Monday, August 15, 2011


News Links, August 16, 2011

## Global economic meltdown ##
Germany says 'no' to euro bonds
ECB Buys Record $31 Billion in Bonds
"The European Central Bank spent 22 billion euros ($31 billion) on government debt last week, it said on Monday, reactivating its bond-buy plan to try to halt the spread of the euro zone debt crisis to Spain and Italy."
Disappointment Looms In Paris
"Financial markets are likely to be disappointed by the outcome of Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel."
Japanese Rating Firm Warns of Sovereign Downgrade
Global Banks Still Leveraged Up to Their Eyeballs (Mish)
Hong Kong Apartment Sellers Cut Asking Prices as 70% Property Surge Ends
Global Commercial Property Prices Surge
"Commercial real estate values have been spurred by a 'lack of caution' on the back of an 'astonishing' rebound in lending to the sector, according to one of the largest global fund managers.
"LaSalle Investment Management, which manages $45 biilion of real estate assets across the world, will this week warn that the recovery in commercial real estate is well ahead of what fundamental economic activity in some markets should support."
Six Steps to Financial Doomsday STEP #1: Government Spends Everything It Has
Is Nouriel Roubini a Communist?
"In an interview with the Wall Street Journal, Roubini delivered a fresh prophecy of disaster for the US economy, but amped it up a bit by agreeing with Marx that capitalism ultimately will collapse under its own weight."
Debt Crisis Could Be Turning Point for US-China
Fiat money turns 40, the tragedy goes on
China Raised Treasuries Holdings for Third Month
Safe Haven? Record Dump Of US Treasurys By Non-Central Bank Foreigners In June
Swiss Ponder Unthinkable as World's Chaos Turns Franc Economy Upside Down
Vietnam to buy 5 tons of gold to ease market crunch
Saudi Arabia's inflation edges up to 4.9% in July
Where would we be today, without the fall of the Soviet Union?
Inflation climbs to 13pc on power woes (Tanzania)

## Fault lines/flashpoints/military ##
U.S. refuses Taiwan request for new fighter jets: report
"The United States has refused Taiwan's request for 66 new F-16C/D fighter jets that China warned Washington would risk inflaming tensions between the two big powers, Defense News reported, citing a Taiwan defense official."
Elite troops take sides in Mexican drugs wars
"An infamous Guatemalan army unit is waging war on Mexico's cartels, but some of its soldiers have swapped sides."
74 killed in Iraq's deadliest day in a year
Rebels say Tripoli encircled; Gaddafi defiant
Syrian army intensifies Latakia crackdown
Al-Qaeda chief urges attacks on 'criminal' America

## Global unrest/mob rule/angry people ##
Tunisia police use teargas to disperse protest
UK violence raises questions about American unrest
10 Signs That Economic Riots And Civil Unrest Inside The United States Are Now More Likely Than Ever
Pro, anti-Mubarak protesters clash
Sri Lankans besiege government office over "Grease Devils"
Tibetan monk dies in self-immolation protest, group says
"The monk's self-immolation could spark fresh tensions in heavily ethnic Tibetan parts of Sichuan, which neighbors the official Tibet region, following protests in March when a Tibetan monk there also burned himself to death."
KESC offices shut down in protest (Pakistan)
"As people across the city experienced a worsening electricity situation, workers of the Karachi Electric Supply Company on Monday shut down various public dealing offices across the city in protest against the killing of a colleague in New Karachi on Sunday."
Food Prices Could Hit Tipping Point for Global Unrest
Latest developments in Arab world's unrest

## Energy/resources ##
Libya will not regain full oil output for at least three years: Woodmac
The Americas, Not the Middle East, Will Be the World Capital of Energy
A very upbeat piece from FP on why fears of peak oil are totally misplaced. -- RF
Tech Talk - North Dakota and the Bakken (The Oil Drum)
"Overall, the Bakken is likely to see further increases in production as the areas being drilled expand, but with the relatively short life of the well at significant levels of production, it is harder to see the higher levels of production overall that others have cited, and one also has to remember that is often the sweetest spots that get drilled first."
Here we have a far more realistic (and technically savvy) assessment than the FP piece, above. -- RF
Ukhrul reels under acute fuel shortage (India)
China's appetite for oil imports increases
Energy majors fleeing North Sea?
Oil dependence worries Kuwait
South Korea's LNG Imports Rise 8.7% to 2.25 Million Tons in July on Demand
China's July gas consumption at 10.3 Bcm, highest in five months: NDRC
Solar Bankruptcy… Bye Bye Evergreen Solar
Cloudy Skies Forecasted for ReneSola

## Infrastructure scavenging ##
Copper thieves darken San Leandro street
"MacArthur Boulevard between Estudillo and Dutton avenues has been without functioning streetlights since last week, when thieves stole about 10,000 feet -- nearly 2 miles worth -- of underground copper wire, police Lt. Jeff Tudor said."

## Got food? ##
Tainted beef leads to grocery recalls
"At least three major grocery store chains have recalled some of their ground beef packages because they could be contaminated with E. coli bacteria."
Rice Set to Climb as Thailand Imposes Curbs
"The smallest increase in rice stockpiles in five years means global grain inventories will extend a decline that already drove food costs to a record."
India needs a second green revolution: PM
Let the corn rationing begin

## Environment/health ##
Nuclear Expert: Radioactive Rain-Outs Will Continue For a Year - Even In Western U.S. and Canada - Because Japanese Are Burning Radioactive Materials
North sea oil spill 'worst for a decade'
New Zealand blizzards 'heaviest in 50 years'
California Researchers Detect Radioactive Release From Fukushima Plant

## Intelligence/security/internet/systemic breakdown ##
Repressing the Internet, Western-Style (WSJ)
As Networks Speed Up, Data Hits a Wall

## Japan ##
Some advocate selling U.S. Treasurys for Japan
Japan on cusp of recovery after Q2; yen clouds outlook
Oh, brother! Japan has already been on the cusp of recovery for years. What next? -- RF
Japan's economy contracts for third straight quarter
Japanese Rating Firm Warns of Sovereign Downgrade
Nuclear Regeneration Key to Japan Recovery: Strategist
Radiation Bankrupts Japanese Cattle Ranch With $5.6 Billion in Liabilities
Kansai Electric's thermal energy generator at Sakai Bay shut down
"Kansai Electric Power Co, the Kansai region's main power supplier, said Monday that the No. 2 thermal energy generator at its Sakai Bay plant has been shut down due to technical difficulties."
Forecast: Japan's Real GDP To Grow 0.6% In FY11
30% Of Small Exporters Book Losses: Teikoku Survey

## China ##
China: Local Debt Risks Are Controllable
"Risks posed by local-government debt are 'generally' controllable, China's Ministry of Finance said on its website Monday, adding that the country will continue to clean up problems."
Egg prices, after pork, see a significant rise in July
China's dependence on oil imports tops 55% over Jan-May, up from 2010

## UK ##
More street lights could be switched off to save cash
Chemistry cuts will do 'irreparable' damage, top scientists warn
Austerity will inevitably dictate more cuts -- in all countries -- and amplify the already critical shortage of skilled workers and professionals in engineering and the sciences. Keep in mind that these are the people who maintain industrial/technological civilization. -- RF
Business confidence falling in UK, surveys suggest
London House Prices Plunge on Financial Turmoil
Local police powers 'threatened by cuts'

## US ##
The Fed has already begun its third easing campaign
NY factory index contracts for third month
Rockford removes streetlights to save money
Economists' outlook darkens: See 30% chance of recession
As states cut unemployment benefits, higher business taxes loom
Recession Could Tip US Oil Use Into Permanent Decline
Defense cuts loom large for 'super committee'
Time to say goodbye to a childhood dream: Many shuttle workers forced to move on
Airlines Risk Deeper Seat Cuts Amid U.S. Wealth 'Destruction'
"U.S. airlines may have to cut back on flying as the slowing economy erodes their ability to boost fares while they struggle with higher costs for jet fuel.
"That squeeze 'calls for contraction,' said Hunter Keay, an analyst at New York-based Wolfe Trahan & Co. A benchmark of fuel-refining expenses rose to record highs last week, adding to pressure on carriers to match Delta Air Lines Inc. (DAL) and Southwest Airlines Co. (LUV) in paring current capacity or future growth."
Is Bank of America Headed Toward Collapse?
Defense Industry Faces Profit Losses As Golden Decade Ends
As America's Economy Collapses, "New Normal" Police State Takes Shape
Three headwinds to corporate profit growth
"Random Violence" a sign of things to come
Debt Committee Members Represent Defense-Industry States

And finally... Presenting Italy's Violent (Artistically So... For Now) Take On Globalization

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