Thursday, August 04, 2011


News Links, August 5, 2011

## Global economic meltdown ##
Bailout Fallout: Italy, Spain next on Eurozone crisis 'death list'? (RT video)
Industrial groups ring alarm bells (FT)
"Leading industrial executives have sounded stark warnings that risks to the global economy are increasing, growth is slowing and that customers are growing more cautious."
Lloyds Banking Posts Loss on Irish Loans
RBS to Shed Thousands of Investment Bank Jobs: Report
Japan Acts to Tame Yen, Follows Swiss Move on Franc
Global Currency Wars Enter New Stage; Brazil Calls Off Truce, South Korea Reviews "All Possibilities", Philippines Threatens "Prudential Limits" (Mish)
Wall Street plunges in worst selloff in two years
World stock markets in turmoil
Publish Post
Double Dip Recession? More Like Depression Says Peter Schiff
Emerging Stocks Enter Correction as Argentina, Brazil Lead Global Plunge
Emerging world buys $10 bln in gold as West wobbles
BNY Mellon imposes fee on rapidly growing deposits
"Bank of New York Mellon Corp told some of its biggest depositors this week it does not want their money.
"BNY Mellon said it is charging a fee to big corporate and asset management clients that deposit more money than average, because it has been overwhelmed by deposits."
Short Sellers Target These Stocks In Anticipation Of A Chinese Hard Landing
Hitachi, Mitsubishi edge towards groundbreaking merger
Another milestone on the road to Globalcorp. -- RF
Randgold Second Quarter Profit Jumps 253 Percent
Singapore's Developers Plan More Suburban Office Space as Demand Increases
Bailout of Italy on Tap; ECB to Become Buyer of "Only" Resort
Summarizing Italy's Catastrophic Predicament In 15 Simple Bullet Points
The War Against The Rating Agencies Begins: Italy Prosecutor Seizes Moody's, S&P Documents

## Fault lines/flashpoints/military ##
Piracy on the rise off West Africa's coast
"West Africa has seen a sharp increase in the number of pirate attacks off its coast. The goal is not lucrative ransom payments, but fuel, which sells for a large sum on the black market."
China accuses Japan of exaggerating it as a military threat
Mexican Kingpin Says U.S. Protected Cartel
"A Mexican man charged with smuggling tons of cocaine into the United States told a federal judge in Chicago that U.S. authorities protected his outfit, the powerful Sinaloa cartel, in exchange for information on rival gangs."
In Israel, raft of new laws shows rise of the right
Israeli Government Sources- "Not Bombing Iran"
Israel planning options for LNG
"A plan for a floating liquefied natural gas terminal off the Israeli coast is vital for the country's energy security, an infrastructure minister said."
China Builds Fleet of Small Warships While U.S. Drifts
S Korean ferry operator bans Japanese passengers: Yonhap
SDF troops may 'hitch ride' / U.S., private-sector transport eyed for defense of remote isles (Japan)
"A Defense Ministry report on implementation of the National Defense Program Guidelines will propose private-sector transport and U.S. forces be involved in helping the Self-Defense Forces defend the Nansei Islands, according to defense sources."
Two petrol bombs hurled at Arab League HQ

## Global unrest/mob rule/angry people ##
Police: Teens Leave Church Picnic To Riot In East Liberty (US)
"They came in Target, they were throwing chairs, everybody went running."
China: Analysis: Far west attacks expose violence's homegrown roots
Deadly Crackdown Continues In Syria
India Bank Employees to Strike
India's land seizure problems
"India's incredible growth story has been the envy of all but China in recent years, but it's now threatened by a bitter battle over the land it needs to build and develop."

## Energy/resources ##
Oil Traders Ask 'What Glut?' as Midwest Stocks Shrink
"The latest U.S. oil inventory data contradict a widely held notion among oil traders that a huge glut of Canadian and U.S. shale crude oil is accumulating in the middle of the United States and causing the record gap in global oil benchmark prices.
"Instead, U.S. commercial crude oil inventories in the Midwest and Cushing, Oklahoma, fell last week to their lowest this year."
US Electricity Prices to Soar
Philippines pursues Spratlys oil
"Despite contesting the Spratly Islands with a number of nations, including the Peoples' Republic of China, the Philippines will continue its oil exploration efforts there."

## Got food? ##
Cargill Turkey Recall: Meat Giant Recalling 36 Million Pounds Of Ground Turkey Linked To Salmonella Outbreak
Stockpiling seeds today saves plants for the future
Better nutrition too expensive for some (US)
"Healthier diets including vegetables, fruits, whole grains and low-fat dairy products may be too expensive for many U.S. families, researchers say."

## Environment/health ##
U.N. slams Shell as Nigeria needs biggest ever oil clean-up
"A U.N. report has criticized Shell and the Nigerian government for contributing to 50 years of pollution in a region of the Niger Delta which it says needs the world's largest ever oil clean-up, costing an initial $1 billion and taking up to 30 years."
Heatwave sizzles states across southern US

## Intelligence/security/internet/systemic breakdown ##
Governments Losing the War Against Cyber Thieves
Scientists Discover Tipping Point for the Spread of Ideas - Broad Implications
Homeland Security to regulate sale of fertilizer used in bombings
Hackers Take $1 Billion a Year from Company Accounts Banks Won't Indemnify
Code War replacing Cold War: security experts

## Japan ##
Japan town retreats from nuclear project near Fukushima plant
Japan To Announce New Nuclear Watchdog
Yet another new agency, contributing to increased complexity, bloat, expense, and energy throughput. Students of collapsing systems can see where this is leading. And "higher costs for nuclear power operators" sounds like a death knell for an industry that is already reeling from massive cost overruns and spiraling out-of-control expenses. Too cheap to meter! -- RF
Tepco makes little headway in decontaminating water
Thousands still homeless months after tsunami (BBC video)
BOJ Expands Asset-Buying, Loans In Face Of Strong Yen
State rolls out rice disposal rules
Rice farmers, wholesalers worry about radioactive cesium tests
Nintendo on the ropes, but 'game over' message not flashing
Automakers losing ground overseas

## China ##
Behind the Veneer of China's Growth
"There's news of widespread corporate fraud among companies listed on overseas stock exchanges, even as the macroeconomic picture gets worrisome."
China falls in love with SUVs
"Soaring petrol prices, choking traffic and a shortage of parking spaces have failed to dampen this year's craze in China: super-sized cars."
Car use in China: factfile
Edible oil prices set to increase

## UK ##
Government's e-petition website crashes on first day
UK interest rates remain on hold at 0.5%
Market plunge wipes £50bn off FTSE
Number using loan sharks in Wales up 40% in four years
Bridgend council's street light switch-off decision causes political row

## US ##
'SuperCongress' Committee Unconstitutional: Ron Paul
Small Businesses Cut Jobs In July: NFIB
Stock markets have terrible day; Dow drops 500 points
Investors Are Hoarding Piles Of Cash At Banks Amid The Market Freak Out
Hot Texas sets electricity record — for third straight day
Texas sees power outages in heat wave for the ages
See how Mansfield street light plan could impact your neighborhood
Olivehurst officials consider turning off streetlights
In weak economy, the old car will do just fine
Whitney: Right on Goldman, Right on Munis, Too? (CNBC!)
QE3 Might Help the Markets, but It Won't Save the Economy
"To top that off, he says markets, not consumers, will feel all the benefits if QE3 should come to pass. Consumers will actually take a beating because commodity prices -- oil and food prices -- will jump as the Fed pumps more dollars into the economy."
Police shut down little girl's lemonade stand
Houston protects cafes from beggars
"The Houston City Council has approved an ordinance that requires panhandlers to stay at least 8 feet away from sidewalk cafes."
Southwest Trims Growth as Fuel Cuts Profit
Record Low Mutual Fund Cash Levels
Energy plants at risk of cyber attacks: researcher
Food stamp use rises to record 45.8 million

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