Monday, November 14, 2011


News Links, November 15, 2011

## Global economic meltdown ##
Europe could be in worst hour since WW2: Merkel
Italy pays record debt interest on new bonds
Two Ominous Market Parallels To 2008
European Debt Crisis: You Haven't Seen Anything Yet
Greece's New Coalition Is Already Divided Over Austerity
BlackRock Calls for Steeper European Debt Writedowns
"Debt restructuring in Greece, Portugal and Ireland with write-downs for private creditors of 75 percent to 80 percent are needed to help stop Europe's debt crisis turning into a global meltdown, said BlackRock, one of the world's largest asset managers."
There Is 'No Way Out' for Europe: Economist
The Credit Crunch That Richard Koo Warned Us About Has Arrived Exactly As He Predicted
Pain returns to Spain as yields jump
Indian Airlines Reel Amid Financial Stumbles
"The rapid expansion of the commercial-aviation sector in India during the past decade has symbolized the nation's economic progress. But the dire combination of rising costs, sinking ticket fares and unsustainable levels of debt has left the industry reeling and looking to the government for help."
Party over for India's 'King of Good Times' Vijay Mallya?
"The party may be over for India's 'King of Good Times', Vijay Mallya, the flamboyant Indian liquor and Formula One racing tycoon, whose debt-ridden Kingfisher Airlines is threatened with collapse."
Poor states have less wiggle room as risks rise: IMF
"A sharp slowdown in world growth would increase the risk of recession in poorer countries, whose budgets have barely recovered from the last economic slump just two years ago, the IMF said on Monday."
The IMF never ceases to amaze with its perspicacity. -- RF
Lakshmi Mittal, the King of Steel, Trips Up
"ArcelorMittal, his steel colossus, is burdened by overcapacity and debt"
Industrial output growth slows to 2-year low (India)
Maersk warns of container shipping overcapacity
Black swans attack
The quotes are priceless. -- RF
Spending slide spreads: Westpac (Australia)
Ron Paul: "It Is Estimated That US Banks Have Over A Trillion Dollars Tied Up At-Risk With German And French Banks"
The World Is Drowning in Debt, and Europe Laces On Concrete Boots

## Fault lines/flashpoints/military ##
As U.S. prepares to leave Iraq, Iran's shadow looms large
"U.S. military officials warn that Iran will fill the vacuum created after American troops depart. They are recommending several moves in response, including shifting some of those troops to Kuwait."
Iran missile development commander killed in explosion
"An explosion at a Revolutionary Guard base in Iran killed a senior commander in charge of the country's missile development programme, the authorities have said, prompting speculation Mossad, the Israeli intelligence service was involved."
Israel launches new missile that can reach New York and Tokyo (Pravda)
Assad should quit, says King Abdullah as pressure mounts on Syrian regime
Iranian officials meet with Syrian opposition
"Iranian officials have held talks with Syrian opposition leaders, in a dramatic sign of the growing isolation of the regime of President Bashar al-Assad."
Iraq, Iran Top Brass Pledge Border 'Cooperation'
"Top generals from Iraq and Iran, which fought a bloody eight-year war in the 1980s, have discussed ways of bolstering military "cooperation" along their common border, the state-run television website reported Nov. 14."
France Warns Against Military Intervention in Iran
"The French foreign minister warned Nov. 14 that taking military action against Iran over its nuclear program would drag the world into an 'uncontrollable spiral.'"
U.S. Hiring Mercenary Air Force for Iraq Rescues
30,000-Pound Bunker Buster Bomb Now Ready

## Global unrest/mob rule/angry people ##
Occupy Wall Street Plans a Big March for November 17
Protesters pushed to decamp in Portland, other cities
Police clear out downtown Occupy Oakland camp
Police arrest 51 during Occupy Portland shutdown
Unrest Grows Among Thais still Submerged in Floods
Political unrest and poverty increase side by side in Yemen

## Energy/resources ##
Ethanol Industry Faces Headwinds
China wants our crude, Canada says
Wind Power Faces Zero Margins, U.S. 'Boom and Bust,' Suzlon Says
Power price hike looms in China amid plants' whopping losses
"A nationwide electricity-price increase is looming in China as many plants are suffering significant losses, while previous concerns about a rate hike that would hurt China's efforts to control prices have abated due to the latest inflation data."
Power distribution companies face annual cash deficit of INR 70000 crore (India)
"ET reported that power distribution companies face an annual cash deficit of INR 70,000 crore, adding to the gloom in the sector, which is already giving sleepless nights to bankers, equity investors and generating companies because of low tariffs and transmission losses."
Widespread outage caused by 'transmission-level' event (US)
Acute shortage of gas has brought economic activities to grinding halt (Pakistan)
Royal Dutch Shell says oil spill strikes Nigeria pipeline amid increasing theft vandalism
Price drops of solar cells fail to effectively stimulate demand

## Got food? ##
USDA: 'Locally grown' food a $4.8 billion business
Oklahoma's wheat production at 30-year low
"Those without money eat poorly or don't eat at all"

## Environment/health ##
Charity warning over raw sewage discharge levels (UK)
"Thousands more pipes could discharge raw sewage into the sea, rivers and lakes than was previously thought, the Marine Conservation Society has said."
Study links Parkinson's disease to industrial solvent
"Researchers found a six-fold increase in the risk of developing Parkinson's in individuals exposed in the workplace to trichloroethylene (TCE)."

## Intelligence/security/internet/systemic breakdown ##
Anti-Hacking Law Criminalizes Most Computer Users, Former Prosecutor Says (US)
Iran says it has 'controlled' Duqu malware attack
22 Signs That The Thin Veneer Of Civilization That We All Take For Granted Is Starting To Disappear

## Japan ##
In pictures: A first look inside Fukushima
A fitting monument to the decline and fall of industrial civilization. -- RF
Japan to keep helping EU bailout: Noda
Mizuho to merge units, cut 3,000 jobs
Industrial output declines 3.3%

## China ##
Chinese TV Host Says Regime Nearly Bankrupt
Guangdong Province to Sell Bonds Friday
China land transactions falling
China's Subsiding Land Prices
China's October Economic Numbers Confirm Hard Landing
Why Is China Building These Gigantic Structures In the Middle of the Desert?

## UK ##
Ground-to-air missiles could be deployed at London Olympics
FBI may protect U.S. athletes at Olympics
UK jobs market faces 'slow, painful contraction'

## US ##
Lawyers, firms line up as MF Global crumbles
Goldman faces lawsuits over $15.8 billion in mortgages
"Goldman Sachs Group Inc faces lawsuits over $15.8 billion worth of mortgage securities, the bank said in a regulatory filing on Wednesday, a more than 30-fold increase from the amount disclosed three months earlier."
Physicians Press U.S. to Require Reporting of Drug Shortages
Vegas goes to Pot
"Animal McMansion": Another use for vacant homes
Panetta Paints Dire Future as Warning Against Cuts
Size of the US Underground Economy
Big Banks Could Lose $185 Billion Next Year, As Anger Builds: Research

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