Saturday, November 05, 2011


News Links, November 6, 2011

## Global economic meltdown ##
ECB debates ending Italy bond buys if reforms don't come
Greek parties bicker over coalition to save the nation
The Revolt of the Debtors
"The attempt to impose a benevolent creditors' dictatorship is now being met by a debtors' revolt. Financial markets have reacted so strongly because investors now comprehend that "sovereign debt" is the debt of a sovereign that can simply decide not to pay."
29 big banks given higher capital mandates
"The banks were deemed 'too big to fail," meaning if one of them collapsed, given the reach of its financial impact in loans and investments, a domino effect would ensue, causing chaos throughout the world's financial system."
Bank exodus from euro zone sovereign debt quickens
"Banks including BNP Paribas and ING are ditching billions of euros of euro zone government bonds, cutting their exposure to the region's trouble spots."
Commerzbank Reports Quarterly Loss on Greek Writedowns
"Commerzbank AG, Germany's second- largest lender, swung to a third-quarter loss after writing down the value of its Greek government debt holdings and said it will miss a profit target next year."
Europe. Is. Finished.
"Europe is finished. The region's entire banking system is insolvent (with few exceptions). European non-financial corporations are running massive debt to equity ratios. And even EU sovereign states require intervention from the ECB just to meet current debt issuance, to say nothing of the huge amount of sovereign debt roll over that is due over the next 14 months."

## Fault lines/flashpoints/military ##
Four killed after bombs target Iraq Sunni militia
Saudi Prince Salman named defence minister
The economic road ahead for China and Pakistan
"The global economic superpower of China is symbolic in its ambitious Karakoram Highway expansion project in Pakistan."
Libya dispatch: as lawlessness spreads, are the rebel 'good guys' turning bad?
India, Pakistan Will Compete for Influence in Afghanistan, Musharraf Says

## Global unrest/mob rule/angry people ##
Tens of thousands of opposition activists demonstrate for Berlusconi's ouster
Confrontation turns violent with police, Occupy Denver
Second Iraq War Vet Hurt During Oakland Clash With Police
Jarrow marchers joined by hundreds of protesters as they complete trek (UK)
Occupy LSX march: Protesters outside Parliament Square
Occupy The Koch Brothers: Violence, Injuries, And Arrests At DC Protest

## Energy/resources ##
Power distribution companies face annual cash deficit of Rs 70k crore (India)
Power crisis hits masses in Balochistan (Pakistan)
Saldanha Steel plant hit by LPG shortage - ArcelorMittal SA (South Africa)
Huge energy costs weigh on manufacturers (US)
Renewable power plants vulnerable to mass shut-downs (Germany)
Feed-in tariffs: is it the end for solar PV? (UK)
Tashkent left in the dark as electricity supplies falter (Uzbekistan)
Outside cities, many can no longer rely on the Grid (US)
Maintenance of the grid, like maintenance of other infrastructure, requires increasingly more energy (money). There won't be any smart grid, and the existing grid is already falling apart. -- RF
Down the drain: what's going wrong with Ireland's water supply?
Peak Oil and ERoEI: Still Nonsense (Forbes)
This essay is nonsense. Technology is supposedly advancing at a dizzying speed... yet global oil production has been stagnant since 2005. So what's all that advanced technology getting us? Not more oil, that's for sure. And don't forget that technology advances are achieved by means of energy, not the other way around, which is the common misperception advanced by this clueless author. -- RF
Fuel shortages a big problem in the Dakotas
The oil patch is consuming much of the available fuel, according to this and other reports. As time passes, energy development will require more energy, leaving society with a diminishing share. And in fact there are fuel/power shortages around the world because the energy production/supply system can no longer keep up. This is in part the EROEI problem that the Forbes writer (above) doesn't understand. -- RF
Taming Unruly Wind Power

## Got food? ##
The Well-Stocked Pantry (Mother Earth News)

## Environment/health ##
Radioactive cesium found on S. Korean streets

## Intelligence/security/internet/systemic breakdown ##
Debunking the Iran 'Terror Plot' (Gareth Porter)
More govt computers infected / Nearly two dozen PCs found to have Trojan horse viruses (Japan)

## Japan ##
Japan's debts to pass 1,000 trillion yen for first time
Of course they're going to pay it back... right? -- RFBig anti-TPP rally held in Tokyo as deadline for decision looms
Over 40% Of Firms Fail To Secure Enough Recruits For Fiscal 2012
Flood spurs nine-country Toyota output curb

## China ##
China's huge leap forward into space threatens US ascendancy over heavens
But there will be no vacationing on Mars. Future use of space will be limited to military purposes. -- RF
Polysilicon Drop May Halt Output From 90% of China's Factories, Group Says

## UK ##
As energy rationing increases are Brits to turn to equity release?

## US ##
The Mysterious Disappearance of MF Global's $630 Million
Most of the unemployed no longer receive benefits
"Early last year, 75 percent were receiving checks. The figure is now 48 percent — a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America's 14 million unemployed have had no job for a year or more."
U.S. Employers Add Fewest Jobs in Four Months
Extreme Poverty Is Now At Record Levels

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