Tuesday, November 22, 2011


News Links, November 23, 2011

## Global economic meltdown ##
Perfect Storm the Most Likely Scenario; Is Europe Set to Declare a Chapter 11 in Early 2012?
Greek PM hopeful on signature dispute, strike looms
"Greece's new technocrat prime minister said on Tuesday he was confident fractious politicians would soon provide a written commitment to painful austerity measures as demanded by the EU that will unlock funds needed to stave off bankruptcy."
Spanish yields spike as crisis exits blocked
Spain Pays More Than Greece to Borrow in First T-Bill Sale Since Election
Uncle Sam To The Rescue: IMF Creates New European Bail Out Facility, The "Precautionary And Flexible Credit Lines"
"And here is the math: Italy's quota is 7,882.3SDR; Spain is 4,023.4 SDR. Multiply by 5 and you get 40 Billion and 20 billion SDRs respectively, which translates to $61 billion and $31 billion. A total of $91 billion in additional capacity? And that's it: enough to fund Italy and Spain for... two months. This is the best the regime can come up with? "
Federal Reserve Will Force 31 Banks To Stress Test Portfolios
German Growth May Grind to Halt as Region's Crisis Saps Exports: Economy
Germany's Finances Not as Sound as Believed (Spiegel)
"The German government likes to pride itself on its solid finances and claim the country is a safe haven for investors. But Germany's budget management is not nearly as exemplary as it would have people believe, and the national debt is way over the EU's limit. In some respects, Italy's finances are in much better shape."
Merkel sees EU treaty change as solution, not eurobonds
The eurozone's borrowing costs may stay lethally high
France's AAA Status in Tatters as Yields Surge
Hungary May Have to Bow to IMF Conditions to Access Financial Assistance
Wall Street Unoccupied With 200,000 Job Cuts
Very clever headline writers over at Bloomberg. -- RF
Hungary seeks Aid from EU, IMF; Austrian Banks Told to Limit Lending to the East; No Government in Belgium Since June 2010, Negotiator Quits (Mish)
Afghanistan will need $7 billion a year over next decade: WB
"Afghanistan is likely to need around $7 billion a year from the international community to help pay its security and other bills long after foreign troops leave, even if two large mines start production as planned, the World Bank said on Tuesday."
17 Quotes About The Coming Global Financial Collapse That Will Make Your Hair Stand Up
Missing MF Global Funds Could Top $1.2 Billion
IMF Announces New "Precautionary and Liquidity Line"; Fed Discusses More Stimulus; Both Much Ado Over Nothing; Expect Continued Bull Market in Meaningless Headlines
Mall Owner Sonae Says 2012 Will Be Tough for Retailers in Southern Europe
Abu Dhabi project delays to hurt Dubai recovery

## Fault lines/flashpoints/military ##
UK Security Firms Take up Arms against Pirates
"Security firms led by G4S are providing armed guards to ships sailing pirate-infested Somali waters, with one start-up kitting out a gunboat to lead World War II style convoys, as ship owners step up their response to constant attacks."
Israel in hot seat at Middle East nuclear ban conference
"Arab countries urged Israel to give up its nuclear arms as a precondition for a nuclear weapons ban in the Middle East, participants at an International Atomic Energy Agency (IAEA) conference said Monday."
Israel preparing for day when it has no relations with Egypt
Egypt generals promise transfer to civilian rule
US pushing UN to lift ban on cluster bombs, say campaigners
U.S. Targets Iran's Oil, Central Bank in Effort to Thwart Nuclear Program
"No Fly Zone" Over Syria Imminent?
NATO Looks to Pool Resources Amid Budget Cuts
South Korea plans major drill for attack anniversary
Former US Ambassador: Turkey Should Occupy Afghanistan After 2014

## Global unrest/mob rule/angry people ##
Egypt battles show revolution's unfinished business
Occupy Boston Gets Legal Cover, But Not All Protesters Like It
'Occupy' protesters complete New York to D.C. march
Demonstrators Plan to Occupy Retailers on Black Friday
Egyptian protesters reject military's timetable for elections
Flash mob robs Maryland store (video)
South Korean lawmaker fires tear gas in parliament amid anger at US trade pact
Two million set to strike next week (UK)
Greeks resume cuts protest strikes

## Energy/resources ##
Why Iran sanctions are pushing up oil prices
Analysis: Chevron Spill May Complicate Brazil Oil Dreams
"Chevron's oil spill off the Brazilian coast exposes the major environmental risks of tapping the country's new oil wealth and could further delay development by fueling nationalistic oil politics."
Saudi Sees Threat Of Shale Oil Revolution
"Saudi Arabia's state energy company said on Monday that its dominant role in world oil supply had been altered by large new reserves in North America, sapping the urgency to develop the kingdom's own reserves."
This sounds more like a convenient excuse for KSA to avoid exposing its own limits. -- RF
Saudi Aramco Says Renewable Energy Progress Is 'Faltering'
"Progress in implementing renewable energy globally is 'faltering' as companies have been slow in starting projects and some companies may fail, Saudi Arabian Oil Co. Chief Executive Officer Khali Al Falih said."
Belarus Tightens Energy Ties with Venezuela Following 20 Years of Gazprom Bullying
Analysis: Afghan mines no solution for economic woes
Industrial society depends on expansive infrastructure, which in turn must be built, maintained, and operated with cheap, plentiful energy. The curtain is now being drawn on this era. -- RF
Islands in an Expanding Sea (Richard Heinberg)
Free trade schemes all assume we have lots of cheap energy. See following item. -- RF
Fuel Costs Sting Malaysian Carriers
"Malaysia's two biggest air carriers, Malaysian Airline System Bhd. and AirAsia Bhd., reported tepid third-quarter results because of higher fuel costs and warned of a challenging fourth quarter due to slowing demand for air travel and persistently high fuel prices."
Abu Dhabi's Masdar cuts 9% of workforce
"Masdar, Abu Dhabi's state-owned renewable energy company, has trimmed its staff numbers by nine percent as it seeks to create a leaner organisation, the company said Tuesday."
European firms threatened by solar industry shake-up
"Over the coming months the solar industry is set to experience its own version of natural selection, as surplus capacity and falling prices triggers a significant reduction of the number of companies in the marketplace, according to a new report from Bank Sarasin."
Chinese solar losses mount but stocks still rise
"Chinese solar companies including Suntech Power Holdings Co Ltd, JA Solar Holdings Co Ltd and LDK Solar Co Ltd posted larger-than-expected quarterly losses and warned that the sector's bleak outlook would continue well into next year."
Ships queue at Australia's Newcastle coal terminals to hit 22-month high
Peak oil gets pepper sprayed
Malawi runs out of jet fuel, worsens aviation crisis
Daily Updates on Electricity Levels to be Televised (SKorea)

## Infrastructure scavenging ##
Copper Thieves Hit Street Lights In Carlsbad (California)

## Got food? ##
Sustained high food inflation warrants monetary steps: RBI (India)
Zimbabwe could be months away from a food shortage
World population growth could spur food shortage

## Environment/health ##
Study: Today's Teenagers May Be Most Out-of-shape In US History
Natural, Homemade Laundry Soaps

## Intelligence/security/internet/systemic breakdown ##
Cyber-security of North America's power grid 'chaotic,' report warns
Informer's Role in Terror Case Is Said to Have Deterred F.B.I. (NYT)
Malls track shoppers' cell phones on Black Friday

## Japan ##
Fukushima: "China Syndrome Is Inevitable"
Sense of Crisis Pushes Japan Exchange Deal
Tokyo shares end mixed with Nikkei hitting fresh 32-month low
BOJ expects to post large latent losses
"The Bank of Japan's latent loss on its holdings of exchange-traded funds (ETFs) has swollen to tens of billions of yen as of Sept. 30, sources have said.
"The central bank purchased the funds as part of monetary easing measures, but losses are believed to have increased due to a fall in stock prices on the back of the financial crisis in Europe and the excessive appreciation of the yen."
Unemployment benefits won't be extended to those who lost jobs due to March 11 disaster
Japan to give $750 million in loans to Iraq
"The money will go toward refurbishment of oil refineries and other infrastructure and health care projects, according to the Japanese foreign ministry."
JFE's Crude Steel Output Seen Down 300,000 Tons From Forecast
Supermarket sales off third month
Domestic flat-screen TV shipments plunge 73.7% in October
Tokyo parks set to host gas power plants
"The Tokyo metropolitan government will set up large-scale gas power stations at what are designated as 'disaster management parks' to provide electricity to public facilities in emergencies, government officials decided."

## China ##
China Doubles Size of Hong Kong Currency Swap
"China and Hong Kong said Tuesday they have doubled the value of a bilateral currency swap to 400 billion yuan ($62.92 billion) as Beijing seeks to expand the pool of yuan set aside to ease any strain on foreign banks that may be under pressure to access the Chinese currency."

## UK ##
Fears rise over 'high-impact' financial event, says Bank of England
"Nearly 90% of financial firms think the chance of a "high-impact" event happening in the next year - such as the collapse of the euro - has increased in the last six months, the Bank of England said today."
David Cameron: our plan to cut debt is failing

## US ##
Mohamed El-Erian: US Economic Conditions Are "Terrifying", Recession Chances Are 50%
U.S. may lose second triple-A rating within months
US growth lower than expected despite consumer spending boost
Bank Profit Highest Since 2007; Industry Still Struggles
Fannie, Freddie tentacles embraced many in Washington
Supercommittee Failure Poses Risk to U.S. Economy Even as Rating Affirmed
Broken streetlights symbolize Fort Worth budget woes
Bank of America stock near 2-year low
Bad Economy Means Another Scaled-Back Thanksgiving

<< Home

This page is powered by Blogger. Isn't yours?