Saturday, September 24, 2011

 

News Links, September 25, 2011

## Global economic meltdown ##
Europe aims to beef up crisis fund
EU given six weeks to protect itself against 'inevitable Greek default'
"European Union governments will spend the next six weeks putting together a firewall to protect their fragile banking systems against what is now seen as an inevitable Greek default."
It's been inevitable since the start. What took them so long to see it? -- RF
Germany Demands "Managed" Greek Default And 50% Bond Haircuts In Exchange For Expanding EFSF, Peripheral "Firewall"
ECB gears up to give banks one-year liquidity
EU Synopsis: No Method, No Strategy, No Calendar; Blatant Lies by French Finance Minister (Mish)
"The number of arrogant, unbelievable lies from the EU and ECB are flying so fast I do not have time to report on them all."
Geithner: Euro-Zone Must Speed Up
"If further financial-market unease is to be prevented, euro-zone governments must speed up efforts to address the region's financial crisis, U.S. Treasury Secretary Timothy Geithner said Saturday."
Geithner Urges End to 'Cascading Default' Threat Arising From Europe Woes
Portugal Downgrades 2012 Economy Outlook
World powers seek to contain Europe debt crisis
Economic worries all over the world: A region-by-region guide to the worries
Thailand May Lower Growth Projections on Weak Global Economy, Prasarn Says
IMF's Resources May Not Be Enough If Global Economy Worsens, Lagarde Says
Italy's rating downgrade 'may speed up austerity plan'

## Fault lines/flashpoints/military ##
World Population Expected To Hit 7 Billion On Halloween
The article repeats an oft-held misperception by stating, "Human ingenuity and technology have played a big part in defying Malthus." Actually it's oil which has played the biggest role. And while it's usually believed that technology begets energy, in fact it's the opposite: The fossil fuel energy bonanza has made technological advances possible. -- RF
U.S. to provide drones to Turkey: Erdogan
"The United States has agreed in principle to deploy U.S. Predator drones on Turkish soil to aid in the fight against Kurdish separatist rebels, Prime Minister Tayyip Erdogan said."
Yemen violence leaves scores dead
While the diplomats haggle, deadly tensions are mounting in the nascent Palestine
Russia's Putin set to return as president in 2012
Just the "iron hand" leader that many Russians desire. -- RF
U.S. Sells Bunker Busters To Israel
Foreign fighters support Israel's settlements
"The Jewish Defence League has dispatched French "militants" for a "show of solidarity" in illegal West Bank settlements."
PKK launch deadly attack on Turkish police
India shrugs off China warnings on oil exploration
Report: Further cuts devastating to military

## Global unrest/mob rule/angry people ##
Bolivia Amazon road protesters break police blockade
"Indigenous protesters in the Bolivian Amazon have broken through a police blockade to continue a long-distance march on the main city, La Paz."
Protesters march in Manhattan, criticizing Wall Street
"Several hundred marchers wound their way through the streets of lower Manhattan on Saturday in the latest of a string of protests over the past week against what demonstrators saw as corporate greed on Wall Street."
Students clash with UC Berkeley Police at Tollman Hall, 2 arrested
Greek despair over further cuts sees suicide and crime rates on the rise

## Energy/resources ##
Indian Fuel Oil Sales Point To A Rally Ahead In Asia
"Strong marine fuel demand in Asia and a shortage of readymade bunker fuel is driving spot premiums up and in an opaque market where deal prices are one of the few ways to gauge sentiment, traders say the Indian tenders could go a long way in driving premiums even higher."
Chile's capital hit with widespread power outage
"The Chilean capital Santiago experienced a widespread power blackout on Saturday but power remained on in parts of the mining heartland in northern Chile, according to Reuters witnesses."
Power outage prevents journalists from reporting events in Yemen capital

## Got food? ##
World's poorest face soaring food prices
USDA Retail Food-Inflation Forecasts for 2011 (Text)
Sudan hit by spiralling food prices

## Intelligence/security/internet/systemic breakdown ##
Activist Post Deleted! Google Erases Popular Alternative News Source
It's open season on your Fourth Amendment rights

## Japan ##
Default Swaps Hit Record With Bonds at Year Low: Japan Credit
"The cost of insuring Japan's debt against default has risen to a record amid concern that Europe's debt crisis will spread beyond the region."
Japan finds rice needing thorough radiation test
TEPCO can't identify flammable gas in pipe at Fukushima nuclear reactor
Japan Running Out of Time to Fix Finances, IMF's Shinohara Says
Like Europe and the US, Japan is already out of time. -- RF
Trade Min Edano: Strong Yen 'Very Severe' For Japanese Firms
Japan MOF Official: Swiss-Like Currency Policy Not An Option For Us
Japan Prepares to Send Peacekeepers to South Sudan

## China ##
China must battle inflation, fend off shocks: Zhou
China beating: Anger after man mistaken for petitioner
Commentary: China chooses a peaceful path
"The Chinese government recently released a White Paper titled China's Peaceful Development, in which it declared to the world that peaceful development is a strategic choice China has made."
As long as the world pursues infinite growth, there can be no peace. -- RF
Is the Chinese Economy in Trouble Too? (NYT via CNBC)

## UK ##
Planning rules increase threat to thousands of square miles of wildlife habitat
Under the infinite-growth paradigm, eventually everything must be "developed." -- RF
Motorway speed limits 'could be raised to 80mph'
"Motorway speed limits could be raised to 80mph to shorten journey times and boost the economy, it is reported."

## US ##
Go ahead, let the economy collapse (Bill Bonner, Daily Reckoning)
I agree that we should get the inevitable over with sooner rather than later. However, there's a problem with this scenario. It assumes a recovery and the resumption of growth afterwards. But that won't happen because energy is too expensive. -- RF
Regulators close Va., Calif. banks; 73 for year
Morgan Stanley Had A $55 Billion Exposure In Late 2009
Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?
Congress at Impasse Over U.S. Spending Amid Shutdown Threat
BofA settlement may be pushing more into foreclosure

And finally... 23 Hilarious Unfortunately-Placed Ads




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