid fears over violence and continued instability in the Gulf kingdom."
North Korea and Iran 'jointly working on building nuclear missile', report claims
Iraq Shi'ite militia splinters into hit squads, gangs
"Anti-U.S. cleric Moqtada al-Sadr's Mehdi Army has spawned dozens of renegade splinter groups which frequently assassinate Iraqi officials on behalf of foreign sponsors, Sadrist and security officials say...
"A popular Shi'ite cleric who leads the militia as well as his own political bloc, Sadr has repudiated the splinter groups, describing them as "murderers" and "criminals," and has called on Iraqi security forces and tribes to expel them."

## Global unrest/mob rule ##
Arab Spring spirit inspires Israel tent cities
Economic gaps widening in affluent Israel
"The country has one of the highest poverty rates and income gaps in the developed world. Food prices have surged in recent months, as have fuel costs, while recent strikes by social workers and doctors spotlight how the frustration has cut across all layers of the society."
Police 'fire tear gas at Malawi protesters'
"Local media reports fresh clashes in Malawian capital a day after unprecedented unrest in southern African nation."
Malawi army deployed over anti-Mutharika protests
"The army has been deployed in three Malawian cities on a second day of anti-government protests in which at least 18 people have been killed."
Fuel Shortages Ignite Violent Nationwide Protests (Malawi)
Desperate protest against demolition of homes in Wuhan, China
"Disputes over land are increasingly common in China. On Wednesday, an operation to demolish illegally built shelters on a former dump site in the city of Wuhan led to an impassioned protest by one woman. EPA reports that the city plans to demolish illegal buildings at over 200 sites this month."
Economic gaps widening in affluent Israel
Syrian uprising: Crackdown on Homs 'intensifies'
New Egypt cabinet to placate protesters sworn in
America: Why Aren't You Protesting?

## Energy/resources ##
Analysis: WTO Row Spotlights Nations Clamping Down On Resources
"Countries from India and Indonesia to Russia are tightening their grip on natural resources as they limit exports to build up domestic industry in a trend that will spawn many challenges to World Trade Organization rules."
Ethanol Industry Torn Over Losing Subsidy Billions
IEA Says Second Release of Oil Reserves Unlikely
Oil futures top $100 a barrel
China acquires Canadian oil sands producer
Oslo, Moscow review arctic oil and gas
U.N. Approves China Sea-Floor Plan
"As China's first manned deep-sea craft prepared for a landmark dive to 5,000 meters, or 16,400 feet, surpassing current U.S. capabilities, a United Nations body approved Beijing's plan to explore a swath of ocean floor between Africa and Antarctica for metal deposits."
Bahrain could look to Russia for gas supply
Cleaner Coal Faces an Uncertain Future
The Peak Oil Crisis: Reality On Hold (Tom Whipple)
Willem Buiter thinks water will be bigger than oil
Shell says 100,000 bpd stolen in Nigeria
"Anglo-Ducth supermajor Shell estimates about 100,000 barrels per day of crude oil are being stolen from its operations in the Niger Delta, adding there was no sign that this figure is reducing."
Fuel strike causes panic (South Africa)
Batanes placed under state of calamity due to fuel shortage (Philippines)

## Infrastructure scavenging ##
Copper theft costs GB Power $35,000

## Got food? ##
Heat Wave May Hit Corn Crop—And Food Prices
B.C.'s wet weather is creaming crops
Farmers Battle Record Floods and Drought -- On The Same Farm
Demand shocks help drive food, commodity prices

## Environment/health ##
Climate change 'threatens peace', UN official warns
Snow in Brazil, blazing heat in US as climate change continues
Massive heat wave spreads across United States

## Intelligence/security/internet/systemic breakdown ##
Pentagon official worries about implications of British hacking scandal
HR Bill 1505 allows for DHS takeover of seashores and coastal areas
Kenya: JKIA Blackouts a Disaster in Waiting, Warn Airlines
"Airlines are warning of a looming catastrophe if the problem of frequent power outages at Jomo Kenyatta International Airport is not addressed. This follows a third blackout on Monday night at the airport in a span of two days. The latest outage led to more delays and re-routing of flights to nearby airports as runway lights went off following the failure of the back up system to switch on after the main power line failed."
Cyber Weapons: The New Arms Race (Businessweek)
Big data requires a big, new architecture
New Terror Report Warns of Insider Threat to Utilities (ABC News)
What a crock of baloney! If real terrorists wanted to get at US infrastructure, they would have done it long ago, and could have, considering the impossibility of sufficiently protecting large-scale industrial infrastructure. This is just propaganda meant to prime the US populace for whatever the government itself has in mind. -- RF
China-Based Spies Said to Be Behind Hacking of IMF Computers
"July 22 (Bloomberg) -- Investigators probing the recent ransacking of International Monetary Fund computers have concluded the attack was carried out by cyber spies connected to China, according to two people close to the investigation."

## Japan ##
Japan plans additional $165 billion for reconstruction
"To raise the money, the government is considering issuing special bonds, scaling back other spending plans and selling national assets, said the source who declines to be identified."
In other words, the government does not have the money. -- RF
Gov't names 4 more radiation 'hot spots' near Fukushima plant
TEPCO: Cooling system operation at Fukushima plant fell to new low recently
No. of tainted cattle shipped around Japan nears 1,500
State to buy all radioactive beef
Beef industry hit by falling sales / Concern over cesium contamination rises despite govt assurances
BEEF SCARE: Cesium-laced beef reached 43 prefectures
Tohoku Electric sees no need for rolling blackouts

## China ##
HSBC Preliminary China July PMI Signals Contraction
"HSBC's preliminary survey of manufacturers indicated the country's manufacturing activity in July could decline from last month, in what would be the first such contraction since July 2010."
IMF: Property Bubble in China a Concern; Yuan Still Undervalued

## UK ##
Scottish & Southern Energy raises fuel bills by 18pc
Navy and RAF forced to sack hundreds as few volunteer for redundancy
34,000 police jobs to be axed
"Crime rates could jump as one in 10 police officers is axed under Government spending cuts, an official inquiry has warned."

## US ##
Lather, Rinse, Repeat: Banks Make Big Profits by Bilking Consumers, Pay Small Fines
S&P: At Least 50% Chance US Rating Downgraded Within 3 Months
U.S. Moves Toward Home 'Rentership Society,' Morgan Stanley Says
Consumers in U.S. Relying on Credit as Inflation Erodes Incomes
"Consumers in the U.S. are increasingly using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices."
Pentagon worries about space industry with end of shuttle program
"As the space-shuttle era draws to a close and budget pressures threaten to constrain spending, a senior Defense Department official said on Tuesday that the government needs to take steps to protect the aerospace industrial base and to preserve the United States' technological edge in space."
Space shuttle era ends, leaving big void for area firms
Muni bonds to lose tax advantage?
Incidentally, everyone is dumping on Meredith Whitney and her prediction that muni bonds will tank. But the good times aren't coming back, and many municipalities ultimately won't be able to make good on their debts, bringing a storm of defaults. Whitney will have the last laugh. -- RF
Banks Pay Back TARP Funds by. . .Borrowing From Treasury
Fatal shootings of police officers are on the rise
"Police officer deaths, including those fatally shot in the line of duty, are on pace to rise for the second straight year, despite a sustained decline in violent crime across the country."
Agencies to shutter 178 data centers in 2012
Lawyer: Cop scanner 'crosses line'
"Civil libertarians are raising the alarm over the state's plans to create a Big Brother database that could map drivers' whereabouts with police cruiser-mounted scanners that capture thousands of license plates per hour — storing that information indefinitely where local cops, staties, feds and prosecutors could access it as they choose."
Tallest U.S. Tower Proposed as Part of $3.5 Billion Development in Chicago
Generally when the tallest tower is built, it signals the end of an era. -- RF
Philly Fed Survey: "Regional manufacturing remained weak in July"
Why we'll have 10% unemployment soon (MarketWatch)
City Council Passes Strict Flash Mob Prevention Law

<< Home

This page is powered by Blogger. Isn't yours?