Wednesday, May 09, 2012


News Links, May 10, 2012

## Global Ponzi meltdown/House of Cards ##
Moody's Bank Downgrades Risk Choking European Recovery
"Moody's Investors Service will this month start cutting the credit ratings of more than 100 banks, a move that risks pushing up their funding costs and forcing them to curb lending in a threat to economic growth."
Spanish lender Bankia is partly nationalized
Audit Shows Spain's Bankia Short 3.5 Billion Euros; PP says "We Must Help Bankia, It Has Deposits for 10% of GDP"
Spanish bond yields cross 6% again
Spain wants banks to find an extra $45 billion: sources
"Spain will demand banks set aside another 35 billion euros ($45 billion) against loans to builders, financial sources said, as it battles to rebuild confidence in a sector where huge losses have raised fears the country may need an international bailout."
Greece Says Goodbye to the Euro
"Greece already has left the eurozone. The formality of the paperwork is only a few months away, at most."
Europe Is 'Slowly Crumbling': Expert
Nigel Farage: "The EU Titanic Has Now Hit The Iceberg"
Italian Banks' ECB Borrowings Increase to Record High in April
Without Growth, There's Only One Ending for Euro Debt Crisis

## Airline Death Spiral ##
Singapore Airlines Reports Surprise S$38.2 Million 4Q Net Loss
Cathay Pacific: Expect 1st Half Financial Result "To Be Disappointing"

## Fault lines/flashpoints/powder kegs/military/war drums ##
Saudi says producers pumping enough to deal with Iran sanctions
Britain seeks delay to EU's Iran ship insurance ban
"Britain is seeking to persuade fellow European Union members to postpone by up to six months a ban on providing insurance for tankers carrying Iranian oil, arguing that it could lead to a damaging spike in oil prices, European diplomats said."
Hey, didn't the British get the message from KSA? -- RF
Iran could Avoid Economic Blow of US Sanctions by Accepting Chinese Yuan
US Weapons-Grade Uranium Diverted to Israel: Secret NUMEC Investigation Files Now Online - IRmep
Cnooc Deploys Oil Rig as Weapon to Assert South China Sea Claims
U.S. Committed to Upholding Security Pact: Philippines
U.S.-Jordan Spec Ops Exercise to Involve 12,000 Troops

## Global unrest/mob rule/angry people/torches and pitchforks ##
Fearful nights in Damascus as unrest gets closer
China warns citizens ahead of Manila protest
"China warned its citizens in Manila to stay off the streets and take precautions during planned anti-Chinese protests on May 11, a sign of mounting tensions during a standoff in the resource-rich South China Sea."
Police move on Berkeley 'Occupy the Farm' group
Protests mark Bank of America meeting; four arrested
Canceled Elections: Rally in Tel Aviv to Protest Israel's New Coalition

## Energy/resources ##
Iraq oil exports rise, but problems remain
"Iraq says its oil exports rose to 2.5 million barrels per day in April, which it aims to double by 2015. But Baghdad's objective of become a top-line producer, challenging Saudi Arabia, remains in jeopardy because of political feuding and a lack of infrastructure."
Oil Drilling Firms Face Sea of Troubles in KG Basin
"Once seen as the solution to India's energy problems, the Krishna-Godavari Basin's gas reserves, and the companies that have drilled there, are in a sea of troubles with mounting uncertainty over government policy and question marks about how much gas can be extracted."
Brazil oil output falls in March for second month
"Brazilian output of oil and natural gas fell 5 percent in March from February, the second straight month-on-month decline and the lowest monthly average in seven months, Brazil's oil regulator, the ANP, said in a statement."
Turning natural gas into diesel fuel
Valero May Sell Shuttered Aruba Refinery to China

## Got food? ##
Rising temperature to hit wheat production in India, says report

## Environment/health ##
Brazil faces its worst drought in decades (video)
Giant sunspot could hurl strong solar flares toward Earth
Musings: New Fracking Study Suggests Possible Water Contamination

## Intelligence/security/internet/systemic breakdown ##
Reports: Bomber in al Qaeda plot a secret CIA double agent

## Japan ##
Japan to take over Tepco after Fukushima disaster
And hefty rate hikes are in the offing. -- RF
150 suicides last year attributed to failed job hunts

## China ##
Sinopec, PetroChina Facing Processing Losses on Price Cut
"China Petroleum & Chemical Corp. and PetroChina Co., the nation's biggest oil refiners, face more losses from processing crude after the first cut in fuel prices since October."
Chinese media accidentally declares Philippines as part of China
"An anchor on China's state-run television network has accidentally declared the Philippines a part of China, in an embarrassing gaffe as tensions between the two nations run high."

## UK ##
Occupy London Tour Shows Bankers Profiting Amid Poverty
NHS report warns hospital services in danger of collapsing
Navy 'forced to drop year-round Somalia piracy patrols'
"The Royal Navy no longer has enough warships to dedicate one to fighting piracy off the coast of Somalia all year round, it was reported."
Queen's Speech 2012: Children born today 'will work to 80' under pension reforms

## US ##
States scramble to regulate fracking
23% of U.S. families have no savings
Dow Falls 6th Day in Longest Slump Since August on Greece
Your retirement health-care tab will run $240,000
Three Chinese banks expanding in U.S.
A Third Of Young Americans Without Work
The Bill To (Mostly) Avoid Blackouts? $75 Billion Annually
"Despite more than a quarter of a trillion dollars in investment from 2001 to 2010 the US is still facing an enormous shortfall in electricity infrastructure."

And finally‚Ķ Bra with built-in ice packs aims to keep women cool

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