Thursday, August 25, 2011


News Links, August 26, 2011

## Global economic meltdown ##
Anwar Says Malaysia Needs To Brace for Global Slowdown
'Europe's Financial System Is Insolvent': CIO Guggenheim
"If we mark the assets of the European banks to market, the liabilities of the banks exceed the assets well beyond their capital cushion."
Greece forced to tap emergency fund
"Greece has been forced to activate an obscure emergency fund for its banks because they are running short of collateral that is acceptable to the European Central Bank (ECB)."
Gold "The World's Currency" (Mish)
Don't Store Your Gold In The United States
Citigroup Cuts 2011 Global Growth Forecast to 3.1%
Stocks Decline After Selling Deluge in Germany
Is a downgrade of Germany's credit rating next?
Germany Downgrade Rumor, False, Still Spooks
IMF May Authorize Next Greek Payment Under Bailout Plan by End-September
Banks face $340bn state-backed bond refi hole
Philippine Airlines to cut 2,600 jobs amid losses
New Rounds of QE Taking Shape Around the World
Professor Mundell, euro, and 'pessimal currency areas'
"We're in very serious danger. The world is in a depression in the Big Three of America, Europe and Japan, a mini-depression that we have not seen since the 1930s."

## Fault lines/flashpoints/military ##
Gaddafi will try to sell Libyan gold: ex-central banker
NATO Joins Hunt for Qaddafi (NYT)
U.S. May Snap Up Qaddafi's Missiles in Mali Black Market to Soak Up Supply
Strauss-Kahn to visit IMF headquarters next week
Syrian Unrest Leads to Worries Over Chemical Weapons
Finland: No NATO Membership Anytime Soon
Army tests Fly-By-Wire Technology on Helicopters
"In use in other Defense Department aircraft for years, fly-by-wire now replaces the conventional manual flight controls in some Black Hawk helicopters with an electronic interface."

## Global unrest/mob rule/angry people ##
Looting, unrest as Chileans strike against Pinera
Chilean student protests snowballing into political revolt
Detainees disappear into black hole of Saudi jails
Anna Hazare: Indian PM appeals for end to hunger strike
12 to 15 shots fired at LAPD officers

## Energy/resources ##
Iron ore supply shortage continues to hurt steel cos (India)
High coal prices in Indonesia to hit India's power projects: Tata
Iron Ore-Spot rises on China steel output, tight supply
U.S. East Coast energy sites brace for Irene
Oil companies scramble for Libya's riches
Production shifts to China for rare earths
Brutal Year for Solar Causes Industry Shakeout
OPEC: Venezuela has world's largest oil reserves
Libya: Can It Become an Oil Superpower?
"History says Libya is not a good bet to become an oil superpower anytime soon. Three decades after the Iranian revolution in 1979, production there has yet to be completely restored. Iraq needed four years to equal its output before the 2003 U.S. invasion, and the ex-Soviet Union countries required as much as a decade."
Uranium Spot Market a 'Ghost Town' With No Price Change, Ux Says
New USGS Marcellus Shale anaylsis drastically cuts DOE estimates

## Got food? ##
High food prices alarm nutritionists (NZ)
Bad weather raises concern over future food prices

## Environment/health ##
Fracking could have caused East Coast earthquake (RT news)
East Coast in Irene's path, scrambles to prepare
Half of Americans Projected to Be Obese in 2030
I predict that in 2030 there will be very few fat people. -- RF

## Intelligence/security/internet/systemic breakdown ##
Russian spacecraft falls from the sky. Is the International Space Station in trouble?
An Elegy for the Age of Space (The Archdruid Report)
Vodafone NL again hit by network failure

## Japan ##
Fukushima cesium leaks 'equal 168 Hiroshima bombs,' says report
Aging Reactors Mean Japan Faces $13B in Costs
Japan faces costly, unprecedented radiation cleanup
"Nearly six months after the world's worst nuclear crisis in 25 years at the Fukushima nuclear plant, Japan faces the task of cleaning up a sprawling area of radioactivity that could cost tens of billions of dollars, and thousands may not be able to return home for years, if ever."
Offers To Govt Rice Reserves Program Fall Short Of Target
"TOKYO (Nikkei)--The government has accepted auction offers totaling 74,538 tons for this year's rice crop to go toward its national stockpile, a far cry from a new 200,000-ton target, according to Agriculture Ministry data released Thursday."
Meiji To Put Up Butter Prices
Foreigners Net-Sell Japan Stocks 4th Straight Week
No solid plans yet for 'liquefied soil'/ Low demand, high cost obstacles for moving or recycling tons of dirt
Japan consumer prices post surprise rise

## China ##
Soaring rents push people to quit Beijing
China gas-to-chemical firms shackled by supply, costs -paper
"BEIJING Aug 25 (Reuters) - Chemical firms using natural gas as feedstock in southwestern Chinese provinces were facing mounting risks to scale down and even close operations due to gas shortages and rising gas prices, an industry newspaper reported on Thursday."

## UK ##
Government backs down on plan to shut Twitter and Facebook in crises
Nuclear safety getting worse in military facilities, says MoD study
Goldman Cuts Salaries of London Bankers

## US ##
Eric Cantor: Federal Hurricane Disaster Relief Would Have To Be Offset By Spending Cuts
Irene on Path to Test Coffers of State-Run Insurers
Airlines Begin Canceling Flights as Irene Nears
Irene Threatens East Coast With $13.9B in Damage
Jobs Resignation Erases $52B From S&P 500
Squatter problem balloons in Detroit
Some Of Your Taxpayer Assets Will Be Sold Off To 'Vulture Funds,' In Case You Were Interested
In Case You Thought Bank Of America's Troubles Were Over...
Fears Grow That August Will Show Net Loss in Jobs Picture
Hoenig Says U.S. Should Focus on Fixing Finances, Fed Has Done All It Can
Middle class retirement now largely a postcard fantasy
Bank deposits hit record high of nearly $10 trillion
"Despite meager interest rates 'consumers are very fearful about the economy, and are fleeing to the safety and security of insured and liquid deposits.'"

And finally... Qaddafi Had Stash of Condoleezza Rice Photos

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