Monday, October 31, 2011

 

News Links, November 1, 2011

## Global economic meltdown ##
China advocates Europe borrow in renminbi
Japan Pledges to Keep Buying Euro Bailout Bonds
Greece throws euro bailout into fresh crisis
"The Greek prime minister, George Papandreou, stunned Europe's leaders on Monday after he proposed that his country should hold a referendum on the landmark European debt deal reached last week."
In 2009, Greek Debt-to-GDP was 127%; Target for 2020 is now 120%; Is this Progress?
Three Out Of Four: Spain Joins Ireland, Portugal With A Gun To Its Head, Demanding Concessions
Nigel Farage Tells Judge Nap the EU Will Collapse; Revolution Coming to Greece
Must-see video. -- RF
Credit-Default Swap Risk Bomb Is Wired to Explode (Bloomberg)
Afterglow From Euro Bailout Quickly Fades for Investors
Demand For EFSF Paper Collapses As World Wakes Up To Post Bailout Hangover
Japan May Prepare Sustained Intervention
"Finance Minister Jun Azumi said in Tokyo he will "continue to intervene until I am satisfied," after yen sales yesterday that Credit Suisse Group AG analysts estimated may have exceeded $50 billion."
Debase, debase, debase. -- RF
Maruti Suzuki Profit Hurt by Labor Unrest
Qantas says industrial unrest costing $20m a week
China to hold sway at G20 Cannes summit
Businessman Gives 'Naked Truth' About Italy Crisis
Moody's Turns Moody on Europe, Sees Bailout Risks Spreading
EURUSD Retraces Entire 'Bailout' In 3 Days
German steel industry loses momentum, blast furnace closures likely
Whoa! More blast furnace shutdowns on the horizon. Shades of the 2008 crash. -- RF

## Fault lines/flashpoints/military ##
Japan PM: Asia should act over China disputes: FT
"Japan: Asian countries should work together to encourage China's increasingly assertive military to obey the rules of the sea, Japan's prime minister has told the Financial Times."
Malaysia rescues hijacked tanker, barge
"Kuala Lumpur: Malaysia maritime authorities have rescued a tanker and a barge which were hijacked in the latest South China Sea pirate attacks, officials said Sunday."
US and Philippine marines hold combat drills
"More than 200 U.S. and Filipino marines staged an amphibious assault on a beach in a combat drill Sunday near a South China Sea shoal disputed by China and the Philippines."
China, others to go after "criminals" along the Mekong
"China, Laos, Myanmar and Thailand have agreed to joint security operations to go after "criminal organizations" which operate along the Mekong River after 13 Chinese sailors were killed in the area this month, Chinese state media reported Monday."
America's new Middle East 'mini-Nato'
Army's Vision of the Future: Mostly Doom, Some Idiocy
Russia Eyes Bigger Role On Latin American Weapons Market
China again warns foreign oil firms on South China Sea exploration

## Global unrest/mob rule/angry people ##
Egyptians protest, anger mounts over blogger arrest
"Thousands of Egyptians protested Monday in Tahrir Square, the epicenter of an uprising that toppled President Hosni Mubarak this year, after a prominent activist was detained by military prosecutors."
Police use bulldozers to break up Occupy Richmond
South Kordofan unrest: Sudan 'kills hundreds' of rebels
2012 Will Be A Year Of Rising Unemployment And Growing Social Unrest
Union unrest on G20 agenda
Occupy Wall Street Explained To A 5 Year Old (video)
Occupy Oakland plans general strike
Massive Rally in Lahore: Imran Khan Leads Calls for Pakistan to End US Alliance

## Energy/resources ##
'LPG shortage reaching critical levels' - DA (South Africa)
Fuel shortage on the brink of grounding OR Tambo (South Africa)
"OR TAMBO International Airport teeters on the brink of massive flight disruptions unless the crunching jet fuel shortage at the facility is resolved soon."
South Africa is feeling the energy pinch across the board: Gas, electricity, and liquid fuels. -- RF
Lack of gas deflates TNB's outlook (Malaysia)
Revolutionary New Process Turns Biomass Waste into Fuel Oil
Don't get excited. There's nothing here about the EROEI of the process. -- RF
Iron ore price slump to deepen despite Indian supply cut
Iron-ore price drop may hit Australia hard
Asia firms to buy Grande Cache Coal for $1-billion
India grapples with coal shortfalls
"Although the government aims to double power generation over the next decade, India faces a shortage of about 100 million tons of coal in the next year, The Australian newspaper reports. That's equal to more than half its power generation capacity."
Oil rises 18 pct in October
Yanbu Cement slams Saudi Aramco over fuel shortage
Cut in government subsidies threaten solar energy companies

## Infrastructure scavenging ##
Metal thieves target Britain's war memorials

## Got food? ##
High and dry: Southwest drought means rising food prices
Reasons To End Factory Farming
Peanut butter prices skyrocketing
Food pantries feeling the pinch of shortages

## Environment/health ##
Why Population Matters to the environment
7 Billion Reasons Malthus Was Wrong
This essay is just plain wrong. The reason that the world population has grown this much and that cities aren't buried under horse manure is the fossil fuel bonanza of cheap, plentiful energy. It's a temporary reprieve because the ghost of Malthus is coming back with a vengeance. -- RF
Study: Climate change causing Mediterranean droughts

## Intelligence/security/internet/systemic breakdown ##
Bangkok near chaos, with flood mobs and drinking water shortage
So It Turns Out The Oakland Police Were Embedded In Occupy Oakland's Camp Before Their Raid

## Japan ##
Kansai faces most severe winter power shortage -Nikkei
"Kansai Electric Power Co is facing the most severe power shortage this winter among the nine Japanese utilities that operate nuclear plants, as opposition to restarting idled reactors limits its power generation."
Japan's Shikoku sees 2.1 pct Feb power margin
Panasonic sees $5.5 billion annual loss, worst in a decade
TDK to cut 11,000 jobs worldwide
Earthquake, Tsunami, Monsoon - What's Next For Honda? Locusts?

## China ##
China's Stocks Decline, Paring Biggest Monthly Gain in Year
Halloween comes early for Chinese real estate
China's Electrical Needs Soon to Outstrip Production
OECD foresees single-digit growth for China
Hong Kong Homes Face Rising 'Negative Equity' on Sentiments, Barclays Says

## UK ##
Troops on standby for big freeze
"The Army is to be put on standby this winter as part of emergency planning measures in case of a severe freeze."
IDS: Grandparents keep society from 'collapse'

## US ##
New Police Drone Near Houston Could Carry Weapons
No Inflation? Fed Calls Food, Energy Gains 'Temporary' Despite 24-Year Rise
$100 million payout for retiring CEO
Beacon Power: Another energy loan gone bad
Europe crisis fallout: MF Global goes bankrupt
Americans Feeling Less & Less Financially Secure

And finally... Zombies worth over $5 billion to economy
I think there's yet another message here. -- RF


Sunday, October 30, 2011

 

News Links, October 31, 2011

## Global economic meltdown ##
Why the latest eurozone bail-out is destined to fail within weeks
"I give this deal two weeks."
Xinha commentary says China not a "savior" for Europe
How the Eurocrisis laid bare world's new economic order
Greeks threatened with power cuts if they fail to pay property tax
After China, Fund Chief Goes to Japan
"The head of Europe's bailout fund, Klaus Regling, takes his tour of potential Asian investors to Japan next, after Beijing proved unwilling to open its checkbook until European leaders could offer more details about their plan to save the euro zone."
More than 60 percent of global consumers downbeat: Nielsen
Occupy Vatican? (RT video)

## Fault lines/flashpoints/military ##
U.S. to boost Gulf presence after Iraq pullout: report
US Quietly Assumes Military Posture in Africa
Somali piracy: Armed guards to protect UK ships
"Ships sailing under a British flag will be able to carry armed guards to protect them from pirates, the prime minister has announced."
Israel Airstrikes on Gaza Strip Kill Nine in Worst Fighting in Two Months
Nato all but rules out Syria no-fly zone
Kenya kills 10 Shabaab fighters in air strike
"Ten al Shabaab rebels were killed in a Kenyan air raid on the southern Somali town of Jilib on Sunday, the military said, as the east African nation fights to rid Somalia of the al Qaeda-linked militants."
Honduras Becomes Main Transit Route For Cocaine Trafficking
Nuclear powers plan weapons spending spree, report finds
New Saudi crown prince says kingdom to remain stable
Indications so far suggest he will rule KSA with an iron fist. -- RF
Every day is 'Day of the Dead' in Mexico drug war

## Global unrest/mob rule/angry people ##
Occupy Denver Clash: Police Use Force On Denver Protesters
Occupy Wall Street arrests in Texas, Oregon
Thousands demonstrate against rising rents in Germany's Hamburg
Punjab farmers block rail traffic, slam government for anti-farmer stance (India)
Railways employees protest against power cut (Pakistan)
Traffic accident in China sparks violent protest
Violent protests in Tunisia after election result
Students stage anti-government protest in east Sudan
"Hundreds of students staged an anti-government rally in eastern Sudan on Sunday, protesting against poverty and rising food prices, witnesses said."
Protests awaken a Goliath in India
"Hazare movement that rattled establishment offers glimpse of what could happen if middle class mobilises"
Tens of thousands of Israelis protest economic conditions, military spending
"A march of tens of thousands of Israelis took place in Tel Aviv Saturday, with thousands more gathering in Jerusalem, to call on the Israeli government to change its budgetary priorities and address social concerns."
Germany's 'Occupy' protesters return to voice anger
"Thousands gathered across Germany on Saturday to protest over wealth inequalities and a perceived lack of transparency in the financial services industry."
Spanish shepherds lead 5,000 sheep through Madrid
"Spanish shepherds led flocks of sheep through the streets of central Madrid on Sunday in defence of ancient grazing, migration and droving rights threatened by urban sprawl."
Thousands rally for Fukushima compensation, decontamination
"Thousands of people angered by Japan's nuclear power plant accident rallied in Fukushima on Sunday to demand full compensation for victims of the crisis, and swift decontamination of their neighborhoods."

## Energy/resources ##
Site reveals the human slavery behind your stuff
Mystery power outage hits 16,000 customers in Sacramento region
Believing in Cold Fusion and the E-Cat
Saudi opposition to Iran fades on $100 oil goal
Not so much: Shale gas shows its limitations
A good read that throws cold water on the overblown promises of shale gas. -- RF
Electricity consumers fuming
"A 10-month delay in commissioning Medupi's first generating unit will cause huge electricity and financial problems for the country. South Africa's projected energy deficit should reach its peak of nine terrawatt (TW) hours next year, equal to around 1 000 megawatts (MW) of baseload generation capacity."

## Got food? ##
Shortage of farmers looms with aging agri workers (Philippines)

## Environment/health ##
Invasion Of The Mind-Controlling Zombie Parasites
Thailand floods: aid agencies warn of humanitarian crisis in Bangkok

## Intelligence/security/internet/systemic breakdown ##
Planes stranded on tarmac for 7 hours

## Japan ##
Japan Likely to Pass Tepco Aid Package
"The Japanese government is expected to approve financial assistance toTokyo Electric Power Co. this week, after the embattled utility sought about ¥1 trillion, or about $13 billion, in public funds Friday to deal with compensation claims from the disaster at the Fukushima Daiichi nuclear plant."
Radioactive soil to be disposed of 30 yrs after interim storage
Virus that hit embassy computers designed to send data to servers in China
No summer '12 power-saving order, just peak-time rate hike
But infinite growth requires limitless and cheap energy. -- RF
Fukushima shiitake cesium spikes
Govt to name 49 remote EEZ islets
"The government has decided to name 49 remote small islands that have so far been nameless to safeguard the integrity of Japan's exclusive economic zone in the face of bids by China and other countries to expand their influence over maritime affairs, it has been learned."

## China ##
China to 'Firmly' Maintain Property Curbs: Wen
Coal purchase price of power plants keeps rising in China
U.S. Embassy air quality data undercut China's own assessments

## UK ##
Met police using surveillance system to monitor mobile phones
"Britain's largest police force is operating covert surveillance technology that can masquerade as a mobile phone network, transmitting a signal that allows authorities to shut off phones remotely, intercept communications and gather data about thousands of users in a targeted area."

## US ##
IMMINENT THREAT: Foreign Borrowings Will Lead To The Destruction Of The US Financial System
"No country has ever managed to create a perpetual growth machine for its economy."
Snow smacks Northeast; power could be out for days
Although this outage was caused by weather, consider it a prelude to the inevitable widespread blackouts to come in the future. -- RF
In Idaho, Banks Sue Hard-Hit Homeowners
Are Pensions Becoming A Thing Of The Past?
"A generation from now, there may be very few people left that are still receiving pension benefits."
Drilling Debate in Cooperstown Turns Personal
"The letter that arrived in Kim Jastremski's mailbox on County Highway 52 suggested that she stop protesting the possibility of natural gas drilling. It seemed more of a threat than a request.
"Computer-generated, unsigned and sent to about 10 other opponents of a practice known as fracking, it compared them to Nazis and said they were being watched while picking up their children at school in their minivans."
A protracted winter is imminent for housing: Lessons from the Great Depression Part 36.
Facing Downgrade to Junk, California Tries Pension Reform

And finally...
Police: Florida pizza workers burned down rival store
Online Witch School Claims Wicca Fastest Growing Religion

Saturday, October 29, 2011

 

News Links, October 30, 2011

## Global economic meltdown ##
China: No Pushover for Euro-Zone Rescue
Treaty of Debt - An Eye Opening Video on the ESM Bailout Mechanism
Portugal Is Next: Improverished PIIG Demands US Assistance, Debt "Haircut" To Come Next
The US Paper Dump Continues: Norway's Sovereign Wealth Fund Sells All Of Its US MBS Exposure
Thailand Flooding Supply Chain Breakdown
"Supply Chain Digital looks at the automotive, electronics and retail supply chain constraints caused by the 2011 Thailand Floods"
Thai floods disrupt Indian auto firms' ops
$12,000,000 worth of Hondas Left Floating in Water
Australian Airline Qantas Grounds Entire Fleet due to Strike
Air France cancels flights as five-day strike hits
Kuwait office rents drop 50% from peak, says Global
UAE banks to face tough 2012 as lending plummets
"Financial institutions across the emirates will see a surge in non-performing loans and find fewer opportunities for growth while finance to real estate and retail customers remains subdued."
Can the Chinese Save Saab?

## Fault lines/flashpoints/military ##
Upping the ante: Saudi prince backs cleric's bounty offer for Israeli soldier
"A member of the Saudi royal family has pledged $900,000 to a bounty offered by a prominent cleric to any Palestinian who kidnaps an Israeli soldier, according to comments aired on a private TV station Saturday."
Israel, Gaza Militants Exchange Fire
South Sudan rebels attack town in oil state: officials
Syrian forces kill 10 in Homs, report of soldiers
Afghan Insurgents Kill 13 Americans in Car Bomb
20 Syrian soldiers killed in 'clashes with deserters'

## Global unrest/mob rule/angry people ##
More arrests of Occupy protesters in Tenn.
Tenn. protesters to challenge curfew for 3rd night
Man urges mailing junk if you can't Occupy Wall Street
Occupy Oakland: As injured Iraq vet recovers, occupiers promise to 'shut the city down'
Protesters invade Brazil dam site

## Energy/resources ##
Bengal staring at major power shortage
"West Bengal is likely to sever power shortage from next week as cash-starved State utilities have nearly exhausted all avenues to meet peak demand."
Violence-hit Yemeni capital struggles with power cuts
TNB In Talks With Government, Petronas Over Gas Shortage (Malaysia)
Gas shortage hits hard (South Africa)
"The ripple effect of the Liquid Petroleum Gas (LPG) gas shortage is spreading to a number of industries as supply of the fuel dwindles."
Refinery production slow down causing diesel shortage (Canada)
"The shortage is being blamed on a scaling back of production at Edmonton's Suncor refinery. Suncor says that's because its hydrogen supplier is running low."
After nearly a century, Kansas' helium supplies may be waning
Gas leak: Rotorua short of bread, pies (New Zealand)
Energy from Waste: A Waste of Time or a Genuine Energy Solution?
Excellent essay. Scaling waste energy sources up to power industrial society is a joke. And this essay only deals with the energy yields from the waste, not the energy that is consumed in producing the waste and transporting it. A fine reality check. -- RF
India clears oil debt to Iran through Russia's Gazprombank
India and China target Afghanistan mineral resources
It will require huge investments just to build the infrastructure needed to exploit them. -- RF

## Infrastructure scavenging ##
Brass rings taken from Chicago hydrants

## Got food? ##
A Worrying Look At Food Inflation In The Coming Year
Growers told to brace themselves for crop input cost surge

## Environment/health ##
Global warming: Middle East's vital wet winters are disappearing

## Intelligence/security/internet/systemic breakdown ##
Facebook says 600,000 account logins compromised every day
Google Docs down in cloud outage
Vodacom blames gremlins for blackout (South Africa)
"The country's leading mobile operator, Vodacom, has blamed software glitches for its network failure that shut out customers on Tuesday. This was the second time in five months the network has failed."
Outage disrupts Time Warner Internet, phone service
Construction trades project decade of shortages (Canada)
U.S. Firm Acknowledges Syria Uses Its Gear to Block Web

## Japan ##
Japan's public debt to hit record Y1,024 trillion
Daiwa to Slash 15% of Asia, Europe Jobs
Gov't announces plan to store radioactive soil in Fukushima
Still unclear when, if reactors can restart
"With a number of nuclear reactors set to be suspended for regular inspections, but no clear government criteria for allowing their reactivation, it remains unclear whether a sufficient electricity supply can be secured this winter. Uncertainty also remains as to whether local governments and residents will approve restarting the reactors."

## China ##
Chanos Interview: China Slowdown Just Beginning
Stars shoot east for riches raining down from China's golf boom
The day will come when people plow up golf courses to grow food. -- RF
Chinese Town Cancels Tax That Sparked Riots

## UK ##
Rising petrol costs mean more motorist are calling out breakdown services after running out of fuel
100 leading economists tell George Osborne: we must turn to Plan B

## US ##
National debt nears size of U.S. economy
Debtpocalyse: Army Futurists See Fiscal Meltdown on the Horizon
Even Debt Collectors Are Struggling In This Economy
Auto Sales: The Next Bubble? (CNBC video)
Snow in Northeast could cut power to millions
Calif. to cut Medicaid by 10 percent
Task force moves toward rationing access to community colleges
Markets rally. Don't get too excited. (Bill Bonner)
Regulators close Illinois bank
Arkansas city loses two factories in one day


Friday, October 28, 2011

 

News Links, October 29, 2011

## Global economic meltdown ##
China Is 'Open to All Options' on Aiding Europe
Fitch says 50% Haircuts would Constitute Default; No Official Ruling from ISDA Yet; Wrong Decision Could Kill CDS Market; How Will Setup be Resolved?
Italy's Borrowing Costs Rise to Euro-Era Record at Bond Auction
Spain's Unemployment Rate at 21.5% as Europe Flounders
One Day After The Euphoria, Here Comes The Hangover
Greeks abandon cash resort to bartering (RT video)
The Next 7 Critical Dates In Europe That You Need To Watch
What's a young person supposed to do?
"Young people in bankrupt western nations do not have a particularly bright future. To put it bluntly, society is going to force-feed you a shit sandwich."
Quote Of The Week (Larry Summers)
Abu Dhabi chasing Dubai as GCC's worst construction market
Dollar Decline in Full Swing in Risk-On Environment

## Fault lines/flashpoints/military ##
Profile: Saudi Arabia's Crown Prince Nayef
"Nayef is generally described as a 'conservative,' often in opposition to Abdullah. His work as interior minister has focused on stamping out what he perceived as threats to Saudi Arabia's stability. He controls security services that employ more than 130,000 people."
Army confirms Chinese buildup along India border
Union members join Occupy Toronto protesters in march
U.S. Embassy in Bosnian Capital in Lockdown
Pakistan Test-Fires Nuclear-Capable Missile
U.S. Flying Armed Drones Out of Ethiopia: Report
37 killed as anti-government Syrians demand no-fly zone
Preparing For Regime Change?: Turkey Shelters Anti-Assad Fighters
Saudis mull oil as a weapon against Iran

## Global unrest/mob rule/angry people ##
Tents return to Oakland protest site
Occupy San Diego: Update on 3 Weeks of Occupation
Occupy camps in Nashville and San Diego broken up
Occupy RoundUp: San Diego and Nashville Protestors Arrested; Egyptians March in Solidarity
Shanghai Homeowners Smash Showroom in Protest Over Falling Prices
St Paul's showdown: lawyers act to clear Occupy London camp
Greek protesters call president "traitor", halt parade
Egypt protesters demand that army quit power

## Energy/resources ##
India's decision to stop nuclear program may trigger problems
33 power plants running at less than 4-day coal stock (India)
Cabinet considers leasing electricity-generating ships (Lebanon)
"Energy and Water Minister Gibran Bassil disclosed Wednesday that the Cabinet is studying a proposal to lease powerful electricity generation ships to compensate for the electricity shortage in the country."
PetroChina runs at full pace, boosts imports amid diesel shortage
Gasoline Cargoes to U.S. May Rise as Refineries Cut Production
"U.S. agricultural demand for diesel has spurred refineries to increase production of that fuel, and cut gasoline output."
World Running Out of Water

## Got food? ##
Food Companies Petitioned To Ban New Monsanto GMO Corn
Gas leak will cause food price hikes (New Zealand)
"Repercussions from a leak which cut gas flows north of Taranaki could ripple through the whole country, with core groceries such as cereal headed for short supply, and prices of greenhouse vegetables set to soar."
15 insects you won't believe are edible
U.S. Retail Food Prices Expected to Keep Rising
Food inflation soars to over 6-month high of 11.43% (India)

## Environment/health ##
Weather Changes Mean More Dead Zones For Lake Erie: Expert
Thai Floods Swamp Grand Palace as Bangkok River Reaches Record

## Intelligence/security/internet/systemic breakdown ##
China link found to virus targeting Japanese diplomatic offices
Virus tailored to Japan ministry / Skilled hackers may have used secret info to prepare attack
Google Refused U.S. Government Request To Pull Police Brutality Video
Netflix is the single-biggest user of Internet bandwidth
"The U.S. streaming entertainment service Netflix takes up 32.7 percent of Internet bandwidth worldwide, a study found."

## Japan ##
After Japan's Disaster, the Deluge
"Japan's manufacturers still recovering from the triple disasters of earthquake, tsunami and nuclear meltdown now have to contend with a fourth crisis: Floods in Thailand. For the companies involved, it may be the biggest problem of them all."
8 Toyota Group Firms Post Worse Interim Net Results
"Reeling from the March 11 earthquake and tsunami, eight of 10 major group firms under Toyota Motor Corp. (7203) on Friday reported net losses or lower net profits for the April-September half."
Toyota reduces N. America operations over Thai floods
New figures show extent of quake's impact on car industry
Japan's jobless rate falls to 4.1% in September
The real unemployment rate is certainly much higher. Many young people, for instance, are unemployed or underemployed and living with their parents. -- RF
Gov't to slash upper limit on internal radiation exposure from food
Panel advises limiting lifetime radiation exposure to 100 millisieverts
TEPCO forecasts net loss of 580 billion yen for fiscal 2011
Stopgap measures for TEPCO / Utility's liabilities may exceed assets without government's help
Yen's new highs could derail Japan's economic recovery

## China ##
There's A Much Bigger Underground Banking Crisis Brewing In Ordos
And check out the slide show. -- RF
Saab sells for $140 million to Chinese firms

## UK ##
London Riots Were Motivated by Poverty, says British Government Report
Fuel poverty to cause 2,700 deaths in the UK this winter
Four in ten wealthy people forced to work longer

## US ##
Wisconsin city turns out the lights to save cash
Bank of America Derivatives Transfer Draws Lawmaker Scrutiny
Power failure leaves Cannon Air Force Base in the dark
Whirlpool Plummets as Appliance Demand Slips
"Whirlpool Corp. (WHR), the world's largest maker of appliances, sank the most since 1987 after saying it will cut 5,000 jobs and lowering an annual profit forecast by as much as 36 percent with demand in the U.S. falling back to recessionary levels."
Wintry Storm to Spread Snow Across U.S. Northeast
Forecasters Predict Colder U.S. Winter Will Spur Fuel Demand
Nightmare scenario: U.S. deflation risks rising
Report: Fights erupt among Occupy Wall Street protesters
Employee Compensation Growth Is Smallest in Nearly 30 Years
The Next Worry for Markets: No Deal Yet on US Debt


Thursday, October 27, 2011

 

News Links, October 28, 2011

## Global economic meltdown ##
Euro zone strikes deal on second Greek package
"Euro zone leaders struck a deal with private banks and insurers on Thursday for them to accept a 50 percent loss on their Greek government bonds under a plan to lower Greece's debt burden and try to contain the two-year-old euro zone crisis."
Eurozone bail-out: holes emerge in the 'grand solution' to solve EU debt crisis
"A trillion euro bail-out to save the EU's single currency is in danger of unravelling after Germany's central bank warned that the rescue measure was too dependent on the high-risk deals that caused the economic crisis."
Greek Bank Investors Facing Wipeout as Nationalization Looms
George Osborne to block IMF cash for eurozone bail-out
GLOBAL MARKETS-European debt deal ignites rally in stocks, euro
Why 'Voluntary' Haircuts On Greek Bonds Will Haunt Europe
Credit Default Swaps Useless as Hedge Against Default; CDS on Greece a Purposeful Sham; Derivatives King Always Wins
Europe Pact Only Buys Time: Rogoff
"European leaders' agreement to expand a bailout fund to stem the region's debt crisis only buys time as the problem worsens, Harvard University economist Kenneth Rogoff said.
"'They don't have any idea what the end game is here,' Rogoff said… 'It's pretty darn clear the euro does not work.'"
Toyota, Ford Cut Production as Thai Floods Disrupt Supplies
Is steel industry heading for overcapacity?
Sarkozy Sees More Budget Cuts to Save AAA Rating
Analysts warn of 30% fall in UAE house prices on supply
Argentina Takes a Turn for the Worse

## Fault lines/flashpoints/military ##
The US departure from Iraq is an illusion
DFA hits China over 'cannons' statement
"The Philippines is planning to elevate its claim to parts of the South China Sea to the Hamburg-based International Tribunal on the Laws of the Sea but Beijing refused to be a party to the case."
ExxonMobil says finds hydrocarbons off Vietnam
"China has pressed international oil companies, including BP and ExxonMobil, to withdraw from oil and gas exploration deals with Vietnam."
Saudi Interior Minister Prince Nayef named new crown prince
Bomb blasts kill 18 in Iraqi capital: sources
Insurgents attack two foreign bases in Afghan south
Analysis: Defections test Assad's ability to sustain crackdown
Greeks Fear They Are Losing Their Sovereignty
Russia delivers radar jammers to Iran

## Global unrest/mob rule/angry people ##
Occupy Vancouver protesters expect police to employ force at tent city
Occupy Oakland protesters push for general strike
Oakland protesters hold late-night march after vet injured
Protest rallies in Punjab to increase chaos: analysts
South Africa: ANC Youth League protests call for reform
Tax Protests Rock Eastern China Town
"The protesters assaulted police and overturned cars in the town of Zhili, part of the city of Huzhou, which is roughly 130 kilometers west of Shanghai, witnesses and reports said."

## Energy/resources ##
Over 1 000 SA restaurants close shop amid gas crisis
"About 1 250 restaurants across South Africa had to close shop because of gas shortages, the Restaurants Association of SA (Rasa) said on Wednesday."
Gas shortage threatens supply cuts to industries (Pakistan)
China Warns Against Hoarding As Fuel Shortage Spreads
China Says Its Power Gap May Peak at 40 Million Kilowatts
Another power crisis looms in Mindanao
Oil jumps above $92 in Europe after EU outlines plan to tackle debt crisis, Brent above $110
There, I told you. Europe will of course crash and burn, but just the suggestion of a recovery and increased consumption pushes up oil prices. BTW, winter is just around the corner. -- RF
Jordan Scrambling to Replace Lost Egyptian Natural Gas Imports
Japan and U.S. DOE Looking into Economical Production of Methane Gas Hydrates
Given the expense of exploiting methane hydrates, it is doubtful the resulting gas will be cheap enough. One Japanese energy expert has stated flatly that methane hydrates aren't even a resource. -- RF
Saudi oil production cut looms
Shell: Nigeria Oil, Gas Output Declines For First Time In 2 Years

## Infrastructure scavenging ##
100+ Stolen Drain Covers Cause Danger, Expense
Metal theft 'epidemic one of biggest threat to UK's heritage'
Historic bell stolen from San Francisco cathedral
High Prices Trigger Rise in Copper Thefts

## Got food? ##
Watch those rice price spikes: WB's Zoellick, analysts

## Environment/health ##
Residents flee as floods spread in Thai capital
"Floodwater swamped a new area of Thailand's capital on Wednesday as some shops started rationing food and the prime minister warned that parts of Bangkok could be flooded for up to a month."

## Intelligence/security/internet/systemic breakdown ##
Hackers Targeted U.S. Government Satellites
'Rogue websites' bill introduced in US House
Blog: Major U.S. corporations hacked
American Corporations Asked To Disclose Costly Cyberattacks That Might Impact Share Prices

## Japan ##
Nuclear radiation from Fukushima plant twice more than estimated: report
Fukushima nuclear pollution in sea was world's worst: French institute
Gov't expects more than 30 years to decommission Fukushima nuclear reactors
TEPCO won't build retaining wall to stop radioactive water seeping into ground water
Toyota To Cut Auto Output In 7 Nations Next Week On Thai Flooding
"NAGOYA (Kyodo)--Toyota Motor Corp. said Thursday it will reduce vehicle output in Japan, the United States and five other countries for six days from next Monday as flooding in Thailand could hamper the supply of auto parts."
Japan says it is ready to help stabilize Europe
With a debt-to-GDP ratio of over 200%, Japan could use some help. -- RF
Japan's population declined for 1st time on record in 2010
World Economy Increasingly Shaky: BOJ Gov
The financial elite's powers of observation never cease to astonish. -- RF
BOJ ups asset purchase program by ¥5 trillion

## China ##
Chinese Real Estate Developers Profits Fell In 3rd Quarter
Analysis: China steel output growth could halve in 2012
Desalination part of solution for China?
China's Big Banks Set to Report Record Profits
China stepping up purchases of European businesses

## UK ##
Cotswolds: Fall In England's Countryside (PHOTOS)
Take a few moments to feast your eyes on nature's beauty in England. -- RF
Misery for millions as elderly care funds cut
"Millions of elderly people are facing a 'care crisis' after figures disclosed that government funding for nursing homes and support for frail pensioners has been cut by almost a fifth."
95pc of private sector pensions have no inflation protection at all
U.K. Signals Solar Tariff Cut Due to 'Unacceptable Returns'

## US ##
Supply chain risk poses 'greatest threat' to one-third of US firms
Highway funds shrink as car mileage improves
Q3 Cargo Thefts Up; Averages 87.6 Incidents per Month
Philadelphia schools face additional $39 million budget shortage
Scarcity of drugs alarms doctors
"There are more than 200 drugs on the U.S. Food and Drug Administration's shortage list — including antibiotics, nausea medication and drugs to treat high blood pressure. The number of drugs on the list has tripled in the last five years."
Medicaid costs balloon for cash-strapped states
States Rationing Healthcare Under Medicaid
With budgets under pressure, Minn. cities fray at the edge
Wall Street soars 3 percent as Europe deal draws buyers
A sucker's rally if there ever was one. -- RF
The Great American False Dilemma: Austerity vs. Stimulus (Gregor Macdonald at Chris Martenson)
US Republicans Call for $2 Trillion in Spending Cuts
Supercommittee Flirts With Failure as Deficit Deadline Nears
Foreigners Losing Confidence in Holding US Treasury and Agency Debt
Crime turns oil boomtown into Wild West
More Southerners Are Off the Banking Grid
"More people in the Southeast don't have bank accounts than in any other part of the country. Mississippi leads the country with more than 16% of households using cash-and-carry for all their transactions."


Wednesday, October 26, 2011

 

News Links, October 27, 2011

## Global economic meltdown ##
Eurozone debt crisis: EU leaders dither over rescue plan
Graphic: eurozone debt levels and bailout fund
German Lawmakers Set to Back EFSF
"A broad majority is virtually certain to support a resolution backing a package of options to boost the firepower of the €440 billion ($611.91 billion) fund to more than €1 trillion without increasing contributors guarantees for the fund. All major parties approved the resolution in their parliamentary groups on Tuesday, making the resolution's passing highly likely."
Idiot Market Jumps On 12 Hour Old News Of Yet Another Chinese Euro Bailout, Since Refuted
Euro Zone to Quadruple Bailout Fund: Sources
EBA Releases Details Of €106 Billion Bank Capital Shortfall
What Happens If Europe Crushes the Swap Market?
Grateful for Idiocy, a Pack of Lies, Financial Engineering, Legerdemain, and Trickery; Opposition Leader Rebukes Merkel's Lies and Arrogance of Power
European Drama Engulfs The World's Oldest Bank
Brazil Rejects Plan to Purchase Europe Debt
France Eyes More Belt-Tighting as Election Looms
Thai Flooding Hits Big Manufacturers
"The damage from floods in Thailand is spreading to more of the world's biggest manufacturers as supply chains falter and break under the weight of the spreading disaster."
Flooding in Thailand does major damage to local plastics processors
ArcelorMittal to idle Polish furnace on weak demand
This is a bellwether. Recall that after the crash of 2008 many blast furnaces around the world were shut down. Japanese and Korean steelmakers are likewise reporting poor results. -- RF
Central Bank Gold Buying Likely To Continue - WGC Official
Central banks are losing fight against gold, Tocqueville's Hathaway tells King
Italy Pledges Asset Sales to Reduce Debt
Borrowing Costs Rise as Italy Auctions 10.5 Billion Euros of Debt
Capital flight from Russia may reach $60 billion this year

## Fault lines/flashpoints/military ##
Bombs in Iraq's Mosul kill five, injure 22: police
Fall of Syrian government is "unavoidable": French formin
Silvio Berlusconi 'makes secret pact to step down'
As Yemen crisis grows, south separatists see opportunity
Taliban commanders say Pakistan intelligence helps them
"Pakistan's security service provides weapons and training to Taliban insurgents fighting U.S. and British troops in Afghanistan, despite official denials, Taliban commanders say, in allegations that could worsen tensions between Pakistan and the United States."
Saudi king set to name Prince Nayef as heir
Qatar admits it had boots on the ground in Libya; NTC seeks further NATO help
Arab League meets Syrian President Assad in Damascus
Report: Syrian forces preparing to storm Damascus suburb
China Wants Bases in Pakistan
Drug Violence Swamps A Once Peaceful Mexican City
NATO Preps for World War? (Daily Bell)
Vietnam, Philippines eye alliance on Spratlys row
Panetta Pledges 'Nuclear Umbrella' for S. Korea
Ukraine says will let Russia modernize Black Sea Fleet

## Global unrest/mob rule/angry people ##
Tenth Tibetan monk burns self in west China: group
Mongolians call for protests after herder's death
Tibet: Students Storm Chinese Embassy In India
Clashes as police destroy "Occupy Oakland" camp
Egyptian Brutality Comes to America: Police Fire Rubber Bullets at Peaceful Protesters
Atlanta cops eject Wall Street protesters
Riots erupt over Pakistan's chronic electricity cuts
Yemeni women set veils ablaze in protest at Saleh crackdown
"Hundreds of Yemeni women set fire to veils on Wednesday in protest at the government's crackdown on demonstrators, after overnight clashes in the capital and another city left 25 people dead, officials said."

## Energy/resources ##
The human cost of defending Libya's oil
"Oil companies are still mainly visible only in hotel lobbies in the form of security contractors hired to assess infrastructure and monitor threats to security. The first step no doubt, but it is only a tentative move."
Yergin: Only politics can threaten energy supplies
"Author says new technologies have unlocked enough resources to feed growing energy demand"
Every time Yergin opens his mouth, he gets ten times more in refutations. -- RF
MENA oil exporters face uncertainty in 2012 from global slump, unrest: IMF
China's oil thirst will squeeze market -funds
Sinopec lifts diesel output to ease severe shortages
Saudi cement firms face fuel shortages
The Peak Oil Crisis: The Energy Trap (Tom Whipple)

## Got food? ##
Rice Crops Take A Pounding From Southeast Asian Floods
Fertilizer import must to avert crisis (Pakistan)
U.S. Food-Inflation Forecast Raised to 3.5%-4.5% on Fruit

## Environment/health ##
Inmates Evacuated From Thai Prisons As Epic Floodwaters Rise

## Intelligence/security/internet/systemic breakdown ##
Virgin Galactic's Flights Seen Delayed Yet Again
The private sector was supposed to lead space development. Will I ever get to vacation on Mars? -- RF
National Security Agency helps banks battle hackers
"The National Security Agency, a secretive arm of the U.S. military, has begun providing Wall Street banks with intelligence on foreign hackers, a sign of growing U.S. fears of financial sabotage."

## Japan ##
Japanese dealers selling 'radioactive cars'
"Unscrupulous used-car dealers in Japan are selling vehicles exposed to dangerously high levels of radiation to unsuspecting buyers."
Japan steel firms cut outlook as market worsens
Cyberattacks hit Japanese embassies, consulates in 9 countries
Tokai No. 2 leaks 22 tons of water

## China ##
Great Wall Collapsing due to Climate Change & Human Activity
China to step up social media censorship
China Largest Real Estate Developer Warns of Price Falls
Dropping Real Estate Prices Draw Protests
"Irked by markdowns in their homes' values, hundreds of Shanghai homeowners staged a protest this weekend against their real estate developer."
Boots On The Ground In China: Signs Of A Slowdown Are Obvious
Police in China hunt for 'runaway bosses'
"Police in China have launched a crackdown on entrepreneurs who have gone into hiding to avoid repaying bank and informal high-interest loans."

## UK ##
UK population 'to hit 70m by 2027'
Fat chance. Britain's food self-sufficiency rate is about 59%. -- RF
Graphic: Lowest disposable income growth in 30 years
Job insecurity for millions is fuelling social unrest, expert warns

## US ##
Patriot Act Turns 10, With No Signs of Retirement
Income of top 1 percent far outgrew others: report
Company Directors See Pay Skyrocket
Defense Industry: Keep Paying Us or the Economy Dies
Deficit-cutting 'super committee': Can it come up with a plan in time?
Supercommittee Dems Said to Pitch $3T Plan
FBR to Cut Workforce Up to 35 Percent
As State Funds Dry Up, College Costs Skyrocket
"The cost of a public college education is up more than 8 percent, and as the College Board reports, there's no end in sight to the tuition hikes."
The US Is Fast Becoming a Third World Police State
Relentless Equity Outflows Continue: YTD Mutual Funds Redemptions Surpass 2010 Total, Despite Broad Market Squeeze
More Coal In The Stocking For Holidays

And finally...
Humongous Lego man washes ashore, stumps passersby
Nokia's Lumia translates as 'prostitute' in Spanish

Tuesday, October 25, 2011

 

News Links, October 26, 2011

## Global economic meltdown ##
ECB row, Italy flare on eve of euro rescue summit
"Just 24 hours before European leaders are due to adopt a plan to reduce Greece's debt burden, fortify European banks to withstand bond losses, and scale up the euro zone rescue fund to prevent market contagion, disputes raged in Rome and Berlin."
Eurozone debt crisis: talks break down as Angela Merkel rejects rescue deal
IMF considering participation in EU bailout fund
"The International Monetary Fund is considering taking part in a special investment vehicle being proposed by the euro zone bailout fund but has not made a decision yet, euro zone officials said on Tuesday."
Will US Be Drawn Into Euro Bailout Fund?
Greece Pension Plans Insolvent; No Conceivable Way to Make Promises; Can Spain and Portugal be Far Behind?
Lines to Withdraw Deposits Queue Up as Run on the Banks starts in Greece
Guess Who's Even More Leveraged Than the European Banks?
"The BIG picture is that there is far too much debt in the financial system. Europe's getting taken to the cleaners today… but these very same issues are going to spread to Japan and the US in short order. Even China, which is considered THE creditor nation of the world, is estimated to post a REAL Debt to GDP ratio of 200%."
Europe's Crisis May End in a 'Violent Blow-Up': Galbraith (Daily Ticker)
Berlusconi's coalition on verge of collapse
Bank of Canada warns of euro recession
India cabinet approves manufacturing push
"The policy aims to create a 100 million jobs in the next 10 years and allows for a series of special new zones to support manufacturing growth."
It takes a lot of energy to create manufacturing jobs, and India is already energy-starved. This plan is pure fantasy. -- RF
James Turk Report - Why Gold Will Go Above $11,000
Businesses stumble in India over protests from farmers
"HALLIGUDI, India--Some big corporate names in Asia are seeing their investments delayed or even scrapped in India because farmers refuse to give up their land for what they see as modest compensation."

## Fault lines/flashpoints/military ##
China paper warns of "sound of cannons" in sea disputes
"BEIJING, Oct. 25, 2011 (Reuters) — One of China's most popular newspapers warned on Tuesday that nations involved in territorial disputes in the South China Sea should 'mentally prepare for the sounds of cannons' if they remain at loggerheads with Beijing."
Somalia kidnaps: how the country is splitting into self-ruled enclaves
"Somalia, which has had no central government ruling its territory since 1991, is facing an increasing Balkanisation as several regions break away to form their own self-ruled enclaves."
Swedish Analyst Calls For 'Nordic Union'
Syrian forces 'battle anti-government troops'
Looming China fosters Taiwan identity in independence heartland

## Global unrest/mob rule/angry people ##
Truck kills herder in China Inner Mongolia protest: group
Police disobey orders to arrest Occupy Albany Protesters
Rogue Drummers, Disobedient Cops, Oakland Evictions: An Occupy Round-Up
Occupy Wall Street arrests increase. Have mayors reached their tipping point?
China: Tibetan-consciousness movement spreads

## Energy/resources ##
Oil Price Rises Above $91 On Signs Of Growth
Even at the mention of the words "growth" or "recovery," oil shoots up. That's because oil is already expensive even with the world economy in the toilet. Airlines have been dying a slow death since 2008. Any kind of vigorous economic activity by the global economy is bound to be stamped out by rising energy prices, not to mention the inexorably rising tide of debt. The only meaningful question left to ask is: How long can the world stave off the inevitable crash? -- RF
BP Q3 Profit Falls as Global Production Slumps
Steady decline in days of OECD oil supply (Gregor Macdonald)
China the culprit of potential water wars?
Water Use Rising Faster Than World Population
Hyundai Heavy Scraps $700 Million U.S. Solar Plants, Maeil Says
China's imports of S African thermal coal surge 69% on year in Sep
Furnace oil import: MoF expresses inability to arrange funds (Pakistan)
"Finance Ministry has, reportedly, expressed its inability to arrange funds to cover more than one month's import of furnace oil critical for power generation during gas curtailment period, well informed sources told Business Recorder."

## Got food? ##
Crop Scientists Now Fret About Heat Not Just Water
"Interviews with crop researchers at American universities paint the same picture: high temperatures have already shrunken output of many crops and vegetables."

## Environment/health ##
Thai floods: Bangkok Don Muang airport suspends flights

## Intelligence/security/internet/systemic breakdown ##
An apocalyptic end to world's biggest bubble: Denial, addictions feed inability to deal with population (Paul Farrell)
U.S. Requests for Google User Data Spike 29 Percent in Six Months
Google: US law enforcement tried to get videos removed from YouTube
"Google faced down demands from a US law enforcement agency to take down YouTube videos allegedly showing police brutality earlier this year, figures released for the first time show."
Cyber-attack stole Mitsubishi warplane, nuke plant data (Japan)

## Japan ##
Japan Unveils Emergency Aid for Thai-Based Firms
Fears of flood damage grow / Growing number of industries hit by Thai supply disruptions
Everybody Print! BOJ Will Reenter Global Currency Devaluation Frenzy To Kill Yen
Computers in Diet hit by China-based cyberattack
Power station sitting on active faults
Accidents add to expense of N-power / Damage may cost 1.1 yen per kilowatt-hour
But the cost of managing nuclear waste for thousands of years is incalculable. -- RF
Japan kerosene heater sales surge on power worries
But kerosene is already ¥82/liter where I live. It's going to be expensive heat. -- RF

## China ##
Chinese See Communist Land Sales Hurting Mao's Poor to Pay Rich
Boom In Shadow Financing Exacts High Toll In China
"In recent weeks, at least 80 business owners have fled Wenzhou in eastern China and gone into hiding because they can't pay crushing debts to the city's empire of underground lending firms and loan sharks."
China's economy may face hard landing
"Analysts see ominous signs in credit, employment and monetary policy"

## UK ##
Education spending 'falling fastest since 1950s'
Choose Youth rally: 'Cuts are causing failing generation'
Time is running out for our hourglass economy

## US ##
Consumer confidence tumbles, home prices stagnate
In Cautious Times, Banks Flooded With Cash
"Bankers have an odd-sounding problem these days: they are awash in cash. Droves of consumers and businesses unnerved by the lurching markets have been taking their money out of risky investments and socking it away in bank accounts, where it does little to stimulate the economy."


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