Thursday, October 27, 2011


News Links, October 28, 2011

## Global economic meltdown ##
Euro zone strikes deal on second Greek package
"Euro zone leaders struck a deal with private banks and insurers on Thursday for them to accept a 50 percent loss on their Greek government bonds under a plan to lower Greece's debt burden and try to contain the two-year-old euro zone crisis."
Eurozone bail-out: holes emerge in the 'grand solution' to solve EU debt crisis
"A trillion euro bail-out to save the EU's single currency is in danger of unravelling after Germany's central bank warned that the rescue measure was too dependent on the high-risk deals that caused the economic crisis."
Greek Bank Investors Facing Wipeout as Nationalization Looms
George Osborne to block IMF cash for eurozone bail-out
GLOBAL MARKETS-European debt deal ignites rally in stocks, euro
Why 'Voluntary' Haircuts On Greek Bonds Will Haunt Europe
Credit Default Swaps Useless as Hedge Against Default; CDS on Greece a Purposeful Sham; Derivatives King Always Wins
Europe Pact Only Buys Time: Rogoff
"European leaders' agreement to expand a bailout fund to stem the region's debt crisis only buys time as the problem worsens, Harvard University economist Kenneth Rogoff said.
"'They don't have any idea what the end game is here,' Rogoff said… 'It's pretty darn clear the euro does not work.'"
Toyota, Ford Cut Production as Thai Floods Disrupt Supplies
Is steel industry heading for overcapacity?
Sarkozy Sees More Budget Cuts to Save AAA Rating
Analysts warn of 30% fall in UAE house prices on supply
Argentina Takes a Turn for the Worse

## Fault lines/flashpoints/military ##
The US departure from Iraq is an illusion
DFA hits China over 'cannons' statement
"The Philippines is planning to elevate its claim to parts of the South China Sea to the Hamburg-based International Tribunal on the Laws of the Sea but Beijing refused to be a party to the case."
ExxonMobil says finds hydrocarbons off Vietnam
"China has pressed international oil companies, including BP and ExxonMobil, to withdraw from oil and gas exploration deals with Vietnam."
Saudi Interior Minister Prince Nayef named new crown prince
Bomb blasts kill 18 in Iraqi capital: sources
Insurgents attack two foreign bases in Afghan south
Analysis: Defections test Assad's ability to sustain crackdown
Greeks Fear They Are Losing Their Sovereignty
Russia delivers radar jammers to Iran

## Global unrest/mob rule/angry people ##
Occupy Vancouver protesters expect police to employ force at tent city
Occupy Oakland protesters push for general strike
Oakland protesters hold late-night march after vet injured
Protest rallies in Punjab to increase chaos: analysts
South Africa: ANC Youth League protests call for reform
Tax Protests Rock Eastern China Town
"The protesters assaulted police and overturned cars in the town of Zhili, part of the city of Huzhou, which is roughly 130 kilometers west of Shanghai, witnesses and reports said."

## Energy/resources ##
Over 1 000 SA restaurants close shop amid gas crisis
"About 1 250 restaurants across South Africa had to close shop because of gas shortages, the Restaurants Association of SA (Rasa) said on Wednesday."
Gas shortage threatens supply cuts to industries (Pakistan)
China Warns Against Hoarding As Fuel Shortage Spreads
China Says Its Power Gap May Peak at 40 Million Kilowatts
Another power crisis looms in Mindanao
Oil jumps above $92 in Europe after EU outlines plan to tackle debt crisis, Brent above $110
There, I told you. Europe will of course crash and burn, but just the suggestion of a recovery and increased consumption pushes up oil prices. BTW, winter is just around the corner. -- RF
Jordan Scrambling to Replace Lost Egyptian Natural Gas Imports
Japan and U.S. DOE Looking into Economical Production of Methane Gas Hydrates
Given the expense of exploiting methane hydrates, it is doubtful the resulting gas will be cheap enough. One Japanese energy expert has stated flatly that methane hydrates aren't even a resource. -- RF
Saudi oil production cut looms
Shell: Nigeria Oil, Gas Output Declines For First Time In 2 Years

## Infrastructure scavenging ##
100+ Stolen Drain Covers Cause Danger, Expense
Metal theft 'epidemic one of biggest threat to UK's heritage'
Historic bell stolen from San Francisco cathedral
High Prices Trigger Rise in Copper Thefts

## Got food? ##
Watch those rice price spikes: WB's Zoellick, analysts

## Environment/health ##
Residents flee as floods spread in Thai capital
"Floodwater swamped a new area of Thailand's capital on Wednesday as some shops started rationing food and the prime minister warned that parts of Bangkok could be flooded for up to a month."

## Intelligence/security/internet/systemic breakdown ##
Hackers Targeted U.S. Government Satellites
'Rogue websites' bill introduced in US House
Blog: Major U.S. corporations hacked
American Corporations Asked To Disclose Costly Cyberattacks That Might Impact Share Prices

## Japan ##
Nuclear radiation from Fukushima plant twice more than estimated: report
Fukushima nuclear pollution in sea was world's worst: French institute
Gov't expects more than 30 years to decommission Fukushima nuclear reactors
TEPCO won't build retaining wall to stop radioactive water seeping into ground water
Toyota To Cut Auto Output In 7 Nations Next Week On Thai Flooding
"NAGOYA (Kyodo)--Toyota Motor Corp. said Thursday it will reduce vehicle output in Japan, the United States and five other countries for six days from next Monday as flooding in Thailand could hamper the supply of auto parts."
Japan says it is ready to help stabilize Europe
With a debt-to-GDP ratio of over 200%, Japan could use some help. -- RF
Japan's population declined for 1st time on record in 2010
World Economy Increasingly Shaky: BOJ Gov
The financial elite's powers of observation never cease to astonish. -- RF
BOJ ups asset purchase program by ¥5 trillion

## China ##
Chinese Real Estate Developers Profits Fell In 3rd Quarter
Analysis: China steel output growth could halve in 2012
Desalination part of solution for China?
China's Big Banks Set to Report Record Profits
China stepping up purchases of European businesses

## UK ##
Cotswolds: Fall In England's Countryside (PHOTOS)
Take a few moments to feast your eyes on nature's beauty in England. -- RF
Misery for millions as elderly care funds cut
"Millions of elderly people are facing a 'care crisis' after figures disclosed that government funding for nursing homes and support for frail pensioners has been cut by almost a fifth."
95pc of private sector pensions have no inflation protection at all
U.K. Signals Solar Tariff Cut Due to 'Unacceptable Returns'

## US ##
Supply chain risk poses 'greatest threat' to one-third of US firms
Highway funds shrink as car mileage improves
Q3 Cargo Thefts Up; Averages 87.6 Incidents per Month
Philadelphia schools face additional $39 million budget shortage
Scarcity of drugs alarms doctors
"There are more than 200 drugs on the U.S. Food and Drug Administration's shortage list — including antibiotics, nausea medication and drugs to treat high blood pressure. The number of drugs on the list has tripled in the last five years."
Medicaid costs balloon for cash-strapped states
States Rationing Healthcare Under Medicaid
With budgets under pressure, Minn. cities fray at the edge
Wall Street soars 3 percent as Europe deal draws buyers
A sucker's rally if there ever was one. -- RF
The Great American False Dilemma: Austerity vs. Stimulus (Gregor Macdonald at Chris Martenson)
US Republicans Call for $2 Trillion in Spending Cuts
Supercommittee Flirts With Failure as Deficit Deadline Nears
Foreigners Losing Confidence in Holding US Treasury and Agency Debt
Crime turns oil boomtown into Wild West
More Southerners Are Off the Banking Grid
"More people in the Southeast don't have bank accounts than in any other part of the country. Mississippi leads the country with more than 16% of households using cash-and-carry for all their transactions."

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