Monday, January 31, 2011
News Links, February 1, 2011
-- Global economic meltdown --
China Central Bank Advisor Urges Increase In Official Gold And Silver Reserves
China Central Bank Advisor Urges Increase In Official Gold And Silver Reserves
Kabul Bank losses spark fears of huge Afghan corruption and financial crisis
"Losses at Afghanistan's largest bank due to a spree of bad loans to government cronies could be three times higher than originally feared and finally total £580 million."
"Losses at Afghanistan's largest bank due to a spree of bad loans to government cronies could be three times higher than originally feared and finally total £580 million."
-- Egypt --
"Economists are warning that if Egypt's turmoil continues much longer, the country will not have enough currency reserves to avoid a long term financial crisis. Currency traders said on Monday that investors have transferred hundreds of millions of dollars out of the country since the start of the protests six days ago."
'Mega protest' planned in Egypt
"Opposition movement calls for one "million people demonstration" on Tuesday in a bid to topple president Hosni Mubarak."
"Opposition movement calls for one "million people demonstration" on Tuesday in a bid to topple president Hosni Mubarak."
Mubarak said to be on brink of giving up
Egypt businesses hit by instability
"Food shortages reported and businesses remain shuttered as 16-hour curfew and protests continue."
Egypt Rapidly Running Out Of Food
Egypt businesses hit by instability
"Food shortages reported and businesses remain shuttered as 16-hour curfew and protests continue."
Egypt Rapidly Running Out Of Food
-- Fault lines/flashpoints/military --
Is Qaddafi of Libya now getting worried?
Libya Bans Soccer Matches in Fear of Anti-Government Protests
Libya Bans Soccer Matches in Fear of Anti-Government Protests
According to this writer, it could well be China. And there are plenty of reasons why. -- RF
-- Energy/resources --
Blackouts won't be all bad. -- RF
-- Intelligence/security/internet/systemic breakdown --
Razor blades and the limits of complexity
Piracy Rules the Web, Dominating 23.8% of Internet Traffic
Razor blades and the limits of complexity
Piracy Rules the Web, Dominating 23.8% of Internet Traffic
-- US --
Food-cost shocks ripple worldwide from Iowa
Church foreclosures: The Lord giveth and the bank taketh away
Food-cost shocks ripple worldwide from Iowa
Church foreclosures: The Lord giveth and the bank taketh away
The Propaganda Blitzkrieg Begins (on whom to believe concerning the economy)
"New York Governor Andrew Cuomo called the state's budget process a 'sham' that leads to runaway spending, saying it resembles some of the deceptive practices he uncovered on Wall Street."
Sunday, January 30, 2011
News Links, January 31, 2011
-- Global economic meltdown --
Egyptian Unrest Has Repercussions in Global Economy
Saudi needs 5 million more jobs by 2030 - labour minister
Saudi needs 5 million more jobs by 2030 - labour minister
"There is growing concern that the eurozone's weakest state will be unable to end its worst crisis in decades, without a sovereign default. Plans to buy back Greek debt at a discount – a scenario that economists call restructuring by stealth – are being given 'urgent consideration,' bankers and EU officials say."
"China will allow banks to trade currency swaps for corporate clients starting March 1, extending the use of the financial derivative beyond the interbank market."
-- Fault lines/flashpoints/military --
Tunisian leader returns from exile
"Rachid Ghannouchi, leader of the previously banned al-Nahda party, returns home after 21 years in the UK."
"Rachid Ghannouchi, leader of the previously banned al-Nahda party, returns home after 21 years in the UK."
Buildings burn, death toll mounts in central Nigeria
"Youths dragged people from their cars and murdered them at illegal roadblocks in central Nigeria over the weekend, while rioters burned fuel stations and homes in the latest clashes between Christian and Muslim gangs."
"Youths dragged people from their cars and murdered them at illegal roadblocks in central Nigeria over the weekend, while rioters burned fuel stations and homes in the latest clashes between Christian and Muslim gangs."
Sudan police clash with protesters
"Anti-government demonstrators in Khartoum faced riot police in protests inspired by those in Egypt and Tunisia."
"Anti-government demonstrators in Khartoum faced riot police in protests inspired by those in Egypt and Tunisia."
U.S. report: Iraq's security at risk without aid
"Without more help — and quickly — Iraqi security forces may not be able to protect the fragile nation from insurgents and invaders after American troops leave at the end of the year, according to a U.S. report released Sunday."
"Without more help — and quickly — Iraqi security forces may not be able to protect the fragile nation from insurgents and invaders after American troops leave at the end of the year, according to a U.S. report released Sunday."
-- Egypt --
Al Jazeera undeterred by Egypt curb
"Will continue its comprehensive coverage of landmark events there, says network chief."
"Will continue its comprehensive coverage of landmark events there, says network chief."
Security vacuum hits Egypt
"Streets of Cairo are tense as days of protests result in police leaving their posts."
"Streets of Cairo are tense as days of protests result in police leaving their posts."
As the world falls into chaos, unfortunately nothing will be sacred. -- RF
Like the theory of central heating (below), many people will in the near future be trying this new way of life, like it or not -- RF
-- Environment/health --
Central Heating May Be Making Us Fat
Central Heating May Be Making Us Fat
We'll have ample opportunity to test this theory in the near future. -- RF
-- Intelligence/security/internet/systemic breakdown --
Some Egyptians take up arms amid security concerns
Some Egyptians take up arms amid security concerns
The Koreans are wasting their time. Trying and imprisoning a handful of pirates will have zero deterrent effect, especially as poverty, continuing world economic deterioration, worsening security, and increasing opportunity lure even more into piracy. The world had better adjust to the new normal. -- RF
-- China --
Millions face water shortage in China
Millions face water shortage in China
"The government will boost energy production and control consumption."
Just watch. "Control consumption" will mean more fuel shortages and power cuts. -- RF
Are these meant to service the new aristocracy? -- RF
-- US --
"Connecticut National Guard Detachment 2, Company I, 185th Aviation Regiment of Groton has mobilized and will deploy to the Sinai Peninsula, Egypt, to support the Multinational Force and Observers."
Even President Obama Is Watching Al Jazeera
Los Angeles Shows Support for Egypt with Anti-Mubarak Rally at Federal Building
Los Angeles Shows Support for Egypt with Anti-Mubarak Rally at Federal Building
And finally...
If this isn't a sign of the times, I don't know what is. -- RF
Saturday, January 29, 2011
News Links, January 30, 2011
-- Global economic meltdown --
Spanish Unemployment Rises to 20.3% as Austerity Slows Recovery
Spanish Unemployment Rises to 20.3% as Austerity Slows Recovery
James Howard Kunstler: Peak Oil and Our Financial Decline (video at The Nation)
-- Fault lines/flashpoints/military --
-- Egypt --
Mad scene in Suez showed the depth of Egypt's anger
What the United States has at stake in Egypt
Mad scene in Suez showed the depth of Egypt's anger
What the United States has at stake in Egypt
Egypt protests: America's secret backing for rebel leaders behind uprising
Chaos, Looting Spread as Mubarak Names Key Deputies
Chaos, Looting Spread as Mubarak Names Key Deputies
Egypt's military in a quandary (Al Jazeera analysis)
Yesterday we saw this story about how police and protesters were fraternizing in Alexandria. Some among the police and military seem to be sympathetic to the protesters. -- RF
This is a point I have made over and over: You can't have renewables without fossil fuels. -- RF
-- Got food? --
Record food prices inflame poor
Record food prices inflame poor
Check out the graph. -- RF
-- Environment/health --
Ending Human Pesticide Experiments (US)
Ending Human Pesticide Experiments (US)
-- Intelligence/security/internet/systemic breakdown --
Internet 'Kill Switch' Legislation Back in Play (US)
Internet 'Kill Switch' Legislation Back in Play (US)
Another attempt by Chinese authorities to tamp down discontent and prevent civil unrest. -- RF
China's Growing Income Gap
"Billions in unreported income for the wealthy and a system that blocks health and pension benefits for migrants mean the income gap is wider than acknowledged."
"Billions in unreported income for the wealthy and a system that blocks health and pension benefits for migrants mean the income gap is wider than acknowledged."
Shocking. One can only imagine how many people have frozen to death already. -- RF
-- US --
Medical examiner: Pentagon official died after assault
For Governors, Medicaid Looks Ripe for Slashing
Medical examiner: Pentagon official died after assault
For Governors, Medicaid Looks Ripe for Slashing
Downsize, downsize, downsize. -- RF
Downsize, downsize, downsize. -- RF
The CBO Smokes Crack (Automatic Earth)
Friday, January 28, 2011
News Links, January 29, 2011
-- Global economic meltdown --
Japan: Risk of Sovereign Interest Rate Shock – IMF
U.S. and Japan told time running out to deal with debt
U.S. and Japan told time running out to deal with debt
The pressure is on, and I can hear the bond vigilantes gunning their engines. -- RF
Fall of Saudi Arabia to End Dollar Reserve System? (Daily Bell)
-- Fault lines/flashpoints/military --
The Arab Crisis: Food, Energy, Water, Justice
The Arab Crisis: Food, Energy, Water, Justice
-- Egypt --
-- Energy/resources --
CNBC anchor implies US must support dictators to keep cheap oil flowing
Pakistan Seeks U.S. Security for Gas Pipeline
Pakistan Seeks U.S. Security for Gas Pipeline
"Pakistan has sought U.S. help to ensure security for a proposed 1,680-kilometer-long pipeline that will transport natural gas from Central Asia to South Asia through war-ravaged Afghanistan."
The Corn Ethanol Boondoggle Continues (Decline of the Empire)
Desperate times call for desperate measures. -- RF
Hoarding may be bad from the view of "the market," but it makes good sense to those worried about the state of their pantry. -- RF
-- Intelligence/security/internet/systemic breakdown --
IBM to Build Asia's Largest Cloud Computing Center
IBM to Build Asia's Largest Cloud Computing Center
Recall this item from two days ago: Internet 'kill switch' bill will return (US)
How To Get Online After The Government Shuts Down The Internet
Meet the Al Jazeera Correspondents Who Are Putting American Coverage Of The Egypt Crisis To Shame
Meet the Al Jazeera Correspondents Who Are Putting American Coverage Of The Egypt Crisis To Shame
-- US --
Close the public schools—that's the answer to our deficit problems
When perverse arguments like this start making sense, we know that neofeudalism is on the way. -- RF
Close the public schools—that's the answer to our deficit problems
When perverse arguments like this start making sense, we know that neofeudalism is on the way. -- RF
Amid deficit woes, support for Social Security weakens
Pick Your Poison: The American Drinking Water Quality Crisis
In Arizona, a bid to block citizenship for illegal immigrants' 'anchor babies'
Pick Your Poison: The American Drinking Water Quality Crisis
In Arizona, a bid to block citizenship for illegal immigrants' 'anchor babies'
Here's another symptom of systemic breakdown. -- RF
A Frightening Satellite Tour Of America's Foreclosure Wastelands
Credit card rates at record highs near 15%
Credit card rates at record highs near 15%
Thursday, January 27, 2011
News Links, January 28, 2011
-- Global economic meltdown --
"'The fiscal problem is very serious,' Roubini said yesterday. 'The bond vigilantes have not yet woken up in the U.S. in the way they have in the euro zone. Unless the U.S. addresses this fiscal problem, we're going to see a train wreck.'"
"While young shoplifters tend to steal items like books, CDs and DVDs with the aim of cashing in on them, many of the elderly shoplift food items, clothes and cosmetic products for their own use due to financial hardships."
What Is A Gold Standard? (Forbes)
"When the goal is stable money values, it is the preferred tool."
"When the goal is stable money values, it is the preferred tool."
"The global elite is failing to find the 'shared norms in the new reality' preached by the World Economic Forum as lopsided growth and income inequalities split the international economy."
-- Fault lines/flashpoints/military --
Egyptian Stock Market Plunges Over 11% To Fresh Multi-Year Lows; Is A Suez Canal Transit Halt Imminent?
Yemen protests: Thousands call on president to leave
Yemen protests: Thousands call on president to leave
"This protest won't end in north Africa; it will spread in many countries because of high unemployment and increasing food prices."
On the surprising amounts of rare earth elements needed for hi tech. -- RF
Don't get excited. Although biofuels are promising and useful, they won't be able to prop up industrial civilization. -- RF
"Brazil's quest for extreme oil may cost as much as US$ 1 trillion. That is a lot of money to invest in a such a risky proposition -- to retrieve oil that is miles deep underwater."
"The alternative to this, or some sort of allocation scheme, is energy anarchy. As we saw during the energy embargoes 40 years ago, it does not take much of a shortage to throw a motorized nation into turmoil and the economy into a tailspin."
-- Got food? --
Bulls Eat, Bears Eat, and Pigs Go Limit Up!
Grain, Soybeans Rise as Food Riots Spur Demand for U.S. Exports
India Food Prices Stay High
Grain, Soybeans Rise as Food Riots Spur Demand for U.S. Exports
India Food Prices Stay High
-- Environment/health --
Won't happen. -- RF
-- Intelligence/security/internet/systemic breakdown --
Russia Says Stuxnet Could Have Caused New Chernobyl
Russia Says Stuxnet Could Have Caused New Chernobyl
-- China --
Measures to tame property market
Measures to tame property market
Absolute madness. Under energy decline it will turn into a giant hell-hole. -- RF
-- US --
Fed Assets Increase to $2.45 Trillion on Treasury Purchases
John Boehner To Kathleen Parker: 'We're Broke'
John Boehner To Kathleen Parker: 'We're Broke'
M2 Surges By Biggest Weekly Amount Since 2008 As It Hits Fresh All Time Record
Kansas turns 150, and doesn't have money to celebrate
As deficits, debt soar, Obama, Congress fail to confront them
CBO: Social Security Will Run Permanent Deficits
Only 35% of Americans Have Emergency Savings
Kansas turns 150, and doesn't have money to celebrate
As deficits, debt soar, Obama, Congress fail to confront them
CBO: Social Security Will Run Permanent Deficits
Only 35% of Americans Have Emergency Savings
A Report on Price Inflation from the Front Lines (Daily Reckoning)
Another Nail in the Market's Coffin
Rep. Ron Paul mulls Senate bid
Another Nail in the Market's Coffin
Rep. Ron Paul mulls Senate bid
Wednesday, January 26, 2011
News Links, January 27, 2011
-- Global economic meltdown --
"Energy was 34.2 percent more expensive in December than a year earlier, the statistics office said today. Iron ore prices soared 98.4 percent, while non-iron ore metals cost 37.9 percent more."
-- Fault lines/flashpoints/military --
Egypt Revolt post Tunisia: Is a Dam breaking? What happens next?
Egypt Revolt post Tunisia: Is a Dam breaking? What happens next?
America's Middle Eastern Puppet Regimes Are Falling Like Dominoes
Mexican government: La Familia cartel in retreat
Ships Seized by Pirates See 36-Fold Cost Rise
Mexican government: La Familia cartel in retreat
Ships Seized by Pirates See 36-Fold Cost Rise
-- Energy/resources --
Clean-Energy Future Looks Black, Not Green, Davos Panel Says in Outlook
Brent Oil's Record Open Interest Threatens WTI: Energy Markets
Brent Oil's Record Open Interest Threatens WTI: Energy Markets
Scrap Metal Cowboys (Paul Kedrosky and Gregor Macdonald)
-- Got food? --
Wheat Futures At 29 Month High As Developing Country Demand Surges In Aftermath Of Tunisia Revolution
-- Intelligence/security/internet/systemic breakdown --
Even DHS Is Freaked Out by Spy Drones Over America
Nothing wrong with Toyota in particular; just another huge, complex system breaking down. -- RF
The Justice Department May Force ISPs to Save Records of Your Every Move (US)
Google Comes Under Fire for 'Secret' Relationship with NSA
Google Comes Under Fire for 'Secret' Relationship with NSA
A desperate bid to defuse public discontent and future civil unrest. -- RF
-- UK --
Soros Sees U.K. Recession If Deficit Plan Implemented
Britain's Economy Stalls, Prompting Attacks on Cameron's Strict Austerity Cure
Britain's Economy Stalls, Prompting Attacks on Cameron's Strict Austerity Cure
-- US --
From coast to coast: Cargo theft rose steadily in 2010
"Experts say two-and-a-half loads of cargo theft occur every day in the U.S. – the highest ever on record."
"A retired journalist in Chevy Chase, Md., spent $25,000 10 years ago on Maryland Health and Higher Education bonds. She said she checked regularly for updates online and didn't see anything amiss. But then in October, she says, she was stunned to get a letter from a broker offering 50 cents on the dollar."
The situation is dire. Still, there are those who will stubbornly insist that Meredith Whitney is talking through her hat. -- RF
My State Presently Owes Its Pension Funds $208 Billion What About Yours?"A food basket survey by The Tennessean earlier this month found a 12.5 percent spike in prices for a typical grocery basket filled with staples compared with November 2009."
And finally...
Getting Into Harvard Easier Than McDonald's University in China
Jim Cramer Just Told All Of His Haters To "Shut Up"
Jim Cramer Just Told All Of His Haters To "Shut Up"
Tuesday, January 25, 2011
News Links, January 26, 2011
-- Global economic meltdown --
India Raises Interest Rates to Two-Year High to Slow Inflation
India Raises Interest Rates to Two-Year High to Slow Inflation
-- Fault lines/flashpoints/military --
Lebanese 'Day of Rage' Protesters Burn News Truck
Lebanese 'Day of Rage' Protesters Burn News Truck
US: Tunisia example can spur reform
Be careful what you wish for. -- RF
Be careful what you wish for. -- RF
-- Energy/resources --
This is an important development, as it might involve giving up energy sovereignty. -- RF
Pakistan to face power outages for many years
Pakistan to face power outages for many years
"More than three months after a federal moratorium on deep- water exploration was lifted, drilling permits are being withheld because 'not a single operator has demonstrated' that it has the means to adequately respond to an out-of-control well."
We need freedom of action to confront peak oil (Nicole Foss)
-- Got food? --
Rising commodity prices and extreme weather events threaten global stability (Michael T. Klare)
Risk of Riots Rising as Governments Cut Food Subsidies, UN's Sheeran Says
Risk of Riots Rising as Governments Cut Food Subsidies, UN's Sheeran Says
"Potato prices have doubled since January last year, wheat by 50 per cent while cabbages and tomatoes now cost about a fifth more."
-- Environment/health --
USDA found to be poisoning bird populations, causing mass die-offs involving millions of birds
Dwindling Rain in the Southern US
-- Intelligence/security/internet/systemic breakdown --
West Africa Rising: World Bank offers Internet 'revolution' to Sierra Leone, Liberia
Internet connectivity might bring more "revolution" than bargained for. -- RF
-- US --
Authorities Fear Cops Being Targeted After at Least 11 Officers Shot in 24 Hours (Fox News)
Dark lords of student loan debt
Many readers will recall this article from yesterday: The College Degree Scam. A college degree, traditionally billed as a passport to a lucrative career, is turning into a ticket to debt servitude. -- RF
Dark lords of student loan debt
Many readers will recall this article from yesterday: The College Degree Scam. A college degree, traditionally billed as a passport to a lucrative career, is turning into a ticket to debt servitude. -- RF
Demand destruction and downsizing rule the skies. -- RF
Inflation Is So Much Worse Than We're Told (Chris Martenson)
Local farmers find new funding ally (St. Louis)
Hey, great idea... but what domestic spending would they cut? America is already falling apart. -- RF
State of the Union 2011: US risks losing its global supremacy, Barack Obama to warn
Muni Bonds Face a Perfect Storm
S&P warns of more muni bond downgrades
Muni Bonds Face a Perfect Storm
S&P warns of more muni bond downgrades
Monday, January 24, 2011
News Links, January 25, 2011
-- Global economic meltdown --
How encouraging! -- RF
"If this document [Geithner's letter to Congress] is not a harbinger of impending civil unrest on a national scale in the United States, I can't imagine what is."
How Central Bankers Will Save Us from Rising Food Prices (Daily Reckoning)
Inside Citigroup's Strategy to Become Global Consumer Bank
U.S. Markets Breaking Down, Schiff Says: Buy Gold, Energy and Emerging Markets
Inside Citigroup's Strategy to Become Global Consumer Bank
U.S. Markets Breaking Down, Schiff Says: Buy Gold, Energy and Emerging Markets
-- Fault lines/flashpoints/military --
New Africom chief will consider base in Africa despite initial opposition
"Agriculture ministers from Europe, Africa and Canada warned Saturday of dire consequences, including riots and social unrest, unless action is swiftly taken to improve food security and tackle price hikes."
"Families of [NKorean] Communist Party and security service officials are buying all [the food] they can, and apparently stockpiling it. Lower ranking officials are increasingly asking that their bribes be paid in food (especially rice), rather than cash (which is declining in value at the black market currency exchanges). Similarly, several factories, that are still working and exporting, are asking to be paid in rice."
Judging by this article, the prescription is totally wrong-headed. More roads and infrastructure? GM crops? This is the same industrial thinking that got us into this mess in the first place. -- RF
Horse-drawn carts? -- RF
-- Intelligence/security/internet/systemic breakdown --
Report: Stolen data sold over online black market
China's netizens reach a whopping 457 million
-- US --
"With the Florida deaths, the nation is on track in 2011 to match the 162 police officers killed in the line of duty in 2010."
"Valuations for U.S. financial stocks have fallen so far, it's like the rebound from the worst crisis since the 1930s never happened."
Yesterday it was a tampon shortage; today it's warplane parts. And don't forget the pharmaceutical shortage covering all of North America. Systemic breakdown is here and now. -- RF
The rush is on to make food traceable
The rush is on to make food traceable
"The new requirement represents a major adjustment for some parts of the nation's food system, as the government imposes standards and electronic record-keeping on an industry where small players still rely on handshakes and paper invoices."
Definitely, this means the recovery has taken root. -- RF
January 23 2011: Only 47% of working age Americans have full time jobs (Automatic Earth)
