Wednesday, September 21, 2011

 

News Links, September 22, 2011

## Global economic meltdown ##
Lloyds of London Sinks to $1 Billion Loss
"The Lloyd's of London insurance market crashed to a first-half loss of 697 million pounds ($1 billion), weighed down by record claims from natural catastrophes including the March 11 Japanese earthquake and tsunami."
IMF Urges European Banks to Raise Capital
"European banks face about €300 billion (about $409 billion) in potential losses from the euro-zone debt crisis, the International Monetary Fund said Wednesday as it urged banks to raise capital to protect the global economy from more turmoil."
ECB Lends $500 Million to One Euro Bank Amid Market Tensions
Europe's Banks Turn to Asia for Cash
"European banks are fanning out across Asia, seeking to borrow money from wealthy individuals and cash-rich companies in a race to replace funding sources that are becoming harder and more expensive to tap."
Greece accelerates austerity cuts in return for aid
New Zealand Economic Growth Slowed to 0.1% in Second Quarter
Gold Surge Fuels Inflation, Vexes Asian Officials
Bullion Vaults Run Out of Space on Gold Rally
Europe's Manic Depression A Frustrating Mess But Gold Shines On Like A Crazy Diamond
Nervous Breakdown? 21 Signs That Something Big Is About To Happen In The Financial World

## Fault lines/flashpoints/military ##
U.S. assembling secret drone bases in Africa, Arabian Peninsula, officials say (WashPo)
Mexico horror: Gunmen dump 35 bodies on avenue
Turkish PM calls Cyprus, Israel drilling "madness"
"Turkish Prime Minister Tayyip Erdogan described offshore gas drilling by estranged ally Israel and Cyprus as "madness" on Wednesday, raising the stakes in a confrontation over potentially huge deposits in the eastern Mediterranean."
Gorbachev says Russia heading towards turmoil
"Russia faces instability and its future is in question if it fails to carry out political reforms and reduce its dependence on energy exports, former Soviet leader Mikhail Gorbachev said in an article published on Wednesday."
China warns against U.S. F-16 upgrade for Taiwan
Body dump in busy street highlights Mexican drug war's effect on commuters
Insurers drop 9/11 suit against Saudi Arabia

## Global unrest/mob rule/angry people ##
In bid to revive protests, Yemenis rush to martyrdom
'Occupy Wall Street' Protesters Vow To Camp Near Wall St. Indefinitely
Thailand's Lèse-majesté crackdown: Deepening chill on dissent?
Italian police battle Tunisian migrants on Lampedusa
Labour unrest to hurt profitability, says Maruti chief

## Energy/resources ##
U.S. trails China in securing South Sudan oil business
Serious electricity shortage hampers Zimbabwe's plans to revive economy
Coal shortage begins to bite (India)
"At the end of August, 22 power plants across the country had a supply of less than seven days of coal. For many of these plants, one of the major reasons for the fuel shortage was transport problems."
Telangana strike hits power flow (India)
Get Libyan oil flowing, says Opec
IEO 2011: A Misleadingly Optimistic Energy Forecast by the EIA
No power reserves during partial blackout: lawmaker (S. Korea)

## Got food? ##
Canadian parks could grow food, too
The rise of urban farming

## Environment/health ##
BP oil only slowly degrading on Gulf floor, study says
"Tar balls washed onto Gulf of Mexico beaches by Tropical Storm Lee earlier this month show that oil left over from last year's BP spill isn't breaking down as quickly as some scientists thought it would, university researchers said Tuesday."
Gulf of Mexico fishermen's latest challenge: jellyfish
Is Human Resistance Futile? Maps Show March Of Drug-Resistant Germs

## Intelligence/security/internet/systemic breakdown ##
Toward universal political culture (Zbigniew Brzezinski)
IMHO, Brzezinski does not see the big picture, but judge for yourself. -- RF
Buildings house secret servers that keep Net humming
This is a good read. Eventually, external power will fail. And then the generators will need fuel. Keep in mind that the energy will not always be available. -- RF

## Japan ##
Japan Health Minister: Food Is Safe
Everything's gonna be OK. Put your nest egg in the stock market, turn on the TV, and chill. -- RF
Another chapter of destruction for Japan
"For the one million-plus Japanese households urged to evacuate due to the approaching storm, its arrival marks a grim new chapter in an already challenging year."
Japan Exports Disappoint, Could Weaken Further
Noda plans reactor restarts in spring
"Projected 10% power shortfall next summer might crush economy if idled plants not reactivated"
Typhoon batters Japan but nuclear plant safe; M5.3 quake strikes near Fukushima
BOJ To Lend Y103.3bn To Disaster-Zone Banks This Month
Nearly 600 New Univ, High School Grads Have Job Offers Canceled
Energy imports snuff out export recovery
Japan stocks fall sharply, with banks hit hard

## China ##
Misleading Indicators - China's Growth Won't Last; Chanos on Chinese Property Bubble and Growth (Mish)
Includes video. There's some very disturbing material here. -- RF

## UK ##
Meanwhile, Greece Isn't The Only Place Where Austerity Is Failing
Government borrowing hits new high
"The parlous state of the UK's finances was highlighted today when official figures revealed record Government borrowing in August despite the Chancellor's austerity measures."
Shale gas firm finds 'vast' gas resources in Lancashire

## US ##
Aisle seat? Fees add up when you fly
What happens in Vegas
"More cash-strapped states are being lured into allowing casinos for the tax revenues. But a new book offers a close-up view of how local residents in Las Vegas are worse off than the rest of the country."
Poker Ponzi scheme: Feds say Full Tilt Poker raided player accounts
"Poker Ponzi scheme: The popular Full Tilt Poker website illegally raided player accounts to fund operations and make lavish payments to its owners, Justice Department lawyers said in a revised civil lawsuit filed in New York."
The "growth economy" itself is a Ponzi scheme, and you can see the similarity here. -- RF
Moody's cuts BofA, Wells Fargo and Citi ratings
Economy in Congress's Hands As Fed Runs Out of Bullets
Fed Announces More Stimulus Despite Growing Criticism
Operation Twist a "Visual" Success: Yield on 30-Year Treasury Drops 17 Basis Points, Flirting with a Break of 3%; Alas Patient Will Die
America's hidden industrial 'surge' weakness
"Wednesday's brief by two of DC's top defense analysts included another interesting element besides their endorsement of an 'industrial strategy' to protect the defense sector: If the U.S. got into a desperate national pinch and needed to 'surge' its stocks of weapons or equipment, it probably could not do it, they said."
Yet another symptom of the crumbling industrial base. -- RF
The rising cost of raising a child




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