Tuesday, November 08, 2011


News Links, November 9, 2011

## Global economic meltdown ##
Deutsche Bank on Europe: 'It's Not Inconceivable That We Could Be In Full Crisis Mode By The End Of This Week'
Greek Bank Deposits Plunge By €5.5 Billion In September: Biggest Monthly Drop Ever
Top German Economist: 'It's in Greece's Interest to Reintroduce the Drachma'
Italy's Bond Rollover Problem Dramatically Worsens; Yield Curve Inverts; 3-Year and 5-Year Bonds Yield Exceed 10-Year Yield
Italy is bust; it's just a question of when
Printing money won't solve a global depression (Bill Bonner)
"The world is headed towards a depression, which will lead to printing more money, which will lead to hyperinflation"
Kingfisher cancels 12 flights due to crew shortage, fuel problems (India)
"The crisis seems to be deepening for Kingfisher Airlines. On Monday the airline cancelled 12 flights from Delhi and several more from across the country reportedly due to a shortage of cabin crew and pilots. The airline is also facing severe fuel problems due to non-payment of dues."
Are the Thailand Floods About to Kill Computer Companies?
Hard disk famine shaping up as predicted after floods
"Basically the Thai floods have taken out Western Digital and Toshiba's disk drive operations at Bangkok, with an industry shortfall this quarter of 50 million or more drives. It is not known how long it will take to get the plants and any affected component suppliers back to full operations."
Humiliated by West, Belarus turns to China rating agency
ROUBINI: The Next MF Global Collapse Could Be Goldman Sachs
29 Systemically Dangerous Global Banks
Derivatives Tide Rises at Big Banks (WSJ)
"Huge numbers can be scary, especially when it comes to derivatives. So investors should take a seat before reading third-quarter securities filings from some of the biggest U.S. banks.
"During the period, gross derivatives assets jumped 52% at Bank of America from the previous quarter, to $2.17 trillion. At J.P. Morgan Chase, they rose 47%, to $2.04 trillion. And at Citigroup, they increased 31%, to about $1.1 trillion."

## Fault lines/flashpoints/military ##
Street crime wave hits Europe's capital
Israel's Barak plays down talk of war with Iran
Russia, China Warn US Against Attacking Iran
Sarkozy tells Obama Netanyahu is a "liar"
"French President Nicolas Sarkozy branded Israeli Prime Minister Benjamin Netanyahu 'a liar' in a private conversation with U.S. President Barack Obama that was accidentally broadcast to journalists during last week's G20 summit in Cannes."
France opposes strike on Iran: minister
DEA Operates Its Own Special Forces Squads in Foreign Countries
Pakistan seeks full SCO membership
"ST PETERSBURG (Russia): Prime Minister Yousuf Raza Gilani arrived here on Sunday in a bid to seek full membership of the important regional security grouping of Shanghai Cooperation Organisation (SCO)."
New fight against pirate attacks
"About one thousand former Royal Marines will be deployed by a British company next year to protect oil tankers and other ships that cross the dangerous shipping lanes of the world, particularly along the east coast of Africa."
Copycat pirate attacks on the rise in West Africa
Somali pirate attacks hit record level
Competition deepens in the South China Sea
ASEAN, Japan leaders to vow deeper cooperation on maritime security
US Abandons Largest Iraq Base: 20 Left

## Global unrest/mob rule/angry people ##
Plastic bullets available to police for Wednesday's student protests (UK)
Syrian Government Steps Up Assaults Against Protesters
Occupy protesters plan march from NYC to D.C.
Police, demonstrators clash in southeastern Turkey as tension climbs

## Energy/resources ##
China Faces Power 'Squeeze'
Parts of Addis Ababa Facing Water Shortages (Ethiopia)
Nord Stream gas pipeline opened by Merkel and Medvedev
Aluminum Slump Means 25% of Global Smelters Now Losing Money: Commodities
Energy Conversion Devices Suspends Manufacturing Operations
"Energy Conversion Devices Inc. (ENER), a U.S. thin-film solar company, suspended manufacturing and furloughed 400 employees."
Vestas May Reduce 2015 Wind Growth Targets After Cuts to Annual Forecasts
"Vestas Wind Systems A/S, the world's biggest wind-turbine maker, may reduce earnings and margins targets for 2015 under its so-called "Triple15" plan after slashing annual forecasts three times in two years."
Govt to reduce gas exports to Singapore
"The Indonesian government had planned to reduce gas exports to Singapore to cover a shortage of the strategic commodity in the country, Energy and Miniral Resources deputy minister Widjajono Partowidagdo said Sunday."
Diesel shortage shuts down fuel pumps (Canada)

## Infrastructure scavenging ##
'Up to eight' rail cable thefts a day (UK)

## Got food? ##
Drought-Damaged U.S. Corn Crop Pressuring Global Food Supply: Commodities
Short supply of fertilizer may affect rabi crops (India)

## Environment/health ##
U.S. Government Confirms Link Between Earthquakes and Hydraulic Fracturing

## Intelligence/security/internet/systemic breakdown ##
Anonymous 101: Introduction to the Lulz
Pentagon Debates Cyber-War Offense
Oil Executive: Military-Style 'Psy Ops' Experience Applied
Chinese hackers hitting many more places than Japan

## Japan ##
Japan's debt to exceed 1 quadrillion yen: report
"Japan's national debt is on track to exceed 1 quadrillion yen ($12.8 trillion) by the end of the fiscal year next March."
Toyota's net profit plunges 71.8% in first half
"Japan's biggest automaker Toyota on Tuesday said first-half net profit tumbled 71.8% from a year earlier due to the impact of the March earthquake and tsunami on production, and to a strong yen."
Drive to ax car taxes revs up / Auto industry leaders talk of 'sense of crisis' as sales stagnate
Japan Buys More of Euro Bailout Bond
A desperate bid to prop up export markets. -- RF
Debt crisis pushed Japan's bourses toward merger
"The global decline in stock prices triggered by the European debt crisis has been critical in forcing the Tokyo Stock Exchange and the Osaka Securities Exchange toward their planned merger."
Current Account Surplus Shrinks Again In September
Tohoku recovery bond redemption put at 25 years
Half-Life Of Latest BOJ Intervention - One Week
Tight power supply-demand balance expected in Kansai and Kyushu this winter
Residents sue over Tsuruga reactors
"A group of about 40 people sued Japan Atomic Power Co. on Tuesday seeking a provisional court order not to restart two reactors at its Tsuruga nuclear power plant on the Sea of Japan in Fukui Prefecture."
90% of Fukushima candidates want N-reactors scrapped

## China ##
Heavy Metals Pollute A Tenth Of China's Farmland-Report
"About one tenth of China's farmland is polluted by lead, zinc and other heavy metals to "striking" levels exceeding official limits, a government expert said according to reports on Monday."
Artist Ai Weiwei getting donations that send message to China's leaders
"Ever since Ai Weiwei was slammed with a $2.4 million tax bill, donations have been flying over the wall of the provocative Chinese artist's compound in northeastern Beijing."
China morning round-up: Railway denies bail-out call
China's Yield Curve Inversion Signals Sharp Slowdown Ahead
Price declines hit China real estate firms
China's Gold Imports Jump Sixfold
Real estate meltdown fears
Poly home sales tumble 39.27% in Oct
Shanghai Plans Nov. 15 Bond Sale
Singapore banks continue to lend more to China

## UK ##
Retailers fear for Christmas sales as high street suffers in the gloom
Leaderless Lloyds May Miss Targets After Q3 Loss
Pension deficit cut to £158.6 billion
"Private sector pension funds are facing a deficit of some £150 billion more than a year ago, although the situation has improved over the last month, figures from the Pension Protection Fund (PPF) showed today."

## US ##
European Crisis Hits US Bank Lending
Rochester, suburbs witness painful increase in number of poor
Late Mortgage Payments Rise For First Time In Years
Half of US Mortgages Are Effectively Underwater
Home Prices Down 4.4% From Last Year, More Declines Expected
650,000 Americans Joined Credit Unions Last Month — More Than In All Of 2010 Combined
Global demand sets pace on gas prices
Toledo to demonlish record number of abandoned houses
Too Big To Fail Casino Banks Make $518 Billion Bet On PIIGS Sovereign Debt
Companies Use Low Rates to Issue Buckets of Debt
Wall Street Pay Expected to Fall 20-30 Percent
Retirement Crisis Closes In on Baby Boomers
Next In Line for Implosion: Pension Plans
"Pension plans are based on 8% annual growth forever. What happens to these plans in a zero-interest rate world as the global economy and stock markets contract?"
Global income inequality: Where the U.S. ranks
Financial literacy is a big, fat Wall Street hoax (Paul Farrell)

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