Friday, September 09, 2011


News Links, September 10, 2011

## Global economic meltdown ##
Debt problems of China's Liaoning province grim
"Roughly 85 percent of the funding platforms of China's Liaoning province missed debt service payments in 2010, according to its audit report, in one of the most alarming statistics yet to show the scale of China's local debt problem."
This is bad. Really bad. And it's only one province. Just imagine the debt behind all those empty apartments and offices, the ghost cities, and other big-ticket projects. -- RF
Greece Out of Money by October 17; Greek Banks Refuse to Fund Government T-Bills; Greece Freezes All Disbursements Other than Wages and Pensions
Papandreou to Defend Austerity as Greek Default Bets Mount
Euro Weakens to Six-Month Low as Swaps Indicate 90% Odds of Greek Default
Germany Said to Ready Plan to Help Banks If Greece Defaults
As Greece Denies, Germany Begins Greek Default Preparations
Germany Prepares "Plan B" Default; Top ECB Official Resigns; German-Italy Bond Spreads Widen Again; Dollar Soars, European Equities Hammered
European Liquidity At Worst Level In Years
Asian Stocks Fall on Japan Data, China Defaults
India Car Sales Fall 10%
Japan Economy Worse Than Reported
Are We Facing a Tire Shortage?
'Buy All the Euro You Can' If Greece Defaults: Jim Rogers
I think farmland and gold would be better investments, but suit yourself. -- RF
Asia Prepares for Flows as West Looks to Reflate
"As the global economic slowdown overshadows inflation as the main concern of Asian central banks, they are also working to head off a related risk — that efforts to reflate the West could send a torrent of destabilizing funds into their economies."
Inflation May Be 'Monster' Looming for Insurers, Sullivan Says
"Inflation may be a bigger risk for insurers than tsunamis or Europe's sovereign debt crisis because claims costs could climb faster than the value of the firms' investments, said Martin Sullivan, deputy chairman of broker Willis Group Holdings Plc."
Dubai ruler says emirate's financial crisis is over
Nothing to see here, folks. Move right along. -- RF
Saudi private sector growth slows to 18-month low

## Fault lines/flashpoints/military ##
Insight: China's war on terror widens Xinjiang's ethnic divide
Israel wary at "harsh" Turk naval challenge
Delhi bomb: Indian group 'may be behind' court attack
Japan urges Russia to stop bomber flights
Budget cuts will mean smaller US Army: general
South China Sea Maritime Dispute Continues to Roil Region
Pirates of the Atlantic: Africa's Other Coast Gets Its Share

## Global unrest/mob rule/angry people ##
Syrian Forces Kill 7 Protesters as Army Clashes With Defectors
Syrians appeal for international protection
BART protesters arrested - Powell Station closed
Anti-austerity protesters heckle Greek PM
Egyptian Protesters Tear Down Israeli Embassy Security Wall
'Hundreds of thousands' protest in Yemen

## Energy/resources ##
South Korea Should Raise Electricity Prices, Policy Adviser Says
GAO: Water Supply Poses Obstacle to Green River Oil Shale Dev't
New Japanese Wind Turbine Triples Power Output Without Increasing Size
Don't get excited. Wind turbines are still just "fossil fuel extenders." -- RF
More than 4 million lose power in major blackout
"Arizona utility worker triggers a chain reaction that reaches from Mexico to Orange County, bringing routine life to a halt."
Single workman causes mass power outage affecting millions and shuts two nuclear reactors
"Two reactors at a nuclear power plant went offline after losing electricity."
This should be a major concern. The world public needs to wake up and see that nuclear reactors are ticking time bombs. -- RF
Power partly restored to California, Arizona and Mexico
Iraq needs billions for refineries
German solar incentives facing big cut: sources
Japan Deepening Ties with Leading Oil Producer Saudi Arabia

## Infrastructure scavenging ##
Copper Thieves Slowly Dismantle Tulsa's Infrastructure

## Got food? ##
Report: Deep-sea fisheries unsustainable
World Food Prices to Remain Elevated After Drop in August on Cooking Oils

## Intelligence/security/internet/systemic breakdown ##
Modern computer systems make cars a prime target for hackers: report
New York cracks down after "credible" 9/11 threat
The national-security state in all its glory. -- RF
San Diego Power Outage Shows Importance Of Disaster Recovery
"The severity of the outage also damaged solution providers' data centers and communications capabilities for several hours."
Another Microsoft cloud outage
Google Docs Goes Dark In Evening Cloud Outage
Blackout Side Effect: Sewage Closes Beaches
Blackout a reminder of power grid vulnerabilities

## Japan ##
Govt Eyes Allocating Another Y3tln For Tepco Compensation
"The government is considering allocating an additional 3 trillion yen ($38.6 billion) to help Tokyo Electric Power Co. meet massive compensation claims following the crisis at its tsunami-ravaged Fukushima Daiichi nuclear power plant, officials said Friday."
Japan Considers Selling State Firms to Fund Rebuilding
Just another nation in desperate straits, considering an asset fire sale. -- RF
Sea radiation from Fukushima seen triple Tepco estimate
Over 100,000 Fukushima Prefecture residents can't return to hometowns
¥220 billion to clean neighborhoods
Electricity restrictions lifted / Summer power-saving averts blackouts; concern turns to winter
Quake Insurance Payouts For March Disaster To Hit Y1.2tln
"Earthquake insurance payouts for damages caused by the March 11 disaster will likely reach 1.2 trillion yen, 15 times the amount paid out after the Great Hanshin Earthquake, the General Insurance Association of Japan said in a Friday news conference here."
GDP contraction revised to 2.1%

## China ##
China's hidden debt undermines its sermons
China officials told to be wary in demolitions
12M in China face drinking water shortage

## UK ##
Prison population at record levels after riots
Teachers in fresh strike threat over pensions and pay

## US ##
Obama confronts jobs "crisis" with $447 billion plan
Funding concerns aside, the lack of cheap, plentiful energy will kill any jobs program. -- RF
BofA discussing about 40,000 job cuts: report
Feds say Bank of America worse than Countrywide
Consumer credit: Another Disaster In The Making
Deepening fears about Europe sink stocks
Yields fall to 60-year lows on Europe worries
"Treasury debt prices rose on Friday, taking benchmark yields to the lowest in at least 60 years as investors looked for a safe haven on revived worries a European debt crisis could have a significant global impact."
Wholesale Inventories Rose to Record High in July
"Inventory Stuffing" Hits 9 Month High
Airline fares are going up ... again

And finally... A Porn Bunker for the Apocalypse

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