Thursday, August 11, 2011


News Links, August 12, 2011

## Global economic meltdown ##
PBOC Adviser Says China Needs Urgent Review of U.S. Holdings, News Reports
Banks drag Wall Street lower as fear returns
Australia's unemployment rate jumps to eight-month high
Unemployment "Unexpectedly" Rises in Australia (Mish)
"Were it not for the amusement of it all, I am getting sick of these 'unexpected' happenings that economists and politicians who cannot find their ass with two hands and a roadmap cannot see."
Jim Rogers Says Gold Going Higher, EU Deserves Downgrade
As Gold Briefly Hits $1,800, Traders Fear Party Is Ending
Why Problems in Italy Should Scare US Banks
Italy Debt Risk Rises to Record, Leading European Swaps Higher Amid Crisis
Sarkozy Gives Ministers One Week Debt Deadline
"Nicolas Sarkozy, the French president, has given his finance and budget ministers one week to come up with new measures to cut France's crippling debt burden as concerns mount over prospects for growth and the country's ability to meet its deficit reduction targets."
Societe Generale Declines for Second Day as Default Swaps Rise to a Record
Singapore Miracle Dims as Income Gap Widens
India's Food Inflation Accelerates, Maintaining Pressure to Increase Rates
State Bank of India Raises Interest Rates
The euro: A modern Roman Empire, united by money
France, Spain, Italy, Belgium Ban Short Sales to Halt Rout in Bank Shares
Turkey Joins Greece, South Korea in Curbing Short Sales After Global Rout
Bank in Asia Cuts Credit to French Lenders: Report
"One bank in Asia has cut credit lines to major French lenders while five other banks in Asia are reviewing trades and counterparty risk as worries about the exposure of French banks to peripheral euro zone debt mounts, banking sources told Reuters on Thursday."
More nations may see credit downgraded
Germany's Best-Selling Tabloid Bild's Front Page Encourages Readers To Buy Gold
Dubai's Peculiar Commercial Real Estate Problem
Real Downgrade Is When China Dumps Their Treasury Holdings (Jeff Rubin)

## Fault lines/flashpoints/military ##
U.S. War with China "Inevitable," Author Glain Says (Yahoo Daily Ticker video)
Dozens of ships fleeing Benin waters due to piracy: navy
"A spike in pirate attacks off Benin has forced dozens of ships to steer clear of the West African state's waters, the head of the country's navy said of a trend that is likely to hit the its port-heavy tax revenues and hurt economic growth."
Syrian forces storm two western towns
Syria: Assad regime expands Ramadan offensive against people
U.S. May Call for Syria's Assad to Step Down
Violent Mexican drug gang, Zetas, taking control of migrant smuggling
Aircraft Carrier could have dispute role: China website

## Global unrest/mob rule/angry people ##
London riots: vigilantes hurl bottles at police in Eltham
"Vigilantes defied police orders last night and vented their anger against officers as they attempted to mobilise their own forces to deal with rioters in London."
Are vigilantes the answer to Cape Town gang threat? (South Africa)
The U.S. Military's Plan for London-Like Riots
Syrians plan 'no kneeling' day of demonstrations against killings
Cities take steps to dismantle protest camps (Israel)
"Camp residents, many of whom are homeless, refuse to comply; some burn tires and block roads in protest, and a few threaten violent resistance."

## Energy/resources ##
Ukraine to cut Gazprom's umbilical cord?
End of the Energy Subsidy Gravy Train (US)
Indonesia's oil output declines
"Indonesia's BPMigas oil and gas regulator says that national fields are in decline.
"Apparently confirming that Indonesia's oil production has hit a decline as predicted by 'peak oil' proponents, BPMigas spokesman Gde Pradnyana said Indonesia will have to reduce its dependency on oil."
EU Rules May Push Back U.K. Nuclear, Wind Investment, E3G Says
Indonesian coal policy taking toll on Indian power firms - Report
Mexican oil: Brimming with potential, stuck in the mud

## Got food? ##
High food prices exacerbate drought victims
USDA lowers harvest expectations
"The U.S. Department of Agriculture Thursday reduced its estimate of corn, wheat and soybean production for 2011, just as demand is increasing."
Food commodities prices surge (FT)
'Silent crisis' as food prices fuel hunger in Kenya
Higher Food Prices on Way (US)
Food prices continue to rise (Canada)

## Environment/health ##
Texas gets even drier in 'unprecedented' drought
Fracking Risks Require Drillers to Embrace Best Methods, U.S. Study Finds

## Intelligence/security/internet/systemic breakdown ##
Facebook Goes Down: Users Take To Twitter To Report Outage
Cameron Exploring Crackdown on Social Media After Riots (NYT)
U.K. Lawmaker Tom Watson Says Documents on Phone Hacking Are 'Dynamite'
Amazon cloud outage downs Netflix, Quora
Power Outage at Colo4 Data Center
A Stormy Week for Cloud Computing, Too
"Tech investors can't catch a break. Akamai Technologies (NAS: AKAM) and (NAS: AMZN) suffered unrelated but nonetheless noticeable outages last night, highlighting (lowlighting?) a week that's already featured far too many crashes."

## Japan ##
TEPCO Opens 25 Location-specific Twitter Accounts For Blackout Alerts
859 people hospitalized; 2 deaths reported due to heatstroke nationwide
Food Self-Sufficiency Under 40% For 1st Time Since '06
Half of rice harvest to be tested for cesium
Analysis: Japan's reconstruction steel demand to fall short
"Steel demand in Japan will fall short of expectations as political wrangling holds up cash injections after a devastating March 11 earthquake and tsunami, while the construction sector is battling a deep slump, hobbled by a strengthening yen."
Japan Military Targets New Enemy: Flies
Nuke Closures Could Cost Japan 5.6 Percent of GDP
Kansai Electric Power to reactivate five idled thermal power generation units
Commercial Operation Of Tomari Nuclear Reactor To Be Delayed

## China ##
Soybean imports set to maintain increase
Digest China: How close are we to a food crisis?
China Rail Firms Face Financial Strains
Wenzhou crash: China freezes new rail projects
China to cut speeds of bullet trains
China "preparing for the worst" to handle record levels of demand
"China will continue to 'to prepare for the worst' in the coming weeks to ensure that its strained power grids can handle record levels of demand in the country, said its top energy official, Lieu Tienan."
Small Companies in China Feel the Squeeze
China's banks: The only certainty is uncertainty
"Figuring out the health of Chinese banks is a blind man's game, but the risks to the sector are unmistakably piling up."

## UK ##
King warns of harsh winds ahead as Bank cuts growth forecast
Bus service cuts threaten the most vulnerable, MPs say
Many British rioters had regular jobs
Cameron: U.K. will seek anti-gang ideas from U.S.
London riots: residents cautioned over 'vigilantism'
Farmers turn away from organic as sales drop
Rail overcrowding 'worsening' in London and South East
British rioters the spawn of a bankrupt ruling elite

## US ##
Makeup of deficit-reduction 'supercommittee' nearly set
A $1 Billion Haircut: Jefferson County And The New Math of Municipal Distress
United Arab Emirates pledges up to $1 million for tornado-ravaged Joplin
Blackouts Possible As School Year Begins: Texas Power Grid Remains Taxed By Heat Wave
California High Speed Rail Project to Cost More Than Expected
Postal Service considers cutting 120,000 jobs
Gov't pays for empty flights to rural airports
Dow up 423 as Wall Street Whipsaws Again
Cut in Household Spending Points to Recession
AKC: Dognapping on the rise
Stock Market Slide Is the Latest Blow to the Middle Class (Yahoo Daily Ticker video)
Impact on Poor Bedevils Deal
Another Round of Bailouts? (NYT)
Gov't considers turning foreclosures into rentals
Some Perspectives On "Surging" Insider Buying
Layoffs Accelerate at Large Companies

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