Tuesday, October 18, 2011


News Links, October 19, 2011

## Global economic meltdown ##
Moody's cuts Spain's rating by two notches
S&P downgrades 24 Italian banks, financial firms
Central banks may need to burst bubbles: Bernanke (Gasp!)
Germany, France Near 2 Billion Euro Rescue Fund Deal: Report
Greek Debt Writedown of 100 Percent Needed: Analyst
Wall Street soars on reports of progress in Europe
Pump, baby, pump! -- RF
Chinese yuan's new global challenge to the dollar
China Reduced Its Holdings of U.S. Treasuries by Most on Record in August
Concern grows over Bangkok as Thai floods damage 14,000 factories
Thai floods to slash growth, crisis not over for Bangkok
Mervyn King: time 'running out' to solve world economy crisis
Maersk Shareholders Suffering With Overwhelming Container Supply: Freight
French-German Yield Spread Hits 1.13 Percentage Points, Widest Since 1992; Bailout Campaign Bogs Down in Bickering; Dead Before Arrival? (Mish)
Peter Schiff: Brace for "Abrupt" Dollar Collapse
Dubai's Drydocks hit with $45.4m lawsuit over loan default
Boeing Expects More Dreamliner Cancellations
Maruti Suzuki Loses $307 Million Revenue on Strike

## Fault lines/flashpoints/military ##
Germany wants to cut defense orders
Initial U.S. drawdown to pull from restive Afghan east
Analysis: Saudi king's surgery points to succession plans
"When Saudi Arabia's King Abdullah had a back operation on Monday, the weekly cabinet meeting was instead chaired by Prince Nayef, indicating the likely path for any future transfer of power in the world's largest oil exporter."
Israel mulls new ships to guard gas fields

## Global unrest/mob rule/angry people ##
Two Tibetans shot as unrest spreads
Tibetan nun 'dies in fire protest' near China monastery
Analysis: Is a winter of discontent on the way?
"In the corridors of Whitehall, Washington, think tanks and even investment banks, there are dark murmurs that the events of the year so far may only be the beginning.
"Some fear the world faces a systemic rise in anger, protest and political volatility that could last years or even decades."
Nepal's political unrest poses big threat to India
Portugal unions propose general strike
"Portugal's two largest labor unions proposed on Monday holding a general strike to protest against the government's austerity plans."
Yemen clashes kill 6 in intensifying crackdown
Student protests turn violent in Chile capital Santiago
Greece: Huge protests loom over austerity
Anti-Wall Street protesters march against New York police

## Energy/resources ##
Countdown to $100 Oil - No Normal Recession (The Oil Drum)
Kiev considers raising domestic gas prices
US denies interest in Uganda oil
No respite from outages in Delhi
1/3rd coal-fired power plants have less than 4 days' fuel (India)
Energy Armageddon - Oil Starvation in the 21st Century
Power shock rubs salt into wounds (Pakistan)
Massive gas load shedding awaits industrial consumers
"The Managing Director SNGPL, while ruling out any sort of unscheduled load-shedding in future, has said that a massive gas load shedding awaits industrial consumers in Punjab this winter as the province faces a severe gas deficit at the moment."
MENA Unrest May Lead To Oil Underinvestment, Higher Prices-IEA

## Got food? ##
Major funding needed for food security

## Environment/health ##
Scarce Resources, Climate Biggest Threats To World Health
"The Earth's natural resources like food, water and forests are being depleted at an alarming speed, causing hunger, conflict, social unrest and species extinction, experts at a climate and health conference in London warned Monday."
The Nano-Silver Bullet Backfires
Dust storm roils through Texas South Plains (includes video)
Bangkok may face new flood front

## Intelligence/security/internet/systemic breakdown ##
Son of Stuxnet Found in the Wild on Systems in Europe
DHS: Anonymous Interested in Hacking Nation's Infrastructure
"The hacker collective known as Anonymous has expressed interest in hacking industrial systems that control critical infrastructures, such as gas and oil pipelines, chemical plants and water and sewage treatment facilities, according to a Department of Homeland Security bulletin."
US crafting framework for cyber offense: general
"The United States is still crafting a legal framework to guide any offensive moves in cyberspace, months after the Pentagon unveiled a broad cyber strategy, the head of the military command responsible for such operations said on Tuesday."

## Japan ##
Fukushima victims are desperate, angry, homeless
Fukushima City begins decontamination of homes
Farmers stuck with radioactive rice straw
"Farmers in eight prefectures have 7,200 tons of rice straw containing radioactive materials that at present there are no plans to dispose of, agriculture ministry officials confirmed Tuesday, without identifying the prefectures."
High levels of radiation detected near elementary school pool in Tokyo
PM hints at approval for some nuclear reactors under construction
Madness. But the prospects for new reactors starting operation are dim. -- RF
Criteria for 'cold shutdown' of Fukushima nuclear plant remain vague and ambiguous
TEPCO asks for Y700 bil in gov't aid to help cover compensation
The accident has totally devastated TEPCO financially. As I said before, the company is a dead man walking. And yet we are supposed to believe that power companies or their agents will be around for thousands of years to manage their massive piles of nuclear waste. -- RF
Thai Floods To Idle 5 Japanese Carmakers' Plants
Industries' relocation to Thailand undone by historic floods
"Thailand's worst flooding in 50 years is dealing a drastic blow to Japanese automobile, precision and other industries because the nation is now an important global production base for many manufacturers."
Japan cuts economic view in face of slowing overseas economies
Tohoku Electric may buy up to 3 spot LNG cargoes this winter: source

## China ##
Here's How The Chinese Government Plans To Rescue The City Of Wenzhou
"In the last couple of weeks, the Chinese city of Wenzhou went from economic boom to total bust. Business owners left factories and employees to rot, and it is estimated that the city has racked up $17.2 billion in underground banking loans."
Chanos: China's hard-landing has already begun
"China's bust will be a thousand times worse than Dubai"
China Drives Away Investors on Hard Landing Concern

## UK ##
Inflation hits three-year high
"UK inflation jumped to a three-year high last month as energy bills rose sharply, tightening the squeeze on households."
Cuts hit 47 children's centres, MP's survey finds

## US ##
Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?
Bank Of America Forces Depositors To Backstop Its $53 Trillion Derivative Book To Prevent A Few Clients From Departing The Bank
Pennsylvania Senate OKs state takeover of Harrisburg
Goldman posts only its second quarterly loss
"Goldman Sachs Group Inc posted its second quarterly loss as a public company on Tuesday as its investment portfolio lost billions of dollars in value."
As Retail Crime Rises, Employees Are Often the Culprits
Budget Cuts Claim Hundreds of Thousands of County, City Jobs
Patients Delay Surgery for Fear of Losing Jobs
Wholesale Prices in U.S. Rise More Than Economists Estimated on Food, Fuel
30-Year Mortgage Rate Falls to Record Low
Housing Market Stuck Despite Low Prices, Rates
The Fraud At The Heart Of Student Lending Exposed - The One Sentence Everyone Should Read
Debt-Serfdom Is Now the New American Norm
Debt-to-GDP Reaches World War II Levels (a collection of charts)
Highland Park city council: no money for new streetlights

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