Tuesday, October 25, 2011


News Links, October 26, 2011

## Global economic meltdown ##
ECB row, Italy flare on eve of euro rescue summit
"Just 24 hours before European leaders are due to adopt a plan to reduce Greece's debt burden, fortify European banks to withstand bond losses, and scale up the euro zone rescue fund to prevent market contagion, disputes raged in Rome and Berlin."
Eurozone debt crisis: talks break down as Angela Merkel rejects rescue deal
IMF considering participation in EU bailout fund
"The International Monetary Fund is considering taking part in a special investment vehicle being proposed by the euro zone bailout fund but has not made a decision yet, euro zone officials said on Tuesday."
Will US Be Drawn Into Euro Bailout Fund?
Greece Pension Plans Insolvent; No Conceivable Way to Make Promises; Can Spain and Portugal be Far Behind?
Lines to Withdraw Deposits Queue Up as Run on the Banks starts in Greece
Guess Who's Even More Leveraged Than the European Banks?
"The BIG picture is that there is far too much debt in the financial system. Europe's getting taken to the cleaners today… but these very same issues are going to spread to Japan and the US in short order. Even China, which is considered THE creditor nation of the world, is estimated to post a REAL Debt to GDP ratio of 200%."
Europe's Crisis May End in a 'Violent Blow-Up': Galbraith (Daily Ticker)
Berlusconi's coalition on verge of collapse
Bank of Canada warns of euro recession
India cabinet approves manufacturing push
"The policy aims to create a 100 million jobs in the next 10 years and allows for a series of special new zones to support manufacturing growth."
It takes a lot of energy to create manufacturing jobs, and India is already energy-starved. This plan is pure fantasy. -- RF
James Turk Report - Why Gold Will Go Above $11,000
Businesses stumble in India over protests from farmers
"HALLIGUDI, India--Some big corporate names in Asia are seeing their investments delayed or even scrapped in India because farmers refuse to give up their land for what they see as modest compensation."

## Fault lines/flashpoints/military ##
China paper warns of "sound of cannons" in sea disputes
"BEIJING, Oct. 25, 2011 (Reuters) — One of China's most popular newspapers warned on Tuesday that nations involved in territorial disputes in the South China Sea should 'mentally prepare for the sounds of cannons' if they remain at loggerheads with Beijing."
Somalia kidnaps: how the country is splitting into self-ruled enclaves
"Somalia, which has had no central government ruling its territory since 1991, is facing an increasing Balkanisation as several regions break away to form their own self-ruled enclaves."
Swedish Analyst Calls For 'Nordic Union'
Syrian forces 'battle anti-government troops'
Looming China fosters Taiwan identity in independence heartland

## Global unrest/mob rule/angry people ##
Truck kills herder in China Inner Mongolia protest: group
Police disobey orders to arrest Occupy Albany Protesters
Rogue Drummers, Disobedient Cops, Oakland Evictions: An Occupy Round-Up
Occupy Wall Street arrests increase. Have mayors reached their tipping point?
China: Tibetan-consciousness movement spreads

## Energy/resources ##
Oil Price Rises Above $91 On Signs Of Growth
Even at the mention of the words "growth" or "recovery," oil shoots up. That's because oil is already expensive even with the world economy in the toilet. Airlines have been dying a slow death since 2008. Any kind of vigorous economic activity by the global economy is bound to be stamped out by rising energy prices, not to mention the inexorably rising tide of debt. The only meaningful question left to ask is: How long can the world stave off the inevitable crash? -- RF
BP Q3 Profit Falls as Global Production Slumps
Steady decline in days of OECD oil supply (Gregor Macdonald)
China the culprit of potential water wars?
Water Use Rising Faster Than World Population
Hyundai Heavy Scraps $700 Million U.S. Solar Plants, Maeil Says
China's imports of S African thermal coal surge 69% on year in Sep
Furnace oil import: MoF expresses inability to arrange funds (Pakistan)
"Finance Ministry has, reportedly, expressed its inability to arrange funds to cover more than one month's import of furnace oil critical for power generation during gas curtailment period, well informed sources told Business Recorder."

## Got food? ##
Crop Scientists Now Fret About Heat Not Just Water
"Interviews with crop researchers at American universities paint the same picture: high temperatures have already shrunken output of many crops and vegetables."

## Environment/health ##
Thai floods: Bangkok Don Muang airport suspends flights

## Intelligence/security/internet/systemic breakdown ##
An apocalyptic end to world's biggest bubble: Denial, addictions feed inability to deal with population (Paul Farrell)
U.S. Requests for Google User Data Spike 29 Percent in Six Months
Google: US law enforcement tried to get videos removed from YouTube
"Google faced down demands from a US law enforcement agency to take down YouTube videos allegedly showing police brutality earlier this year, figures released for the first time show."
Cyber-attack stole Mitsubishi warplane, nuke plant data (Japan)

## Japan ##
Japan Unveils Emergency Aid for Thai-Based Firms
Fears of flood damage grow / Growing number of industries hit by Thai supply disruptions
Everybody Print! BOJ Will Reenter Global Currency Devaluation Frenzy To Kill Yen
Computers in Diet hit by China-based cyberattack
Power station sitting on active faults
Accidents add to expense of N-power / Damage may cost 1.1 yen per kilowatt-hour
But the cost of managing nuclear waste for thousands of years is incalculable. -- RF
Japan kerosene heater sales surge on power worries
But kerosene is already ¥82/liter where I live. It's going to be expensive heat. -- RF

## China ##
Chinese See Communist Land Sales Hurting Mao's Poor to Pay Rich
Boom In Shadow Financing Exacts High Toll In China
"In recent weeks, at least 80 business owners have fled Wenzhou in eastern China and gone into hiding because they can't pay crushing debts to the city's empire of underground lending firms and loan sharks."
China's economy may face hard landing
"Analysts see ominous signs in credit, employment and monetary policy"

## UK ##
Education spending 'falling fastest since 1950s'
Choose Youth rally: 'Cuts are causing failing generation'
Time is running out for our hourglass economy

## US ##
Consumer confidence tumbles, home prices stagnate
In Cautious Times, Banks Flooded With Cash
"Bankers have an odd-sounding problem these days: they are awash in cash. Droves of consumers and businesses unnerved by the lurching markets have been taking their money out of risky investments and socking it away in bank accounts, where it does little to stimulate the economy."

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