Tuesday, September 13, 2011


News Links, September 14, 2011

## Global economic meltdown ##
Merkel: euro zone has no orderly insolvency mechanism yet
Euro's Crisis of Confidence: System May 'Go Off the Rails'
Greece Should 'Default Big': Blejer
Standard Chartered CEO Says Greek Default Inevitable
Dutch Finance Ministry Says Greek Default Is Unavoidable, Immediately Retracts
Europe Close to Banking Crisis: El-Erian
European Bond Spreads Show ECB Losing the Containment War on Italian Bond Yields
International alarm over euro zone crisis grows
Analysts: China Unlikely to Rescue Italy
Dark Side of Brazil's Rise
"Daily life has become so expensive that movies, taxis and even a can of Coke cost more in São Paulo than in New York. Rio de Janeiro apartment prices have doubled since 2008, and office space in São Paulo is suddenly more expensive than Manhattan."
Nomura Preparing 5% Job Reductions in Europe
UAE cancelled $170 bln worth projects - report
Big US Banks to Be Required to Write 'Living Wills'
"The FDIC was set Tuesday morning to pass new rules requiring insured depository institutions with $50 billion or more in total assets to submit 'living wills' describing how the institution would be wound down in an orderly fashion in the event of a crisis."

## Fault lines/flashpoints/military ##
Turkey warns may launch ground raid in Northern Iraq
"Turkey warned on Tuesday that it was preparing a possible ground operation against Kurdish separatist militants in northern Iraq, depending on the result of talks with Iraq."
Egypt fears Turkey's Erdogan will use visit to stir up anti-Israel sentiment
Erdogan slams Israel on start of Arab tour
Turkish PM throws weight behind Arab cause
"Turkish Prime Minister Tayyip Erdogan said on Tuesday it was time to "raise the Palestinian flag at the United Nations" in a rallying call to Arab states before a Palestinian U.N. membership bid opposed by Washington."
Saudi Official: US Veto for Palestinian State Will Cost Saudi Alliance
Israel's Gaza blockade illegal: UN experts
Taliban attack across Kabul, target U.S. Embassy
"Taliban fighters fired rockets at the U.S. Embassy and NATO headquarters in Kabul on Tuesday and attacked police in three other areas in the biggest assault the insurgent group has mounted on the Afghan capital."
Shin Bet: Israel's extreme rightists organizing into terror groups
"Extreme right-wing Jewish activists in the West Bank have moved from spontaneous acts against Arabs - following the demolition of Jewish homes by Israeli authorities, or terror attacks against Jews - to organized planning that includes use of a database of potential targets, according to new analysis by the Shin Bet security service."
Thunder Down Under - Western Australia Talks Secession over Canberra's Energy Policies
U.S. Boots on the Ground in Libya, Pentagon Confirms
UN report warns Yemen risks sliding into civil war
NATO: Iraq Mission to Continue Through End of 2013

## Global unrest/mob rule/angry people ##
Angry crowd turns on journalists reporting embassy attack in Egypt
Unions planning 'series of national strikes' (UK)
Why A Working Class Revolt Might Not Be Unthinkable (US)

## Energy/resources ##
Russia Sees Stalling Economy, Plunging Ruble With $60 a Barrel Oil Price
And it won't be just Russia. Oil producing countries need high prices to finance new exploration and oil field development, and to run their social programs. -- RF
Gazprom Opens Natgas Pipeline to Sakhalin
Iran, Russia focus on deeper energy ties
Falling Demand in Europe for Solar Energy Systems
Electricity cut off to Spanish town over unpaid bills
Have frackers pushed their luck too far? (Foreign Policy)
Iraq's Kurdish Region Stops All Crude Oil Exports, Minister al-Luaibi Says
Gadhafi Forces Attack Oil Refinery, Killing 17
"In the first major regime counter-offensive in over a week, forces loyal to Moammar Gadhafi attacked a rebel-held oil refinery in Ras Lanuf today, one of the few refineries which escaped NATO bombardment during the civil war."

## Got food? ##
Thailand Ready to Cede No. 1 Rice Ranking to Pay Higher Prices to Farmers
Australia Seen Shipping Record Wheat Cargoes as Rains to Spur Bumper Crop
Let's hope this helps hold down global food inflation for a while. -- RF

## Environment/health ##
U.S. Experiences Second Warmest Summer On Record: Texas Has Warmest Summer On Record of Any State
Floods rattle Pakistan, 300,000 homeless
Dallas sets record with 70th 100-degree day
Wasting Away: Our Garbage By The Numbers (US)

## Intelligence/security/internet/systemic breakdown ##
New al Qaeda head hails Arab uprisings, says U.S. losing
U.S. official: Al-Qaida has been 'shattered'
Oh, brother! -- RF
Russia Delays Rocket Launch to International Space Station

## Japan ##
Japan Bank Will Consider Additional Loans for Tepco
"The new chief of the Development Bank of Japan said Tuesday the state-run lender is considering extending additional loans to Tokyo Electric Power Co. beyond the ¥100 billion ($1.3 billion) it already provided, as long as the troubled utility at the center of the Fukushima Daiichi nuclear crisis avoids falling into negative net worth."
The money is as good as gone. -- RF
TEPCO submits more redacted Fukushima nuke plant manuals to Diet committee
August Power Output Falls 12.1%, Record-Low Nuke Power
Japan Utilities' LNG Imports, Consumption Climb to Record
Inside Japan's nuclear ghost zone
High yen could 'hollow out' Japan's industrial heart: Noda
"The sky-high yen risks 'hollowing out' Japan's industrial heart and hampering efforts to rebuild after the March 11 quake and tsunami, Prime Minister Yoshihiko Noda warned Tuesday."
Mutual Fund Losses Topped Y3tln In Aug
"TOKYO (Nikkei)--Publicly offered investment trusts sustained losses totaling 3.14 trillion yen in August, the steepest decline in 15 months, as stocks dropped around the world and the yen surged."
3 Megabanks' PIIGS Loans Total Y1.9tln
"TOKYO (Nikkei)--The balance of loans provided by Japan's three megabanking groups to Greece and four other heavily indebted European countries came to a combined 25.8 billion dollars, or about 1.99 trillion yen, as of the end of June, according to documents the banks released Tuesday."
Kepco to call for winter power saving by firms
"Kansai Electric Power Co. Chairman Shosuke Mori has indicated the utility will call on manufacturers to save electricity to avoid winter power shortages if it is unable to restart nuclear reactors currently suspended for regular checkups."
Govt to give subsidies to expand farmland
Releasing 70,000 Psychiatric Patients Shows Japan's Debt Task

## China ##
Drought, Mine Closures Cut Power
"Southern China is facing a new round of power shortages. Manufacturing enterprises in all major cities in Pearl River Delta area were asked to cut power at different hours of the day for varying lengths of time, mostly two to four days per week. People are concerned that the power cuts might limit factories' capacity and increase the likelihood of an economic slowdown."
China's New Lenders of Last Resort
The debt is piling up, baby! -- RF
Seabed mapping pace speeds up

## UK ##
UK CPI inflation rate rises to 4.5% in August
Unions poised for winter of strikes
UK train punctuality worsens
London hosts huge arms show amid economic gloom

## US ##
Number of poor hit record 46 million in 2010
South bears the brunt of America's rising poverty rate
Household income drops to lowest point since '96
Bankruptcy rises among college educated
Median Male Worker Makes Less Now Than 43 Years Ago
Economist: 46 out of 50 US States are Insolvent
'Supercommittee' hears grim economic, budget outlook from CBO
Budget Deficit in U.S. Grew to $134.2 Billion in August on Calendar Effect
Obama's Job Plan May Force US to Raise Debt Limit Again
Cancer patients hit by shortage of drugs
What A Year: Disasters Have Been Declared In All But Two States
Huge Surge in Bank of America Foreclosures
U.S. Small Business Optimism Weakens Again in August
Armrest wars: Flights are fuller than ever
Is the US Monetary System on the Verge of Collapse? (Casey Research - PDF)
U.S. College Loan Defaults Highest Since 1997
U.S. motorists may spend a record $491 billion for gasoline this year
The Federal Reserve Is Selling Paper Gold and Buying Physical Gold

And finally... Zeitgeist Moment: Painting Of A Burning Bank Fetches $25,000 At Auction

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