Friday, September 30, 2011

 

News Links, October 1, 2011

## Global economic meltdown ##
IMF Explores Options to Expand Its Lending Power to $1.3 Trillion
Bank of Spain Seen Set to Take Over Three Savings Banks
Austria Poised to Approve Euro Rescue Fund Expansion
Renminbi Tops Euro for Bond Issuance
Europe Inflation Accelerates to Fastest Since 2008
David Stockman: Blame The Fed! (Chris Martenson)
Sarkozy to meet Merkel in coming days on Greece
Without a growth plan, the EU faces financial Waterloo
Eurozone inflation jumps to 3 percent in September, highest since October 2008
Japanese Dump Real Funds at Fastest Pace Since Earthquake: Brazil Credit
"Japanese investors, who hold $102 billion worth of Brazilian assets, are pulling the most money out of the Latin American country's currency market since April, deepening a slide in the real that's fueling bond losses."
Greece: This cannot end well
Buffett Says European Bank(s) Have Asked Him For Money
Euro Zone Crisis To Impact Asia: Singapore PM
Global debt woes to curb Dubai property recovery
Another Autumn Crash? (Financial Sense)
"After reviewing a host of technical and fundamental data, we are of the view that the world's stock and commodity markets may be on the verge of a big slide."
Central Banks expected to buy at least 336 tonnes of gold this year
Canadian stocks end worst quarter since Dec. '08
Mexico, Brazil stocks cap dismal Q3 with losses

## Fault lines/flashpoints/military ##
Russia makes clear its military ambitions / Activities in Far East show desire to boost ability to compete with Japan-U.S. alliance, China
"Russia has been increasing its military activities in the Far East, including in seas near Japanese territories, with the apparent goal of rebuilding combat capabilities that were diminished following the breakup of the Soviet Union."
Seven Syrian troops die as armed resistance emerges
Iranian envoy says his country backs 'strong' Iraq
Piracy The Focus of Today's World Maritime Day Celebration
"Despite an decrease in the percentage of successful attacks, piracy is still a real and growing problem. A recent number of hijackings and attacks off West Africa, including the Gulf of Guinea, and off the coast of Southeast Africa in the Mozambique Channel, are a testament to the growing issue."
Conflict in the Caspian?
U.S. reassures Pakistan amid anti-American protests
"The United States moved to ease tensions with Islamabad on Friday, telling Pakistan it would not send ground troops to attack militant positions in North Waziristan even as anti-American protests flared around the country."
US finds new friend in Uzbekistan after Pakistan fallout
"President Obama has asked Uzbekistan to expand its role in resupplying troops in Afghanistan as Washington tries to reduce its dependence on Pakistan."
U.S. Now Controls More than Half of World Arms Sales
Sale Of U.S. Bombs To Israel Raises Questions
Putin to visit China in October
Exxon Mobil Subsidiary Ship Attacked by Gunmen
"An official with Exxon Mobil's Nigerian subsidiary says gunmen have attacked a ship supplying one of the company's offshore oil rigs, kidnapping a sailor."
Frail Saudi royals face hard diplomatic choices
Brazil in 'Urgent' Need Of Fighter Jets: Minister

## Global unrest/mob rule/angry people ##
Telangana: India new state protest enters 18th day
"Some 800,000 protesting government employees have stopped work, leading to a shutdown of offices, schools and colleges."
Demonstrators give banks an earful in downtown San Francisco
Egypt Protests: Thousands Demand End To Emergency Laws
Greek public-sector workers lock out international financial inspectors
BofA's Boston Building Draws Protesters, Arrests

## Energy/resources ##
Utilities Giving Away Power as Wind, Sun Flood European Grid
Water trouble: 10-hour power outage leads to water shortage (Pakistan)
Norway Oil Find May Be its Third Biggest Ever
North Sea gas production falls 25% (UK)
"North Sea gas production has slumped by 25% in the second quarter of the year, an alarming increase in the rate of decline that will cut tax revenues and could put more pressure on government to agree controversial shale gas developments."
New oil pipeline planned from Cushing hub
Arab companies want to join Russia's Arctic gas project
Saudis aim to build 16 nuclear reactors to cut domestic oil use
Gasoline Cargoes to U.S. Set to Gain as Refinery Maintenance Crimps Supply

## Infrastructure scavenging ##
Cable theft causes more rail delays (UK)
"Rail passengers suffered fresh delays because of another incident of cable theft today, a problem a union leader said was now 'out of control'."

## Got food? ##
Basics of Pickling Vegetables
How To Build a Compost Bin from Wooden Pallets
Cargill ground turkey sickens more in salmonella outbreak
Romaine Lettuce Recalled in 21 States
Wheat, corn prices plummet on report showing larger stockpiles; other commodities also lower
China Seen Needing 'Huge Effort' to Meet Increasing Corn Demand
China grain prices to rise despite bigger harvest
Kraft Recalls Velveeta Shells & Cheese
Fertilizer crisis looming large (Pakistan)

## Environment/health ##
Canada's Arctic ice shelves breaking up fast
Scores die in worst Mekong flooding since 2000

## Intelligence/security/internet/systemic breakdown ##
US: Cyber attacks on utilities, industries rise
"U.S. utilities and other crucial industries face an increasing number of cyber break-ins by attackers using more sophisticated methods, a senior Homeland Security Department official told reporters during the first tour of the government's secretive defense labs intended to protect the nation's power grid, water and communications systems."
U.S. mulls Canadian border fence
When It Comes to Cell Phone Privacy, You're an Open Book
"Few people would willingly carry around a device that tracks their movements, records their conversations, and keeps tabs on all the people they talk to. But, according to documents recently released by the American Civil Liberties Union, cell phone companies are doing all of that -- and may be passing the information on to law enforcement agencies."
CIA Assassinates Two American Citizens in Yemen

## Japan ##
Plutonium 'detected outside Fukushima plant'
Cesium fallout map illustrates Kanto levels
Japan to secure record 46 tril. yen forex intervention funds
It's 1987 Without Bubble in Japan as Job Losses Spur Hollowing-Out Concern
"Japan's labor force shrank last month to its smallest size since October 1987, when the nation's stock-market benchmark was 185 percent higher and land prices were 85 percent greater than today."
Tepco Faces 'Zombie' Future as Fukushima Claims Set to Surpass $59 Billion
Japan's vehicle output in Aug. gains 1.8% for 1st rise in 11 months

## China ##
China Is Quietly Unraveling as the World Frets Over Europe (Yahoo Finance video)
China Manufacturing Eases for Third Month, Prices Up
"China's manufacturing sector contracted for a third consecutive month in September, suggesting that the world's second-largest economy is not immune to global headwinds although few analysts expect a hard landing."
China Banks Shunned as Investors Eye 2003 Low in Credit Bust (Updated)
"The cheapest Chinese bank stocks since 2004 may drop further as the three-year credit boom that created the world's most profitable lenders shows signs of turning into a bust."
China's Wenzhou City Moves to Ease Funding Crunch
"More than two-dozen small, private businesses in the eastern city known for its entrepreneurial success have gone belly up in recent days because they couldn't repay maturing bank loans, according to state media reports."
Economic Slump Hits China in Earnest
China hard-landing fears hit high-end retailers

## UK ##
Navy issuing first 1,000 redundancy notices
Renewable energy production drops in Scotland
Unpublicised E coli outbreak leaves 250 ill and one dead
Speed limit rise would increase deaths and pollution, admits government
Weather breaks September records

## US ##
Shilling Sees Evidence of Deflation in 5 of 7 Key Areas; Bernanke Begs Congress for Fiscal Stimulus, Admits Fed is Out of Bullets (Mish)
Manufacturing Decoupling Comes To America As Chicago Breaks Away From Rest Of Country
Morgan Stanley Seen as Risky as Italian Banks
China tech stocks dive on threat of US fraud probe
Hmmmm... -- RF
U.S. CEOs in no mood to hire, spend
"The CEOs of American's biggest companies are not in a hiring mood – and more of them say they expect to announce layoffs in the coming months."
US consumers go AWOL, taking recovery with them
Real Disposable Personal Income Drops Second Consecutive Month; Drop is Highly Deflationary (Mish)
US Consumer Taps Out: Personal Savings Rate Drops To Lowest Since December 2009
No Rise in Home Prices Until 2020: Bankers
Golden parachutes: Outsize Severance Continues for Executives Despite Failed Tenures
Great American Fire Sale: Cash-Short, U.S. Weighs Asset Sales
Generator Sales Surge After Recent Wave of Storms
"As the U.S. electrical grid ages, the number of power outages affecting more than 50,000 customers more than doubled between 2005 and 2009 when compared to the previous five-year period, according to Massoud Amin, director of the Technological Leadership Institute at the University of Minnesota."
Stocks Slump as Quarter Ends
41,000 people in Michigan to lose welfare
Cash will get more valuable
Forecast says double-dip recession is imminent
First International Bank is 74th failure of 2011
Airline stocks replay 2009 on recession fears
Flight Cancellations on Record Pace
"Not only is air travel getting more expensive, passengers are more likely to face competition for fewer seats and more cancelled flights. Capacity is falling as airlines eliminate low-traffic routes and cancelled flights are on a path to exceed 2% of all scheduled flights this year."
Remember: In the future, only the rich will fly. -- RF
How Big Business Influences The Super Committee Members

And finally...
Company will load loved ones' ashes into ammunition
A Russian Sect Honors Putin as a Saint


Thursday, September 29, 2011

 

News Links, September 30, 2011

## Global economic meltdown ##
Greece faces auditor verdict, fresh protests
Italian Bank Execs Worry About Contagion From A Greek Default
Italy pays record high rates at debt sale
Germany backs revamped euro bailout fund
Growing Isolation in Germany as Merkel's Allies Abandon Her; Polls Show 75% of Germans Oppose More Bailouts; Clock Ran Out of Time
Greece Extends Short-Sale Ban to December
World Slump Seen Triggered by European Breakdown in Global Poll
Analysis: Stagnant U.S. jobs market bodes ill for world economy
Weak Emerging Market Currencies Are Symptoms Of Bigger Problems
Nokia Plans to Cut 3,500 Jobs
Recovery next year for world stocks: poll
"Still, despite the dire performance of stock markets so far this year, most respondents were stuck in their usual habit of predicting big gains, no matter what real risks face the world economy."
Exclusive: Justice Department probing Chinese accounting

## Fault lines/flashpoints/military ##
Pakistan rebuffs US demands to increase cooperation in war on terror
Yemen truce broken by heavy shelling in Sana'a
Poppy crop will decline only slightly due to coalition
Egyptian police raid Al Jazeera unit again
U.S. Opposes Loans to Argentina to Force Debt Accord, Payments
Pirates attack Japan chemical tanker in Red Sea
Truce Between Iran And Kurdish Rebels Holds

## Global unrest/mob rule/angry people ##
Insight: Velvet glove trumps iron fist in south China land riot
Bolivia highway protests spread, paralysing La Paz
Syrian crowd stones U.S. envoy's convoy
Wall Street protesters target NY cops next

## Energy/resources ##
Shell Shuts Singapore Refinery; Fire Finally Out
The Broken Dreams of Nuclear Electricity
Russia Claims New Arctic Hydrocarbon Finds Effectively Double Nations Reserves
"Whether of not the Russians have either the expertise or the necessary cash to exploit the region's reserves is another matter, as Arctic oil and natural gas exploration is more technically and physically challenging than for any other environment."
Technological advances revive Kansas oil fields
This oil won't be selling for $10/bbl. -- RF
Saudi Arabia oil assets 'immune' to terror risk
Gulf Arab OPEC may tolerate oil below $90
Indian coal shortage to worsen following industrial action
The Coming Decline and Fall of Big Coal
"The coal industry as we know it today is a dead man walking. All the high-quality, easy-to-get coal is gone, and what's left is increasingly expensive and difficult to mine."
Is Yergin Correct about Oil Supply? An opinion the WSJ did not run
Shale Gas—It Ain't Everything They Said It Would Be
Gas supply shortage hits power generation (Bangladesh)
UPDATE 2-Chinese regions face severe winter power shortage-NEA

## Infrastructure scavenging ##
Police Searching for Copper Thieves Who Triggered Blackout

## Got food? ##
China expecting bumper grain harvest
China's Corn Shortage and a Lack of Solutions
Basic Needs Of A Honey Bee Colony...A Start

## Environment/health ##
Could Roads Lead To Antibacterial Resistance?
Grim Predictions Say 9 More Years Of Texas Drought Possible

## Intelligence/security/internet/systemic breakdown ##
Data centers: Google expands to Asia
Model Plane Enthusiast Netted in Manufactured 'Terror' Plot
Power outage at Mexico City airport disrupts hundreds of flights

## Japan ##
Quake jolts Fukushima, no problem reported at nuclear plant
Tokyo plans to store, burn debris from disaster zone
Eight-prefecture plan for radioactive dumps
High cesium levels detected as far away as Gunma Prefecture
Fukushima nuclear plant moves closer to 'cold shutdown'
Fukushima's Population Exodus Continues
Medical Spending Hit Record Y36tln In FY09
TEPCO may get interest payment waiver
Japan's core consumer prices up 0.2pc in August year-on-year
More to come: This fall Japanese consumers face increases in natural gas, electricity, and wheat prices, which are anticipated to further pressure household finances. -- RF
Japanese wholesale rice prices up 10%-20% on year

## China ##
China's runaway bosses spotlight underground loan market
"A string of Chinese entrepreneurs have gone into hiding to avoid repaying loans, according to state media reports, highlighting a credit squeeze on private firms and the dangers of steep interest rates in China's vast and growing informal lending market."
Special Report: "Rats" and "black mouths" gnaw at China stocks
China Just Keeps Diving
For Foreign Makers, China's Low-Cost Image Fades
"Rapidly rising wages in China have reached the point at which foreign manufacturers need to give up on the notion of the country as a low-cost production base, a senior Hyundai Motor Co. executive said Thursday."
A China Squeeze Is On The Horizon

## UK ##
Records smashed in heatwave

## US ##
Poverty affects 46 million Americans
Ala. police to enforce America's 'strongest' immigration law
"Beginning Thursday, authorities can question people suspected of being in the country illegally and hold them without bond, and officials can check the immigration status of students in public schools."
Seriously Delinquent Mortgages Rise After Five Quarters Of Improvement
Nine American Cities Going Broke
Consumers Won't Save the Economy: Economists
"Consumer spending, once the driving force of the U.S. economy, is likely to remain stagnant for years as households struggle to cut debt and build up savings, economists say.
"According to a recent study from the BlackRock Investment Institute, the ratio of household debt to personal income (wages and salaries only) remains at a staggering 154 percent, which is only 7.5 percentage points lower than in pre-recession peak."
U.S. Consumer Confidence Slumps on Concern Financial Conditions Worsening
US Economic Outlook Dismal
Debt collection is the new growth industry
Texas Power Outages Lead To Row Between Valero, PNM


Wednesday, September 28, 2011

 

News Links, September 29, 2011

## Global economic meltdown ##
Global Economic Recovery Is Unlikely in Near Future, Bahk Says
Rally Runs Out of Steam as Growth Worries Return
Euro Crisis Makes Fed Lender of Only Resort
"The Federal Reserve, chastised by Congress for lending money to foreign institutions such as the Central Bank of Libya, is once again the lender of last resort for banks around the world it knows little about."
Merkel Prepares Market for Bigger Haircuts; Split opens Over Greek Bail-Out Terms; Needs vs. Fantasies
Finland lines up behind bailout
The Economy is On the Ropes and Going Down (Chris Martenson)
William Hague: Euro is a burning building
"UK Foreign Secretary William Hague has said the euro is "a burning building with no exits" for some of the countries which adopted the currency."
Step Aside BBC "Trader": Head Of UniCredit Securities Predicts Imminent End Of The Eurozone And A Global Financial Apocalypse
Beware of China's Pan Asia Gold Exchange
France Deepens Cuts to Tackle Deficit
French public debt to hit 87% of GDP in 2012: report
Greece Runs Out Of Ink, Can't Print Tax Forms
Greek official: Ability to pay more taxes 'exhausted;' strikes continue
Quake Still Rattles Suppliers
France, Italy and Spain Extend Short-Selling Bans
Must-see video: Government and the Power to Issue Fiat Currency Out of Thin Air
Well worth your 3 minutes and 47 seconds. -- RF
Australia, New Zealand Dollars Slide Amid Debt Crisis Containment Concerns
World's Biggest Rate Cut Forecast on Global Slump: Brazil Credit
Add The Ukraine To List Of Countries On Verge Of Technical Default
Gulf economic growth set to slow sharply in 2012

## Fault lines/flashpoints/military ##
Indonesian Pirate Arrest Leads to Broader Network in Malacca Strait
"In the first half of this year, the International Maritime Bureau recorded more than 50 incidents of piracy across Indonesia, Malaysia, Singapore and the South China Sea."
China Warns Asia Not to Hide Behind U.S. Military
"Asian countries should be on guard against the 'danger' of feeling they can 'do whatever they want' because of the U.S. military presence in the region, the Chinese Communist Party's People's Daily said in a commentary."
Analysis: Pakistan's double-game: treachery or strategy?
Breaking: Nobody Knows What to Do About Pakistan (Danger Room)
Afghan conflict: UN says 39% jump in violence in 2011
Mexican Cartel Snuffs Social Media Star as Violence Nears 'Civil War' Proportions
Mexican police find 5 severed heads
Iran sends cruise missiles to its navy
South Korea to build naval base near disputed island

## Global unrest/mob rule/angry people ##
Greek Strikes Maintain Momentum
Car bomb kills eight in Russia's Dagestan
Fresh Unrest Hits Kosovo as Talks Canceled
Scores arrested in Bulgarian Roma protests
"The unrest, provoked by the death of a young man which some have linked to a Roma clan leader, has drawn attention to the tensions in the European Union's poorest country as it struggles to emerge from deep recession."
Fresh protests in Bolivia road row

## Energy/resources ##
Drilling Down: Tainter and Patzek Tell the Energy-Complexity Story
NYPA Pulls Plug On Great Lakes Offshore Wind Project
"The state-owned New York Power Authority (NYPA) said on Tuesday it had ended the proposed Great Lakes Offshore Wind Project due to high costs and the weak economy."
Germany's June Solar-Panel Installations Fall 69% From Year Earlier
REC May Permanently Shut Some Norway Production on Price Slump
"Renewable Energy Corp. ASA will seek to permanently close of parts of its solar energy-component production capacity in Norway after a slump in prices for solar wafers and cells."
Nord Stream expected online soon
Blackout leaves Cape Town powerless
What good is an electric vehicle if there's no electricity?
"A Glut Of EVs Could Make America's Shoddy Power Grid Even Worse"
China expands energy ties in Central Asia
Switzerland to shutter all nuke plants

## Infrastructure scavenging ##
Scrap metal theft increases as UK struggles with recession
Metal theft: Britain's most annoying crime wave (BBC feature article)
Police: Air-conditioning units stolen for metal (US)

## Got food? ##
Global food prices to remain high: HSBC
Faltering food security (Pakistan)
India's farmland size falls drastically, CII calls for model Leasing Act
WI: No Right to Produce or Eat Food
"In scary legal news a Wisconsin judge had gone completely loopy declaring that citizens have no right to produce or eat the foods of their own choice."
When supermarket shelves are empty and the judge decides to garden, I hope someone reminds him of his own statement. -- RF
Experts fear listeria may be moving into produce

## Environment/health ##
BP oil spill affects more than people
"A study highlighting developmental abnormalities in fish in the Gulf of Mexico indicates oil contamination isn't just a human problem, an advocate warns."
Penicillin shortage spurs supply probe in Australia
"THERE is only one week's supply of a commonly used penicillin left in Australia and the sole supplier of the drug is investigating whether it can air-freight an alternative supply into the country."
Expanding Deserts, Falling Water Tables, and Toxic Pollutants Driving People from Their Homes
Hungary villages heal slowly from red sludge spill
Immigration and poison use in cities
"Immigrants in New York City are using a toxic chemical in a concentration almost 61 times higher than federal regulations allow to get rid of rats. The product is highly dangerous to humans, and poses a threat in such a densely populated urban center."

## Intelligence/security/internet/systemic breakdown ##
Blackout's sewage spills 75 percent greater than reported (US)
This is just a preview of the general systemic collapse that will ensue as power outages become more widespread. Ever wonder what it was like to live in the 18th century? -- RF
Majority of govt websites restored following four-day outage (New Zealand)

## Japan ##
Japan Government Announces $156 billion Spending Plan
Japan May Scrap Plan to Build New Finance Ministry Headquarters
Tokyo Electric will prioritise using less-costly coal
Panel eyes 7,400 job cuts at TEPCO
Radioactive soil could fill 23 Tokyo Domes
Kepco needs ¥130 billion for thermal
"Kansai Electric Power Co. aims to borrow ¥130 billion to pay the higher costs of thermal power generation, which has increased with the idling of more than half its nuclear reactors, sources said."
Peak power needs down 29% this year
Govt eyes sea security forum / Plan to be proposed at East Asia Summit as warning to China
Tokyo may require firms to stock emergency goods
"The Tokyo metropolitan government is considering the establishment of an ordinance that would instruct local companies to store food and other emergency goods in preparation for disasters that keep people from returning to their homes."
Japanese Aug retail sales decline 2.6% vs year ago

## China ##
Chinese Banks Raise Cash to Cushion Against Bad Debts
Hong Kong Stocks Head for Biggest Monthly Drop in Three Years
Citic, Great Wall show China IPO struggle
Wen urges more efforts to conserve energy
"Speaking during a teleconference, Wen said local governments should be aware of the 'extreme significance and urgency' of the task as the current situation is 'rather severe.'"
Beijing Considers Allowing Some Local Bonds
"China is moving toward a trial program allowing some local governments to issue bonds directly, said a person briefed on the effort, as Beijing considers restructuring a system that has contributed to worries about the threat that local-government debt poses for the nation's economy."
Brilliant! Local governments in China are already up to their eyeballs in debt via the "local government financing vehicles." Now the government is figuring out a different way to lard on more debt. -- RF
Here Comes The "China Hard Landing" - Full Bank Of America Presentation Slides

## UK ##
Shropshire street lights could be switched off
Haverhill street lights to be switched off next month

## US ##
Lowering the bar: As Federal Crime List Grows, Threshold of Guilt Declines
New York's roads, bridges need expansive, expensive work
Crumbling infrastructure ranks U.S. behind Barbados
EPA: N.J. needs $8B fix to antiquated sewer systems
Suburbia: Where the poor are
"15.4 million Americans living in poverty are in the suburbs, far outnumbering impoverished city dwellers."
Chicago brainstorms ways to cover massive budget deficit
Latino child poverty sets a record, report shows
Durable goods orders dropped slightly in August
Harrisburg Heads for Receivership in New Pennsylvania Bill; Crisis Will Linger Because State Legislature is Clueless
9 hard-to-fill jobs
Skills are disappearing all over the place. -- RF
Bernanke calls unemployment a 'national crisis'

And finally... Al-Qaeda warns Ahmadinejad to stop denying 9/11


Tuesday, September 27, 2011

 

News Links, September 28, 2011

## Global economic meltdown ##
Euro zone struggles to stem crisis; Obama urges action
"But Germany's central banker Jens Weidmann poured scorn on a beefed-up bailout fund. Leveraging the assets could discourage politicians from taking the tough political decisions to cut budget deficits and would weaken faith in the euro, Weidmann said in Washington."
Germany slams 'stupid' US plans to boost EU rescue fund
"Germany and America were on a collision course on Tuesday night over the handling of Europe's debt crisis after Berlin savaged plans to boost the EU rescue fund as a 'stupid idea' and told the White House to sort out its own mess before giving gratuitous advice to others."
Options open on ECB rate cut, October talk "wild"
Analyst: $1 Trillion In Hidden Losses At German Banks
Japan may consider being part of Greece bailout plan
Russia To Help Bailout Europe
In Europe, five bailout votes this week
FT Report That Greek Bailout Package On The Verge Of Collapse After Surge In Greek Funding Needs Sends Stocks, Euro Plunging From Highs
Qatar risks glut of shopping malls, says Darwish VP

## Fault lines/flashpoints/military ##
Israel approves 1,100 more settlement homes
Iran says could deploy navy near U.S. coast: report
"Iran raised the prospect on Tuesday of sending military ships close to the United States' Atlantic coast, in what would be a major escalation of tensions between the long-standing adversaries."
Pakistan pushes back against U.S. charges, woos China
"Pakistan warned the United States on Tuesday to stop accusing it of playing a double game with Islamist militants and heaped praise on 'all-weather friend' China."
Eastern Alliance: Pakistan lobbying for defence pact with China
New attack on Egypt gas pipeline to Israel and Jordan
Bellicose talk as Turkey debuts a warship
Noda, Aquino agree to boost maritime security
"Japan and the Philippines agreed to boost sea security Tuesday amid China's growing assertiveness over territorial claims and resources in the region's waters."
At Least 54 Killed in Attacks Across Afghanistan

## Global unrest/mob rule/angry people ##
Yemen defense minister survives attack, protests continue
'Occupy Wall Street' protest slowly spreads across the United States
John Kampfner: Arab Spring is a wake up call for European dictatorships
Sudan police disperse latest food demo: witnesses
Postal workers protest layoffs, closures in Md., across U.S.
Teachers strike in France to protest against Sarkozy's cuts to education jobs

## Energy/resources ##
Low Cost U.S. Natural Gas Production Put at Risk
Shell: Nigerian oil theft 'unprecedented'
Petrol theft crippling Hunter service stations (Australia)
Gas supply shortage short-circuits power output (India)

## Infrastructure scavenging ##
Power firms to curb vandalism, theft (Oman)
Cable theft 'costing Gautrain millions' (South Africa)

## Got food? ##
FAO says food inflation hits 7.4% in L. America and Caribbean

## Environment/health ##
Huge floods in Manila as typhoon hits Philippines
Cantaloupe outbreak could be deadliest in a decade
Fearing New Gulf of Mexico Oil Leak: Sheen Warning For Transocean

## Intelligence/security/internet/systemic breakdown ##
A year of Stuxnet: Why is the new cyberweapon's warning being ignored?

## Japan ##
Japan Auto Demand to Fall on Earthquake Woes
Fukushima City announces 2-year decontamination plan
Tepco redress estimated to top ¥4 trillion
Govt N-liability fund may take over TEPCO
Fishermen's livelihoods still drowning in Fukushima

## China ##
Cash Crunch in China Picks Up Momentum; Chinese Economy "Teetering On the Edge"
Dim Sum Market an Unlikely Victim of Global Volatility
Severe Strain for Chinese Property Developers if Sales Fall 30%: S&P

## UK ##
Boost UK defence spending or lose the Falklands, warn military grandees
British army will never again be among military superpowers, report claims
'Dark day' as BAE axes 3000 jobs
UK accused of ignoring crisis in the Arctic
"Valuable oil and mineral extraction, new shipping routes, new fishing grounds, border disputes, the rights of native peoples and environmental dangers are all on the horizon in the region surrounding the North Pole."
Hundreds of litres of fuel stolen from trucks in Surrey

## US ##
Thousands Line Up In Philadelphia For Food Stamps
A profile of food stamp recipients: Grim
Is It Virtually Impossible To Land A Job As "Jobs Hard To Get" Responses Hit 28 Year High
Border bill would expand Homeland Security powers
US Has More Serious Problems Than Europe: Jim Rogers
"According to Rogers, the U.S. has deeper structural problems than Europe as well as higher debt levels."
Time's Up Meredith Whitney, Muni Prediction Was Wrong (CNBC)
This is an absurd claim. Since growth is dead, ultimately munis must crash and burn. Whitney should stick by her guns. -- RF
Roubini: U.S. in Throes of Economic Contraction
See? Growth is dead. -- RF
Goldman Sachs Draws Up Deeper Cuts
"This summer, Goldman said that it would wring out $1.2 billion in costs from its operations by mid-2012 and cut roughly 1,000 jobs, about 3 percent of its work force. But as the market turmoil has weighed on trading and other businesses in recent weeks, senior executives have been debating even deeper reductions, according to people briefed on the matter who were not authorized to speak publicly."
Will Debt Collectors Burn Up Your Cell Phone Minutes?
"Hundreds of thousands of borrowers who are behind on their federal student loans may be the target of some unwanted -- and expensive -- attention: A provision in President Obama's deficit reduction plan would allow debt collectors to call the cell phones of people who are late on government loans or on loans with federal guarantees. Currently, collectors can only call home phones."
Financially-strapped cities cut jobs, services
Local food pantries are in crisis
More than 200 drugs in critical short supply


Monday, September 26, 2011

 

News Links, September 27, 2011

## Global economic meltdown ##
Zloty Goes From First to Worst Amid Crisis
Pimco Forecasts Europe Recession Next Year
Markets catch fever as China sneezes, commodity prices tumble
'Massive jobs shortfall' predicted for global economy (Guardian)
Lots of Physical Buying while Paper Sells Off (Financial Sense)
"We are witnessing significant financial crises unfold around the globe as the culmination of decades of financial mismanagement, miss-allocation of capital, over-indebtedness and the ultimate demise of fiat currencies begins their final reckoning... While the road forward can take many turns, it should be clear that this final episode could spell the end of fiat currencies after a massive purging of global debt."
Greece is bullish but the markets brace for a major default
Greeks feel drip-drip torture of austerity
Morale Collapses in Greece Just as Nation Needs to Rally
Euro zone damps talk of rapid debt crisis steps
"Euro zone officials are working on ways to magnify the financial firepower of the euro zone's rescue fund to fight a sovereign debt crisis more effectively, a senior European Central Bank policymaker said on Monday."
Here's The Euro-TARP Bazooka Europe And The IMF Are Discussing Right Now...
Chinese IPO Troubles to Sting Bankers
Focus Goes to New Hazards: From Copper to Chinese Stocks to Junk Bonds, Signals Point to a Slowdown
MUST SEE Trader on the BBC says Eurozone Market will crash (video)
"They know the market is toast." "Get prepared." "Goldman Sachs rules the world."
Wow! A trader tells it like it is. Very candid, and enough to scare the crap out of John Q. Public. -- RF
Central Bankers the Only Defense Against Apocalypse: Economist
Escaping Crisis Gets Colonial for Portuguese as Economy Worsens
Desperate Times Lead to Desperate Lies; Europe Weighs the Weightless; Even Citigroup Sees the Lies
Marc Faber: "Gold Is Quite Oversold. I Will Consider Buying Gold Over The Next Two Days"

## Fault lines/flashpoints/military ##
Chinese marine research ship spotted near Senkaku islands
Pirates set cargo ship on fire after failed hijacking
Pirates eat into shipping earnings
"Risks for vessels are growing rapidly along Africa's East and West coast and costs could equal 60% of the value of cargo if a ship is pirated"
W.Africa pirates adapt after Nigeria crackdown
China, U.S. could tangle over Mideast oil
This article is from a week ago, but is hugely important. It's been obvious for a long time that the buildup of naval forces in the area has little to do with pirates and lots with oil. -- RF
Abbas says no talks without Israeli settlement freeze
Lindsay Graham Considers Military Action Against Pakistan
Pakistan seeks diplomatic support in row with U.S.
"Pakistani officials have been meeting with ambassadors and other foreign dignitaries seeking diplomatic support as the United States piles pressure on Islamabad to cut its alleged ties with a militant group blamed for attacks on U.S. targets."
Fragile U.S.-Pakistan Relations On Downward Spiral
'Iran, Russia, China mulling joint missile shield' (Tehran Times)

## Global unrest/mob rule/angry people ##
Two Tibetan monks set themselves on fire in China: sources
Bolivia minister quits in growing row over road protest
"Bolivian Defence Minister Cecilia Chacon has resigned in protest at the government's decision to deploy police to break up an anti-road march."
Protests and strikes rock Greece
New York City Police Pepper Spray Unarmed Protestors
Despite Arrests, Wall Street Protesters Vow To Continue
Angry students attempt to disrupt Princess Royal speech (UK)

## Energy/resources ##
Treacherous path ahead for resumption of Libyan Oil supplies: Barclays
Maharashtra faces power shortage (India)
"In major fallout of the ongoing Telangana agitation, Maharashtra is facing a power shortfall ranging between 2,000 and 2,500 MW, a development that has prompted the State electricity authorities to resort to load-shedding in both rural and urban areas."
Coal shortage hits Nalco (India)
"Aluminium giant Nalco was forced to scale down production at its Angul smelter plant due to shortage of coal."
Chile's Blackout Paralysed Key Copper Mines
Chile: Third Blackout In As Many Days
"Chile is suffering its third major electricity blackout in as many days, prompting the energy minister to call for strong new investments in the country's energy network."
Nuclear plant outages costly (US)
"Dominion Virginia Power's nuclear-plant outages over the past two years have cost the company between $45 million and $105 million. And the meters are still running."
You ain't seen nothin' yet. Just wait until decommissioning time. Or even sooner. -- RF
Downside of subsidies: 'South Korea blackout threat remains'
"A rare blackout which sparked fury in South Korea could recur anytime because successive governments have kept electricity prices artificially low to appease voters, encouraging overuse, experts say."
Eni, Total resume some oil production in Libya
Knocking on the Devil's Door: Our Deadly Nuclear Legacy - a documentary of the greatest urgency

## Got food? ##
Insight: Chasing High Corn Prices, U.S. Farmers Skip Rotations
How Change Is Going To Come In The Food System (The Nation)
The food system is going to change in a way that is apparently unanticipated by the article. -- RF

## Environment/health ##
India floods situation worsens in UP, Bihar and Orissa
Cancer cost 'crisis' warning from oncologists
"The cost of treating cancer in the developed world is spiralling and is "heading towards a crisis", an international team of researchers says."
Drought taking toll on Texas trees
Earth more acidic, USGS finds
"Extracting natural resources and the use of nitrogen fertilizers is making the air, soil and water more acidic, said a U.S. Geological Survey study."

## Intelligence/security/internet/systemic breakdown ##
Security Expert: U.S. 'Leading Force' Behind Stuxnet
Pentagon extends program to defend cyber networks
The Federal Reserve Plans To Identify "Key Bloggers" And Monitor Billions Of Conversations About The Fed On Facebook, Twitter, Forums And Blogs
NYPD chief: We could take down plane if necessary
Online activists hack official Syrian sites

## Japan ##
Fukushima Desolation Worst Since Nagasaki as Population Flees From Fallout
Japan Receives Bids for New Fighter Jets
Local assembly wants Hamaoka nuclear plant permanently shut down
Gov't to freeze research into fast-breeder reactor
"The science ministry plans to effectively freeze research related to the trouble-prone Monju prototype fast-breeder reactor in Fukui Prefecture by cutting 70 to 80 percent of its current 10 billion yen budget for the next fiscal year from April, ministry sources said Monday."
Hotels expect 50% drop / Survey predicts huge income losses for Fukushima properties

## China ##
Is China's Economy Contracting? (Gordon Chang at Forbes)
Social Unrest Will Force China to Ease Monetary Policy: Expert

## UK ##
Doubts Raised About Giant Shale Gas Find In England
London Luxury-Home Prices Gain on Haven
It's amazing what kinds of things become havens for investors. Of course, a few will make money. But considering the kind of battle zones that big cities will become, I'd urge caution. -- RF
Tesco suppliers in price warning
"Farmers have warned it would be unacceptable for suppliers to "share the pain" of Tesco's multimillion-pound price-cutting campaign."

## US ##
House Speaker John Boehner says 10,000 baby boomers retire every day
Another foreclosure wave to hit Sacramento, Calif.
Sales of New U.S. Homes Fell to Six-Month Low
Wall Street soars; Dow back above 11,000
Pump... and dump. -- RF
U.S. median income down in 35 states
SHUTDOWN THREAT CONTINUES: House And Senate Square Off Over Disaster Aid
Senate Approves Plan to Avoid Shutdown
Public Workers May Face Big Cuts From Congress
Mortgage rates drop to once unthinkable lows at less than 4%
Deflation fears are back

And finally... Hallmark launches job loss sympathy cards (video)

Sunday, September 25, 2011

 

News Links, September 26, 2011

## Global economic meltdown ##
Real German debt may be 7 trillion Euros not 2 trillion: Professor
"BERLIN (Commodity Online): Contrary to the reported public debt of 2 Trillion Euros, the true German debt may well total 7 Trillion Euros as per calculations by Bernd Raffelhueschen, an economics professor at Freiburg University."
Fear gauge enters the red zone (Ambrose Evans-Pritchard)
"Europe's debt crisis risks escalating out of control as the world economy slides towards a double-dip slump with few shock absorbers left to limit the damage."
Under fire, Europe works to bolster debt crisis fund
Multi-Trillion Euro Bailout Plan Allegedly in the Works; Plan Has Failed Already (Mish)
China Rebuffs Hopes for Bailout
Gold is for the fool – if you are looking for safety
We are told that dollars and bonds are good havens! Here is someone who just does not see the big picture. Growth is dead. The US dollar is a dead man walking. And bonds? The coming haircuts will be done not with buzz saws, but with chainsaws. We'll see what he has to say about gold then. -- RF
Syria bans imports to save foreign currency
Vietnam September CPI Up 22.42% From Year Earlier
ASEAN infrastructure fund seen fueling regional boom
Whatever they build will fall into ruin because they won't be able to maintain it. -- RF
El-Erian Sees Global Economy Slowing Next Year
CDS Implied Probability of Default – Be Careful

## Fault lines/flashpoints/military ##
Gunfire, Possible Explosion at Kabul Building Believed to House CIA
Woman decapitated in Mexico in retaliation for social-network posts
Mexican newspaper editor Maria Macias found decapitated
SAUDI ARABIA: Reforms will allow women to vote but not drive
Saudi Arabia Requests Artillery, Radars, Ammunition, and Related Support (Includes list)
Pakistan army top brass meets amid U.S. tensions
Turkey Slaps Arms Embargo on Syria
Fears Vladimir Putin will turn Russia into outright dictatorship
Abbas declares 'Palestinian Spring'
Palestinians, Israelis Form Neighborhood Watches
Six explosions in Karbala province kill 10
Russia paints 'No Trespassing' sign in the Arctic
India tests nuclear-capable missile

## Global unrest/mob rule/angry people ##
Greek police fire teargas at protesters in Athens
Police arrest 80 'Occupy Wall Street' protestors
Unrest on Rise as China Booms
"In 2010, the world's second-largest economy was rocked by 180,000 protests, riots and other mass incidents—more than four times the tally from a decade earlier. That figure, reported by Sun Liping, a professor at Tsinghua University, rather than official sources, doesn't tell the whole story on China's turmoil."
Thousands of Moroccans protest in Casablanca
Saudi princess says no one immune from Arab spring

## Energy/resources ##
Eight-hour power outage a fatal blow to industries (Pakistan)
New Boom Reshapes Oil World, Rocks North Dakota
Before you are overcome by euphoria, consider this background article from The Oil Drum. -- RF
Oil Era's Twilight Drives Depression, Debt Crisis, Rifkin Says: Interview
However, Rifkin's prescription is a chimera. Renewables can't power industrial civilization. -- RF
Global Resource Crunch: The Chinese are Coming
Oil price jitters turn up heat on Gulf producers
Want cheaper oil? Be careful what you wish for. Here again we see that oil producers need high prices to balance their budgets, finance new exploration and development, and tamp down unrest. -- RF
Ignoring Daniel Yergin
"He is paid to soothe, and these days so soothing is his writing that it should be placed next to the Sominex on the drugstore shelf."

## Got food? ##
'Chinese corn imports touch record highs in August'

## Intelligence/security/internet/systemic breakdown ##
AT&T Cell Phone Problems Spread Across Los Angeles
Users report Gmail outage
Electronic Army's March Threatens Syrian Protests

## Japan ##
Anti-nuclear demonstrators demand plant in Tokyo
"Dozens of demonstrators rallied in Tokyo on Sunday, challenging Japanese authorities to build an atomic power plant in the capital to demonstrate their sincerity about nuclear safety."
This is a long-standing challenge... which the government has never taken up. That speaks volumes about the confidence of the government and utilities in nuclear power safety. -- RF
Towns doubt plan to lift hot zone advisory
28 million cubic meters of 'hot' soil in Fukushima / Ministry aims to set storage site guidelines
Hydrogen accumulates in pipes at Fukushima's No. 1 reactor
Government study team leaves for South Sudan

## China ##
Navy Driving China's Military Expansion
China, Tanzania Set to Engage in $3B Coal, Iron Ore Deal

## UK ##
Best cancer treatments could be 'preserve of the rich'
"The most effective cancer treatments could become the 'preserve of the rich' with the cost to the NHS rising towards £1 million per patient, a leading health care expert has claimed."
3,000 BAE job cuts 'a devastating blow'
Mark Thompson: Met's order to Guardian part of 'disturbing trend'

## US ##
Congress at Impasse Over Spending, Disaster Aid That Threatens Shutdown
Paul Ryan Sees Supercommittee Falling Short of Deficit Goals
State Farm pay $5 billion to cover weather damages
Once prosperous New Yorkers forced to live under canvas in New Jersey woods
Oklahoma ranks high in heavy equipment theft
Houston near top of heavy equipment theft list
New York struggles to bridge $80 billion chasm for infrastructure needs
10 states in double digit unemployment
The upside of economic worries: Lower gas prices
Army desertions drop as economy fizzles
The poverty draft lives. -- RF


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