Wednesday, September 14, 2011


News Links, September 15, 2011

## Global economic meltdown ##
Europe's leaders battle to keep faith with euro as Greek bailout flounders
A Greek Orderly Default Impossible: Kyle Bass
Germany's Roesler Suggests Time's Up For Greece
Arab Investors May Help Rescue Greek Economy, Trade Group Says
China Willing to Buy Bonds From Sovereign-Debt-Crisis Nations, NDRC Says
Stocks, Euro Extend Advance as Germany, France Confirm Support for Greece
This is desperate. Everyone is trying to keep the first domino from falling. -- RF
Delusional Hopes of Greece "Progress"; Greek Bonds Hammered Again; Lesson of Lehman
China and the Doomsday Scenario for Europe
Eurozone debt crisis could rip E.U. apart: officials
Moody's cuts SocGen and CreditAgricole
Risk Rises at ECB as European Banks Lose Deposits
"European banks are losing deposits as savers and money funds spooked by the region's debt crisis search for havens, a trend that could worsen economic and financial conditions."
It's called a bank run. -- RF
ECB Will Lend Dollars to Two Euro-Region Banks as Market Funding Tightens
Deposit Flight From European Banks Means Collateral Risk Piling Up at ECB
Black Swan Funds Said to Soar as Europe Crisis Deepens
EU Finance Officials Warn of Renewed Credit Crunch
Zoellick: World economy in new danger zone
Hopes for Greek debt progress lift world stocks
Totally misplaced hopes. Greece is finished. The Eurozone is finished. -- RF
Why collapse of the euro equals collapse of the EU
Asia corporate sentiment slides on global worries
ADB Sees Asian Growth Staying Robust
Gulf developers lower gaze to affordable homes
India's Inflation Accelerates
KSA won't buy euro debt
Global uncertainty, European crisis fuel Canadian meltdown fears
Contagion fears sink Korean, Indonesian currencies

## Fault lines/flashpoints/military ##
Kabul Attack Ends After 20 Hours: Spokesman
'Common Afghans support Taliban attacks on US' (RT video)
Deadly Attacks Hit Security Forces and Civilians Across Iraq (NYT)
Africom boss: New HQ is a long way off
Pirates hijack vessel with 23 crew off Benin
"The incident is the latest in a string of attacks on ships in the Gulf of Guinea that experts say is threatening an emerging trade hub and growing source of oil, metals and agricultural products to world markets."
Somali piracy threatens trade lanes as monsoon ends
LNG insurance rates jump on lawless waters, piracy
"The cost of insuring liquefied natural gas (LNG) tankers has risen as naval containment of piracy fails and surging global demand spurs traffic through high-risk waterways, increasing the risk of hijack and armed attack."
Indonesia, Vietnam joint patrols in South China Sea
"The leaders of Indonesia and Vietnam agreed yesterday to establish joint patrols on their maritime border to improve security in the South China Sea, which is claimed almost entirely by China."
China objects to oil hunt, India says back off
"Beijing's bid to thwart oil and natural gas exploration in two Vietnamese blocks in the South China Sea by India's ONGC Videsh Ltd (OVL) has been rebuffed by New Delhi. India's ministry of external affairs (MEA) said China's objections have "no legal basis" as the blocks belong to Vietnam."
Strains Mounting As Israelis Facing Three Crises
Water, Oil and Food – A Crisis for Saudi Arabia and the World

## Global unrest/mob rule/angry people ##
Spain town police on mass sick leave over unpaid wages
Secret plan for union strikes to cripple the country (UK)
Armored Syrian forces storm towns near Turkey border
"Dozens of tanks and hundreds of soldiers stormed towns and villages near Syria's northwest border with Turkey on Wednesday, stepping up President Bashar al-Assad's efforts to crush popular unrest and pursue army defectors, local activists said."
Bahrain protesters clash with security forces
Italy austerity protesters clash with police in Rome
Protesters and police clash in Haiti
Jordanian protesters demand closing of US Embassy
Freeport Copper Miners Strike in Peru and Indonesia After Talks Break Down

## Energy/resources ##
PSO in dire straits: severe fuel crisis anticipated
"KARACHI - Pakistan State Oil Company (PSO) has started facing acute financial problems as its receivables have reached Rs137.65 billion as of September 12. A serious fuel shortage seems to be on the horizon if the government fails to immediately release at least Rs50 billion demanded by PSO. The international suppliers would stop oil supply to PSO leading to shortage of fuel in the country, sources said."
India may hike fuel prices again
Fuel woes to hit Gujarat power sector hard (India)
San Onofre Nuclear Plant Helps Create International Blackout
Analysis: Ethanol industry to stay hungry for U.S. corn
Limits to Keynesianism (Gregor Macdonald)
"But the greatest flaw with Keynesianism now is that, like the economy itself, it has run squarely into the energy limit. As the most recently updated data shows, 2011 will be the 6th year that world production of crude oil was unable to increase beyond the ceiling established in 2005. Oil remains the primary energy input to OECD economies. OECD economies are of course where the Keynesian experiment has flourished longest, first in Japan, then the United States and now Europe. It is hardly, hardly the case that the current financial crisis in the OECD is 'simply a matter of accounting.' Instead, the crisis is one of systemic, structural growth now permanently limited by energy costs as OECD economies try to service debt loads that have escaped their ability to manage. Change all the digits, and the energy limit remains."
French FM: France to have safety checks on every nuclear power plant nationwide

## Infrastructure scavenging ##
Scrap metal dealers face curbs as cable thefts increase (UK)
"Scrap metal merchants could be banned from paying in cash as the rail and telecommunications industries are hit by an epidemic of cable thefts."

## Got food? ##
2m hectares of farmland abandoned per year (China)
Corn: Have record prices finally rationed demand?
Wheat Rebounds From Five-Week Low as High Corn Costs May Spur Feed Switch

## Environment/health ##
Drug-resistant TB spreading fast in Europe

## Intelligence/security/internet/systemic breakdown ##
Power outage kills four Pakistani patients
"Four patients on life support died at a hospital in Karachi during a power outage that shut down their ventilators, reports said."
South Africans under cyber attack

## Japan ##
Six Months After Waves, Rebuilding Eludes Japan Town
Rebuilding is going to elude many, many towns. -- RF
Japan Atomic Energy Body Sees Technical Hurdles Ahead
"Japan's efforts to safely dismantle the stricken Fukushima Daiichi nuclear complex is expected to be fraught with technical challenges and take more than a decade to complete, the government's Atomic Energy Commission said Wednesday."
Massive New Radiation Releases Possible from Fukushima … Especially If Melted Core Materials Hit Water
Cesium in sea may return in 20 to 30 years
July Industrial Output Revised Down To 0.4% Growth
Noda worried about China military buildup
ADB keeps forecast for GDP contraction
Tepco to raise power charges up to 15% for three years
BOJ warns that risks stemming from European debt problem 'expanding'

## China ##
China's Sichuan may face worst power woes in 10 years
"(Reuters) - Southwest China's Sichuan province is likely to face the worst power shortage in 10 years in the coming winter-spring season due to rising demand, weak hydropower generation and insufficient coal stockpiles, the local grid operator said."
Amid China boom, job search for many grads goes bust
Chinese Premier says country cannot grow in isolation
China developers 'short of cash': analyst
"China's real-estate market may face an escalating credit crisis, with industry data for August providing clues that big developers are running short of cash, according to Credit Suisse analysts."

## UK ##
Unemployment rises above 2.5m milestone
Clegg to warn that economic situation is deteriorating
Unions announce November strike date and threaten 'biggest action for generation'
UK critical systems cyber warning

## US ##
More than 1.8 million people living in poverty statewide (Illinois)
The Terrorist Next Door: American Muslims Face Growing Prejudice
Consumers, restaurateurs feel pinch of rising food prices (Las Vegas)
Majority Of 2011 U.S. IPO Listings Now Underwater
We're Headed For A Crash, Says Seer Gerald Celente — Keep Buying Gold (Yahoo Finance video)
"We'll have riots, he says. And wars. And society as we know it will continue to break down."
US Economy Goes From Bad to Worse: Economist
More Americans Are Doubling-Up
"Much of the increase comes from young people, ages 25-34, living with their parents. Some 5.9 million, or 14.2% of 25-to-34 year olds, lived with their parents in 2011, up from 4.7 million before the recession."
One in four local home borrowers under water (Chicago)
The Great American Economic Lie
"The idea that the economy has grown at roughly 5% since 1980 is a lie. In reality the economic growth of the U.S. has been declining rapidly over the past 30 years supported only by a massive push into deficit spending."
Did Wages Top Out with Domestic Oil?
Used Car Buyers Beware: Flood-Damaged Vehicles Will Hit the Market Soon

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