Friday, December 02, 2011


News Links, December 3, 2011

## Global economic meltdown ##
Dec. 9th: The Beginning Of The End Game For The Eurozone
Germany's Merkel fights for euro, Cameron for UK
"British Prime Minister David Cameron threatened on Friday to obstruct a Franco-German drive for swift change to the European Union's treaty, a sign of the difficulty leaders will face transforming Europe to save the euro."
Angela Merkel takes action to stop euro collapse
Italy plans 20-25 billion euro austerity measures: sources
Euro Central Banks May Provide $270B via IMF
Euro Falls on Bets Summit Won't Stem Crisis
So Much For The Bailout - European Funding Situation Worst Since March, As ECB Deposits And Emergency Loans Soar
World Starts To Worry As Chinese Economy Hiccups
China May Channel Reserves to Invest in US: Minister
"China may channel part of its huge pool of foreign-exchange reserves into investment in U.S. infrastructure, including rail and transportation networks, Commerce Minister Chen Deming said on Friday."
China says cannot use reserves to rescue Europe
Soros: World Financial System on Brink of Collapse (WSJ)
Bank of Korea increases gold reserves by 38% in November
Peru Prices Rise Faster Than Expected on Food, Fuel Costs
Indian Airlines Struggle With Deep Troubles
Global Slowdown: Only 3 Nations in Positive Expansion

## Fault lines/flashpoints/military ##
After NATO strike, Pakistan adjusts rules of engagement
"Pakistan's commanders in the wild Afghan border region can return fire if under attack without waiting for permission, the army chief said on Friday, a policy change that could stoke tensions after Saturday's NATO strike killed 24 Pakistani troops."
Border deal fuels concerns in Canada
"Armed U.S. police officers will for the first time be allowed to operate in Canada along with the RCMP as part of far-reaching changes in Canadian-American border operations to be unveiled next week by Prime Minister Stephen Harper and President Barack Obama."
US not invited as Hugo Chávez launches Latin group
Marine Aircraft Plans in Peril as Tiltrotor Costs Soar
Iran Faces Oil Curbs as U.S. Targets Central Bank While EU Adds Sanctions
UN sanctions against Iran 'exhausted': Russia envoy
Russia's UN envoy says Moscow opposes new sanctions against Iran
The war against Iran's nuclear program has already begun (Haaretz)

## Global unrest/mob rule/angry people ##
Workers mass at Shanghai factory in latest unrest
Is Saudi Arabia Next? (CFR)
Over 20 arrested at U.S. London embassy protest
Foreclosed homes, empty lots are next 'Occupy' targets
Wisconsin Gov. Wants Protesters To Pay For Security
Tens of thousands protest austerity in Brussels
Greeks strike over government's "starvation" budget

## Energy/resources ##
Natives To Oppose West Coast Oil Pipelines (Canada)
Winter Woes: Cold wave grips G-B hilly areas (Pakistan)
"Other issues like persistent day-long power outages and shortage of fuel are compounding the problems of locals. Purchasing firewood has become impossible due to inflated rates; liquefied petroleum gas has already skyrocketed.
"Locals have been forced to cut down fruit trees for firewood while the district administration silently observes the growing frustration of its people."
Texas could face rolling blackouts next year, reports say
Norway oil spend 'set for record'
"Investments in Norway's oil and gas sector are forecast to hit a record Nkr184.6 billion ($32 billion) next year as the need to upgrade ageing infrastructure and boost recovery from mature fields drives spending...
"However, a shortage of rig capacity could act as a constraint on exploration as units are taken for production drilling."
A costly winter ahead for home heating oil users (US)
Range Fuels biorefinery in foreclosure
Learning Too Late of Perils in Gas Well Leases
Cement industry may be allowed to use 'tyre-derived fuel' (Pakistan)
Kenya: Shortage of Diesel Looms Countrywide
Diesel shortage easing slowly, Prairie fuel suppliers say (Canada)

## Got food? ##
Rising peanut prices rippling from food banks to fast food
Monsanto Corn May Be Failing to Kill Bugs, EPA Says
"Rootworms in Iowa, Illinois, Minnesota and Nebraska are suspected of developing tolerance to the plants' insecticide, based on documented cases of severe crop damage and reports from entomologists, the EPA said in a memo dated Nov. 22 and posted Nov. 30 on a government website. Monsanto's program for monitoring suspected cases of resistance is 'inadequate,' the EPA said."

## Environment/health ##
New Icelandic volcano eruption could have global impact
Violent wind storm leaves path of destruction in West (US)

## Intelligence/security/internet/systemic breakdown ##
Senator Floats Alternative to Internet Blacklisting Bills
Patient Data Breaches Surge as Hospitals Scrimp on Security
America's critical infrastructure security response system is broken

## Japan ##
Business spending in Japan down 9.8% in July-Sept. qtr
Tepco study shows water for spent fuel was critically low
Saga reactor halt leaves nine still on
"Saga — Kyushu Electric Power Co. shut down the No. 1 reactor at its Genkai nuclear power plant for regular checks Thursday, leaving only nine of the nation's 54 commercial reactors in operation."
Japan Damaged Nuke Plants Still Not Under Control
Cesium-137 deposits 50 times more than previous record
TEPCO, industry ministry secretly agreed to abandon nuclear reprocessing plant in 2002

## China ##
China's Bind: How to Avoid a Crash Landing (WSJ)
Chinese leaders scramble to shore up sagging economic growth amid dim global outlook
China's Ordos property bust offers warning sign
"The monumental, neo-Mongolian sculptures, empty plazas and hulking concrete shells of buildings in Ordos district, deep in the steppes of Inner Mongolia, are a potent symbol of how China's property boom can turn to bust."
Incredibly Anemic Performance of Chinese Stock Market; Decoupling in Reverse?

## UK ##
115 jobs lost at steel plant
U.K. to be world's first to dispose of plutonium in underground repository

## US ##
What If a Clearing House Failed?
"Clearing houses may be the next too-big-to-fail institutions. These circuit-breakers of the financial system weathered the collapse of MF Global and Lehman Brothers, and clear trillions of dollars of transactions every day. But they are about to take on a lot more risk, and there is no plan in place to deal with a big player failing. That should set alarm bells ringing."
Poor get less help with fuel this year
"Hit by steep cuts in federal funds, fuel assistance programs are expected to run out locally in mid-December, casting the region's advocates for the needy into a panic: As temperatures drop and heating oil prices rise, how will their clients stay warm?"
Federal funds for heating assistance already burned
"Weeks before winter officially arrives, federal funds designated to help the poor pay heating bills have already been exhausted in Atlanta, officials said Wednesday."
Fed hawks say central banks can't solve fiscal woes
Unemployment rate decline not as good as it sounds
Charts of the Day: Labor Force and Unemployment Rate Adjusted for Population Growth Since 1948 Show Falling Unemployment Rate is "Statistical Mirage" (Mish)
"Those who think the economy is improving based on the falling unemployment rate are looking at a statistical mirage based on an extremely atypical and prolonged drop in the labor force."
The Real Employment Situation Report
US Needs To Generate 263,700 Jobs Monthly To Return To Pre-Depression Employment By End Of Obama Second Term
NASA satellites find Texas aquifers at record low
Michigan Plans Review of Detroit's Finances
Civil rights lawyers move to fight Occupy evictions nationwide
Judgment day for housing shadow inventory already here – Foreclosure inventories reach an all-time high.
Death of Sprawl: Past and Future

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