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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