Friday, August 12, 2011


News Links, August 13, 2011

## Global economic meltdown ##
One by One, National Economies Falter
French economy stagnates as consumers cut spending
Depression Decade in Europe If Italy Defaults: Analyst
Raters Fail to See Defaults Coming (WSJ)
"The nation's major credit-ratings firms have historically not been effective predictors of a government's risk of defaulting on its debt, according to a Wall Street Journal analysis of 35 years of data."
The Dollar Is Still Central To The Global Economy. That May Not Last.
Behind Its Lectures, China Is a Sinner Too (FT)
"By including a range of other liabilities that Beijing is explicitly or implicitly on the hook for — such as ballooning debt at the railway ministry, bonds issued by so-called policy banks that lend on behalf of the state, and bad debts in the state-owned banking system — GaveKal-Dragonomics estimates that China's real debt-to-GDP ratio could be as high as 90 percent."
EU Heading for Eurobond Clash Amid German Dread Over Looming Fiscal Union
Greek Economy Contracted 6.9% in Second-Quarter From Year-Earlier Period
A Total Economic Collapse in Greece May Hurt Rescues
Short Selling Ban Will Not Deter Bears: Analysts
Hong Kong Economy Shrinks After Japan Quake
"Hong Kong's economy unexpectedly contracted for the first time in more than two years during the second quarter, as supply-chain disruptions in the wake of Japan's natural disasters in March weighed on the city's exports even as domestic demand stayed strong."
Italy Announces Tough Austerity Measures
South America Financial Stability Fund Gets Backing From Brazil, Argentina
The French Government Creates A Bank Run?
Liquidity Options Running Out For European Banks - "Liquidity Crisis Scene Set"
Eurozone in Recession, Industrial Production "Unexpectedly" Drops .7%; France in Recession, Germany on the Way; Is the US in Recession?
Japan, U.S. have highest bills to pay from natural disasters
Dubai Holding extends repayment on $1.16bn loan
Recession: We Are Hitting an Economic Growth Ceiling Caused by Limited Cheap Oil

## Fault lines/flashpoints/military ##
Serious People Are Starting To Realize That We May Be Looking At World War III
"The next few months will show S&P's downgrade to have been too little and too late, rather than too drastic and too soon. The Eurozone will fall apart. The American political crisis will only worsen; the 'super-committee' will utterly fail, true to design. Soon enough, we may all wake up to a "reckoning" truly deserving of the name."
'Piracy soars' off coast of Benin
Arrr! 'Pirate Cultural Adviser' Wanted for Euro Navies
Panetta Invokes Pearl Harbor While Anonymous Calls for Revolution
Rising enmity haunts China-Japan relations (China Daily)
Iranian gas flow to Turkey halted by blast
Israel pressured to cut defense spending
"Israeli Prime Minister Binyamin Netanyahu is under growing pressure to slash defense spending in the face of mushrooming domestic protests against the high cost of living at a time when the military seeks hefty increases to counter a host of security threats."
New Zealand backs Philippine position on Spratlys

## Global unrest/mob rule/angry people ##
Thousands Riot in Southwest China Town
RMG worker's death sparks violent protest (India)
Thousands of protesters swell Yemen's streets
"Hundreds of thousands of people have flooded Yemen's streets seeking victory against 'tyrants,' a day after Ali Abdullah Saleh, the country's president, said a Gulf Co-operation Council (GCC) proposal for power transfer should be treated 'positively.'"
UK Riots' Resource and Cultural Roots: an in-the-trenches report (Culture Change)
Protesters and police clash in Kashmir
Riots: Germans Ask, 'Could It Happen Here?'
Syrian forces kill 13 protesters after Friday prayers
US railway blocks phones to quash protest
"A rail transit provider in the United States has disabled mobile phone services to prevent a planned protest on Thursday, in a move that has attracted controversy and contained echoes of crackdowns on dissent in the Middle East."
Philly curfew begins tonight to combat 'flash mob' violence
Pair attacked by mob of 12 in Pier A Park in Hoboken: cops

## Energy/resources ##
Coal Strikes a Tough Vein Over Costs, Natural Gas

## Infrastructure scavenging ##
Equipment theft at Tuaran substation causes blackout (Malaysia)
Cable theft and strike plague new Gautrain (South Africa)

## Got food? ##
Food, Ethanol Prices Set To Rise Again

## Environment/health ##
Famine squeezes life out of southern Somalia

## Intelligence/security/internet/systemic breakdown ##
'Preppers' stock up on guns'n'gear as financial doom looms (RT video)
However, a "bunker mentality" brings only a temporary solution. Smart people will distance themselves from cities and build mutually supportive communities. -- RF
Australian schools monitor students' posts
"Australian schools say they are using Internet monitoring companies to read what students are saying on social networking sites."
The 4 biggest threats facing the cloud

## Japan ##
Japan Slashes GDP Forecast to 0.5% After Quake Disrupted Output
Heatwave kills four, sends 900 to hospital throughout Japan
Schools in Fukushima clearing radioactive dirt, but nowhere to dump it
Giant tent to go up over Japan nuclear reactor
Nuclear crisis enters 6th month
Japan Calls for China To Explain Aircraft Carrier

## China ##
China recalls bullet trains in safety scare
China Bank Lending Slows in July to 7-Month Low
Drinking water shortage in China drought

## UK ##
Cameron denies budget cuts caused UK riots
Average UK student debts 'could hit £53,000'
GDP hopes dashed by statistic error
Delays in hospital treatment in England grow

## US ##
Bankruptcy Risk Is a Worry Again
July U.S. Video Game Sales Fall 26%; Worst Month Since 2006
US Mint pulls gold collector coins
"The price of gold (-GC) has soared so high that the U.S. Mint took the unprecedented step this week of halting the online sale of gold collector coins. The coins were back within a day at a higher price."
U.S. Postal Service looks to cut 220,000 jobs
Postal Service Seeks Exit From Union Deal
Three Beaten-Down Banks Poised To Drop Even Lower
Alabama County Begins Meeting on Possible Bankruptcy
Can the Middle Class Be Saved?
Broke, jobless find home in illegal tent city (video)
U.S. Consumer Confidence Drops to Three-Decade Low Amid Economic Headwinds
Stashing cash in tampon boxes - and other sneaky spots
People are all beefing up their cash positions. -- RF
Regulators shut small Kan bank; 64th in 2011

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