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

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