Monday, September 19, 2011

 

News Links, September 20, 2011

## Global economic meltdown ##
Greece must shrink state to avoid default-lenders
"International lenders told Greece on Monday it must shrink its public sector and improve tax collection to avoid running out of money within weeks as investors spooked by political setbacks in Europe dumped risky euro zone assets."
Greece is the bellwether. States will be shrinking all over the planet. -- RF
Interactive Infographic Of The Doomed European Financial System
Greece should default, exit euro, Roubini says
Europe braces for impact of Greek default
Must read: How Can China Save Europe When It's Defaulting On Its Own Debt? (Forbes)
Home Prices Rise in All 70 Monitored China Cities;Local Governments Rely on Ponzi Land Sales to Pay Mounting Debt;Tightening Concerns Hit China Stocks (Mish)
More warnings on China's debt: Shadow banking sparks new worries (MarketWatch)
China Ramps Up Investment In Europe As Continent's Debt Crisis Deepens
Norway House Bubble Risk May Lead to Tougher Rules, FSA Says
OMG! Yet another housing bubble?! -- RF
Euro Bulls Capitulate After Trichet Comments
Gold investments soar in India despite rising prices
India consumer price index climbs 1.18% in August
Europe's central banks load up on gold
Dubai era of mega-malls is over for developers
Let's Be Honest: We're Seriously Due For A Bunch Of Sovereign Defaults Right About Now (graph)
S&P Downgrades Italy; Euro, Futures Tumble
Italy Expected To Cut Growth Forecasts Further
Late Payments at Spanish Banks, Cooperatives, Credit Institutions Hits 7%, Highest Since 1995
Compromised Global Markets Thwart Any Possibility of Economic Recovery (Financial Sense)
"The injection of upwards of $2 trillion U.S. dollars into the global banking layer that blankets national economies created the illusion of growth by manifesting as corporate earnings among banks and Fortune 500 companies. All that the creation of all that capital has done is create more debt – which is exactly its purpose."

## Fault lines/flashpoints/military ##
Eight die in attack on Karachi police officer's home
New York meetings open to avert Palestinian crisis
Turkey threatens to freeze EU relations over Cyprus presidency
Secret Sats, Giant Rockets: U.S. Unveils Space War Arsenal
OPEC's $1 Trillion Cash Quiets Poor on $100 Oil
"Saudi Arabia will spend $43 billion on its poorer citizens and religious institutions. Kuwaitis are getting free food for a year. Civil servants in Algeria received a 34 percent pay rise. Desert cities in the United Arab Emirates may soon enjoy uninterrupted electricity."
AFA: UAV Pilots Will Outnumber Those of Manned Aircraft

## Global unrest/mob rule/angry people ##
Israel mulls emergency laws to handle Palestinian riots in West Bank
"Proposed regulations, which would curtail the rights of some suspects in criminal proceedings related to unrest, has sparked disagreement among members of the Justice Ministry."
Islamic party protests turn violent across Bangladesh
"Street marches by members of Bangladesh's biggest Islamic party seeking the release of its leaders from jail turned violent across the country on Monday, with at least 70 people wounded in clashes, witnesses said."
Yemeni rooftop snipers fire at random at anti-regime protesters
Yemen protesters storm elite military base; 50 dead
Wall Street Areas Blocked After Police Arrest Seven People During Protests
Democracy protests restart after hiatus (Morocco)
Protesters try to deposit trash from foreclosed home at Malden Bank of America
Tel Aviv: 13 arrested in tent protest clash with police
RPT-Bangladeshis protest over stock prices plunge
"Hundreds of angry Bangladeshi investors smashed vehicles, set tyres ablaze and blocked traffic near the stock exchange in the capital on Monday, in the most violent of a series of protests in recent weeks over plunging share prices."
Greece: New Austerity, New Riots

## Energy/resources ##
Kemira Sees World Water Market At $800 Billion By 2035
Global collapse and revolution will have come long before that. -- RF
Several trains stopped as railways runs out of fuel
"Pakistan Railways, financially bankrupt and considered to be one of the most corrupt public sector enterprises, is on the verge of collapse after it ran out of fuel leading to cancellation of several major scheduled trains across the country."
Fuel shortage delays Yanbu Cement lines (KSA)
"Yanbu Cement Company will delay the start of new production lines due to a shortage of oil and natural gas to power the facility."
Gas supply to KESC power plant suspended (Pakistan)
World Oil Use Seen Surging 27% by 2035 (Fox News)
Global energy use to jump 53% (CNN Money)
Pie in the sky. Global energy shortages grow more severe by the day. -- RF
OPEC Head Sees Gulf Output Cut On Libya Return
Producers are already hard put to keep up with existing demand. And OPEC countries must satisfy increasing domestic demand by cutting exports. They are already beset by power outages and fuel shortages. -- RF
Saudi Arabia Pumped 2% Less Oil in July From June, JODI Says
BHP to face more work stoppages at Australia coal mines
Responses to Daniel Yergin's attack on peak oil (Energy Bulletin)
Regional Fuel Shortage Worsens (US)
"FARGO - First it was diesel fuel, now its unleaded gas. Mike Rud of the North Dakota Petroleum Marketers Association says both are in short supply. Rood says that's because two refineries in the region are shut down and that's forced suppliers to scramble to find fuel where they can, often, hundreds of miles from home."
VIDEO: Dozens Wait At West Fargo Fuel Terminal
"Dozens of truckers are lined up at the Magellan pipeline terminal in West Fargo. The "waiting time" for a load of fuel is estimated at 3-5 hours."
Coal supply woes short-circuit thermal power output in August (India)

## Got food? ##
Persisting Drought In Arkansas Plagues Hay Farmers
"Cooler weather has arrived in Arkansas but a severe drought lingers, bringing bad news for the state's hay and cattle producers."
Fertilizer shortage worries planters (India)
Paraguay detects foot-and-mouth, halts beef exports

## Environment/health ##
Chronic disease to cost $47 trillion by 2030: WEF

## Intelligence/security/internet/systemic breakdown ##
Mitsubishi Heavy comes under cyberattack: Yomiuri
"Mitsubishi Heavy Industries Ltd.'s computer network was hacked at factories that build submarines and missiles and make components for nuclear power plants in the first such attack targeting Japan's defense industry, the Yomiuri newspaper said on Monday."
M'bishi Heavy: No Military Information Leaked In Cyber Attack
Network failure causes nationwide debit card issues

## Japan ##
Japan Vows At IAEA Confab To Stabilize Fukushima Daiichi By Year-End
Thousands march against nuclear power in Tokyo
Japan: piles of tsunami debris turning into giant bonfires
"Piles of decomposing organic waste, metals and rubble from the devastated towns of north-east Japan have been bursting into fire, posing a new hazard to emergency teams tasked with clearing away the debris and people who are still picking through the remains of their homes."
No hospital, stores, gas stations or hope
"More than six months after the March 11 disaster, Ishinomaki's residential district of Ogatsucho finds itself with no hospital, no supermarket, no gas stations, a declining population and little hope for the future."
Employment of new grads could hit record low following quake and tsunami

## China ##
World's biggest airport planned
"Beijing set to beat London and Atlanta as world's busiest aviation hub with a new airport the size of Bermuda"
Bright skies for aviation industry
"The increase in Chinese airline passengers in recent years has experts predicting a bright future for the industry. US aviation giant Boeing estimates that China will need 5,000 new aircraft worth $600 billion, by 2030, according to media reports."
China solar panel factory shut after protests
China Slowdown Looms as Inflation Limits Stimulus, ex-PBOC Official Says
China Will Likely Limit Stimulus in Any Global Slump, Deutsche Bank Says

## UK ##
UK Facing $18.8 Billion Public Finances Black Hole
Cable: Britain facing economic equivalent of war (includes video)
Housing shortage sends London's prices rocketing
Jobcentres to send poor and hungry to charity food banks
"Tens of thousands of benefits claimants will be referred to food banks by the Government, which is worried that many Britons face a stark choice: starvation or feeding themselves by begging or stealing."
UK gold demand soaring

## US ##
Retiree Benefits for the Military Could Face Cuts
Child abuse increased as economy crashed, study shows
1 in 9 US bridges called 'deficient' (video)
Moody's stays negative on states, local governments
Despite pronouncements to the contrary, the muni bond implosion is still going to happen. -- RF
Weeks after quake, town near nuclear plant remains rattled
"The quake Aug. 23 rocked the plant more than it was designed to handle — something that had never happened before at any of the nation's 104 nuclear reactors."
Inside the Trillion-Dollar Underground Economy Keeping Many Americans (Barely) Afloat in Desperate Times
Employee benefits: Rising costs will eat into your paycheck
Obama plan would end Saturday mail delivery
40% of consumers slash spending
Tylenol in short supply as flu season looms

And finally...
Hands off my Vegemite, Kevin Rudd tells US airport staff
How to Talk Like a Pirate … in His Native Somali




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