Wednesday, December 07, 2011


News Links, December 8, 2011

## Global economic meltdown ##
Greek parliament approves 2012 austerity budget
Eurozone: France and Germany urge common taxes
Germany pours cold water on EU summit hopes
"Pessimistic comments from EU paymaster Germany and new figures exposing deepening stress among Europe's banks dented financial market hopes of a turning point in the euro zone's debt crisis at a summit this week."
Merkozy Dog-and-Pony Show is Nothing but Fleas; Immense Arrogance, Loose Cannons, No Credibility
S&P puts European Union on watch for credit downgrade
Deutsche Bank, BNP May Be Cut by S&P
How The European Endgame Will be the Death Knell for Modern Economics (Gregor Macdonald)
As Europe's Bond Market Dries Up, Traders Fear for Jobs
IATA downgrades 2012 profit forecast 28.6%
The global airline industry's death spiral continues. -- RF
Saab administrator to end restructuring attempt
Short-Seller Chanos: Moody's, S&P Wrong on China
Poll: Investors Predict China Bank Crisis
China – the next big crisis?
Pivot Capital On China's Investment Boom (And Pending Bust)
Downgrade threat could prove final blow to euro rescue fund
"The threat of a credit downgrade to the euro zone's top economies leaves the bloc's EFSF bailout fund dangerously exposed, piling yet more pressure on the European Central Bank to step in as lender of last resort."
Bargain Bank Values in Europe Fail to Lure Buyers as Debt Crisis Deepens
ECB Confirms Shadow Banking System In Europe In Tatters
Spanish Spreads Jump Most Since July As Italy 10Y Breaches 6% Again
Container shipping industry to incur 2012 losses
"Significant losses of about $15-billion were observed among the major container shipping lines in 2009, and I believe that we will observe a similar trend in the upcoming year. The industry earnings last year were in the region of $10-million but the 2011 fiscal year is looking like an absolute disaster."
Central Banks 'Planning for Euro Area Break-Up'
No Way to Hold Eurozone Together

## Fault lines/flashpoints/military ##
Russia rejects Iran oil ban
Doomsday war games: Pentagon's 3 nightmare scenarios
Combating piracy: Shipping to become costlier
Togo: Joining Forces to Fight Piracy in the Gulf of Guinea
Drone Lost in Iran Was Joint CIA-Military Reconnaissance Plane
Chinese, US defence officials meet
"Chinese and US defence officials are meeting in Beijing for their highest-level contacts since recent friction over plans to strengthen the American military presence in the Pacific and arms sales to Taiwan."
Iran: U.S. Virtual Embassy Blocked
Saudi Prince Calls for Kingdom to Acquire WMDs
Could War Flare Again Between Iraq and Kuwait?
U.S. commandos fan out in remote Africa to help find brutal rebels
Rumors of 'silent coup' as Pakistan President Zardari heads to hospital
"Aides to President Zardari rubbish the rumors, which have quickly gained credibility among the Pakistani public because of the perception that this government is on its last legs."
U.S. to aid Lebanese border defense
Obama's risky oil threat to China

## Global unrest/mob rule/angry people ##
Shanghai strike enters 7th day
Workers protest at Hitachi plant in China - report
Labor unrest at Venezuelan steelmaker slows output
Italy's FIOM union joins anti-austerity strike
Bulgarian farmers protest against subsidy cuts
Protesters pitch tents on National Mall for week of economic protests at Capitol, on K Street
Protesters sit in at congressional offices
Dozens of Occupy protesters arrested in Washington
Police clear Occupy SF in early morning raid
Police clear out Occupy New Orleans camp
Russia's anti-Putin protests grow
Demos staged over working agreement
"Construction workers staged a series of demonstrations at sites across the UK today in the continuing row over pay and conditions in the industry."
Injuries as Bahrain police 'attack' protest

## Energy/resources ##
Rare earth metal shortage a 'ticking time-bomb'
Lithium, Cobalt Among Minerals Facing Chronic Shortage, PwC Says
"Seven manufacturing industries may be seriously affected by a critical shortage of raw materials 'which could disrupt entire supply chains and economies,' PwC said in a report today based on a survey of senior executives from 69 manufacturers.
"'Many businesses now recognize that we are living beyond the planet's means,' Malcolm Preston, PwC's global sustainability leader, said in the report. 'New business models will be fundamental to the ability to respond appropriately to the risks and opportunities posed by the scarcity of minerals and metals.'"
Global Nuclear Generation Capacity Falls
Looks like the "nuclear renaissance" has been put on hold. -- RF
Bill Gates and China may build nuclear reactor
Get back to Gulf of Mexico, API urges
"Energy companies need to get back to work in the Gulf of Mexico to spur economic recovery, an oil advocate said from Qatar."

## Got food? ##
Seed shortage a potential problem (US)
"Shortages of seed in some crop types are almost a certainty leading into the 2012 planting season. Due to poor spring planting conditions in North Dakota, durum, barley and edible bean seed acres were greatly reduced in 2011. In the case of barley, a reduction in malt contracts over the past two years has also negatively influenced seed production."
Butter shortage keeps spreading (Norway)

## Environment/health ##
USA slammed by 12 disasters that each cost at least $1B

## Intelligence/security/internet/systemic breakdown ##
India to ban 'offensive' Internet material
Investors flock to growing security sector

## Japan ##
Nuclear reactor in Fukui to be shut down due to cooling valve glitch
When All Else Fails, Change The Math: Japan To Fudge GDP Calculation, Will Add Up To 2% To GDP
Oct Core Machinery Orders Down 6.9% On Month
Tepco eyes selling thermal plants to raise cash
Japan's own debt crisis is closer than you think

## China ##
China's tweeting cops blog to keep peace
China braces as European crisis adds to strains
China factory unrest spreads amid economic uncertainty
Chinese Solar Industry Fueled By Unsustainable Debt, Analysts Say
China warns of 'severe challenges' to exports to West

## UK ##
Northern Ireland pharmacists 'use loans to stay open'
"Pharmacists who work in the community have told the BBC they are resorting to bank loans and even cashing in pensions to keep their businesses open."
600 council jobs could face axe
How a Break-Up of the Euro Zone Could Crush the UK

## US ##
Alabama farmers look to replace migrants with prisoners
Here's your cheap food. -- RF
Prolonged outage generates rage toward Edison
Corporations Are Evil People (Infographic)
AstraZeneca slashes 1,150 U.S. sales jobs
Hillary Clinton turns to think tankers for new Foreign Affairs Policy Board
"Clinton's panel, modeled on the Defense Policy Board at the Pentagon, appears to be the newest effort to make the State Department more like the Department of Defense."
Rich, poor gap will show up under the tree
Shoppers Say 'Ho-Hum' Not 'Ho-Ho-Ho' to Sales
12 Eurozone Downgrade Shock Waves Could Slam Into US Economy
"6. Derivatives -- A potential euro collapse threatens the possible near term annihilation of the financial system through both credit derivatives and interest rate derivatives losses. The near criminal insanity of investment bankers writing themselves massive bonus checks for effectively standing in a circle and making promises to each other that none of them have ever had the capital to back up (in the event of genuine systemic crisis), will be brought to the fore."
Chart of the Day: Food Stamp Recession Curve
Obama Pondering National Police Force ... Again?
Mystery company buying up U.S. gun manufacturers
Prechter: Market Is Reliving Late Stages of 1930′s Depression
The video seems to be missing, but the text summarizes its content. -- RF
In Past Week Americans Pull The Most Money From Stock Market Farce Since US Downgrade, Despite Market Surge
Lies, Damned Lies, and (Unemployment) Statistics
"The Head Lies could have just as easily read '315,000 give up searching for jobs and officially leave the workforce,' but that doesn't play into the narrative, and we need to maintain appearances. How else are we supposed to keep the Dow Jones cranking amid a collapsing global economy?"

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