Monday, September 05, 2011


News Links, September 6, 2011

## Global economic meltdown ##
UK Set for More Money-Printing: Goldman Sachs
Europe's Banks Face Unsecured Bond Test
Total bloodbath in Europe
Don't Bet on a 'United States of Europe'
Australia Investor Confidence at Lowest Level Since 2009
IMF head: Abandon austerity for stimulus
Deutsche Bank CEO Just Gave A Terrifying Speech In Frankfurt
"At a conference in Frankfurt he said, 'It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels.'"
Indonesia stats bureau sees Sept core inflation above 5 pct
Workers Play Cards at Idle Indian Factories
Gold Climbs Above $1,900 as Concern About Slowing Economies Stokes Demand
Athens, Rome Hold Europe to Ransom (WSJ)
Italian President warns on "alarming" debt signals
Italy To Miss GDP Forecast, Sees Sub 1% GDP Growth
Analysis: Pension funds in new crisis as deficit hole grows
"Pension funds in developed economies are facing a new crisis as falling equities and tumbling bond yields widen their deficits, threatening the incomes and retirement dates of future retirees."
Again and again I have warned that, because they are part of the Ponzi-scheme infinite-growth economy, pension funds are going to evaporate. -- RF
Norway Banks Face Tighter Mortgage Rules on Record Private Debt
Gulf consumers owe $6.6bn in credit card debt
"Consumers in the GCC owe an estimated $6.6bn in outstanding credit card debt, show new figures from London-based research and advisory firm Lafferty Group."
All that "wealth" is but a desert mirage built on a pile of debt. -- RF
CAM Bank, Taken-Over by Bank of Spain, Reports €1.1 Billion Loss, 19% Non-Performing Loans
More Woes for Shippers
Why Gadhafi's demise may presage end of the euro: Germany is rethinking the unthinkable

## Fault lines/flashpoints/military ##
South Korea suicide toll doubles over a decade
Chinese arms firms offered weapons to Gaddafi's forces: reports
U.S. must stay in Afghanistan or risk more attacks: envoy
Japanese support for U.S. bases grows: poll
"Japanese have become more welcoming to the U.S. military presence in their country over the past six years as fears spread that neighboring China and North Korea are threats to peace, an Associated Press-GfK poll has found."
NATO Pushes EU for Help in Libya
Climate change could cause more wars: Study shows link between rainfall and violence

## Global unrest/mob rule/angry people ##
Insight: In home of Arab Spring, a desire for more (Tunisia)
Syrian troops crack down on protesters
To Celebrate Labor Day, Italian Unions Occupy Milan Stock Exchange
Labor unrest cuts production at India's Maruti Suzuki
Hong Kong has a money problem: City has rich government but poor people
Protesters burn CM, PM's effigies
Anti-royalist protests begin in Swaziland
"Thousands of Swazi people marched through Mbabane today burning images of absolute monarch King Mswati III, singing freedom songs and chanting slogans against his agenda of pay freezes and cuts to student allowances."

## Energy/resources ##
SolarWorld Shuts Production At U.S. Plant
About 60% Of Gulf Oil Production Still Offline Due To Storm
Where's our oil price collapse?
WTI no longer regarded as accurate oil price benchmark
Do the Math: Garbage In, Garbage Out
A few back-of-the-envelope calculations show that we are not going to become energy-independent by extracting energy from waste. -- RF

## Got food? ##
Funds Boost Bullish Farm Bets on Shortages
"Funds increased bullish bets on agricultural commodities by the most in more than a year on signs of tightening supplies amid adverse weather conditions."
Irene leaves N.C. crops in ruins
Grain harvest behind in more ways than one

## Environment/health ##
Nearly 40 percent of Europeans suffer mental illness
Mental Illness plagues half of all Americans: CDC
Wildfires erupt again in parts of parched Texas
Famine Is Spreading in Somalia, UN Warns
Katia strengthens to Category 3 major hurricane
Expert: USA's extreme weather should raise questions

## Japan ##
Atomic Power Needed to Save Economy: Noda
"Industry leaders have said they may shift production overseas if power supplies aren't stable, threatening an economic recovery."
What a joke! How many countries are there in the world without power shortages now? -- RF
Typhoon toll reaches 32 dead, 57 missing
Japan facing rubber, polypropylene shortage on rising automobile output
To Ease Blackout Risk, Takeda To Amp Up Batteries, Generators
"Takeda Pharmaceutical Co. (4502) will boost the capacity of storage batteries and in-house generators at its major facilities to prepare for potential electricity shortages next summer."

## China ##
China's service industry growth slowest in 6 years
China To Suspend Output Of Rare-Earth Metal In South

## UK ##
UK services slowdown 'worst since foot-and-mouth'
Dogs Trust says number of strays picked up 'highest in 11 years'
Firmus Gas announces price rises -- 28%!

## US ##
Cities, states back off bonds amid budget concerns
"Uncertainty about where their next dollar is coming from has chilled the municipal bond market, meaning cities and states will be breaking ground on fewer public works projects, canceling or delaying projects worth tens of billions of dollars and providing yet another blow to economic-recovery efforts."
In California, 3,300 state workers are on notice for layoffs
Postal Service On Brink Of Default
Postal Service could shut down by winter

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