Friday, August 05, 2011


News Links, August 6, 2011

## Global economic meltdown ##
Faber: Brace for a Global 'Reboot' and a War
"Markets could rebound after Thursday's global market sell-off, but investors should see any bounce as a selling opportunity, as the world economy rolls towards total collapse, Mark Faber, editor and publisher of the Boom, Doom and Gloom Report, told CNBC Friday."
Greek and Irish blows knock RBS to $1.1 billion loss
USDCHF Plunges To Record Low Following Generali CEO Comments Eurozone Faces Risk Of Breakup
U.S. Expecting To Be Downgraded By Standard And Poor's: ABC Report
World stock prices plunge amid 'general fear' of a new US recession, European debts
China's Rescue Ability Seen Limited (WSJ)
Carlos Slim Loses $6.7 Billion in a Week
Special report: The "shorts" who popped a China bubble
Italy Seeks Constitutional Amendment Requiring Balanced Budget Amid Growing Debt Crisis
Europe's Central Bank in Crisis Mode
Eighty-Five Australian Building and Construction Firms Go Under in a Month
Why High Oil Prices will Make the Next Debt Crisis Even Worse
Australia Dollar Drops Most Since 2010 as Growth Forecast Cut
Brazil stocks index plummet: The worst performance among the world's 20 largest equity markets
Bovespa Plunge Flashes Warning Sign Brazilian Shares May Continue Tumbling
Bloodbath in Europe Follows Bloodbath in Asia
Explaining How The Just Announced ECB Market Rescue Pledged 133% Of German GDP To Cover All Of Europe's Bad Debt
Yen Rally Resumes, Wiping Out Half Of Intervention's Impact
European fear: The wolves are at the gate

## Fault lines/flashpoints/military ##
Mexico town's police force resigns over drug attacks
Military cooperation discussed
"Visiting Gen. Chen Bingde, chief of the general staff of the Chinese military, discussed advancing military cooperation with Russia, state media said."
Japan arrests Chinese fishing boat captains
"Japan's Coastguard on Friday arrested two Chinese fishing boat captains whose vessels it said were operating without permission in waters Japan considers its exclusive economic zone."
Why Iraqis In Oil-Rich Kirkuk Want U.S. Troops To Stay
Senior Saudi official calls for cut in expat workers
Vietnam to Get Sub Fleet in 6 Years: State Media

## Global unrest/mob rule/angry people ##
Housing activists hope for record numbers at Saturday protest (Israel)
"Protest leaders plan a massive rally in Tel Aviv Saturday night, hoping to top the 150,000 who came out nationwide a week earlier. It will be the third Saturday night in a row of mass protests, under the slogan 'the government has abandoned the people.'"
Riots in Chile as students defy government ban
Madrid 'indignant' protesters clash with riot police
Tank attack on Syria's Hama kills 300 civilians: group
India hit by nationwide bank strike against reforms
Starving Somalis shot dead as riots break out over food supplies

## Energy/resources ##
Peru Mining Cos Hit By Power Shortages In North
Sudan halts southern oil shipment
"North Sudan has halted an oil shipment from landlocked South Sudan in a dispute over customs fees, it said on Friday, signaling a rise in tensions that could disrupt supplies from one of Africa's largest producers."
Oil and Gas Pipelines at Risk from Ethanol Bacteria
"Researchers from the National Institute of Standards and Technology discovered that bacteria found in ethanol hasten the deterioration and cracking of pipeline steels."

## Got food? ##
You Need to Pay $380 Extra to Eat Healthy Food in US
Food prices reportedly rise 5-10% in Tajikistan
India Food Inflation Accelerates to 8.04%

## Environment/health ##
Britons spend 37 minutes 'listening to wave sounds' to get to sleep
Drought worsens in Midwest; parched Plains in bad shape (US)
Heat bends rail tracks, swallows lakes (video)
Heat Wave Causes Exploding Sidewalks and a Blood-Red Reservoir in Texas
Fields dry, roads buckle in heat
Forecasters: US drought may persist for another year

## Intelligence/security/internet/systemic breakdown ##
The New Yorker's account of the bin Laden raid is amazing–perhaps too amazing
Citigroup data theft hits 90,000 in Japan

## Japan ##
Tohoku Electric's Spare Capacity Falls To 2.8% On Friday
"TOKYO (Kyodo)--Tohoku Electric Power Co. barely met demand for electricity on Friday afternoon in the aftermath of torrential rain in Niigata and Fukushima prefectures in late July that has damaged its 28 hydraulic power plants and one pumped-storage hydroelectric power station, company officials said."
Japan Blackout Risk Eases on Cooler Weather
"Japan's cities and industries may be saved from power blackouts this summer as energy-saving measures combined with cooler-than-expected temperatures reduce electricity demand."
Japan forex move 'largest for single day'
Nikkei down to 5-month low amid global economy worries
Trade balance fell into red in July
"Japan registered a ¥317.43 billion trade deficit in the first 20 days of last month, affected by slower production following the March quake and tsunami, the Finance Ministry said Friday."
Public hoarding old rice over fallout fears
"Consumers are starting to hoard last year's rice over concerns the next crops may be contaminated with radioactive materials released from the Fukushima No. 1 power plant, retailers said Friday."
Tepco redress: from tourism to tea
Disneyland operator remains in red
Flies overwhelming disaster victims / Feeding on tsunami debris, insects threaten to bring disease to survivors
Illegal access of Net bank accounts on rise

## China ##
China's Energy Shortages Start to Bite — New reports say the effects are starting to ripple across society
Chinese Power Companies Need A Bailout Or Permission To Raise Electrity Prices
Benchmark interest rate likely to rise: experts
Drought puts 400,000 farmers into water shortage
China's stocks down to 7-week low following U.S. market slump

## UK ##
Ulster Bank makes loss of £566m in first half of 2011
Councils must publish assets, says Pickles
"Councils must publish lists of their assets to show which ones can be sold instead of cutting services, the government says."
E.On raises cost of energy bills
"E.On has become the fourth of the big six energy companies to put up its gas and electricity prices."

## US ##
Austerity Collides With Demands for Job Growth
Beneath jobs report surface lie some ugly truths
Average Length Of Unemployment Surges To New All Time Record 40.4 Weeks
American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009
Wells Fargo mortgage buybacks could top $1.8 billion
State, local job loss menaces recovery: analysts
"State and local governments continued shedding thousands of jobs in July, part of a trend that analysts say could damage everything from trash collection to the entire U.S. economy."
Wall Street closes worst week since Nov '08 with wild day
US borrowing tops 100% of GDP: Treasury
Military buzzes Boston buildings in exercise
Postal Service warns of default, bleeds money
Tax Holidays Continue as State Budget Deficits Loom
Housing's Double Dip Part II: Rising Foreclosures
U.S. Consumer Credit Jumps by Most in 4 Years
"Unemployment hovering around 9 percent may be spurring Americans to stay in school longer or seek more training in the hope of landing a job. At the same time, elevated gasoline and food costs may be straining household budgets, prompting consumers to turn to their credit cards to purchase necessities."
Unemployment benefits at risk
Home ownership hits lowest level since 1965

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