Friday, March 30, 2012


News Links, March 31, 2012

## Global Ponzi meltdown/House of Cards ##
Poverty-stricken Greek town hits new low
"A 'humanitarian crisis' is unfolding in an impoverished Greek city where a deepening economic crisis has left thousands seeking food from an international charity more used to helping refugees and bringing aid to famine or disaster zones."
Spain announces 'extraordinary' €27bn budget cuts
Euro Zone Boosts Bailout Firewall to $1.06 Trillion
It won't be enough. -- RF
European Leaders Lying, Trillions Need to Be Printed
Told ya. -- RF
Portugal's struggles signal worries for Europe
"The country's economy is likely worse off than previously thought."
BOK's Dollar Holdings Fell to 60.5% of FX Assets in 2011
"South Korea, Asia's fourth-largest economy, pared the share of dollars in its foreign-exchange reserves to the lowest level since the global financial crisis erupted in 2007."
Jim Rogers & Peter Schiff Agree, U.S. Treasury Crisis In 2013
Oman's office prices tumbled 33% last year
"Commercial property prices in Oman fell by a third last year as an oversupply of units began to take effect, according to a new report."
German Retail Sales Fell Again in February
"German retail sales unexpectedly declined for a second month in February as rising energy prices sapped household purchasing power."

## Airline Death Spiral ##
Airline industry on brink of losses – IATA
Cargolux posts $18.3m loss in 2011
Summer airfares may be most expensive in seven years (India)
China Southern Annual Profit Drops 12% on Higher Jet-Fuel Prices
Losses keep mounting at American Airlines
Qantas raising fares to tackle high fuel cost

## Fault lines/flashpoints/powder kegs/military/war drums ##
Police to 'sweep' Athens and send illegal immigrants to camps
Iran helps Syria ship oil to China: sources
"Iran is helping its ally Syria defy Western sanctions by providing a vessel to ship Syrian oil to a state-run company in China, potentially giving the government of President Bashar al-Assad a financial boost worth an estimated $80 million."
There's a lot of nose-thumbing at the US happening here. -- RF
Odds Still Fat That Iran Attack Happens After Election (Forbes)
Rockets explode as Arab leaders meet in Baghdad
"Three rockets exploded around Baghdad on Thursday despite a massive security operation as Shi'ite Prime Minister Nuri al-Maliki hosted the country's first Arab League summit in two decades."
In Exchange for Arms, Philippines OKs Greater US Military Presence
Yemen LNG pipeline blown up, output halted after drone attack
"A U.S. drone attack killed at least five suspected al Qaeda militants in southern Yemen on Friday, and gunmen retaliated by blowing up an LNG pipeline, forcing output to be stopped, officials and energy workers said."
Afghan Witnesses Say Sgt. Robert Bales Did Not Act Alone

## Global unrest/mob rule/angry people/torches and pitchforks ##
'Concerned citizens' interrupt Flaherty's budget speech (Canada)
One killed as Palestinian Land Day sees clashes
Detroit High School Protest: Students Suspended After Demanding 'An Education'

## Energy/resources ##
PetroChina overtakes Exxon as top oil producer
Citigroup's Overly Optimistic Energy Projection for 2020
The Latest Non-OPEC Oil Supply Data, and Discussion
More good analysis by Gregor Macdonald. --RF
Obama says enough world oil to crack down on Iran sales
Never say die, even when it's obvious that you're totally wrong, and spouting transparent lies. If there were "enough" oil, the price would be down to no more than $80/bbl. In reality, airlines and refineries are going bust. -- RF
U.S. stymies Iran bid to snatch Iraqi oil
Pakistan, Russia consider Iranian pipeline
Indonesia Parliament Gives Government Leave to Raise Fuel Price
"Indonesia's parliament amended a law to allow the government to raise fuel prices should crude exceed a budget assumption, paving the way for an increase even as the biggest public protests since 2008 threaten President Susilo Bambang Yudhoyono's efforts to contain the budget gap."
India may buy at least 260,000 bpd extra oil in 2012/13
Mideast Oil-Tankers Bookings Reach This Year's High
Water: May not be one of cheapest commodities much longer
US Wind Generation to Stall Next Year

## Infrastructure scavenging ##
Copper theft up 4.1% in February to R22.8m (South Africa)

## Got food? ##
FDA finally responds to GMO-labeling campaign but differs on numbers of supporters
In pictures: West African food crisis
Slaves Put Squid on Dining Tables From South Pacific
Enjoy your globalized food. -- RF

## Environment/health ##
High Methane in Pennsylvania Water Deemed Safe by EPA
"Tests by the Environmental Protection Agency of water in Dimock, Pennsylvania, found elevated levels of methane consistent with leakage from gas drilling nearby, according to scientists who reviewed the data."
One Person Adds 37 Million Bacteria to a Room

## Intelligence/security/internet/systemic breakdown ##
Congress says 'no' to protecting your Facebook privacy
Hackers Breach Credit Card Processor; 50K Cards Compromised
I'm glad I don't have any credit cards. -- RF

## Japan ##
Japan to lift entry ban on some Fukushima cities
In case you were wondering, I won't be going there. -- RF
Output fall clouds recovery
High levels of cesium found in tanks at 18 Yokohama schools
"The Kanagawa Prefectural Board of Education said Friday that high levels of radioactive cesium had been found in tanks at 18 schools in Yokohama.
"According to the board, 44 schools in the city use rainwater for flushing toilets. The rainwater is first stored in underground tanks."
Highest level of radioactive cesium to date found in freshwater fish in Fukushima village
"Radioactive cesium far exceeding the allowable limit and way higher than previously detected contamination levels in fish has been found in river trout here, the prefectural government said on March 28."

## China ##
China's crude oil production challenges

## UK ##
UK: Record number of university drop-outs
David Cameron seeks to reassure motorists that fuel will not run out
Ministers under pressure to bring in emergency rationing as 999 crews struggle to get hold of fuel
"Ministers are under pressure to invoke emergency powers giving 999 vehicles priority at filling stations after it emerged that ambulance drivers have been struggling to get hold of fuel."
Students Sell Their Faces to Pay Off Debt
U.K. House Prices Drop Most in Two Years as Loans Fall: Economy

## US ##
Villaraigosa says L.A. must lay off 'a large number of people'
Bank of America branch manager admits stealing $2M from customers
U.S. sees lifetime cost of F-35 fighter at $1.45 trillion
"The U.S. government now projects that the total cost to develop, buy and operate the Lockheed Martin Corp F-35 Joint Strike Fighter will be $1.45 trillion over the next 50-plus years, according to a Pentagon document obtained by Reuters."
This isn't surprising, as such high-tech machines are highly complex and embody a very large amount of energy, which is increasingly expensive. -- RF
Best Buy to close 50 big box stores, cut 400 corporate jobs
Demand for U.S. Debt Is Not Limitless (WSJ)
"In 2011, the Fed purchased a stunning 61% of Treasury issuance. That can't last."
A Cashless Society May Be Closer Than Most People Would Ever Dare To Imagine
One purpose would be to strangle the underground economy. But people will just resort to barter or other media of exchange. To people on the edge, it's all about survival. -- RF
Sovereign citizen rank raising
"The number of so-called sovereign citizens -- those who reject government authority in any form -- is growing in the United States, a watchdog group says."
Digital Rail Crash-Avoidance System Runs Into Trouble
Economic Confidence Erodes in Battered Cities

<< Home

This page is powered by Blogger. Isn't yours?