Saturday, September 10, 2011


News Links, September 11, 2011

## Global economic meltdown ##
Default and Dissent Threaten Greece
Papandreou's Top Priority "Save the Country from Bankruptcy"; It's Impossible, Greece is Already Bankrupt
Here's Why Everyone's Thinking That Greece Might Default This Weekend
Papandreou says to save Greece, stay in euro
Greece on verge of default as doubt grows over €8bn bailout
French banks braced for credit-rating downgrade-sources
Pot calling kettle: Eurozone blamed by US for world's economic plight
Eric Sprott - From Here Silver is a 30 Bagger to $1,200
"When asked about gold Sprott replied, 'I think it's explosive. As you know James Sinclair said, "When it goes through $1,764 it's going to $12,000," and I for one am not ruling out that kind of development here. It could be very explosive as more and more people worry about one, fiat currencies, two, sovereign debt and three, bank deposits. It would take very little to spill into gold to make a dramatic difference in where the price will be.'"
Stocks Skid 2.7% Friday on European Fears

## Fault lines/flashpoints/military ##
New American Ally in Somalia: 'Butcher' Warlord
Philippine Air Force in Bad Shape: Spokesman
"More than three-quarters of Philippine military aircraft are not fit to fly - hampering the country's ability to protect its airspace and territorial waters, the air force said on Sept. 10."

## Global unrest/mob rule/angry people ##
Crowds attack Israel embassy in Cairo
"Hundreds hurt as protesters and security forces clash and interior ministry declares state of alert in Egyptian capital."
Egypt on alert after Israel embassy stormed in Cairo
Israeli ambassador to Egypt flees in night of rioting
Hundreds of Iraqis protest over poor services
Italians dump mussel shells to protest austerity
"Demonstrators dumped mussel shells in front of Italy's parliament on Saturday, accusing politicians of squeezing workers with an austerity package while clinging to their privileges like mussels cling to rocks."
Greece anti-austerity protests begin
"More than 1,000 demonstrators took to the streets of Greece's second city of Thessaloniki Saturday, kicking off a planned mass protest against austerity measures."

## Energy/resources ##
Saudi Arabia's Energy Problem
"Saudi Arabia, home to more proven oil reserves than any other nation, has an energy problem. HSBC estimates that this year the kingdom will burn 1.2 million barrels of oil a day to generate electricity, double the amount burned in 2010. With the amount of crude oil burned domestically climbing sharply, it is leaving less and less oil for exports."
This should come as no surprise to those familiar with the Export Land Model. -- RF
Mexico's Pemex 2012 budget lower than company hoped
Commentary: In the Everglades, oil and water don't mix
"South Florida oil wells, those that don't come up dry (most do), tend to yield a low-grade, sour crude and an ever sourer politics."
Oil rush begins as Arctic ice melts

## Infrastructure scavenging ##
Copper thefts leave police struggling to prove their mettle (UK)
"Police are failing to keep up with the surging level of copper thefts, which have rocketed following rises in the cost of the metal on world markets, a senior officer has warned."

## Got food? ##
Get the Most From Vegetable Garden Mulches

## Environment/health ##
Pakistan seeks foreign help after monsoon floods
Extent of Arctic summer sea ice at record low level

## Intelligence/security/internet/systemic breakdown ##
Talking Points Memo Website Crashed By Apparent DDOS Attack
Nearly a quarter of dot-gov domains don't work, analysis finds
Official: Al Qaeda Terror Threat Looking More Like a 'Goose Chase' (Fox News)
U.S. Government — Tracking Cash Cards?

## Japan ##
Tepco Aug LNG use hits record as more reactors shut
"Tokyo Electric Power Co used a record amount of liquefied natural gas (LNG) for power generation last month as the No.1 and No.7 units at its sole online nuclear plant in Kashiwazaki-Kariwa were shut for maintenance, leaving only two reactors in operation."
Tepco builds frame of cover for reactor No. 1
Radiation expert says outcome of nuke crisis hard to predict, warns of further dangers
"At present, I believe that there is a possibility that massive amounts of radioactive materials will be released into the environment again."
Effect of contaminated soil on food chain sparks fears
Firms speed moves to S. Korea / Companies see advantages in cheaper electricity, personnel and FTAs
The article says that "there is little worry of electricity shortages in South Korea," but this is totally wrong. Korean authorities have warned of blackouts during high-demand seasons. -- RF
Panasonic to build 3 plants in Vietnam
Vietnam suffers from a chronic power shortage. -- RF
Six months on, few signs of recovery
"Progress held back by debris, lack of jobs and slow planning"
Population outflow from disaster-stricken northeastern Japan continues

## China ##
Soaring Herb Prices Signal No Miracle Cure for Inflation
China's One-Child Policy Is Crippling Industry
Pork shortage hurting Chinese economy
"Pork is the fuel that powers the populace. So a shortage isn't just affecting dumplings and stir fry, the staple's 60% price jump is fueling inflation and squeezing household budgets."
This Is What A Bubble Looks Like
Stated numbers don't tell China's inflation story

## UK ##
Hurricane Katia threatens flood chaos in northern Britain
Work longer: new pension bombshell for under-50s
"Moves to keep up with 'express train' of life expectancy could mean retirement age rising to 67 as early as 2026"
Morale in armed forces plunges to new low
U.K. Inflation Accelerated to 4.5% in August, Economists Say

## US ##
Senior citizens are taking teenagers' jobs
Regulators close small Fla bank; 2011 total is 71
After $1.2M grant to expand, 40 jobs cut
"A solar and semiconductor equipment maker that got $1.2 million from New York state last month to expand its capacity cut its staff by about 40, the firm said."
Is the U.S. Reaching Peak Water?
Donald Rumsfeld Warns US Attack Is Unavoidable If Defense Cuts Proceed
The Congressional 'Supercommittee': Debt Panel or Death Panel?
Bearish bets are on the rise
Cellphone market slump
Regional banks suffer from financial market fear

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