Tuesday, September 20, 2011

 

News Links, September 21, 2011

## Global economic meltdown ##
Italy downgrade adds to eurozone contagion fears
Bank of China halts FX swaps with some European banks
ECB Supplying Unlimited Liquidity: Trichet
Greek Default Specter Leaves Germans With Bill
"Germany's bad banks, backed by the state to prevent the collapse of Hypo Real Estate Holding AG and WestLB AG during the credit crisis, would be the hardest hit in the event of a Greek default, leaving taxpayers to shoulder the bill a second time."
Point of No Return: Will it be Japanization, Monetization, or Crisis 2.0? (Mish)
"I believe the Eurozone will break apart. Eurobonds are dead, so are fiscal unions. The question is really what path the crisis takes."
IMF Trims Forecasts for Asia, Urges Stronger Currencies
Social unrest, oil prices pressure MENA economies: IMF
The Corporate Bank Run Has Started: Siemens Pulls €500 Million From A French Bank, Redeposits Direct With ECB
Don't rely on China to keep the world economy going (Bill Bonner)
"If China's economy falls, the rest of the world goes with it"
Jim Chanos Debunks The Myth Of China As The World's "White Knight"
The Fatal Flaws in the Eurozone and What They Mean for You
It's Only Just Beginning In Europe As Principal and Interest Payments Rise From Here
Slovenian Government Collapses After Confidence Vote Loss; EFSF Ratification To Be Delayed Until 2012
World Business Climate Worsens In July
Saudi king heralds dawn of new world order
"Saudi Arabia's ruler, King Abdullah, said Tuesday the previous global economic system has ended and the world is embarking on a new economic and financial order, one which will have rational regulations that will lead to a stable financial system and a safe and prosperous economy."
He doesn't know the half of it. -- RF

## Fault lines/flashpoints/military ##
The Russians Are Buying—and Buying
China military growth to boost arms sales to Asia
U.S. embassy in Kabul sounds attack alarm
Prospect of civil war draws closer in Yemen
Deadly blast rocks centre of Turkish capital
Dozens of Shia pilgrims shot in Pakistan
Japan steps into South China Sea territorial feud
Military leaders meet to salvage US-Pakistan ties
Saudi king calls for Arab unity over Israel

## Global unrest/mob rule/angry people ##
Could world social unrest come to America's streets?
Spanish Teachers' Strike May Foretaste of 2012
Syrian forces kill three in raids, two police shot
Protests turn violent in Bangladesh
Thousands protest pension and benefits cuts in Ukraine
Violence escalates in central Colombia oil worker protests
Police clash with students in north-Colombia
7 protesters arrested at Wall St. demonstration

## Energy/resources ##
Petrol prices set to rise (New Zealand)
There Will Be Peak Oil (Kjell Aleklett)
Yet another rebuttal to Daniel Yergin's recent peak oil hit piece in the WSJ. -- RF
Coal's Terrible Forecast
One other thing to consider is that coal is hauled with oil. -- RF
Poor law and order: Chinese company backs off from Thar coal project
Lawlessness is going to crimp energy production around the globe. -- RF
Saudi Gasoline, Jet-Fuel Imports Reaches 10-Month High in July

## Infrastructure scavenging ##
Copper thieves hit Bonneville Power substation in Forest Grove

## Got food? ##
A Farmer Struggles To Deal With Crop-Choking Weeds (photo)
"Jake Conner... struggles to deal with crop-choking weeds that have grown resistant to Roundup, the world's best-selling herbicide.
"The implications are far-reaching and, to some, frightening as more and more weeds grow resistant every season, sucking up nutrients needed for corn and other crops."
Cities ease rules to encourage urban farms (US)
Cattle Seen at Record $1.36 a Pound as Drought Reduces Herd: Commodities

## Environment/health ##
Polio strain spreads to China from Pakistan

## Intelligence/security/internet/systemic breakdown ##
Japan targeted by cyber attacks 'from China'
Chinese used in MHI cyber-attack
Homeland Security recruits jittery coffee drinkers to spot terrorists
Video: FBI Trainer Says Forget 'Irrelevant' al-Qaida, Target Islam
Unit Prepped Nuclear Bomber in 30 Hours — And Still Passed Inspection

## Japan ##
Beginning of the end for skyscrapers in Japan? (BBC video)
Listen to Mori's comments, about midway through the video. He knows it's not a good idea to live in the very skyscrapers that made him rich. -- RF
Heavy Rain Forcing Nagoya Firms To Halt Production
Typhoon Roke on Course for Leaking Japan Reactor as 1 Million May Evacuate
Whoa! This baby is headed directly toward me! -- RF
Japan May Widen Efforts to Cushion Companies Against Yen Through Subsidies
"Japanese Prime Minister Yoshihiko Noda unveiled his first plan as premier to lessen the pain of a yen near postwar highs, including a pledge to grant "large" subsidies for domestic construction of factories."
Japan's tsunami tragedy: already fading from sight?
"Six months later, few still hold such high hopes and there is little sign of the promised rebuilding of homes and lives for those in the disaster zones. Some feel that the rest of the country, including the Tokyo political class, is already forgetting."
There will be no rebuilding in the sense of industrial society. The locals will have to take matters into their own hands. Industrial/technological Japan as we know it is dying. What's important now is what action people take to build something new. -- RF
TEPCO says up to 500 tons of groundwater flowing into Fukushima nuclear plant
Tepco Mulling Cuts In Pensions, Workforce For Nuclear Compensation
Land Prices Falling Faster In Eastern Japan
Residential land prices affected by quake, down 20th year
65 percent of Japanese prefer to cut electricity use even if living standards drop
Japan swings to worse-than-expected trade deficit

## China ##
Coal Shortages Loom For Power Generation Plants
"The coal shortage problem in China is becoming more serious, and rising coal prices, and the difficulties involved in coal transport across provinces may result in many power stations having to halt production in winter, reports Economic Information."
China's Gold Investment to Top Record: Cheng

## UK ##
Firmus Energy to raise prices by over a third in Belfast
Bank of England under pressure to print more money after its own report showed the QE had a 'significant' impact
Error to join the euro, admits Clegg
One in five universities in deficit
IMF cuts UK growth forecast to 1.1% and questions pace of cuts
Hydrogen filling station is opened
Waste of money. The hydrogen-powered vehicle is an idea whose time never came. -- RF

## US ##
Postal Service faces grim 'new reality'
China's soaring costs could help American jobs
Signs of reverse globalization. -- RF
Shortages of school supplies hamper Harrisburg teachers
"Teachers are buying their own supplies, including pencils and paper. 'It's every man for himself.'"
Housing starts drop underscores economic woes
IMF sharply downgrades outlook for US economy
Guess How Many Americans Don't Have Enough Saved To Cover A $1000 Emergency
A Disturbing Look At The "Real" Household Net Worth
Feds accuse Full Tilt Poker of being Ponzi scheme
What a joke! The economic system itself is a Ponzi scheme. -- RF
Social Ponzi Insecurity In One Easy Chart
Worry About a New Wave of Layoffs
Middle Class Death Watch -- 33 Frightening Economic Developments

And finally...
Alien Invasion Imminent? Summer Sees a Spike in UFO Sightings
Hot dog. Just the diversion we need as industrial civilization falls apart. -- RF




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