Thursday, December 08, 2011


News Links, December 9, 2011

## Global economic meltdown ##
European Central Bank Chief Offers No 'Bazooka' for Markets
G20 Officials Deny $600 Billion IMF Lending Facility Plan
EU Loans to IMF May Open Door to Brazil, China Help
"An agreement by European Union leaders to boost the International Monetary Fund's resources may open the door to similar loans by nations from South Korea to Brazil in a global effort to stem the European debt crisis."
Latest Irrelevant European Stress Test Results Leaked
Draghi Reiterates "Treaty Prohibits "Monetary Financing"; Market Sinks; Draghi Fuels then Sinks Rumor ECB will Step Up Bond Purchases; Europe Moves Towards Abyss
EU Banks Must Raise $153B of Extra Capital: EBA
"'It looks as if the banks are running just to stand still,' said Matthew Czepliewicz, a banking analyst at Collins Stewart in London. 'The backdrop has worsened, therefore banks in the interim have decided to lower their sovereign holdings and some have raised equity, so they've reacted and yet the aggregate number hasn't changed much.'"
Forget Europe… Germany's Got Its Own Problems to Deal With
"German banks post some of the highest leverage rations in Europe: higher that Italy, higher than Ireland, even higher than Greece."
Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else
Ryanair passengers face £100 bag charge
Middle East airline profits to halve, warns IATA
Debt-laden Air Berlin searches globe for investor
Natural Disaster in China Would Severely Disrupt Global Supply Chains
REPORT: At Least One European Central Bank Is Dusting Off Its Old Printing Press
Australian unemployment rate ticks up to 5.3%
ADB downgrades growth forecasts for Asian economies
Dubai denies plan to restructure debt in 2012
"Dubai's government on Wednesday denied a report that the emirate plans to restructure debt of state-owned companies next year and said it was ready to support them through 'various options'."
Dubai's biggest bank may need $2.2bn for bad loans
"Emirates NBD, the UAE's biggest bank by assets, may need to set aside as much as AED8bn ($2.2bn) by the end of 2013 to cover for bad loans, Goldman Sachs said."
Nakheel says paid out nearly $2bn to trade creditors

## Fault lines/flashpoints/military ##
U.S. in Talks to Rebuild Libyan Army
Sectarian bloodshed worsens in Syria
Syria says pipeline blown up by rebel saboteurs
NATO fuel tankers torched in Pakistan attack
"Assailants torched more than 20 tankers in Pakistan carrying fuel for U.S. and NATO troops in neighboring Afghanistan on Thursday, in the first reported attack since Islamabad closed the border to protest coalition airstrikes that killed 24 Pakistani troops last month."
Russia says time running out for NATO missile deal
Fear, speculation in Iran over military strike
"The threat of military strikes on Iran has upturned the quiet and comfortable lives once enjoyed by many Iranians, ushering in a new era of struggle and fear."
It's called terror. -- RF
Karzai Afghan "President for Life?" Bad for Democracy, Good for Pipelines
UBS' Advice On What To Buy In Case Of Eurozone Breakup: "Precious Metals, Tinned Goods And Small Calibre Weapons"
Italian anarchists claim letter bomb, hint at more
US donates training, equipment to help Paraguay fight guerrilla band
Clinton Vows to 'Press Forward on Missile Defense' Over Russian Objections

## Global unrest/mob rule/angry people ##
The Empire Strikes Back: Putin Sends in the Storm Troopers
Minya protesters block rails over gas shortage (Egypt)
"Hundreds of residents of Bergaya village blocked train traffic for two hours in Minya as they lay down on the rails during a protest over a butane gas shortage."
Protesters shut down ancient Egypt temple
Occupy Movement Seeks Refuge in Court as Evictions Mount

## Energy/resources ##
What Peak Oil Looks Like (good essay)
Egypt army, police to guard cooking gas supplies
"Egypt's police and army will deploy to protect deliveries of subsidised butane cooking gas after shortages sparked thefts and countrywide protests, the newspaper al-Ahram quoted the minister of social solidarity on Wednesday as saying."
Global Scarcity of Uranium Looms
"Challenges in sourcing funds for new mining projects, interruptions in both new and ongoing mine production, as well as the conclusion of the Highly Enriched Uranium agreement are near-perfect ingredients for a shortage of uranium in the very near future, a top producer warns."
Another nail in the coffin of the "nuclear renaissance." -- RF
Coal India cuts target
"There is bad news for the power plants, which are currently struggling with inadequate coal stocks. State-run Coal India Limited (CIL) on Wednesday announced that it had lowered its production target for the fiscal year to 440 million tonnes from 453 million tonnes outlined in its annual plan."
Germany: Renewables revolution
"German technology companies, however, are facing a severe shortage of skilled engineers."
And that worldwide shortage is one of the factors killing off industrial civilization. -- RF
Power rationing ruling alarms consumer groups (Australia)
Are Coal Power Plants Now too Expensive to Pursue?
Gazprom Said to Stall on RWE Talks as Germany's Electricity Market Falters
China wants Sudan oil deal by Christmas: special envoy
AP suffers Rs 12,000 cr production loss due to power shortage (India)
Tajikistan: Energy Shortage Accelerates Deforestation
Fuel shortages hit Cape Town, Gauteng (South Africa)

## Infrastructure scavenging ##
Thieves in Maine make off with 8 propane tanks, 6 were newly filled
I imagine they also wanted the fuel. -- RF
Sacramento area officials fight copper wire theft

## Got food? ##
Wheat Prices Shredded With Near-Record Crop Boosting Reserves: Commodities
This is good news for those of us who like to eat. -- RF

## Environment/health ##
EPA Report Links Fracking To Water Pollution
Polar Bear Eats Cub: Cannibalism May Be On The Rise (GRAPHIC PHOTOS)

## Intelligence/security/internet/systemic breakdown ##
No infrastructure upgrade, all roads lead to traffic jams (India)
If you think you'll save money with cloud computing, think again
Cyber attacks could wreck world oil supply
"Hackers are bombarding the world's computer controlled energy sector, conducting industrial espionage and threatening potential global havoc through oil supply disruption."
Should Homeland Security control the electrical grid? Maybe
Hidden in plain sight: Inside a secret CIA prison
Google eyes Asia growth with new data centres

## Japan ##
Irradiated Baby Food Spotlights Ongoing Woes for Japan's Food Sector
Japan Expands Rice-Shipment Ban as Contamination Spreads
Tepco may dump decontaminated water from nuclear plant into sea
"The operator of Japan's crippled Fukushima nuclear power plant said on Thursday that it is considering dumping water it treated for radiation contamination into the ocean as early as March, prompting protests from fishing groups."
Long and tough road ahead for work to decommission Fukushima nuclear reactors
Military starts decontamination work
News Navigator: How much time and money are needed to dispose of the Fukushima reactors?
This does not even include the costs of 100,000 years of waste management. -- RF
Tepco may be nationalized to stay afloat
This was all so predictable. And it's only the beginning, because in the future the government will find itself taking over more utilities in an effort to keep the electricity flowing. -- RF
M'bishi Motors Cuts Domestic Output Capacity 10%
"TOKYO (Nikkei)--Mitsubishi Motors Corp. (7211) has scaled back its domestic output capacity nearly 10% to 770,000 units a year, idling a production line at the end of last month."
Kansai braces for power shortages after Kepco halts reactor

## China ##
The Global Crisis Reaches China: Unrest Spreads as Growth Stalls
China's economic engines slow--credit eased
China Alarms Go Off -- Time to Hedge Bets
If China's Property Bubble Bursts
Nuclear power to become 'foundation' of country's electrical system

## UK ##
Stormy winds disrupt schools and transport

## US ##
U.S. Household Net Worth Falls $2.45 Trillion
Population in Richest Zip Codes Keeps Growing
MF Global's Corzine: I did not intend to break rules
"Jon Corzine said he "never intended to break any rules" while he was chief of MF Global and that he doesn't know what happened to the hundreds of millions of dollars in missing customer money."
Still, these are small fish, and arguably a distraction. Colossal sums of money disappear from government books, and it's just shrugged off. And no one has gone to jail for running the biggest scam of all time: the Ponzi scheme infinite growth economy and its banking system. -- RF
Food Stamp Fraud Targeted, but Not Bank Fraud
Dover Air Base dumped 274 US troop remains at landfill
Bloomberg News confirms that stock market was rigged
8 charts from a brave new banking and economic system
Temporary and Contract Employment in Contraction Every Week vs. Same Week Year Ago Since Mid-August
The Triple Threat to Baby Boomers' Retirement Plans

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