Thursday, November 03, 2011


News Links, November 4, 2011

## Global economic meltdown ##
Merkel and Sarkozy Halt Payments to Athens
Greek PM scraps referendum amid calls to resign
Greek Premier Ready To Step Down
China's Zhu Says 'Too Soon' to Discuss More EFSF Purchases
Greek Euro Exit: 60% Currency Devaluation, Default, Banking Sector Collapse
Japan holds off investing in Greek rescue fund
Libya central bank looks to IMF amid cash crisis
AIG loses $4 billion on planes, weak markets
"It was the 10th time in the last 15 quarters, dating to 2008, that AIG lost at least $1 billion."
Ireland Plans To Close Embassy To Vatican
"Foreign Minister Eamon Gilmore said Ireland was under grave financial pressure as it tries to slash spending in line with its international bailout last year."
Crisis Prompts ECB Rate Cut
Emirates sees profit slide 76% on fuel, Arab Spring
AMD to cut 1,400 workers, new CEO's first big move
Italian bond yields at 'scary' levels

## Fault lines/flashpoints/military ##
Sadr says to resist any U.S. presence in Iraq
"Anti-U.S. Shi'ite cleric Moqtada al-Sadr said Thursday he would resist any American presence in Iraq, including a civilian one, beyond year-end when all U.S. forces depart nearly nine years after the invasion that toppled Saddam Hussein."
Palestinians won't accept less than full U.N. seat
Islamist Jihad ready for all-out war with Israel
"The Palestinian militant group Islamic Jihad, which traded deadly fire with Israel at the weekend in Gaza, does not expect a subsequent truce to last long and has at least 8,000 fighters ready for war, a spokesman said."
Israelis hold defense drill for missile attack
US pushes toward more biting Iran sanctions
"The US House Foreign Affairs Committee yesterday targeted Iran's oil industry amid a raft of new sanctions. Israel and Britain, meanwhile, prepared for military action."
Nigeria pirates hijack MT Halifax oil tanker
Anti-U.S. politicians on the rise as Pakistan ponders elections
"With expectations rising in Pakistan of an election being called within months, anti-American politicians are in the ascendancy, leaving the current pro-U.S. government facing defeat."

## Global unrest/mob rule/angry people ##
Police confront Oakland protesters with tear gas
Oakland protesters condemn violent clashes
Syria protests across the country aim to test regime's pledge to end crackdown
Syria peace deal close to collapse amid tank and mortar fire
S Koreans protest against trade deal with US
16 Arrested in March on Goldman Sachs
"Police arrested at least 16 people, including journalist Chris Hedges and performance artist Reverend Billy Talen, during a rally Thursday outside the headquarters of Goldman Sachs Group Inc. in lower Manhattan."
'Occupy' protesters heckle Wisconsin Gov. Scott Walker in Chicago

## Energy/resources ##
Early harvest, N.D. oil boom exacerbate fall fuel shortage
"'This is worse than 2007-08,' said Dawna Leitzke, director of the South Dakota Petroleum Marketers Association. 'That was a supply nightmare. This is quickly escalating to a worse situation.'"
Nuclear Phase-Out Faces Billion-Euro Lawsuit (Germany)
Seoul Moves to Lower Gasoline Prices
Diesel shortage forces stations to turn customers away (Canada)
Heating Fuel Reaches Record High as Diesel Jumps in Europe: Energy Markets
"European consumers will probably pay the most ever to run diesel cars and heat their homes this year, at a time when unemployment is at the highest in more than a decade and economic confidence is falling."
Power plants' coal stocks dip below 'critical' level
"Average coal stocks at India's thermal power plants have dipped below "critical" level, or are enough to last less than a week, against the norm of 22 days, mounting more pressure on electricity generating companies as they cannot afford to build stocks with imports because of low tariffs."

## Infrastructure scavenging ##
Highways are high-traffic crime scenes
"Stealing from highways has become an epidemic in South Carolina and across the country as thieves make off with everything from stormwater grates to road signs.
"Steel rods and construction tractors were stolen during the recently completed Interstate 26 widening project in the Lowcountry. And heavy metal plates covering holes in the road — and even heavy machinery— are targets."

## Got food? ##
Drought could cost ag industry $20B (Texas)
India's food inflation climbs to 12.08%
Meat Prices Continue Their Bull Run
Lower RI crop output may threaten food security, boost prices
"Lower production of Indonesian key crops this year coupled with a global rice shortage may threaten food security and boost prices, as the country counters the impact of the global economic slowdown."

## Environment/health ##
Thai Flooding Causes Threat of Disease
U.S. could face another Dust Bowl era
Cantaloupe listeria outbreak most deadly since 1924
Deadly Oman storm causes $50m in damage

## Intelligence/security/internet/systemic breakdown ##
Siri goes down for iPhone 4S owners across the country
China, Russia Top List Of U.S. Economic Cyberspies
Network Down in Singapore? Blame Surge in Data Usage: Experts
"In less than six months, Singapore's three telcos have suffered four massive network outages, resulting in customer connection problems previously unheard of."

## Japan ##
Japanese government wants to build 'back-up' Tokyo
They might start on it, but it'll never be finished. -- RF
Noda warns of eurozone crisis chain reaction
Chain reaction, coming right up! -- RF
Thai floods force Honda Philippines to close
Xenon at Fukushima not result of 'critical' nuclear reactions: TEPCO
"Tokyo Electric Power Co. said Thursday the detection of radioactive xenon at its stricken Fukushima Daiichi power plant, indicating recent nuclear fission, was not the result of a sustained nuclear chain reaction known as a criticality, as feared, but a case of 'spontaneous' fission."
Municipalities increasingly unwilling to accept quake debris
Electronics giants struggling / Many firms in red due to dependence on unprofitable products

## China ##
Mining accidents in China to increase imports
"Mining accidents in China may result in more metal imports as the government has shut down many small and dangerous mines which are prone to accidents to promote safety."
Going after pirates (Chinese warships leave for Gulf of Aden)
Beijing Risks Public Backlash If Rescues Europe

## UK ##
Unison members vote to strike
"The Government was tonight facing the biggest outbreak of industrial unrest since the 1979 Winter of Discontent after members of the largest public sector union voted in favour of strikes in the bitter row over pensions."

## US ##
Detroit in "extremely serious" fiscal shape: mayor
Senators predict massive U.S. withdrawal from international organizations (Foreign Policy)
Amid record deportations from the US, Mexico urges migrants to head home
30 companies paid 'less than zero' taxes in recent years
Members of Congress Increased Personal Wealth 25% in Two Years
Rich Class fighting 99%, winning big-time (Paul Farrell)
Congrats, 2010 grads! Your debt load is the heaviest
Average student loan debt tops $25,000
Consumer Comfort Index And State Of The Economy Almost Record Lows
Poorest of the poor: Now 1 in 15 Americans
Deflation comes in seven forms. Five are already here.
Many States Already Worried About Running Short
"State governments across the U.S. are just a few months into their fiscal years and already many fear that tax revenues are running short of forecasts."
Freddie Mac seeks $6 billion more in aid
Will Meredith Whitney Be Proven Right In The End?
The short answer is yes. Since growth is dead, munis are ultimately just more unpayable debt. -- RF
650,000 Americans Joined Credit Unions Last Month — More Than in All of 2010 Combined
Cyclical Unemployment Disappears
Kellogg 3rd-quarter net income falls; outlook cut
"Cereal and snack maker Kellogg Co. said Wednesday its third-quarter net income fell 14 percent, more than expected, as the company invested in its supply chain, adding to pressure from soaring commodity costs."
Railroad's new golden age

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