Monday, July 04, 2011


News Links, July 5, 2011

## Global economic meltdown ##
Greek Debt Rollover May Be 'Default': S&P
"Greece would likely be in default if it follows a debt rollover plan pushed by French banks, S&P warned on Monday, deepening the pain of a bailout that one European official said will cost Athens sovereignty and jobs."
Theater Of The Absurd: Greece Has Already Missed Its June Budget Target
Korea to Examine Asset Quality of Savings Banks
Europe's insurers found to be 'robust'
"A stress test of Europe's biggest insurers has found them to be "robust" despite exposure to Greek debt."
Job cuts at major banks intensify: IFR
"Credit Suisse, Goldman Sachs, Lloyds and RBS have been the first to move, slashing hundreds of banker positions in recent days. But the consensus seems to be growing within the industry that more banks will soon follow as falling revenues make cost-cutting more urgent."
No Solution to the Global Credit Crisis
Airlines make billions in fees, yet still lose billions
"Bottom line: the airlines have cut costs dramatically, reduced capacity, merged, added fees, raised fares, and still they are delivering their product for less that it costs them to do so."
UAE banks forced to relax debtor's repayment plans
"UAE banks are being forced to relax debt repayment plans in a bid to recoup outstanding loans from debtors who have skipped the country."

## Fault lines/flashpoints/military ##
China demands that Japanese fishing boats leave Daioyu/Senkaku Islands
Egypt gas pipeline to Israel explodes; sabotage suspected
Military plans a show of force in High Arctic
"With Canada's combat mission in Afghanistan winding down, the military is preparing a greater show of force in the High Arctic just as Russia is expanding its own presence in the region.
"While in Kandahar this weekend to mark the end of Canadian troops' military mission in Central Asia, Defence Minister Peter MacKay said this summer's instalment of an annual military exercise in the Arctic will be the largest such operation in recent history."
High stakes in Eurasia's 'New Great Game' (AJ)
"China and Russia will benefit from US mistakes in Afghanistan, and the operation in Libya, gaining influence and energy."
Manila seeks US military hardware
"The Philippines said on Monday it would ask the United States for long-range patrol aircraft and other modern military hardware to help defend its claims to disputed waters in the South China Sea."
Turkey Seizes Libyan Bank Assets
Venezuela's Chavez Returns From Cuba After Surgery
Saudi security sources confirm German tanks deal
Adm. Mullen: Yemen Becoming Al-Qaida Central
Rampant Pilfering in Pakistan Plagues Supply Routes into Afghanistan

## Global unrest ##
Syrian tanks poised to assault city
Thousands of Moroccans protest, unmoved by reforms
Democratic Republic of Congo election protests turn violent
King wants all graduates given jobs (KSA)

## Energy/resources ##
Huge Rare Earth Deposits Found in Pacific
Vietnam Electricity Buys 23.1 Percent More Power from China
Airlines positioned for big gains in efficiency
"Planes are being built out of the same lightweight materials used for Formula 1 race cars. Their engines are being redesigned to squeeze more thrust out of every gallon of fuel. And governments are developing air-traffic systems that will allow airlines to fly shorter routes."
But all this won't be enough to save the airline industry. -- RF
Fukushima May Worsen Nuclear Skill Shortage
Have I mentioned the worldwide shortage of engineers and other skilled workers? Oh yea, I've mentioned it many times! Here's yet another indication of industrial/technological civilization's decline. -- RF
Israel dismisses fears of power cuts
"An Israeli official on Monday dismissed fears of power cuts after a bomb attack on an Egyptian pipeline halted the flow of gas to the Jewish state for the third time since February."
Power outage at North Sea Buzzard oilfield on Fri
"Nexen , operator of the UK's largest oilfield, Buzzard, said on Sunday a brief power trip occurred on July 1, potentially causing further supply disruptions in the North Sea."
Oil likely to stay around $90-$100 in 2011, Kuwait says

## Infrastructure scavenging ##
Scrap metal madness (Jamaica)
"[The Commerce Minister] said that since April this year scrap metal theft has increased significantly to the detriment of businesses and the country's vital infrastructure."

## Got food? ##
Famine to be declared in Horn of Africa unless more food is sent to area

## Environment/health ##
Crews mop up oil on Yellowstone River in Montana

## Intelligence/security/internet/systemic breakdown ##
Wild Facebook parties could be banned in Germany
"Authorities have called for parties promoted on the social networking site to be prohibited in advance if police believe they pose a threat to law and order."
Mob attacks on the rise (South Africa)

## Japan ##
Japan monetary base up 17 percent
Radioactive Cesium Is Found in Tokyo Tap Water for First Time Since April
Fukushima to begin checking people for internal exposure next week
Tokyo Electric Starts No. 1 Unit at Hirono Thermal-Power Station
Chubu Electric calls on state to support efforts to restart Hamaoka
Panel: Higher utility bills on the way if nation permanently halts nuclear power
The only way nuclear can make electricity cheaper is to exclude the biggest costs of nuclear, such as the thousands of years of waste management. Who's gonna pay for that? -- RF
N-fuel cycle policy at crucial juncture / Key fuel reprocessing facility has uncertain future as debt, problems mount
A peek inside this colossal boondoggle. Our legacy of contamination for countless future generations. -- RF
Bank of Japan Report Signals Recovery
The long, slow slide into the post-industrial age continues. Any indications of "recovery" are just statistical noise. -- RF

## China ##
China's Banks Can Absorb Loan Losses on Local Government, Bernstein Says
Peak Coal and China (TOD)
China says local-government debt levels stable
China debt woes point to bank bailout
"China's banking system will require an eventual bailout by the central government, according to some analysts, who said figures released last week on the size of local-government borrowings point to the need for a rescue."

## UK ##
Bank may start printing money again as fears for economy spread
London Has $34 Billion of Luxury Homes in Development Amid Record Prices
"London has a pipeline of luxury-home developments valued at about 21 billion pounds ($34 billion) as a shortage of properties helped push prices to a record and spurred new projects, according to EC Harris LLP."
Psion warns of H1 loss on supply chain issues, weak stg

## US ##
Time to Rein In Corporate Profit Expectations (Barron's)
Texas warns US tourists against travel to Nuevo Laredo
Jim Rogers Says He's Shorting 30-Year Treasury
Faux Commandos Breach Two U.S. Nuclear Power Plants
Banks cutting principal on some mortgages: report
"Bank of America Corp and JPMorgan Chase & Co have started modifying tens of thousands of mortgages where the banks deem the loans especially risky, even if the borrowers have not asked, the New York Times reported on Sunday."
The economic recovery turns 2 — feel better?
U.S. Needs More Monetary Stimulus: Roubini
Inventory Glut Of Ultra Luxury Homes Hits Greenwich, Over 4 Years Of Supply
Debt deal: Brace for spending cuts
The Ten States Running Out Of Children
Toilet Paper Being Rationed in Coney Island Bathrooms
"With dispensers left empty, women must form 'ration lines' to get their squares, while men's rooms simply have no paper at all."

And finally... Inmate Says Lack Of Porn Violates Constitution

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