Tuesday, August 23, 2011


News Links, August 24, 2011

## Global economic meltdown ##
Greenspan Says Euro 'Breaking Down'
EIU sees at least 40% risk of eurozonebreaking up
European Banks Must Pay Up to Borrow $100B
"The cost of insuring the senior and junior bonds of 25 banks and insurers doubled since April to records... The Euribor-OIS spread, a gauge of banks' reluctance to lend to each other, reached the widest since April 2009 this month, while the cost for European banks to fund in dollars was near a 2 1/2-year high."
Sarkozy Prepares Deficit-Reduction Blueprint for Election-Year 'Austerity'
Cyprus eyes new austerity as borrowing cost spikes
World stocks, oil, gain on stimulus hopes
"World stocks rallied, oil rose and the dollar slipped on Tuesday on speculation the Federal Reserve may signal more stimulus is ahead for the U.S. economy."
Rich EU Members Lose Patience with the 'Olive Zone'
UBS Plans to Cut About 3,500 Jobs to Save Costs
Canada losing its 'wiggle room' if U.S. economy goes sour again
Study shows powerful corporations really do control the world's finances
World Bank ready to help Libya
Calderón administration slams Mexico's state governments for spiraling debt
Consumer confidence slides in Europe
'Very Muted Growth' Coming for Next 10 Years: Faber
Singapore Prices Jump 5.4%
"Singapore's consumer inflation rate unexpectedly accelerated in July, driven by stubbornly high prices for food, housing and cars and underscoring the central bank's concern that inflationary pressure persists even as growth slows."
Size of Gold 'Bubble' Now an 'Absurdity': Analyst (CNBC)
Gold isn't money?! Thousands of years of history tell us otherwise. What planet was this analyst born on? -- RF
Nobody Wants A Strong Currency

## Fault lines/flashpoints/military ##
As Sinai Deteriorates, Israelis Fear the Worst
Libya: U.S. officials still saying 'No boots on the ground' post-Gadhafi. Do you believe them? (Stars & Stripes)
U.S. Pledges No Ground Troops in Libya, But… (Danger Room)
NATO says it will continue Libya operations
Costa Rica 'faces threat of drug gangs'
Karachi shuts down for 'day of mourning'
Do U.S., Mexican officials favor one cartel over another? (McClatchy)
Sinai crisis could spark Egypt-Israel war
The Empire at Dusk (Foreign Policy)
Iran Unveils New Marine Missile, Torpedo

## Global unrest/mob rule/angry people ##
India's leaders try harder to douse graft protests
"India's government Tuesday stepped up efforts to end national anti-corruption protests led by an ailing 74-year-old social activist as he entered a second week of fasting."
Mega Cities Could Trigger Water Shortages and Social Unrest
"The rapid growth of urban population - described as one of the world's major demographic trends - has triggered an explosion of "mega cities" in Asia, Latin America and Africa, causing a breakdown in basic services, including water supplies and sanitation facilities."

## Energy/resources ##
Quake-Rattled Nuke Plant Loses Power in Virginia
"A nuclear power plant in central Virginia, the North Anna Power Station, has lost offsite power after enduring the 5.8 earthquake centered northwest of Richmond, Va., according to U.S. nuclear officials."
Oil majors waiting for Libyan war to end
Saudi to up oil supply, regardless of OPEC meet
Documents Reveal Industry and Gov't Collude on Shale Gas (Canada)
Battle Looms for the North Pole Oil
Iraqi gas and oil not easy business for Shell

## Infrastructure scavenging ##
Man Facing 61 Charges in Theft of Metal From AC Units
Cable theft is hobbling the nation (South Africa)

## Got food? ##
Mekong's rice production at risk (Vietnam)
Australian Wheat Shipments at 2004 High Easing Shortages: Freight Markets

## Environment/health ##
Climatologist: Texas drought may worsen
Named storms in Atlantic on record pace

## Intelligence/security/internet/systemic breakdown ##
We've been warned: the system is ready to blow (Guardian)
A 'no-growth' boom will follow 2012 global crash (Paul Farrell)
"There is a global economic boom coming, but unfortunately, that boom comes only after a systemic collapse of the global economy, markets and capitalism — a collapse that may well eliminate billions of people from the planet. Shocking? Cruel? Brutal? Yes."
East Coast Quake A Reminder Of Cell Network Reality
"Relentlessly upbeat ads from wireless operators may have led U.S. consumers to believe the country's cellphone networks can handle anything. But Tuesday's East Coast earthquake, which originated in Virginia in the early afternoon and was felt along the Eastern seaboard, revealed the truth: cell networks still get congested when millions of people try to make calls at the same time."
Chinese site bans Web tools used to evade filters
"A major Chinese online commerce site has banned sales of software used to bypass Internet censorship amid Beijing's efforts to block the development of a Middle East-style protest movement."
Cloud computing: If hackers want access, they'll get it
Report: Chinese TV doc reveals cyber-mischief
Dominique Strauss-Kahn walks free from New York court

## Japan ##
Moody's Downgrades Japan Debt Rating To Aa3
Gold Futures Hit Record High Of Y4,722 Per Gram
Kyushu Electric Thermal Plant Unit Shuts Down Due To Malfunction
Japan To Cut Policy Spending By 10% Under FY12 Budget
Nikkei hits 5-month closing low on U.S. worries
Japan's Kansai Elec to seek winter power cuts -Nikkei

## China ##
China Details Yuan Use Offshore
Hong Kong's 'Scary' 7.9% Inflation May Fuel Wages Even as Recession Looms
China Manufacturing Activity Declines
"A survey of China purchasing managers signaled a second straight monthly decline in manufacturing activity in the world's No. 2 economy, and the country's Commerce Ministry warned that its export sector is facing new difficulties."
China's New Currency Policy
China Turns Into Net Exporter of Diesel as Power Shortage Eases

## UK ##
UK Banks Shift Hard-to-Sell Assets Into Pension Funds
"Some of Britain's biggest banks have begun quietly ridding themselves of billions of pounds of assets they have found difficult to sell following the financial crisis, moving them off their balance sheets and into staff pension funds."
'Smart' CCTV could track rioters
"CCTV that can automatically monitor criminal behaviour and track suspects is being developed by UK scientists."
Science graduates 'should move abroad'
"Science graduates should look for work abroad because funding cuts mean finding work in Britain is too hard, two of the country's leading scientists have claimed."

## US ##
New-home sales fall, 2011 could be worst year yet
Forget the market: We can't afford to retire anyway
Inventory of new homes reaches record low
"New home sales declined 0.7 percent in July. But inventory of new homes is now the lowest in at least 47 years."
Central Atlantic manufacturing slips
Drought brings 'toilet to tap' to fore
"Drought in the U.S. West is leading many cities to join a growing trend of using recycled sewage water for drinking water -- a practice dubbed 'toilet to tap.'"
Thoughts On Jackson Hole Meet From Market Participants
Wall Street's Rumor Of The Day: JPMorgan Taking Over Bank Of America
Bank of America CDS Spread Nears Record As Credit Market Misses Rally Memo
Bank Stocks Getting Worst of Fears Recession Is Back
The zombie banks are back
Delinquent loans on the rise again, a grim sign for housing
A banking system built on lies and deception – Hiding commercial real estate losses by laundering bad loans through the Federal Reserve. Trillions of dollars in bailouts were made while banks told the public all was well.
Can Politicians Prevent a European-Style Crisis Here in the U.S.? Not Likely (Financial Sense)

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