Monday, December 12, 2011


News Links, December 13, 2011

## Global economic meltdown ##
Latvian bank fights off run by depositors after rumors of potential collapse
South Korea Slashes Growth Forecast on Euro Crisis
Sarkozy: There are now clearly two Europes
Moody's not impressed with EU fix
"Europe's debt crisis remains in critical condition, Moody's Investors Service said Monday."
Fitch Downgrades The Entire World
"Research firm Fitch downgraded its forecasts for the growth rate of almost every region in the world. It is yet another warning that the slowdown in the EU economy has begun to spread rapidly to other regions."
Euro-Crisis: 'Double A is the New Triple A'
Hell Will Freeze Over Before Finland Signs Treaty; Europe's Blithering Idiots Make UK the Lone Winner
Greek 5 Year CDS Over 10,000 bps (100%)
Global Trade Slows As European Debt Woes Persist
The European Death Spiral
Indians increasingly monetize gold as collateral for loans
Why Europe Has Investors Running Scared—Again
BIS Calls for Hyperinflationary Depression? (Daily Bell)
Unemployment is world's fastest-rising fear - survey
"Unemployment is the world's fastest-rising worry, a BBC World Service survey covering 11,000 people in 23 countries suggests."
Is Emigration the Only Solution For Greece's Youth?
Young Greeks are educated and multilingual, so they can emigrate and get jobs in other countries? And where might that be? Thanks to the globalized and interconnected growth economy, we're all going down together. -- RF
Ho hum, another meeting of the WTO
Yes, ho hum. But this misses the really big reason that world trade is dying: expensive energy. -- RF
China May Add Stimulus as Exports Weaken
India Factory Output Falls for First Time Since '09
Intel says sales hit by hard drive shortage
Gold's Purchasing Power Rising 'Dramatically' (CNBC video)
Spain's 'Cayenne Crisis' Spreads to BMW as Sales Dry Up: Cars
Kuwait's Global eyes second restructuring of $1.7bn debt
The global supply chain: So very fragile
And it's not just industrial parts -- it's also our energy and food. Because the supply chain will go down, smart people will disengage as quickly as possible and build mutually supportive communities. -- RF
BIS: Growth Forecasts Continue to Drop, Even in Asia

## Fault lines/flashpoints/military ##
Chinese fishermen kill S. Korean coastguard officer
"A South Korean coastguard officer was stabbed to death and another was injured Monday in a struggle with Chinese sailors who were being detained for illegal fishing, a coastguard spokesman said."
Iran army declines comment on MP's Hormuz exercise remarks
"A member of the Iranian parliament's National Security Committee said on Monday that the military was set to practice its ability to close the Gulf to shipping at the narrow Strait of Hormuz, the most important oil transit channel in the world, but there was no official confirmation."
Pakistan considers taxing Nato Afghanistan trucks
Inside Syrian regime, hard-liners gain upper hand
"As both the Syrian regime and the opposition harden their positions, a nationwide strike aimed at bringing down President Assad through peaceful means looks unlikely to succeed."
War drums: Are US Troops Deploying on the Jordan-Syrian Border?

## Global unrest/mob rule/angry people ##
Death in custody follows fresh unrest in Chinese village
5 detained over violence at land protests (China)
Chinese police besiege town and cut of food supplies in bid to quell riots
Italy faces week of strikes against Monti's austerity
Occupy disrupts West Coast ports; 17 arrested in NYC
Crushing Occupy: riot police and undercover agents

## Energy/resources ##
Ministry of Electricity Campaign for Rationing Energy (Syria)
Rare Earth Shortages - A Ticking Timebomb for Renewables?
Household electricity bills skyrocket (US)
Pennsylvanians review shale gas boom
Tax Credit End May Slice Wind-Industry Jobs by Half, Study Shows
Now is the time when we should be building a cushion of renewables to facilitate a soft landing, but tax credits and subsidies for renewables are being pared around the world. -- RF
The Bakken Boom - A Modern-Day Gold Rush (TOD)
A long article, but a very good read. -- RF
Transition to Renewables and The Forward Speed of Economies
New Mega-Dam to be Built in Alaska?
Sinochem, Gulfsands shut down Syria oil ops

## Got food? ##
Ron Paul secures Capitol Hill screening of Farmageddon

## Environment/health ##
Insurance Companies Feeling the Effects of Climate Change
African trees victims of climate change
"Human-caused climate change is killing trees in a region in Africa south of the Sahara Desert, a study by U.S. researchers says."

## Japan ##
Nuclear utilities face ¥50 billion disaster fee
Electronics Retailers' Sales Plunged Up To 60% In Nov
No. of welfare recipients reaches record high
Politician calls for Japanese military base in Senkaku Islands
No Monju test runs in FY12, govt says

## China ##
Huge Year For Hugh Hendry's Anti-China Fund
China's Abnormal Trade Numbers for November (Gordon Chang)
Chang continues to expertly chronicle the decline of China. -- RF
Chinese foreign reserves are falling
Wen May Cut China Taxes to Spur Growth

## UK ##
Nigel Farage: Escape Euro Prison!
Top military officers to lose their servants
Fed up with the postal service? Join the queue
Over-reliance on wind farms 'will lead to power cuts'
"A report by the Adam Smith Institute and the Scientific Alliance says that wind farms cannot meet the need for energy, leading to 'a crisis by the middle of this decade'."

## US ##
U.S. Financial Sector By Far The Worst Performer In S&P 500 This Year
MF Global execs say they don't know where the money is
Headwinds for Housing
Long-term jobless face deep cuts in benefits
If Fed Decides to Ease Again, Price Could Hit $1 Trillion
"If the Fed decides that the US economy needs another round of monetary easing, the price tag likely would be between $700 billion and $1 trillion, according to a new analysis."
It's So Secret, Even the Fed Does Not Know Who It's Lending To
'Helicopter Ben' will fly again
The $30 Trillion "Problem" At The Heart Of Shadow Banking - A Teaser

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