Friday, November 11, 2011


News Links, November 12, 2011

## Global economic meltdown ##
Argentine savers rush to withdraw U.S. dollars: bank sources
"Fear of restrictions on access to dollars in Argentina prompted depositors to speed up withdrawal of greenbacks from their bank accounts this week, pushing interest rates up as the state acts to slow the outflows."
Slovenian Bond Yield Breaks 7%, First Time Since Euro Entry in 2007; Might Slovenia Exit the Eurozone First?
IMF warns rich states may fall back into recession
"In particular, the IMF said there was 'considerable uncertainty' about how fiscal sustainability will be achieved in the United States, Japan, and some euro area economies."
The IMF is a master of understatement. -- RF
The emergence of the Frankfurt Group has turned back the democratic clock
"Electorates are being bypassed as increasing austerity pushes Europe's weaker countries into an economic death spiral"
Europe Warns EFSF Will Not Reach €1 Trillion, EFSF Yields Remain At Record Wides
Italy crisis: Senate adopts austerity law
Invisible Run on Banks Becoming Conversation With Italian Yields Above 7%
Economy Hitting Stall Speed Because of Debt: El-Erian
Italy May Need to Exit Euro: Roubini
"Sold To You": European Banks Quietly Dumping €300 Billion In Italian Debt
Can The World Afford Another Round Of Bank Bailouts?
Greece Turns to Iran for Oil as Credit Shut Down Elsewhere; EU Considers Oil Sanctions on Iran
"Greek suppliers concerned about the potential default of Greece have shut off financing for oil. In turn this has caused Greece to turn to Iran. However, the EU is now threatening to impose more sanctions on Iran over nuclear issues. If the EU acts that stupidly, the Greek economy will shut down."
Airline Industry Braces for Turbulence in 2012
"The combination of major tax increases and fuel prices that are widely expected to rise, means there could be rougher skies ahead for the carriers. Passengers, as well, will likely face fewer frills, fewer route options and notably higher prices."
The airline industry continues to die a slow death. -- RF
Families hit for €3,000 more as price hikes fuel inflation (Ireland)
"Hard-pressed families are being hit for almost €3,000 more a year as increased mortgage rates and surging energy costs drive inflation higher."
Indian vehicle sales, exports losing traction
"The Indian economy is losing more of its momentum, with vehicle sales plunging and exports contracting."

## Fault lines/flashpoints/military ##
Syrian forces kill 20, protesters urge Arab action
Ukrainian highway thieves steal from moving trucks
U.S. Plans Bomb Sales in Gulf to Counter Iran
"The proposed sale to the United Arab Emirates would vastly expand the existing capabilities of the country's air force to target fixed structures, which could include bunkers and tunnels—the kind of installations where Iran is believed to be developing weapons."
Reports: U.S. Military to Help Fight Nigerian Terrorists
Obama challenger Romney says 'prepare for war' against Iran
Panetta: Attacking Iran Might Have 'Unintended Consequences'

## Global unrest/mob rule/angry people ##
How Occupy Became This Century's Free Speech Movement
Latest developments in the Occupy protests occurring in places around the world
Occupy protesters at Berkeley vote to strike
"Occupy protesters at the University of California, Berkeley are calling on students to walk out of classes as part of a general strike in opposition to cuts in higher education."

## Energy/resources ##
Energy bills driven up by battle for energy
Indian Oil considering refinery closures after US$1.5bn loss
"Borrowing issues and government's decision to not fully compensate Indian Oil for refining losses caused by price controls put refineries' future in doubt.
"After publishing its worst ever quarterly results, Indian Oil has warned that the future of its refineries is at stake, as obtaining the necessary funds to keep them running is starting to prove difficult.
"The company said: 'It is getting increasingly difficult for us to borrow; we may have to shut down our refineries,' adding that product availability may become an issue if the current situation continues."
Hungarian and Balkan power shortages continue
IEA Report Calls for Governments to Embrace Nuclear Power
Texas Wind Power - Good Money After Bad?
National Instruments and Cold Fusion?
It pays to keep in mind that there is no such thing as "free energy." -- RF
High Cost Makes Aviation Biofuel Slow to Take Off
"Biofuel-powered airliners shuttled passengers across the United States for the first time this week, carrying with them the dream of more sustainable aviation fuel. But so far the promise of greener aviation remains elusive, and the industry concedes it is years away from making a significant dent in the billions of gallons airlines consume each year."
Petrobras Profit Drops 26% on Government Price Controls, Higher Fuel Costs
Russia to cut diesel exports from Primorsk -sources
"Exporters are reluctant to ship high volumes of some fuels abroad while the government frets about shortages on the domestic market and tries to improve product quality."
Japan Disaster Towers Over Nuclear Power Industry
Power ships to provide shortage stopgap (Lebanon)
"The Cabinet decided in its session Thursday to go ahead with plans to lease electricity-generating ships and has empowered a ministerial committee to study international bids for the project. But some ministers have already warned that this modest step is insufficient to solve the chronic energy shortage in Lebanon."
"Depletion of oil reserves is 23 years for India"

## Got food? ##
Ethiopian Consumer Prices Climb 39.8% in October on Food

## Environment/health ##
It's Official - A Cold La Nina Winter!
Low levels of radioactive particles 'found in Europe'
Czechs say nuclear iodine not from power plant
"The Czech nuclear security authority has detected radioactive iodine 131 at a number of monitoring stations since late October and made an enquiry at the International Atomic Energy Agency (IAEA) about its possible source, the watchdog's boss said on Friday."
Japanese Debris to Start Hitting Western U.S. and Canada THIS WEEK
China concedes it underestimates air pollution levels

## Intelligence/security/internet/systemic breakdown ##
Bank Websites Hit by Power Outage at Intuit Financial Services

## Japan ##
Will Fukushima Bankrupt Japan?
Even without accidents, nuclear can bankrupt nations if they pay the cost of managing nuclear waste for 100,000 years. -- RF
Fukushima: Calm at J. Village belies the danger
Electricity shortages could mean chilly winter for some
Caterpillar shifts manufacturing from Japan
Toyota Stock Dips To 15-Year Low On Yen Fears
Tohoku recovery bond redemption put at 25 years
Reconstruction in the way they think will never happen, and the debt will never be paid back. -- RF

## China ##
Why China is headed for a fall
Sinopec Adds to Brazil Assets With Purchase of Galp Unit
'Chinese cotton imports surge 163% to 252.3 Kt y/y'
CPI growth in China dips below 6% as economy slows

## UK ##
UK's Uncut: A Model for Occupy's Future?
Anti-capitalism protesters outside Cardiff castle
Eurozone crisis will hit UK hard, warns Cameron
High fuel prices will put people out of business

## US ##
How the U.S. Is Becoming a 3rd World Country - Part 1
America faces soaring rate of abandoned, starving, dying horses
Stocks soar amid progress in Europe; Dow back above 12,000
Pump, baby, pump! -- RF
MF Global fires brokerage staff en masse
Farmers warn of shale gas drilling
"Two Pennsylvania farmers who leased land to shale gas drillers in their state and dreamed of a big payoff painted a bleak picture of the gas industry Thursday.
"Carolyn Knapp and Carol French warned that if North Carolina permits drillers to explore here, residents can expect conflicts with neighbors, lawsuits with gas companies, health complaints, a spike in crime and ruined property values."
Municipal bankruptcy in Alabama: Will other local governments follow suit?
"Beyond the dozens of US municipalities that have already defaulted on bond payments this year, hundreds of others are being crushed by gold-plated union contracts and municipal-bond refinancing deals that blew up in the real estate crash of 2008."
Fed to conduct fourth round of stress tests on largest banks
Calif. Revenue Off by $1.5B: Controller
U.S. Wind Market Set to 'Fall Off a Cliff,' Vestas CEO Says
Hotel Foreclosures to Have 'Huge Increase,' Sonnenblick Says
"There will be a 'huge increase' in U.S. hotel foreclosures next year as debts come due and little financing is available, said Robert Sonnenblick, a hotel developer."
"The wave of commercial mortgage-backed securities needing replacement debt 'is going to be a close-to-catastrophic problem.'"

And finally... Doggone! Pooch eats couple's $1,000 cash stash

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