Wednesday, October 19, 2011

 

News Links, October 20, 2011

## Global economic meltdown ##
Sarkozy says euro zone talks stuck, flies to Germany
Leveraged EFSF Violates Maastricht Treaty; "Merkozy" Master Plan Comes Unglued
EU Bank Recap Could Be Under 100 Billion Euros
EU Banks Vow To Slash Assets By $1 Trillion
"'Asset sales are impractical in the current environment,' said Simon Maughan, head of sales and distribution at MF Global UK Ltd. in London. 'Every bank is selling, and no bank is buying. It just won't work. Beyond that, the magnitude of the cuts the banks are talking about is nowhere near the likely required amount of deleveraging. They need to reduce hundreds of billions more to adjust to the new world order. There has to be a recapitalization.'"
German 10 Year Bund Auction Fails To Cover Issuance As Contagion Rages At The Core
European CDS Ban Sends 1 Year Greek Bond Yield To 188%
Guest Post: Portugal - Fiddler Paid, Music Stops
China's forex drop looks suspicious: analyst
Less Than Two Months After Its First Rate Cut, Brazil Once Again Lowers Key Interest Rate 50 Bps To 11.50%
Power shortages may cause 35-40% industrial loss in NCR: ASSOCHAM
"The Associated Chambers of Commerce and Industry of India said that power and water shortages may reduce Industrial production in NCR [National Capital Region] by nearly 35-40% and the competitiveness of SMEs will severely be impacted."
Thailand flooding could affect PC supplies, prices
Belarus central bank sells off its office furniture
Korean Air swings to loss in Q3
"Korean Air Lines Co., South Korea's leading airline, said Wednesday that it swung to a net loss in the third quarter due to increased fuel costs and a weakening local currency."
UAE house prices, rents to drop 20% more
Occupy Wall Street signals end of utopia economics: Rich world's social discontent will result in restored trade barriers

## Fault lines/flashpoints/military ##
US forces 'massing on Afghanistan-Pakistan border'
"US forces are massing on the Pakistan border in eastern Afghanistan amid reports of an imminent drone missile offensive against fighters from the feared Haqqani Network, a Taliban faction which operates from safe havens in Pakistan's North Waziristan Agency, Pakistan Army sources have confirmed."
Flying Spy Surge: Surveillance Missions Over Afghanistan Quadruple
Civil war on Yemen's horizon?
Al-Sadr: U.S. Trainers OK After 'Full Withdrawal'
"A U.S. mission in Iraq would be acceptable after year-end if a complete withdrawal were carried out and the U.S. paid "compensation," radical Shiite cleric Moqtada al-Sadr said on Oct. 19."
India to base anti-piracy patrol aircraft in Maldives

## Global unrest/mob rule/angry people ##
Strike shuts down Greece before austerity vote
Violent anti-austerity protests grip Greek capital
Chile Student Protests Rage On
Bolivian protesters arrive in La Paz
Protests Show Capitalism Losing 'License to Operate,' Blood Says
Flash mob of at least 25 attacks the Pedal Pub (US)

## Energy/resources ##
Energy ministers: Demand, pollution to skyrocket
Failure to Grow: Global Oil Supply
More good observations from Gregor Macdonald. -- RF
Kidding Ourselves About Future MENA Oil Production (Gail Tverberg)
Peak Oil Is About Price, Not Supply (Jeff Rubin)
Turning Wood Into Oil, In Two Simple Steps
Sounds great... except that everyone is presupposing that oil-fueled industrial logging operations will supply plenty of feedstock. -- RF
Iran's Nuclear Facility Losing Power, Experts Say
Fuel crisis hits hard (Malawi)
Chinese rare earth major plans hiatus
Xstrata Coal Plants 'Significantly Impacted' by Strike
"Xstrata Plc (XTA), the largest exporter of coal used in power plants, said its coal operations in South Africa have been "significantly impacted" by a strike."
'Industry remained without gas for half of FY11' (Pakistan)

## Got food? ##
Got Water?

## Environment/health ##
The disease killing Europe's plane trees
Thailand leader admits flooding has overwhelmed her government
High winds whip up waves in Chicago
"High wind whipped up 10-foot waves and blew windows out of at least one building Wednesday in Chicago. And forecasters warned the worst was yet to come."

## Intelligence/security/internet/systemic breakdown ##
Darpa Wants to Master the Science of Propaganda
Net banking viruses hit nation's PCs / Illegal transfers via foreign malware jump (Japan)

## Japan ##
New Calculation Sees Weaker Post-Quake Economic Recovery
"TOKYO (Nikkei)--The Japanese economy had not surpassed its pre-earthquake level as of August, according to an index that uses a revised calculation method. The previous version of the index indicated that the economy had recovered by summer."
Japan on the rise as former culinary mecca France fades
For about two decades, IIRC, there has been an infatuation with "gourmet eating." But when the food crisis hits, people will eat half-rotten food and be grateful for it. -- RF
School's radioactive compost was 74 times the maximum
Discovery of radiation 'hot spots' in Tokyo sparks calls for decontamination standards
Radiation map gives close-up fallout readings
Bye bye nukes in Japan by 2012

## China ##
Debt panic in China's Wenzhou may predict wider woes
Funding Shortages Halt China Rail Projects

## UK ##
Rising energy bills causing fuel poverty deaths
Scotland's economy grows by just 0.1%

## US ##
A Long, Steep Drop for Americans' Standard of Living
Ironic "Scariest Chart Ever" Redux - America Will Surpass 100% Debt To GDP On Halloween
Older Americans' challenge: No time to recover from recession
American Air parent AMR posts loss on fuel costs
The airlines are steadily being eroded. Remember: In the future, only the rich will fly. -- RF
The Federal Reserve and Bank of America Initiate a Coup to Dump Billions of Dollars of Losses on the American Taxpayer
Not With A Bang, But A Whimper: Bank Of America's Death Rattle
Washington's Office Market Dials Back
Federal regulators vote to curb financial speculation in commodities
Student Loan Debt Hits Record Levels
Monetary Madness – Is the US Monetary System on the Verge of Collapse? (Daily Reckoning)
"Honestly describing the current monetary system of the United States in just a few words, you could do far worse than stating that it is 'money from nothing, cash ex nihilo.'"
Money Funds Feel the Squeeze
Hedge funds suffer worst quarter since 2008
Food and Gas Cost More in September
Lower Oil Inventories & Refining Capacity Drive Home




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