Saturday, May 12, 2012


News Links, May 11, 2012

## Global Ponzi meltdown/House of Cards ##
Greece's Jobless Soar By 42% As Unemployment Rises To Record, Industrial Collapse Accelerates
Trying To Avoid Bailout, Spain Takes On Ailing Banks
Spain Underplaying Bank Losses Faces Ireland Fate
Merkel says "growth on credit" would deepen crisis
India's Central Bank Takes Action on Rupee
"India's central bank Thursday moved aggressively to halt a sharp slide in the rupee, imposing foreign-exchange restrictions on companies and tightening trading rules for banks, but analysts said the measures may not be enough to reverse the currency's downward trend."
Marc Faber: "Bureaucrats in Brussels make US government look like an organization of geniuses", says Markets Will Crash like 1987 Without QE3 (Mish)
The End of the Debt Supercycle Draws Near
'Cornucopians in Space' Deliver a Dangerously Misguided Message (Gregor Macdonald at Financial Sense)
Cisco sees dark clouds on the economic horizon

## Airline Death Spiral ##
Emirates airline's 2011 net profit down 72% on high fuel costs
World's Biggest Airlines Shaping up with the Merger of US Airways and American Airlines
Cathay Pacific to Cut Air Cargo Capacity

## Fault lines/flashpoints/powder kegs/military/war drums ##
Tehran Sets Trade Deals With India Amid Curbs
"An Iranian trade delegation to India has sealed deals to buy shipments of rice, sugar and soybeans from the South Asian country, as part of a plan for Tehran to use such pacts to get around U.S. financial sanctions on its oil shipments."
Iran aims to export electricity to India
Hillary must be furious. -- RF
Chinese travel agencies suspend trips to Philippines
"Chinese travel agencies have suspended tourist packages to the Philippines and promised refunds to customers who have booked trips, Chinese state media reported Thursday, as tensions over disputed islands in the South China Sea escalated."
China's CNOOC starts deepwater drilling
"China National Offshore Oil Corp. has started China's first deep-sea drilling project in the South China Sea amid heightened territorial tensions over the disputed area."
U.S. plans 10-month warship deployment to Singapore
"The first of a new class of U.S. coastal warships will be sent to Singapore next spring for a roughly 10-month deployment, the Navy said on Wednesday, spotlighting a move that may stir China's fears of U.S. involvement in South China Sea disputes."
China raises number of ships at Scarborough Shoal to 33
Chinese media warns of war with Philippines
Indian nuclear sub enters South China Sea
The coming arms race for Arctic oil
Fifteen people beheaded in Mexico, drug gang suspected
Egypt gets $1 bln from Saudi as ties warm
Putin flexes muscle in shunning U.S.-hosted G8 talks
"Of all the signals and symbols that shape Russian foreign policy, this one seemed particularly blunt: Vladimir Putin, in one of the first decisions of his new presidency, will shun a Group of Eight summit hosted by U.S. President Barack Obama."
Obama Sends US Special Ops Back into Yemen

## Global unrest/mob rule/angry people/torches and pitchforks ##
Nigel Farage warns of EU 'mass unrest' and 'revolution'
"UK Independence Party leader Nigel Farage has warned that some EU countries face 'mass civil unrest, possibly even revolution' as a result of austerity cause by the euro crisis."
Guinea security forces clash with protesters
"Guinea security forces used guns, tear gas and truncheons on Thursday to scatter protesters angered by the government's handling of upcoming parliamentary elections, witnesses said."
Lahore electricity shortage sparks protests

## Energy/resources ##
Nigerian Troops Capture 2 Tankers Carrying Stolen Crude
Brazil shelves plans to build new nuclear plants
"Brazil said Wednesday it has shelved plans to build new nuclear power stations in the coming years in the wake of last year's Fukushima disaster in Japan."
Saudis face growth limits over natural gas supplies
"A shortage of natural gas could affect future industrial growth in Saudi Arabia, according to the head of Jubail Industrial City, the world's largest petrochemical cluster.
"Jubail, with a current annual production capacity of 68 million tonnes, has already embarked on an expansion that will add a further 21 million tonnes, but any further expansion will bump up against limitations in available feedstock."
Solar Industry Takes Another Blow
ICCI concerned over growing electricity outage
Israel Considers Power Shortage for Summer
"Israel is considering how to deal with possible power shortages this summer after Egypt reneged on its contract  to supply natural gas."

## Got food? ##
Thomas Jefferson's Vegetable Garden: A Thing Of Beauty And Science

## Environment/health ##
Whooping cough epidemic declared in Wash. state

## Intelligence/security/internet/systemic breakdown ##
British secret agent was al-Qaeda mole who cracked new 'underpants' bomb plot
Sit back and enjoy the show as the stories get more elaborate. -- RF
FBI: Fake Underwear Bomb Plot Proves Need for Warrantless Surveillance
"The underpants were real, but the plot to blow up an airliner over the US wasn't.
"Though it turns out that the so-called bomber unveiled by the Obama Administration on the anniversary of Osama bin Laden's assassination turned out to be a CIA employee, officials still continue to try to make hay out of him being 'foiled' to their own ends."
The secret life of your cellphone
"In a threat to the 4th Amendment, law enforcement is using location data as a crime-fighting tool."
USAF Drones May Conduct "Incidental" Domestic Surveillance

## Japan ##
We have a wave of bad news about Japan today. Indeed, it's clear that the old Japan is dying. Fortunately, a new Japan is being built, even though it does not appear in the media. -- RF
Cesium content surges up to 70% in Tokyo Bay
"Researchers measuring fallout from the Fukushima nuclear disaster say radioactive cesium deposits in Tokyo Bay have increased by up to 70 percent since last summer."
Japan central gov't debt at record 959.95 tril. yen in March
"The debt of Japan's central government reached a fresh record high of 959.95 trillion yen ($12.05 trillion) at the end of March, up 0.14 percent from three months earlier, the Finance Ministry said Thursday."
Japan's GDP could shrink by up to 5% in 2030 without nuclear power
It's going to shrink much more than that, and before 2030. -- RF
Electricity rates would double if nation is nuclear-free in 2030
Claiming that nuclear is cheaper is financial sophistry. All the backend costs of nuclear power are not included in their calculations. -- RF
After The Quake, Japanese Shop For Survival
"Walk into any large Japanese retailer nowadays, and you might think Japan had become a nation of survivalists."
Japan sees record drop in current account surplus
"Japan's current account surplus halved in the year to March, a record year-on-year fall on higher fuel costs and weak exports, and the nation's smallest surplus since the mid-1990s."
Nippon Sheet Glass Foresees Deeper Losses
Chipmaker Renesas remains in red in FY11
Olympus reports 49 bil. yen net loss for FY 2011
Sony reports record annual loss
"Sony Corp. racked up a record annual loss of 457 billion yen ($5.7 billion) in its fourth straight year of red ink as the once-glorious maker of the Walkman and PlayStation struggles toward a turnaround under a new president."
Toyota profits skyrocket amid recovery from 3/11 disasters
Now taking bets on how long this can last. -- RF
Govt's New Growth Measures Hardly Making Difference
"Just about 10% of 400 or so measures proposed under the government's new growth strategy initiative had produced results after nearly two years, according to data presented in a National Strategy Council meeting Thursday."
Because growth is dead. -- RF
Kepco to delay regular checks at 13 thermal plants
"Kansai Electric Power Co. officials revealed Tuesday that 13 of the utility's 28 thermal plants will have their regular checks postponed to keep them online this summer."
TEPCO faces major challenges in avoiding bankruptcy

## China ##
More Anecdotes From China on Plastics, Metalworking, Unused Roads, Vacant Housing
China risks fresh demand downturn, trade data shows
"China risks a fresh downturn in demand for goods from its massive factory sector, with weaker than expected exports and stalling headline import growth signaling that government spending is the crucial factor keeping the economy moving."
Chinese trade hits the brakes
China's Net Crude Imports Fall to Four-Month Low on Slowdown
China Iron Ore imports hits 6 month low in April
Aggressive begging on China's subways getting worse, say passengers
China Gives Up On Europe, Will Target Africa Instead
CIC Stops Buying Europe Government Debt on Crisis Concern

## UK ##
Thousands of public sector workers strike over pensions

## US ##
States cut off driving privileges for unpaid tickets
Bernanke: even worthy borrowers can't get mortgages
Guns or butter: To Avoid Military Cuts, House Passes Domestic Ones
"The GOP-controlled House Thursday passed legislation to replace a looming 10 percent cut to the military budget with cuts to domestic programs like food stamps and health care."
Mortgage Rates in U.S. Fall to Record Lows With 30-Year at 3.83%
Despite bump, Las Vegas home prices expected to fall through 2013
Nevada Gambling Revenues Down -11%
US wind energy market uncertainty freeze installation of Gamesa wind turbines
U.S. 2012 coal use to fall to 25-year low: EIA
JPMorgan $2 Billion Loss–Stock Down 6%

And finally… Prince Charles Is A Charming Weatherman
Methinks the prince missed his calling. -- RF

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