Wednesday, November 30, 2011


News Links, December 1, 2011

## Global economic meltdown ##
Italy Reportedly in Exploratory Talks With IMF for Aid
Germany Open to Boosting IMF Funds to Fight Crisis
Central banks step in to stave off new credit crunch
Europe Enters Critical 10 Days to Save Itself
Goldman Urges Bet Against Euro Junk Debt
"Goldman Sachs Group Inc., after this year's losing endorsement of U.S. bank stocks, recommends as its top trade for 2012 a bet against European high-yield corporate debt and forecasts a 'deeper recession' for the region."
Maximum Intervention Moves Into Overdrive; Foreign Banks can Fund themselves Cheaper in US Dollars than US Banks; Discount Rate Cut Coming Up?
CRAMER: The Central Banks Did This Because A European Bank Was Going To Fail
Did A Large European Bank Almost Fail Last Night? (ZH)
Shirakawa: Central Banks' Liquidity Provisions Alone Won't Solve Crisis
"TOKYO (Dow Jones)--Bank of Japan Gov. Masaaki Shirakawa said Wednesday that coordinated central banks' action to shore up the global financial system was intended to give the financial market "a sense of relief," but that enhancing the liquidity provision alone is not an answer to solving the deepening European debt problem."
Duh! -- RF
Spain, France Bond Sales Take on Crisis as Firewall Eludes Euro Leaders
"Spain and France auction 8.25 billion euros ($11 billion) of bonds today as European efforts to strengthen the region's firewalls against contagion failed to rein in surging borrowing costs."
Chris Martenson's presentation at the Gold & Silver Meeting in Madrid (includes video)
South Korea's October Industrial Output Falls 0.7%
"South Korea's industrial output in October fell for the third time in four months, government data showed on Wednesday, missing market expectations and hit by softening global demand while domestic spending remained weak."
Indian growth at lowest level in two years
Canadians rein in debts amid uncertainty
Bank of Thailand Cuts Rate
Brazil Cuts Rate for Third Meeting to 11%
"Brazil's central bank cut borrowing costs by half a point for a third straight meeting as a global economic slowdown threatens to exacerbate a slump in domestic demand."

## Fault lines/flashpoints/military ##
Another Blast in Iran, This Time Followed by Rockets Landing in Israel
Pakistan army says NATO attack was blatant aggression
UK expels Iran diplomats after embassy attack
Dubai traders fear sanctions impact on Iran business
"China Will Not Hesitate To Protect Iran Even With A Third World War"
France Backs Sanctions On Iran After UK Embassy Attack
Syria tries to ward off sanctions by releasing hundreds of political prisoners

## Global unrest/mob rule/angry people ##
Consumers protest power shortages (Uganda)
Protesters go berserk in Kahuta (Pakistan)
"Residents of Kahuta went berserk on Tuesday as they damaged a CNG filling station and several vehicles when the police tried to intercept them during their protest against low pressure and load shedding of the gas."
LAPD Moves in to Evict 'Occupy Los Angeles' Protesters
More than 200 held after police raid Occupy camps in LA, Philadelphia
Chernobyl cleanup veterans join Ukrainian protests
Arrests after Occupy protesters target West End office
"More than 20 arrests have been made after anti-capitalist protesters attempted to occupy a building near Piccadilly Circus in central London."
Public sector strike rallies held across UK
Malaysia bans street demonstrations
UAE unveils $2.7bn fund to pay debts of poor
Concerns grow over spreading strikes in Guangdong

## Energy/resources ##
Gazprom sees shale gas as risky
"Executives at Russian natural gas company Gazprom said certain aspects regarding production of shale gas made it a pricey commodity to exploit."
Ben-Gurion Int'l Airport: excessive water levels found in jet fuel
"A similar problem occurred at Ben-Gurion International Airport last May, when the Airport Authority's fuel supply was found to be badly contaminated"
Motorists suffer in long queues as CNG stations closed (Pakistan)
Power outage in Johannesburg (SA)
"A major power outage in the Johannesburg area has left 26 suburbs without electricity since midday."
Montenegrin power plants are working with only five percent of their capacity
Is a U.S. Mining Company Funding a Violent Crackdown in Indonesia?
What Keeps Solar Energy Executives Up at Night
Oil, gas prices increase as Iranian mob attacks UK embassy
Crude oil in New York tops $101 per barrel
South Sudan might cut oil production
No miracles in science: The story of the "energy catalyzer"
You see? There is no free lunch. There never was, and there never will be. -- RF
Solar power bankruptcies loom as prices collapse
Pakistan Raiways suspend 38 more trains owing to fuel shortage
Funds, refiners ponder oil Armageddon

## Infrastructure scavenging ##
Drivers being put at risk by metal thieves (UK)
Copper Wire Thefts Plague City Street Lights (US)

## Intelligence/security/internet/systemic breakdown ##
Cellphone emergency call service failed following East Coast quake
Researcher's Video Shows Secret Software on Millions of Phones Logging Everything
Air Force Extends Secret Space Plane's Mysterious Mission
In world's biggest democracy, parliament doesn't work
Just part of the general dysfunction affecting governments around the world. -- RF

## Japan ##
Fukushima Radiation Risks ``Severely Underestimated``: Greenpeace
Fukushima governor wants all 10 nuclear reactors in prefecture scrapped
Study shows deeper meltdown than thought at Fukushima nuclear reactor
Nuclear cleanup volunteers' invisible enemy
Japan forex move exceeds Y9 trillion
"Japan sold 9.09 trillion yen from late October to stem the currency's rise against the dollar, the finance ministry said Wednesday, amid fears over the nation's post-quake economic recovery."

## China ##
Pilots' shortage: Campus recruitment drive in China
China cuts bank reserves in policy shift to lift economy
China to Increase Power Prices
"'Despite persistent high inflation, China [has decided to] finally bite the bullet in raising electricity tariffs, which in our view foreshadows domestic price hikes for gasoline and diesel in the not-too-distant future,' said Gordon Kwan, head of energy research at Mirae Asset Securities."
China winter-spring power shortage forecasts

## UK ##
British embassy staff leave Iran following ransacking of diplomatic offices
Met considers buying water cannon
Strike hits 76% of schools

## US ##
One in five American homes 'underwater'
Cancellations Plague Pending Home Sales
"Thirty-three percent of Realtors reported at least one cancellation in October, which is up from 8 percent a year ago."
U.S. States Face $40 Billion in Deficits in 2013, Groups Say
Abracadabra! Bankrupt Cities are Suddenly Un-Bankrupt! (Or Not)
The muni bond bust WILL happen. -- RF
Dow Jones Industrial Average Jumps 490 Points; Biggest Gain Since March 2009
Don't get excited. This is just the pump phase of another pump-and-dump operation. -- RF
400 Dow Points Aren't What They Used to Be
Tens Of Millions Of American Families Are Living On The Edge Of Desperation – And The Economy Is About To Get A Whole Lot Worse
Kucinich: Federal Reserve has captured control of our government
Small Banks Are Getting Smaller
Evicted but defiant, Occupy LA faces crisis moment
"Police rousted Occupy LA protesters from their encampment Wednesday, meaning the movement must reinvent itself to survive. But Occupy LA leaders say they've got a lot up their sleeves."
14th Consecutive Week Of Stock Outflows: Retail Refuses To Go Back Into Stocks No Matter What Market Does
How the U.S. Is Becoming a 3rd World Country - Part 2

Tuesday, November 29, 2011


News Links, November 30, 2011

## Global economic meltdown ##
Europe struggles with rescue fund, may turn to IMF
"Euro zone ministers struggled to ramp up the firepower of their rescue fund and raised the possibility of asking the IMF for more help on Tuesday after Italy's borrowing costs hit a euro lifetime high of nearly 8 percent."
Europe Has Three Choices, Including Collapse: El-Erian
ECB Must Act or It Is 'Game Over': Economist
As Final EFSF Details Emerge, German FinMin Says Bail Out Fund Won't Halt Crisis
Italy's bond rates spike as Mario Monti fills government
Hungary dug itself a debt hole, now it pays the piper
20,000 Greek civil servants put on standby
Modern Greeks Return To Ancient System Of Barter
Spanish Retail Sales Drop
"Spain's retail sales fell at their fastest pace in four months in October, the country's national statistics agency INE said Tuesday, the latest indication of a likely late-year contraction in the euro zone's fourth-largest economy."
In euro zone crisis, companies plan for the unthinkable
CRAMER: 'We Are In DEFCON 3, Two Stages Away From A Financial Collapse So Huge It's Hard To Get Your Mind Around'
Crisis in Europe Tightens Credit Across the Globe
South Korean Output Grows at the Slowest Pace Since August on Europe Woes
Armageddon Delayed; All Quiet on the European Bond Front; Italy and Spain Bond Schedule through 2021; Belief in Fairy Tales
"European bonds had a good day today. A good day is when nothing blows up."
Eurozone Being Swallowed by Expanding Debt Black Holes, Mega Bond Market Profits and Default Booms
"UK and Japanese government bonds are grossly over valued and on the precipice of moves resulting in sharply higher interest rates (yields)."
Three to 4% yields for the UK and Japan will wipe them out. -- RF
Standard And Poors Reviews 37 Global Banks, Downgrades Bulk

## Fault lines/flashpoints/military ##
China's first aircraft carrier starts second trial
International banks have aided Mexican drug gangs
Rockets fired from Lebanon hit Israel: army
"Several rockets fired from Lebanon hit northern Israel on Tuesday, and the Jewish state returned fire across the border in response, military officials said."
Gangs from Africa, Iran muscle in on South East Asia drugs: U.N.
"International drug gangs from Africa and Iran are muscling in on Southeast Asia's booming methamphetamine business which has shown a staggering increase and is spreading through the region, the United Nations said in a report on Tuesday."
Pakistan says to boycott major Afghanistan meeting
Iranian protesters enter UK compound in Tehran
Russia activates missile early warning radar system
Germany now major Mideast arms supplier
US, Kyrgyz officials participate in joint exercise

## Global unrest/mob rule/angry people ##
Ukrainian Pensioners Attack Donetsk Governor's Office
Occupy the Capitol: The Next Stage in the Occupy Movement
Trade Unions say no to Austerity With Actions Across Europe 30 November
Occupy's new tactic on the West Coast: Squatting
Occupy Philly Avoids Eviction, Police Brutality—for Now
Occupy LA Sues Mayor to Prevent Eviction
Saudi urges its citizens to leave unrest-hit Syria
Further Bahrain Unrest Would Be Saudi Arabia's Worst Nightmare
Manufacturing Slowdowns at Chinese Factories Result in Strikes

## Energy/resources ##
Barclays: UK's oil production hits below 1 mb/d in September
Water shortage is national disaster: church (Zimbabwe)
Korea braces for electricity shortage
South Korea joins Japan to save electricity in winter
"South Korea's capital is going dark this winter to avert a possible power supply shortage.
"The government has decided to ban lighting neon signs during peak hours for electricity use and will operate fewer subways in the Seoul metropolitan area to head off blackouts."
'Indian oil demand at a record high in Oct y/y'
A Reality Check on Oil Supply for Newt Gingrich (TOD)
The willful ignorance of politicians about energy is nothing new, but Gingrich has made an absolutely astonishing claim. -- RF
Fuel, power generation companies in deep water (India)
"Power managers failed to ease power shortage in the country because of non-payment of accumulated amount of Rs 367.977 billion to fuel and power generation companies."
Pindi Railway division runs out of diesel (Pakistan)
Pimco's 4 "Iran Invasion" Oil Price Scenarios: From $140 To "Doomsday"
Is Thorium the Energy Panacea We Have Been Waiting For?
No. Just like conventional nuclear power, this would be dependent on the fossil fuel-powered industrial infrastructure, which is already crumbling. -- RF
China oil majors' refining losses draw media skepticism
Ameren casts dark cloud over cleaner coal plant
Tight Oil Inventories Support Record Prices

## Got food? ##
70% more food needed to feed the world by 2050
Peanut butter prices going up
"Peanut butter is disappearing from some food bank shelves, particularly in the Midwest, as peanut butter manufacturers raise their wholesale prices by 20 percent to 40 percent."
Dry, Warm Autumn Brings Risks For W.Europe Grains

## Environment/health ##
Drivers stuck after rain causes flooding in Scotland

## Intelligence/security/internet/systemic breakdown ##
Must read: 96 hours to the stone age: How quickly our connected lives crumble when the power goes out
Fears Budapest public transport system facing imminent collapse
Check-in system meltdown: Qantas issues handwritten boarding passes
United Nations agency 'hacking attack' investigated
Cisco: Cloud traffic fast approaching the zettabyte era
IL water system pump failure not cyber attack
Hackers Briefly Take Down Portuguese Parliament Website

## Japan ##
Bond Yields Advance to Highest in a Month on Debt Concerns: Japan Credit
"The nation's public borrowing will exceed 1 quadrillion yen in the year through March as the nation pays for reconstruction from a record earthquake."
Kansai Electric says reinforcing Fukui nuclear facilities will cost Y200 bil
The bill for nuclear power just keeps ballooning. -- RF
High cesium level found in Date rice
Radioactive rice reaches public; more shipments suspended

## China ##
Power price hike in China imminent
Diesel restocking takes China oil demand to five-month high
China to Embrace Fracking In an Effort to Ramp up Energy Production

## UK ##
Heathrow and Gatwick braced for queues as border staff strike
Osborne confirms pay and jobs pain as growth slows
Public sector job losses to hit 600,000 by 2016
Borrowing up by an extra £111bn
"The Government is set to borrow £111 billion more over the next five years than previously expected, according to forecasts by the independent tax and spending watchdog, as the UK moves to the brink of a double-dip recession."

## US ##
American Airlines files for bankruptcy
Is Bankruptcy 'Business As Usual' For Airlines?
Airlines keep edging toward oblivion. Soon, only the rich will fly. -- RF
Western states see comeback of cattle rustling
Senators Demand the Military Lock Up American Citizens in a "Battlefield" They Define as Being Right Outside Your Window (ACLU)
30 Signs That The United States Of America Is Being Turned Into A Giant Prison
Hard Times Generation: Families living in cars
Kansas City seen as hub for drug traffickers from Mexico
Computers as furnaces?
This has no future because grid failure is inevitable. -- RF
The Federal Reserve Did Everything In Its Power To Save Banks And Nothing To Save Jobs
99 Percenters Hurt More By Austerity Measures Than The 1 Percent: Study
New Rules of Supply and Demand: Sacrificing Inventory To Save the Store
Retirement Preparation in U.S. Reaching Crisis Levels: Small-Business Survey
I have repeatedly said that retirement will be for rich elites only. -- RF
Hank Paulson And The Wall Street/Washington Axis Of Power
Emergency Manager Appointed to Take Control of Finances in Flint, Michigan
BofA, Goldman, Citi Credit Ratings Reduced by S&P
Dallas Fed Manufacturing Survey shows contraction in November

And finally... Empire State Building planning IPO
Get in on the ground floor!... so to speak. -- RF

Monday, November 28, 2011


News Links, November 29, 2011

## Global economic meltdown ##
Moody's: Every European nation now at risk on debt
"Throwing more logs on the Eurozone fire, Moody's Investors Service said early Monday that the continent's debt crisis now is 'threatening the credit standing of all European sovereigns.'"
Equity Futures Ripping, Bond Market Still on Deathbed; Germany Allegedly Mulls Five-Nation "Elite Bonds"
Germany, France press for coercive euro zone debt rules
Why a German downgrade is the next logical step in the euro crisis
La Tribune Reports S&P May Put France On 'Negative' Outlook Within Ten Days
Belgium's borrowing rates up sharply in auctions
Morgan Stanley Cuts 2012 Global Growth Forecast Again
Because growth is dead. -- RF
Euro Zone in Mild Recession, US May Follow: OECD
Italy Set for a 'Sizeable' Cost Increase at 8 Billion-Euro Bond Auction
Rate Cuts Loom From Thailand to Philippines
"Asian central banks from Thailand to the Philippines may be preparing to cut interest rates in coming weeks as an escalating impact from Europe's debt crisis prompts economists to scale back growth forecasts for the region."
Wild Ride in 2-Year Italian Bonds; What's Changed? Nothing! Expect More Nonsensical Rumors
Trade Systems Brace for Euro-Zone Break-Up (Marketwatch video)
Thai floods drying up supply of tech goods
Thai flood supply chain losses could reach $20bn
"The majority of insurance losses from the Thai floods will come from manufacturing and supply chains and could reach $20bn according to AM best."
Striking Hypocrisy: Eurocrats live in bubble as people suffer debt (RT video)
India supply chain chaos next hurdle for global retailers

## Fault lines/flashpoints/military ##
China's Pacific Push Spurs U.S. Spending on Anti-Sub Warfare
Vietnam Boosts Presence in South China Sea, Targets Protests
Pakistan PM: No more "business as usual" with U.S.
"Pakistan's prime minister ruled out "business as usual" with the United States on Monday after a NATO attack killed 24 Pakistani soldiers and the army threatened to curtail cooperation over the war in Afghanistan."
Border closure seen as an inconvenience
Bomber hits Iraq military base, 11 dead: sources
Iran: explosion in Isfahan reported
"Widely conflicting reports emerge of apparent explosion in the north-east of Isfahan near where nuclear facilities are located"
Satellite Image Confirms Iranian Missile Base Was Destroyed
Violence on the rise in Baghdad as U.S. drawdown continues
Top four ways Congo's instability affects the world
What Crisis? U.S. Drones, Jets Still Fly Over Pakistan
It's a Drone's World. We Just Live in It
Gas pipeline from Egypt bombed
"For the ninth time since the Egyptian revolution, saboteurs attacked the natural gas pipeline in the Sinai Peninsula, the government said."
Russia To Send Warships to Syria in 2012: Report
"Russia will send a flotilla of warships led by its only aircraft carrier to its naval base in Syria for a port call next year amid tensions with the West over the Syrian crisis, a report said Nov. 28."
China aims to boost military links with Kuwait
The End? US to Spend $6.5 Billion in Iraq in 2012

## Global unrest/mob rule/angry people ##
Occupy Xmas (video)
A little holiday cheer from TPTB. -- RF
Police hold off on eviction of Los Angeles Occupy camp
"Police in riot gear closed in before dawn on Monday on anti-Wall Street activists in Los Angeles who defied a midnight deadline to vacate a camp outside City Hall, but stopped short of clearing the encampment."
Five arrested after deadline passes for Occupy LA
Syria sanctioned and condemned for "brutality"
"Syria faced growing economic sanctions and condemnation over "gross human rights violations" on Monday, but President Bashar al-Assad showed no sign of buckling under international pressure to end his military crackdown on popular unrest."
In Chile, Protesting Students Tweak Tweets to Win Global Support
Kuwait cabinet resigns amid growing opposition protests

## Energy/resources ##
Green energy could trigger 'catastrophic' blackouts
"Solar panels and wind turbines are a 'volatile' source of power with fluctuations in the electricity supply risking 'grid instabilities' and triggering wide-scale blackouts.
"Ageing infrastructure and increasingly cross-border electricity networks have heightened the likelihood of a devastating collapse of power supplies lasting months and covering several continents, according to the joint report by Allianz and the Chief Risk Officer Forum."
South Korea's Lee Myung-bak dons thermal pants to save power
It was nonsensical and arrogant in the first place to think we could discard our long johns. Soon national leaders around the world will be begging their citizens to conserve, whereas ironically they have always been begging us to consume. -- RF
Gas shortfall may cross 2bcfd mark (Pakistan)
Transformer industry fears crisis due to raw material shortage (India)
Crude flirts with $100 per barrel
JinkoSolar Slides Down
"It seems like players in the solar industry are going to face another earnings season where their profits could tank big time."
European Union Wants Post-Soviet Members Nuclear Reactors Permanently Offline
Commodity Prices Will Remain High and Volatile for the next 20 Years: McKinsey
Solar Stocks Target Prices Fall Sharply
Diesel Shortage Being Felt in Northern BC (Canada)

## Got food? ##
Climate change, extreme weather spike food prices
Hay Shortage In Arkansas
Land, water scarcity threaten food security: U.N.
Daikon radishes in the garden and in the kitchen

## Environment/health ##
Pollution from Industrial Facilities Costs Europe $229 Billion
Fukushima fallout: time to quit nuclear power altogether
"Because of soil contamination, one-eighth of Fukushima's soil can never be plowed again, and the consumption of crops grown on such plots is strictly forbidden. Many local companies have gone bankrupt, while 20,000 individual proprietors are on the brink of insolvency."

## Intelligence/security/internet/systemic breakdown ##
Smart meters trigger Wi-Fi blackout
Feds Seize 150 Domain Names in Counterfeit Crackdown

## Japan ##
Tepco Sells $2.4 Billion KDDI Stake to Raise Compensation Funds
BOJ Governor: Japan Faces Severe Situation
Is It Finally Japan's Turn?
"Swaption spreads are their highest in seven months - traders are paying more now to lock in cost of future JPY funds on the expectation of rising rates...and at the same time, the difference in prices for puts and calls in the FX option market are the most bearishly biased in over seven years."
Fukushima Daiichi nuclear plant director sick, says TEPCO
Nuclear insurance group won't renew Fukushima plant's liability insurance
Japan October Jobless Rate Jumps to 4.5%
The real unemployment rate is likely between 10 and 20%. -- RF

## China ##
Shenzhen sells debt in bond pilot scheme
Euro debt crisis hits Chinese exporters, says a survey
A Cold Winter Looms For China's Once Red Hot Property Market
"It's been a rocky month for China's real estate industry. In the first week of November, brokerages in the southern metropolis of Shenzhen have seen a 60% year on year drop in sales volume, while average home prices in Shanghai dropped to a 6 month low."
Chinese Profit Growth Slowing as Real-Estate Curbs Bite: Economy
Property Risks 'Overshadow' China Outlook: OECD

## UK ##
UK on the brink of double-dip recession, warns OECD
Bank governor Sir Mervyn King warns of hard times
Retailers facing gloomy Christmas

## US ##
U.S. Outlook Cut to Negative by Fitch After Committee Fails
Fed secretly handed out $8 trillion
80% Of Bond Managers Expect QE3 In 2012, Says JPMorgan
Congress to Vote Next Week on EXPLICITLY Creating a Police State
Cargo thefts rise during holiday weekends, especially over Thanksgiving
'Rags to riches' stories becoming less likely, Wells Fargo study shows
"Economic mobility - a family's ability to improve its financial situation - has slowed for America's lowest-paid workers since 1980, meaning it's getting harder to make "rags to riches" a reality, according to a recent report from Wells Fargo & Co."
Coincidentally (or not), it was in the 1980s that oil prices started to climb. -- RF
Cost to give '12 Days of Christmas' tops $100K
Waiting for midnight, hungry families on food stamps give Walmart 'enormous spike'
US Consumer Debt Falls In Third Quarter
Fewer New Homes Sales in U.S. Than Forecast
Average New House Price Drops To Lowest Since 2003
Shortfalls Add to California Economic Woes
"As California struggles with debt and fiscal discipline, flawed projections in anticipated government revenues are showing a current budget year shortfall of $810.5 million."
More than 1 in 5 Americans are economically insecure
Tight budgets boost house-sharing

Sunday, November 27, 2011


News Links, November 28, 2011

## Global economic meltdown ##
BofA-Merrill Lynch: Euro Breakup Could Happen
Nouriel Roubini names variants of possible eurozone collapse
$707,568,901,000,000: How (And Why) Banks Increased Total Outstanding Derivatives By A Record $107 Trillion In 6 Months
French Bonds, The Next Big Short?
Germany, France examine radical push for eurozone
"Germany and France are exploring radical methods of securing deeper and more rapid fiscal integration among euro zone countries, aware that getting broad backing for the necessary treaty changes may not be possible, officials say."
Italy Is Closer To Collapse Than Anyone Realized, And So Is The World
Flair For The Drachma-tic: ICAP Preparing For Return Of Greek Currency
IMF Readying Loan of as Much as $794 Billion for Italy, La Stampa Reports
HELP! Europe Cannot Service Its Foreign Debt
Still More Inane Attempts to Leverage EFSF; IMF to the Rescue?
EFSF Cash For Irish Bailout Running Out
Cold comfort as austerity bites in Europe
"While workers protest against austerity measures on the streets, cash-strapped Europeans are feeling the pain at home, struggling to pay for heating as winter approaches, reviving soup kitchens for the poorest and getting rid of costly pets."
House of horrors: Prices Falling in 8 of 16 Measured Countries; Is the US Undervalued?
Europe Full of Mines `Waiting to Explode,' Says Nomura (Bloomberg video)
Today's currency war may be tomorrow's global crisis: book
Crew shortfall threatens growth of Gulf airlines
Threats seen to Dubai World unit $2.2bn debt deal
What 20 years of chart study speaks about global economy

## Fault lines/flashpoints/military ##
China, India perform dangerous new dance of encircler, counter-encircler (WashPo)
Arabs impose sanctions on Syria over crackdown
Rage grips Pakistan over NATO attack
Nato braces for reprisals after deadly air strike on Pakistan border post
"One Isaf source voiced concern that the Pakistani intelligence agency, the ISI, could go much further and use its suspected influence over insurgent groups in the tribal areas along the Afghan border to launch reprisal attacks on Nato."
Afghan officials: Fire from Pakistan led to attack
Libya's new rulers offer weapons to Syrian rebels
Iran builds 3 more submarines for navy
Israel threatens to cut water and power to Gaza
Iran expels Britain's ambassador to Tehran calling 'death to England'
United Arab Emirates security court jails blogger
"A United Arab Emirates court on Sunday sentenced a blogger and four other democracy activists to prison terms after finding them guilty of charges including insulting the Gulf state's leaders."

## Global unrest/mob rule/angry people ##
As deadline looms, Occupy LA says they'll stay
Alaskan Winter Doesn't Freeze Protesters' Resolve
Deadline passes for Occupy Philly to dismantle
Increasing labour unrest hits China
Thousands protest at U.S. consulate in Pakistan against attack
Saudi tank drives into protesters
"A tank driven by Saudi Arabian armed forces drove into a crowd of protesters at a demonstration at a funeral, an amateur video shows."
Protest Roil Alexandria Before Egyptian Elections
Employers raise the alarm over growing labour unrest (Kenya)
Political uncertainty, unrest drag economy down (Egypt)
Police break up tent protest in Ukraine, one dies
German police clear huge sit-in at nuclear protest

## Energy/resources ##
The end of coal's '1000 year Reich'?
Gas supply remains suspended in Faisalabad for third consecutive day (Pakistan)
"The gas supply to 600 industrial units and 380 CNG stations remained suspended for three consecutive days, on Saturday, as a result a large number of industrial workers most of them daily wagers became jobless for three days."
The Energy Return on Investment Threshold (The Oil Drum)
For those with the time, reading the comments is also profitable because TOD has a very high signal-to-noise ratio (well-informed readers and no trolls). -- RF
EU may believe it can afford to ban Iran's oil
Lee calls for S. Koreans to join power-saving campaign
"SEOUL, Nov. 28 (Yonhap) -- President Lee Myung-bak called on South Koreans Monday to turn off unnecessary lighting, wear warmer underwear and take other voluntary power-saving steps, saying the country could face a shortage of electricity due to soaring demand."
Eskom reports 600MW electricity shortage (South Africa)
Industry faces collapse as outages continue (India)
"The severe energy crisis has stalled manufacturing in most units. In the city alone, units suffer a loss of Rs 6 crore. Unit owners continue to pay wages as workers sit idle throughout the day. The threat of a hike in power tariff adds fuel to the fire."
Diesel fuel shortage hitting the Prairies
"Diminished diesel fuel inventories, combined with a seasonally higher demand spike from the agricultural, oil and gas, and northern B.C. forestry sectors, has placed a significant strain on diesel supply in Western Canada."

## Infrastructure scavenging ##
Metal thefts cause havoc (UK)
"Scrap metal thieves are tearing away at Lancashire's electricity network with around 240 thefts from its infrastructure in the past year."
Infrastructure theft causing hazards, delays (Indonesia)
"State railway operator PT KAI has reported an ongoing loss from the theft of traffic regulator cables, which also creates hazards and delays services, a KAI official says."

## Got food? ##
S.F. food providers scrambling to find money to pay for fresh goods as federal funds disappear

## Japan ##
Japan's youth turn to rural areas seeking a slower life
It's true. But the national and local governments are stuck in the industrial mindset and have made virtually no provisions to welcome potential farmers back to the countryside. -- RF
Iwate salmon catch drops 40% / Tsunami damage to fishing nets worsens long-term decline
Sorry, an economic revival of the kind expected is not in the cards. -- RF

## China ##
Chinese Stock Alarm? Sino-Forest May Be the Best of the Bunch
"If you are invested in China, it may be time to get out."
China May Find It Hard to Break Fall

## UK ##
Christmas lights go dim amid Britain's economic gloom
Pension funds to help finance road and power projects
"Britons' retirement savings will help to fund the Government's £200 billion programme of road, port and power station-building projects, following a deal between the Treasury and pension providers."
George Osborne's £5bn gamble to stave off recession
"An extra £5bn of capital investment, funded by spending cuts elsewhere, will form the centrepiece of an overall £30bn national infrastructure programme due to be announced by George Osborne on Tuesday as part of an attempt to prevent the country from sliding back into recession."
Army on standby to deal with passport queues during public sector strike

## US ##
Fund manager: US Treasurys not worth the risk
Will Unemployment Benefits Dry Up?
Vallejo foreclosures spur surge in squatters
Black Friday Shopping Like There Is No Tomorrow?
Consumers paying for cleaner coal

Saturday, November 26, 2011


News Links, November 27, 2011

## Global economic meltdown ##
Euro Zone Weighs Plan to Speed Fiscal Integration (WSJ)
Belgium's credit rating cut as Italian bond rates soar
Belgium Agrees 2012 Budget After Rating Cut
In Fiery Protest Against Fractional Reserve Lending, Disgruntled Ex-Employee of Chairman of Rural Bank of New Zealand Sets Car on Fire in Mall (Mish)
Fractional reserve lending — like compound interest, fiat currency, and ever-expanding debt — is a tool used to prop up the infinite-growth paradigm. Fraud, fraud, fraud. -- RF
Will steel stocks continue to go under the hammer?
"The slowdown in demand from Western countries and China (which accounts for 40% of world steel consumption) threatens to take the steel industry back to 2008 levels."
A pessimistic assessment of the steel industry's recent situation and outlook. We recall what happened in 2008: many blast furnaces around the world shut down. -- RF
Daimler to Scrap Its Maybach Luxury Cars
Where have all the banksters gone? (video)
Entertaining analysis from Max Keiser. -- RF

## Fault lines/flashpoints/military ##
Pakistan accuses NATO of cross-border attack that kills at least 20 soldiers
Pakistan stops NATO supplies after deadly raid
Pakistan: US Must Vacate Suspected Drone Base
Iran says could target Turkey missile shield
"Iran could target installations in Turkey that are part of a planned NATO missile shield in any future conflict, a senior military official said on Saturday, upping the rhetoric against its neighbor with whom relations have soured in recent months."
Multiple Baghdad blasts kill at least 13 people
Chavez Price Caps Spark Panic Buying of Coffee, Toilet Paper
Just a preview of panic buying that will spread around the world. -- RF
Syria faces crippling sanctions as it defies Arab League deadline
EU Ban on Iranian Oil: Silly Idea
Iraq President Says U.S. Troops Needed for Training
War Games Spotlight China-Pakistan Hype

## Global unrest/mob rule/angry people ##
Occupy camps wind down across Canada
"What took nearly six weeks to build came down in a single morning as authorities moved in and dismantled two of Canada's last remaining Occupy camps."
After extending olive branch, Los Angeles posts eviction notice on Occupy LA camp
Mapuche Indians Clash with Chilean Police
Protesters try to halt nuclear waste train in Germany (BBC video)
General strike shuts down Portugal

## Energy/resources ##
Romanian mayor ends hunger strike over cuts
"Romanian mayor Florin Cazacu Saturday ended a six-day hunger strike over cuts in heating subsidies after the government handed his town extra funds for fuel oil."
Fossil Fuels Beaten by Renewables for First Time as Climate Talks Founder
If we can build a large cushion of renewable capacity, it will help mitigate the shock of collapse and aid the transition to a low-energy future. But we should not expect renewables (real-time solar energy) to replace fossil fuels (stored solar energy). On this problem, see also the following article. -- RF
The Scientific Challenges To Replacing Oil with Renewables
France still plans to build 60th nuclear reactor
"A 59th reactor is currently under construction in Flamanville in northwestern France in a project hit by delays and cost overruns."
Denmark aims for 100 pct renewable energy in 2050
72pc power hike in 5 months causing meltdown
"The business community and the manufacturers associations, while expressing grave concern over massive jumps in power tariff, have observed that more than 72 per cent hike in electricity rates in the last five months is the major cause of continuous economic meltdown in the country."

## Environment/health ##
Report: Millions of birds killed by power lines
Immunise or lose benefits, parents told (Australia)
"Parents who do not have their children fully immunised will be stripped of family tax benefits under a scheme announced by the Federal Government."
Flooding in east Australia traps hundreds in homes

## Intelligence/security/internet/systemic breakdown ##
Philippines say arrested hackers funded by Saudi group
New questions raised over Dominique Strauss-Kahn case
"Journalist's detailed study has unearthed fresh doubts over alleged assault in New York by ex-IMF chief"
Information overload wastes two weeks a year (UK)
"British workers have to sift through so many emails and electronic documents that they waste nearly two weeks a year searching for information they have previously read but then lost."

## Japan ##
No BoJ Action just a Survey
"The BoJ sent out a questionnaire to major banks asking whether they can help it intervene in the currency markets overseas."
Monju reactor may be axed: Hosono
It would be one of the most sensible things the government has done in a long time. -- RF
Kepco reactor halt leaves just 10 in service nationwide
Pension payments to follow deflation for second year
Deflation is a great excuse to make cuts that are inevitable, anyway. -- RF
More cesium in Fukushima rice
Cesium from Fukushima plant fell all over Japan

## China ##
Children of the Revolution
"China's 'princelings,' the offspring of the communist party elite, are embracing the trappings of wealth and privilege—raising uncomfortable questions for their elders."
>Gasp!< What would Chairman Mao say? -- RF

## UK ##
Prepare for riots in euro collapse, Foreign Office warns
"British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain."
From schools to hospitals, strikes set to cause chaos
Troops to man airports during 'general strike'
Europe plan to 'green' public buildings to cost £50bn
"Taxpayers will have to pay billions of pounds a year equipping council houses, town halls, hospitals and other public buildings with the latest green technology, under new proposals by the European Commission."

## US ##
Lieberman Wants Google To Let Users Flag 'Terrorist Content' On Blogging Platform
No Year-End Stock Surge in Sight
The Plot Thickens: More On The Weekly $88 Billion "Other" Outflow
Help Wanted: In Unexpected Twist, Some Skilled Jobs Go Unfilled

Friday, November 25, 2011


News Links, November 26, 2011

## Global economic meltdown ##
Hungary Yield Jumps Most Since 2009 as Forint Sinks on Moody's Cut to Junk
JGBs Fall As German Auction Raises Contagion Fears
"TOKYO -(Dow Jones)- Japanese government bonds lost early momentum and finished down for the third straight session Thursday, as negative developments in Europe--this time in Germany--failed to trigger the usual safe-haven buying in JGBs."
Banks, Politics Seen Pushing Euro Zone Into Recession
Eurocoin Shows Contraction in Euro Zone
"The euro-zone economy likely contracted in November for the second-straight month, according to a measure of activity compiled by the Centre for Economic Policy Research and the Bank of Italy."
UK Banks Brace for Eurozone Break-Up; Eurogeddon and the Death of a Currency
Italy made to pay record borrowing rates
Greeks Drive Hard Bargain as Creditor Talks Start
"Greece is demanding harsh conditions from its creditors as it starts talks with lenders about a proposed bond swap, a key part of Europe's plan to reduce its debt pile and save the euro, people briefed on the talks said."
Euro Zone May Free Banks From Taking Bond Losses
"Euro zone states may ditch plans to impose losses on private bondholders should countries need to restructure their debt under a new bailout fund due to launch in mid-2013, four EU officials told Reuters on Friday."
Latest Idiotic Plan: No Losses for Banks or Bondholders because "Losses Undermine Confidence" (Mish comment on the preceding story)
Belgium's Credit Rating Cut to AA by S&P
"Belgium's borrowing costs have surged to the highest level in 11 years in the past two months after the nation's government agreed to buy Dexia SA's Belgian bank unit and guarantee part of the crisis-hit lender's liabilities for 10 years."
Seagate: hard disk shortage to last a year
"The real damage of the hard disk shortage is only now starting to bite - and it will last until the end of 2012."
Currency Wars - Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone

## Fault lines/flashpoints/military ##
Afghan opium production to expand after troops exit
Newsmaker: Technocrat "oil man" takes charge of Libya lifeline
Banned neuro-toxic nerve gas 'poisons' Tahrir
Egypt protesters get US support for power transfer
Turkey doesn't budge on demanding apology from Israel
Fighting erupts in Yemen amid protests
"Security forces and army defectors clash in Sanaa after protesters reject deal signed by Saleh to transfer power."
Russian Air Force to get 90 aircraft in 2012
10 Personnel Killed in Attack on Syrian Air Force Base

## Global unrest/mob rule/angry people ##
Thousands rally in Egypt on "last chance Friday"
Chilean students clash with police during protest
Labor unrest taking shine off Colombia's oil boom
"Protesting oil workers have yet to buy into Colombia's grand vision for its oil industry, staging strikes that have shut the country's largest oil field and threatening further unrest."
China factory unrest flares as global economy slows
"In factory towns across China's export powerhouse in the Pearl River Delta, a vicious cycle of slowing orders from the West and increasing wage pressures has led to a series of major strikes that could reverberate through the economy."
The shocking truth about the crackdown on Occupy (Naomi Wolf at the Guardian)
"The violent police assaults across the US are no coincidence. Occupy has touched the third rail of our political class's venality"
Occupy LA Shut Down: 72-Hour Warning May Be Given Soon To Pack Up City Hall Encampment
German protests as nuclear train enters from France
Protests mount against proposed gold mine in northern Peru
Police roust Occupy Edmonton, Montreal
"Canadian police shut down Occupy Edmonton and Occupy Montreal protest tent encampments Friday morning."

## Energy/resources ##
When It Comes to Electric Cars, Reality Bites
"Can the world switch to electric cars? The simple answer is no - and the complicated answer is also no."
India refiners to seek more Middle East crude supplies in 2012
China Shunning Biggest Ore Ships Shows $2.3 Billion Vale Mistake: Freight
Crude oil near $97
German Power Grid at 'Edge of Capacity' as Country Exits Nuclear
U.A.E.'s Plan to Develop Nuclear Power Facilities Said to Cost $30 Billion
Nuclear power 'gets little public support worldwide'
Developing economies see no escape from coal
OPEC to Boost Exports as Refiners Stock Up, Oil Movements Says
Uranium Processor Still Waiting Federal Loan (US)
Fuel shortage nearly cripples western Canadian trucking industry, but relief is in sight
Region hit by electricity deficit due to drought
"Serbia and other South-East European countries have been hit by several-years' long drought that triggered a major electric power deficit."

## Got food? ##
Man Angry About Food Prices Slaps Indian Agriculture Minister

## Environment/health ##
Arctic Sea's Ice Loss Is 'Unprecedented' in Past 1,450 Years, Study Shows
Snowless Scandinavians wonder 'where's winter?'
Texas, Oklahoma drought kills thousands of Christmas trees
Mexico battered by worst drought in 70 years

## Intelligence/security/internet/systemic breakdown ##
NZ facing skills shortage
Police to set up cyber crime unit (UK)

## Japan ##
Radioactive strontium found in 3 locations in Tokyo
Rice from 5 Fukushima farms shows high radiation levels
Cesium levels hit tens of billions of becquerels at river mouth
"Researchers have sounded the alarm over river water containing cesium levels at tens of billions of becquerels a day flowing into the sea near Fukushima Prefecture, site of the crippled nuclear power plant."
TEPCO: Radioactive substances belong to landowners, not us
"During court proceedings concerning a radioactive golf course, Tokyo Electric Power Co. stunned lawyers by saying the utility was not responsible for decontamination because it no longer "owned" the radioactive substances."
Japan kerosene stocks rise to almost 3-year high
"This year, kerosene heater sales have soared as consumers brace for possible power shortages with many nuclear reactors offline due to safety concerns after the Fukushima radiation crisis, although actual kerosene usage will depend on the weather and power supplies. "
Japanese Shift Funds to Gilts From Bunds as Euro Crisis Deepens
BIS Official: Japan's Debt Poses Risks But Not Immediate Ones
"Japan faces risks, though not immediate ones, from its high level of debt and needs to convince financial markets it is moving in the right direction to address the challenge, Philip Turner, deputy chief of the Monetary and Economic Department at the Bank for International Settlements, said Friday."
Just keep spouting those absurdities. With a moribund economy, a high energy bill, a nuclear disaster to pay for, and total debt at 500% of GDP, the situation is patently hopeless. -- RF
Renewables Could Supply 40% Of Power In Japan: Report
Yes, if much of the population lives in poverty, that is perhaps possible. -- RF
Extra strong yen threatens to break up auto industry: Toyota chief
Japan's October CPI signals deflation
J-Power Shut 1.2-GW Isogo Coal-Power Station Due To Fire
"Electric Power Development Co. (9513), or J-Power, has ceased operations at its 1.2-gigawatt Isogo coal-fired power plant in Yokohama, west of Tokyo, after fire broke out from its feedstock coal on late Thursday, the Yokohama City Fire Department said Friday."

## China ##
Home Prices Crash 62.5% Since September in Erdos, a Chinese "Ghost Town"
Crisis casts doubt on China rebalancing plans
"China has been forced into self-help mode after a series of international crises have hollowed out its export markets and left it feeling like the only man standing."

## UK ##
Fuel poverty as families struggle to pay heating bills
"More than 400,000 families in Wales are struggling to meet the cost of heating their homes."
Rises in fuel and metal thefts in Northumberland
Mainframe skill shortage becoming serious financial risk
Criminals and cyber bullies to be banned from the web
DUP assembly member says strike could cost economy £500m
Labor unrest will be another factor bringing national economies to their knees. -- RF
UK to fund half of teenagers' new jobs

## US ##
Dow, S&P Log Worst Thanksgiving Week Since 1932
Another Late Day Dumpfest Ends Worst Thanksgiving Week Ever For Stocks
THE RETURN OF DEBTORS PRISONS: Collection Agencies Now Want Deadbeats Arrested
"As if life wasn't already tense enough for Americans who can't pay their debts, collection agencies are now taking advantage of archaic state laws to have some debtors arrested and sent to jail."
Retailers Fight 'Flash Robs'
U.S. Workers' Pay Slide Poses Consumer Risk
Just a Holiday Reminder: Black Friday Is Utterly Meaningless
Banking System Rotten to the Core (Financial Sense)
Fraud, fraud, fraud. -- RF
Airlines cut small jets as fuel prices soar
"Airlines are getting rid of these planes — their least-efficient — in response to the high cost of fuel. Delta, United Continental, and other big airlines are expected to park, scrap or sell hundreds of jets with 50 seats or fewer in coming years. Small propeller planes are meeting the same fate."
Another chapter in the story about the slow death of the airline industry. -- RF
Newest And Oldest States Still Stuggle With Unemployment
Erasing/Seizing Wealth of "The 1%" Cannot Create Viable Middle Class or Solve Sustainability Crisis "There may well be a revolution, peaceful or otherwise, based on the outrageous income disparity perpetrated by greedy, non-civic minded capitalists. However, even if their vast monetary wealth were turned over to 'the 99%,' divided equally and put to good uses for future generations, the problem is that today's wealth is almost entirely artificial. It has become digital and is little else."

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