Friday, February 10, 2012


News links, February 11, 2012

## Global economic meltdown ##
Greece deal fails to convince, EU demands more
Greece must back bailout or face catastrophe: Papademos
How Rescuing Greece Could Destroy the World
"Yesterday Standard & Poor's warned that even if Greece's private sector creditors agreed to a 70 percent reduction in the value of their bonds, Greek debt will still be unsustainable."
Dow Logs Worst Day of 2012 Amid Greek Drama
S&P downgrades 34 Italian banks
IMF Says Singapore's Near-Term Economic Outlook 'Clouded' by Uncertainty
Clouded? Singapore is a grossly overpopulated plot of land which has bet everything on a gigantic Ponzi scheme that is already unraveling. -- RF
Petroleum 3-Month Rolling Average Turns Sharply Lower; Negative Shipping Rates; Collapse in Global Trade (Mish)
The New Geography of Trade: Globalization's Decline May Stimulate Local Recovery
"It is an article of faith that global trade will be an ever-growing presence in the world. Yet this belief rests on shaky foundations. Global trade depends on cheap, long-distance freight transportation. Freight costs will rise with climate change, the end of cheap oil, and policies to mitigate these two challenges."
Frozen Danube river is costing shippers millions
Burden on Low-Income Households as Prices of Cabbage, Kerosene Oil Soar (Korea)
Debt outpacing growth and the case of Japan (Daily Reckoning)
"Japan couldn't trick its way out of an economic meltdown, and neither can the US."
Ireland's Kenny Says Country Won't Impose Losses on Holders of Sovereigns

## Fault lines/flashpoints/powder kegs/military/war drums ##
Asia giants join Iran diplomacy as sanctions hurt trade
This article is more interesting for what it says about Iran's bartering system. Check out the quotes, as well as the following item from Zero Hedge. -- RF
"'The big trading houses are believed to have received crude oil and gold bullion as payment for past deals. The big boys have the ability and financial knowhow to quickly sell this on without suffering carry losses.
"'No one really wants barter payments, but the Iranians appear to be getting their act together and are offering more financial payments in currencies apart from dollars or euros. Yen and Brazilian reals are being mentioned a lot.'
"Another trader said: 'There is talk that banks in Bahrain are playing ball with Iran and helping out with payments. There is also talk that payments are being made via Venezuela.'"
A Very Different Take On The "Iran Barters Gold For Food" Story
Israel Likely to Bomb Iran This Year: Political Analyst
Indonesia says would study any barter approach from Iran
Report: Saudi Arabia to buy nukes if Iran tests A-bomb
Nigeria insurgency beginning to take toll on economy
"An increasingly violent insurgency by Islamist sect Boko Haram in Nigeria's economically stagnant north has begun pressuring the country's finances by forcing extra spending on security."
US Restarts Drone War in Pakistan With Back-To-Back Strikes

## Global unrest/mob rule/angry people/torches and pitchforks ##
Syria violence spreads to Aleppo as bomb blasts kill 28
Greek police union wants to arrest EU/IMF officials
"Greece's largest police union has threatened to issue arrest warrants for officials from the country's European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures."
Clashes as Greeks protest at cuts
Occupy Cal Protesters Set Up Tents At UC Berkeley
Protests against power cuts turns violent in Coimbatore (India)
Brazil's police strike spreads to Rio
"Rio police demand higher wages days after officers stopped work in Bahia, forcing government to send in federal troops."

## Energy/resources ##
Methinks KSA doesn't have much say in the matter anymore. Besides, has the prince checked the price of Brent crude lately? -- RF
Europe Power-Nuclear outage lifts French weekend price
"French weekend prices jumped early on Friday as a second unplanned nuclear outage within 12 hours caused panic in the market about a supply shortage, but prices for next week were steady as warmer weather was expected to ease demand pressure."
Shortage in Energy Supply: Austria Helps Germany Out
Tamil Nadu reels under power shortage (India)
"With electricity demand touching 11,500MW and generation remaining at 7,500 MW, the state is reeling under acute power shortage, prompting the government to resort to long hours of unscheduled power cuts."
Central Asia, Iran and Turkey in cold-snap power struggle
"This winter has been a serious test of strength, not only for electric power systems in Central Asia, but also for their good relations with neighbours."
"The Ministry says that Bulgaria's energy system is currently working with no reserves and at full power, including hydroelectric power stations."
Power cuts in Serbia as Europe's deep freeze threatens national grid
"Serbia has started implementing power cuts in a desperate bid to stave off the collapse of its national grid as the country suffers the effects of days of freezing temperatures."

## Infrastructure scavenging ##
Metal theft epidemic at crisis point as even street sign is stolen

## Got food? ##
Hungary Destroys All Monsanto GMO Corn Fields
Great! More government complexity, higher energy throughput. This looks like a winner. -- RF
At such a high rate, most people will shop on the black market as much as possible. -- RF
"More than seven million households in the UK are currently estimated to be living in fuel poverty, a leading energy charity reveals....
"It says around 25,000 more people die over the winter months compared to the rest of the year with pensioners, long-term sick and young children most at risk."
Pensioners going back to work 'because they need money'

## US ##
Instead of building bunkers, they should be building a new society. You might find preserved food, guns, and chemical toilets in bunkers, but you won't find the future. -- RF
US workers behind Korea, UK, Germany, 19 others in science and math
"When it comes to churning out young workers with college degrees in math and science, the United States lags well behind other advanced democracies, ranking just behind Turkey and Spain, according to a new analysis."

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