Wednesday, November 02, 2011


News Links, November 3, 2011

## Global economic meltdown ##
France, Germany demand quick Greek decision on euro
Whispers of Return to Drachma Grow Louder in Greek Crisis
REMINDER: Here's Who Will Get Crushed If Italy Goes Bust
Berlusconi holds crisis meeting on economy
Europe Undeniably in Recession; Germany Manufacturing PMI Contracts for First Time in Two Years, New Orders Collapse
Euro-Area Manufacturing Production Contracts
Business Leaders Urge Bigger Role for Yuan
"Business leaders meeting alongside the Group of 20 industrial and developing nations summit in France on Wednesday endorsed a move toward a "multipolar" global currency system, with a greater role for the Chinese yuan."
Middle East economies next up for financial assistance?
OneSteel Posts Grim Outlook
Hilarious Video of Eurocrats in Action, Ripping Off Taxpayers and Running Into Walls to Avoid the Cameras
Export Miracle Over!
"Conditions in the global manufacturing sector remained broadly stagnant in October. Levels of production and new orders fell slightly over the month, while new export orders declined at the quickest pace for almost two-and-a-half years."
Krugman Warns Of "Gigantic Bank Run", "Emergency Bank Closing" And "New Lira"

## Fault lines/flashpoints/military ##
Israel ready to stop boats heading for Gaza
PLO to pursue statehood despite Israeli measures
U.S. House Panel's Sanctions Bill Targets Iran's Oil Sector
Analysis: Russia, China may blunt Western pressure on Iran
UK military steps up plans for Iran attack amid fresh nuclear fears
Iran within range of Israeli rocket
Obama team criticizes Israeli settlements
Syria agrees to Arab plan, military pull out
New Libyan PM taught at University of Alabama, led Muslim community in Tuscaloosa
Hacker Group Backs Away From Threat To Mexican Cartel
U.S. Ready To Sell F-35 to India: Pentagon

## Global unrest/mob rule/angry people ##
Occupy Round Up: Oakland General Strike, Virginia Bulldozers, and Court Victory
OWS protest turns on G20 summit in France (RT, includes video)
"The protest in Nice, which unites the Occupy Wall Street movement in the USA and anti-EU rallies in Europe, is estimated to have attracted almost 15,000 people. People are coming from all over Europe – but also from Mexico, Canada and even the Middle East."
Banks targeted by Occupy Oakland general strike protesters
Nepalese police detain more than 100 Tibetan exiles protesting against Chinese rule
Pepco's end: Workers threaten to cut off power to entire country (Pakistan)
Residents tear down Bangkok flood barrier
"Angry residents on city's flood-stricken outskirts break down part of floodgate in bid to drain water from their homes."
Bank of America Fee Retraction Shows Effect of Consumer Rage

## Energy/resources ##
Most Non-Chinese Rare Earth Projects Doomed: Consultant
India Delays $2.6 Billion Russian-Built Nuclear Plant on Protest
NTPC projects in WB Bihar and Orissa worst hit by coal shortage - CEA (India)
Shortage of petrol to continue for next few days (India)
Bengal headed for a power crisis (India)
Pakistan wants to import electricity from India
They have got to be kidding. -- RF
Another water row in making; Afghanistan plans to build 12 dams on Kabul River
"Country could face the water scarcity of 8 million acres feet on Kabul river as Afghanistan has started to work on construction of 12 small and medium size hydro power projects on river Kabul without inking any treaty over water rights with Pakistan."
Belgium to switch off nuclear, operator sees blackout ahead
"As Belgium becomes the latest European nation to agree to switch off nuclear power, operator Electrabel warned Monday of high costs, environmental fallout and increased dependency on foreign suppliers."
Staggered gas supply to Chittagong industries (Bangladesh)
"As a mark of protest, businesses last Monday formed human chains in front of each of the re-rolling mills in Chittagong."
Economy reels as gas shortage hits hard (South Africa)
GCC will spend $25b to expand power generation capacity
"It is boosting demand for natural gas, which is creating a gas supply shortage in the region. It is also boosting demand for the region's heavily subsidised hydrocarbons which, in turn, is reducing the volumes exported and the revenues received."
Diesel shortage results in higher costs for truckers (Canada)

## Got food? ##
Rising food cost forces children to eat leaves in world's poorest countries
Congress may cut aid to poor as food prices soar
"Food costs are now forecast to increase this year by a stunning 3.5 percent to 4.5 percent — nearly double the core inflation rate — while the food stamp program that helps more than 44 million Americans is facing a congressional chopping block."
Floods Leave Southeast Asia More Vulnerable to Food Price Shocks
Higher costs for 2012 crop inputs expected (US)
How Fear Drove World Rice Markets Insane
This turns out to be another good argument against food globalization. -- RF

## Intelligence/security/internet/systemic breakdown ##
Citizen Spy Recruitment Program Launches in U.S. Hotels
Air Force Keeps 'Micro-Aviary' Of Tiny, Bird-like 'Bots
Report details defense industry cyber attack

## Japan ##
Tepco Detects Possible Nuclear Fission at Fukushima, Raising Risk of Leaks
"'Melted fuel in the No. 2 reactor may have undergone a sustained process of nuclear fission or re-criticality,' Tetsuo Ito, the head of Kinki University's Atomic Energy Research Institute, said by phone. 'The nuclear fission should be containable by injecting boron into the reactor to absorb neutrons.'"
Japan nuclear crisis: Xenon detected at Fukushima plant
Radioactive tellurium, silver detected near Fukushima plant
New International Report Shreds Japan's Carefully Constructed Fukushima Scenario
Kyushu Electric calls on businesses, public to cut power usage in winter
Japan Faces $510 Billion Losses From Yen Sales, JPMorgan Says
Impact of Japan's record intervention seen as short-lived
Sony shares sink on massive loss forecast
"Sony Corp warned of a fourth straight year of losses, with its television unit alone set to lose $2.2 billion on tumbling demand and a surging yen."
S&P downgrades Panasonic one notch to 'A'
New cyberattack hits computers in Diet
Law changes to allow police to track criminal suspects via cell phone GPS

## China ##
Tanker drivers steal gas from employers amid China's diesel shortage
Zhuhai Puts Ceiling on Home Property Prices
China Corn Output Jumps 6.7% to Record, Tops Forecast, Farmer Survey Shows
"The cost of seed, fertilizer and crop-protection chemicals rose an average of 25 percent in 2011."
China Record Corn Crop Still Failing to Meet Demand for Feed: Commodities
"Production in China will likely fall 11 million tons short of demand by 2015, Li Xigui, the deputy head of grains at the state-run China National Grains and Oils Information Center, said at a conference in Singapore on Sept. 20. Importing corn to make up the deficit would rank the country as the world's second-biggest buyer after Japan."

## UK ##
Fracking 'probable' cause of Lancashire quakes
Pensions offer not enough, say unions
"Unions are pressing ahead with plans for the biggest strike in a generation despite a new Government offer on public sector pensions described as the 'chance of a lifetime'."

## US ##
Northeast Running Low on Fuel
"From Connecticut to Massachusetts, inclement weather is causing customers to face long lines at gasoline stations."
Food and the Empire (more great observations from Gregor Macdonald)
US Federal Reserve slashes US growth forecasts
ADP Number Confirms Relentless Erosion In US Manufacturing Base
Bernanke: More Stimulus 'on the Table'
Fed Officials May Prepare Ground for Further Bond Purchases, Survey Shows
Washington state gov: Prisoners needed to pick apples
Air Force cutting 9,000 jobs now, more later
Day of reckoning for shadow inventory and distressed properties – 40 percent of properties in foreclosure have not made a payment in two years or more.
Three Troubling Ways Americans are Maintaining Their Spending
Postal Service rescue plan offered by senators
No relief for long-term unemployed
Rabbit Ears Redux: Antennas for Free Broadcast TV Make a Comeback
Texas drought endangers power projects

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