Friday, October 21, 2011


News Links, October 22, 2011

## Global economic meltdown ##
Greece may need 60 percent bond writedown; EU at odds
EU/IMF approve next aid tranche for Greece: euro zone source
Magic Turns 340 Billion Euros Into 940 Billion Euros; Six-Day Marathon of Lies, Deceit Underway
S&P Did Its Own Stress Test For Europe, And It Looks Pretty Grim
India food inflation returns to double-digits
"India's food inflation on Thursday returned to double-digits, as prices of vegetables and other staples surged, creating fresh problems for the country's embattled government."
Malaysia's Inflation Unexpectedly Quickens on Food, Transport
Skills shortages is a global problem
"Everywhere you look there are national and international skills gaps that international recruitment agencies are trying to fill."
Posco Net Plunges 78%
"Hefty foreign-exchange translation losses pulled Posco's third-quarter net profit down by 78%, and the South Korean steelmaker signaled it expects tough conditions ahead as global economic problems weaken demand."
Italian bond yields reach point of no return
The Truth Behind Europe's (€1.7 Trillion) "Triangle Of Terror"
US Money Supply Surges Surges 33% in 4 Months – Global Money Supply to Lead to Gold $10,000/oz?
German growth to drop to 1 percent in 2012
Rocky path seen ahead for Gulf debt restructurings
"Two years after the Dubai debt crisis erupted, contributing to a wave of loan restructurings across the Gulf, those restructurings may be entering a more difficult phase as banks become reluctant to extend maturities further."
Asian Stocks to Decline Up to 20% in Next Few Months: Strategist
Late Payments in Spain Soar to 7.14%, Highest Since 1994; Portugal Economy Expected to Contract More than Forecast in 2012

## Fault lines/flashpoints/military ##
Iraq rejects US request to maintain bases after troop withdrawal
"The Iraqi decision is a boost to Iran, which has close ties with many members of the Iraqi government and which had been battling against the establishment of permanent American bases."
The Iraq War Ain't Over, No Matter What Obama Says
Obama, the king of Africa
Next Arab Domino May Be Oil Darling Algeria
Kenya, Uganda snared in battle for Africa
"...helping the Pentagon fight global terror is the name of the game. But so is securing the emerging energy boom in West and East Africa, along with other minerals in what is becoming a strategic contest between the United States and China, widely seen as the Americans' paramount rival in the years ahead."
China, U.S. see Guam as militarily central
Pirate attacks on the rise
Weekly Piracy Update: Pirates hovering off coast of Zanzibar and southern Somalia
U.S. officials met Haqqani representatives: Clinton
The scary prospect of global drone warfare

## Global unrest/mob rule/angry people ##
'Flash Robs' Vex Retailers (US)
"Retailers this holiday season are preparing to protect themselves against a new group of unwanted visitors: swarms of teenagers and young adults who plot via Twitter, phone texts and Facebook to descend on stores and steal merchandise."
Gaddafi's death emboldens anti-Assad protesters in Syria
Occupy London Stock Exchange camp refuses to leave despite cathedral plea

## Energy/resources ##
Petroleum shortages reported in Gobi-Altai aimag (Mongolia)
Govt to rush teams to CIL mines for faster evacuation of coal (India)
Cement producers to shift to high cost imported coal (India)
Shortage of bitumen halts roadworks, knocks firms (South Africa)
"A severe shortage of bitumen in the domestic market is causing chaos in the road construction and rehabilitation industry.
"Phillip Hechter, the chairman of the Southern African Bitumen Association and chief executive of Much Asphalt, a unit of Murray & Roberts, said yesterday that the shortage started about a month ago and had resulted in a crisis in the road construction industry."
LP gas shortage in South Africa
"The shortage was due to refineries being shut down because of ageing infrastructure."
Why the World May Be Running Out of Clean Water
Not a Myth: The Skyrocketing Cost of New Oil Supply (Gregor Macdonald)
Biofuels False Promise: Breakthroughs May be Tougher Than Previously Thought
Peak Production for U.S. Oil-Producing Regions
COURSE REVIEW (or why Daniel Yergin needs to do his homework) (Richard Heinberg)
Iraq oil exports in September lowest in seven months
Outages at US nuclear plants hit four-year-high in Spring 2011

## Got food? ##
High food inflation due to supply constraints (India)

## Environment/health ##
Mobile phones don't hike cancer risk: Danish study
Misleading Danish Mobile Phones and Brain Tumour Study
Unvaccinated People Affected By Largest Measles Outbreak In Years, USA
Floodwaters Reach Bangkok
"Floodwaters started seeping into Bangkok Friday, as Thailand's deepening flood crisis cast fresh light on the way rapid urbanization has increased risks for some of the developing world's biggest cities, making them more vulnerable to natural disasters."
Bolivian president Evo Morales scraps plans for Amazon highway

## Japan ##
Natl debt likely to top 1 quadrillion yen in FY11
Tepco's 'Deal With Devil' Signals End to Japan's Postwar Era
Local gov'ts facing widened evacuation perimeter against nuclear reactor restarts
City assembly members find radiation hotspot in Chiba, call for better monitoring
Yen Hits Record High On Doubts On Japan Battle Plan
Many in Fukushima jobless / Nearly 70% of those in temporary housing unable to find work
Civil servants face bigger pay cuts
Electricity sales log record decline
Japan's TV makers struggling / High yen and fierce competition changing global market
Japan to bid for oil field development in Arctic Circle
Japan to Sell $10.4 Billion More Debt to Pay for Earthquake Reconstruction

## China ##
Private fuel stations scramble as diesel supplies tank
"Private-sector gas stations, which account for almost half of the nation's total, are experiencing a severe diesel shortage that won't pass quickly, analysts said."
China Faces Potential Winter Power Cuts
"China is again facing the prospect of winter power cuts, and in recent weeks government organizations have issued a series of warnings to prepare industry and consumers for the worst."
China's GDP growth slowdown likely to continue

## UK ##
Fuel bills: Trouble turning up the heat
British firms urged to secure Libya contracts

## US ##
Visualizing The True Cost Of The First Bank Bailout: $3.5 Trillion And Rising At Over $1 Trillion Every Year
Sears' desperate Hail Mary plan
"Sears is in bad shape. Sales are down, profit is nonexistent, and stores are closing. Even the chairman has described the company's finances as unacceptable."
What the Revised Productivity Rate Will Mean
"The Labor Dept.'s new measure sets the stage for slower income gains, fewer job opportunities, and larger federal deficits"
Lindsey Graham: 'Let's Get In On The Ground. There's A Lot Of Money To Be Made In The Future Of Libya'
"TPM's Brian Beutler reports that Graham is eager to build infrastructure in Libya, even while opposing a bill to improve infrastructure in the U.S."
Gangs growing, turning to financial crimes: FBI
Crossing the student debt point of no return – for-profit colleges have default rates now rivaling subprime mortgage debt.

And finally... China could own the moon by 2026, U.S. space entrepreneur warns

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