Tuesday, August 30, 2011


News Links, August 31, 2011

## Global economic meltdown ##
IMF Slashes US GDP Forecast, Trims Euro Zone: Report
South African Economic Growth Slows to 1.3%, Missing Economist Forecast
Sovereign Spreads Challenging Cherished Notions
Bank Deposits and "Black Mail" Point to More Crisis
"As bank deposits flow from Greece to Switzerland, the odds of another crisis flare-up in Europe look assured."
Syria's economy crippled by unrest, sanctions
First fall in household income in 14 years; dwelling approvals hit 28-month low (Austria)
Yuan Hits Record High Against Dollar, Up 7% Since Depegging
Italian Town Mints Own Money to Fight Austerity
"We aim to achieve real autonomy from Italy and we have the financial resources to do it."
Piracy wave set to hit households in the GCC
"Higher insurance premiums charged by marine underwriters will inevitably raise shipping costs of essentials."
Spain moves closer to constitutional budget deficit cap
Italy Pressured After Weak Demand at Bond Sale
U.S. Elites Begin To Confront The Paper Dollar (Forbes)
Belarus Hikes Refinancing Rate From 22% to 27% To Combat Hyperinflation
Eurozone Retail Sales Drop 4th Straight Month; Confidence Drop Most Since 2008; EU GDP .2%; Leading Indicators Negative; S&P Fantasyland Forecast (Mish)
A 20-rule manifesto for New No-Growth Economics: Classical economics is fatally flawed (Paul Farrell)
One of the few people to expose the fantasy of infinite growth. -- RF

## Fault lines/flashpoints/military ##
Israel mulls arming 'trained' settlers
"Army plans to provide tear gas and stun grenades in West Bank to repel any Palestinian protests next month, report says."
Israel Sends Two More Warships To Egyptian Border To Preempt Expected Militant Attack
Iran Sends Sub, Warship on Red Sea Patrol: Navy
"Iran has dispatched a submarine and a warship to the Red Sea on a patrol mission, navy commander Adm. Habibollah Sayyari said in a report by state media on Aug. 30."
Maliki reportedly says he wants U.S. out
Seven killed in Chechnya suicide attacks: officials
Terror Attack Outside Tel Aviv Nightclub Filled With 2,000 Teenagers

## Global unrest/mob rule/angry people ##
Six Cops Injured in Mob Attack in Uttar Pradesh Village
Protesters enter three BART stations but trains continue to run
Syrian troops kill 7 on start of Muslim holiday
Violent protests signal power struggle in South Africa
S. Africa police fire rubber bullets at protesters
Short tempers and street violence in Egypt

## Energy/resources ##
Baltic states suffer growing power shortage
Centre alerts states to huge power shortage (India)
No power for chrome-smelting
"Lack of guaranteed and sufficient electricity supplies is limiting chrome mining companies in South Africa and Zimbabwe."
Law and order problems disrupting coal evacuation in Indian States
Natural Gas Prices and the Bottom of the Resource Triangle
A good energy reality check. -- RF
Fracking's water use draws attention, concerns
"The Marcellus Shale natural gas industry has a huge thirst for water - to hydraulically fracture a single gas well requires upward of a thousand tanker-trucks of water."
Exxon inks joint-venture for vast Russian Arctic fields
Exxon-Rosneft: Oil's new Cold War
Global LNG use to rise 12% in 2011 on Japan nuclear outage: Bernstein
China to Begin Serious Hunt for Shale Gas
Energy crisis badly affecting agriculture, industry (Pakistan)

## Got food? ##
Disruptions to Food Supply to 'Ratchet Up Prices,' Olam Says
Fruit and vegetables rot as hunger stalks India

## Environment/health ##
Survey Finds Radiation Over Wide Area in Japan

## Japan ##
Japan's Kansai loses 1,080 MW of hydro power output
Japan's nuclear power to be at just 20% of capacity in early September
"Only 11 nuclear reactors will be operating in Japan with a combined power generation capacity of 9.864 GW in early September, which represents 20% of the country's total installed capacity of 48.96 GW spread over 54 reactors, according to Platts calculations Tuesday."
Gov't to lift power-saving decree earlier than planned
"Restrictions on power use in and around Tokyo will be lifted two weeks earlier than scheduled thanks to an improved supply and demand balance as the peak summer heat eases, the government said Tuesday."
Radioactive Cesium Found In Wide Areas Around Japan Fukushima Plant
Aug 1-10 Trade Deficit Y354.5bn
"TOKYO (Dow Jones)--Japan posted a merchandise trade deficit of Y354.50 billion in the first 10 days of August, compared with the Y20.13 billion surplus in the year-earlier period, the finance ministry said Tuesday."
Japan retail sales, other data disappoint
Japanese automakers report weak production in July
Toyota, Honda Still Feeling Quake Impact In July
"Toyota Motor Corp. (7203) and Honda Motor Co. (7267) said Tuesday they were unable to recover to year-earlier domestic production levels in July as the effects of the parts shortage after the March 11 earthquake were still being felt."
Japan sells its gold while the rest of the world buys
Made-in-Fukushima products still shunned amid radiation fears
Report: Japan's High Suicide Rates Linked to Unemployment
TEPCO finds possibly active faults near Fukushima

## China ##
Power shortages plague businesses
"Binchuan Metals Co has had weekly power blackouts this summer and uses 2,000 liters of diesel every month to fuel its own generators...
"The company, based in Dongguan, Guangdong province, is not alone. In fact, some areas in this manufacturing hub have been experiencing blackouts three days a week, according to the power supply bureau."
Power runs short in the south
"Five provinces in South China are experiencing the most severe electricity shortage in the past five years, leaving 10 percent of the region's demand for electricity unmet, according to China National Radio."
Power Plants In China Shanxi Province Facing Coal Shortages
China Faces Upgrade-or-Die Deadline as Labor Supply Dwindles

## UK ##
Home ownership 'to fall to mid-80s levels'
Cut back on Sky and drinking, borrowers told
"Around 30,000 low-income homeowners will be told to cut spending on Sky TV, trips to the pub and mobile phone bills or face losing their houses when interest rates rise."
Homelessness could spread to middle class, Crisis study warns
Riots: Sony warehouse raid ' was professional heist'
"One of the most dramatic looting and burning sprees during the London riots may have been orchestrated by a gang of professional robbers using the disorder as cover, it has emerged."
Stena Wales-Ireland fast ferry halted over fuel costs
Millions wiped from workers' pensions
"Falling stock markets and annuity rates have wiped millions of pounds off workers' pension funds."
UK's summer 'coolest since 1993' says Met Office
Riots to cost Met police £34m

## US ##
For many, being without power could last for a week
Bridgeport imposes curfew amid widespread blackout
Hurricane Irene flood damage stuns inland areas
Record-breaking river flooding swamps New Jersey
Could hurricane Irene help the economy? Rebuilding as stimulus.
Similarly, it's often claimed in Japan that rebuilding after the earthquake/tsunami will help get the economy back on its feet. But since no one has any money, any funds used for cleanup and rebuilding have to be taken away from something else. It's a lose-lose game. -- RF
Wells Fargo Says 12 States in Economic Contraction
All Top 20 US Real Estate Markets Show Year-Over-Year Declines
Consumer confidence crumbles to 2-year low
Virginia quake's motion may have exceeded nuclear plant's design
New major hurricane possible by weekend
Irene leaves businesses reeling in its wake
Local government hiring in decline
Liberty Dollars may be subject to seizure
IN PICTURES: The Oil Crisis Of 1973
Slide 22 can be seen in Japan right now, only written in Japanese. -- RF

And finally... The 15 Wackiest Things People Have Listed On Their Resumes

<< Home

This page is powered by Blogger. Isn't yours?