Saturday, May 12, 2012

 

News Links, May 13, 2012

## Global Ponzi meltdown/House of Cards ##
Greece will run out of money soon, warns deputy prime minister
"Greece's deputy prime minister has said the country will run out of money in six weeks unless it honours its bitterly-disputed EU bailout deal."
World's Richest Lose $17 Billion as Slim's Fortune Drops
"The world's richest people lost a combined $17.1 billion this week as concern over JPMorgan Chase & Co. (JPM)'s $2 billion trading loss and the weakening euro pushed the Standard & Poor's (SPY) 500 Index to a two-month low."
This is heartbreaking. I shall pray for the rich tonight. -- RF
Dismal China, India data signal slowing growth
Steel market in India looses a long drawn battle
"Week 19 proved to be turning point in long product market with widespread cracks appearing across the nation. Economy and government in a logjam over acute monetary crisis and plummeting indicators can barely augur well."
Canada's 'Globe and Mail' rolls out paywall and asks staff to take unpaid leave
Japan to speed pact with Korea, China: WSJ
Chaos, Derivatives, and Quantum Physics
"Every day the financial markets get more chaotic—a fact that couldn't be made any more clear than with a recent revelation given by ex-physicist and author, Nick Dunbar, in describing a new level of complexity facing banks and derivatives. Ironically, Thursday night's emergency conference call by JP Morgan of a massive $2 billion unavoidable loss is perhaps a confirmation of what banks are now starting to grapple with."

## Airline Death Spiral ##
American Airlines to explore merger options
"AMR Corp, parent of American Airlines, bowed to pressure on Friday from its unsecured creditors, including its largest labor unions, and said it would explore merger options while it is still in bankruptcy."
US Airlines' Average Fuel Cost Jumped 10% In March From Year Ago - BTS
Lan Airlines First-Quarter Profit Drops 22% on Fuel, Cargo
"Lan Airlines SA (LAN), Latin America's largest carrier by market value, reported a 22 percent drop in first-quarter profit as fuel costs rose and growth in cargo operations slowed."

## Fault lines/flashpoints/powder kegs/military/war drums ##
Putin's no-show at U.S. meeting with Obama sets a sour tone
US-Philippine alliance deepens amid China tensions
China denies preparing war over South China Sea shoal
"The defence ministry statement comes despite warnings to the Philippines that military conflict is possible over a reef known as the Scarborough Shoal."
Gulf leaders 'to discuss Bahrain-Saudi union'
"Gulf leaders will discuss a proposal for a closer political union among them that could begin with Saudi Arabia and Bahrain, the Bahraini information minister said on Saturday."
Drone Strikes Kill Al-Qaeda Suspects Amid Yemen Offensive
No need for trials. They only need to be suspects. -- RF
U.S. Seeks Global Spec Ops Network
Men in Afghan Uniforms Kill 2 More NATO Soldiers
"Now almost a daily occurrence, the attack is the third of its kind this week."

## Global unrest/mob rule/angry people/torches and pitchforks ##
Thousands march against economic gloom in Spain, UK
"Thousands of Spaniards fed up with economic misery and waving banners against bankers marched on Saturday to mark the first anniversary of the grassroots "Indignados" movement that has sparked similar protests around the world."
Fire bombs thrown at tax office in central Italy
Tax Collection Violence in Italy: Mail Bombs in Rome, Police Clashes in Naples, Molotov Cocktails in Livorno
'Occupy' protesters rally against 'predatory capitalism' in London
Chicago police to deploy range of protest tactics

## Energy/resources ##
Fuel Shortage of Power Generation Units (India)
Electricity, steel giants blame each other on electricity shortage (Vietnam)
South Africa loans Malawi $35 mln to fight fuel shortage
Another fuel shortage to hit Freetown (Sierra Leone)
Petrol shortage hits consumers (Nepal)
Mexico spending heavily on troubled oil field: watchdog
Global refining capacity surplus set to reach 6 million b/d by 2016: IEA
Oil prices to stay high despite ample supply
"Tension between Iran and the West is likely to keep oil prices high despite a dramatic improvement in world supply and a big build in stocks, the International Energy Agency (IEA) said Friday in its monthly Oil Market Report, adding that uncertainty remained."
Why Going "Naked To The Strip" Means More Pain For Nat Gas Companies
Fuel worth USD 5 million stolen monthly from Basra
"AKnews reported that more than USD 5 million worth of fuel is stolen each month from the amount allocated to three Turkish barges that produce power in Basra, a government investigation has revealed.
"The Iraqi Electricity Ministry announced the discovery from an ongoing investigation into fuel theft. The Turkish barges were used to help compensate for the acute shortage of energy in the region."

## Got food? ##
UN backs standards securing land, food rig
"A United Nations-backed committee Friday released new guidelines to help governments protect people's rights to own or access land, fisheries and forests."
Farmer fights delivery ban on raw milk

## Intelligence/security/internet/systemic breakdown ##
US spy agency can keep mum on Google ties: court

## Japan ##
Lack of babies could mean the extinction of the Japanese people
Here we have the laughably absurd, mad ravings of the Old Guard, which believes in expanding population to make more consumers and feed infinite growth. Pay no attention to that man behind the curtain! -- RF
Japanese industry faces obstacles on road to recovery
"Looming power shortages and the prolonged sovereign debt crisis in Europe are overshadowing corporate Japan's hopes for a V-shaped earnings recovery for the current fiscal year."
Japan to avoid mandatory power saving in summer-media
"Japan will not impose mandatory restrictions on power consumption in parts of the country this summer, relying instead on voluntary saving measures following the shutting down of nuclear power reactors, the Yomiuri newspaper said on Saturday."
Power-saving to be requested for wide areas of Japan this summer
"The government is considering asking companies and households in wide areas of central and western Japan to cut electricity use by around 5 percent of the maximum demand recorded during the very hot summer of 2010, sources close to the issue said Saturday."
TEPCO to offer billing system to curb summer power use
"Facing criticism over its planned price hikes, Tokyo Electric Power Co. will offer consumers a 'peak shift plan,' which charges more for power during afternoon hours but reduces the rates at night."
Panel Approves Report That Expects 18.7% Power Shortfall In Kansai This Summer
"A panel set up by the Japanese government approved Saturday a report that predicts an up to 18.7% power shortfall this summer in the important manufacturing region around Osaka area."
Shrinking home electronics market behind Bic Camera-Kojima merger
Restructuring wave looms / More changes may be coming as electronics retailers' sales slump
Japan hikes price of solar energy

## China ##
China acts to boost loans, bolster flagging economy
Economic growth through debt expansion. We already know how this will end. And it won't be pretty. -- RF
Safety concerns bring China-Philippines tourism to grinding halt

## UK ##
Sonic weapon deployed for Olympics
Figures expose mounting crisis in care for elderly
"Britain's crisis over caring for the elderly is mounting because of a combination of rising costs and falling house prices, new research reveals."

## US ##
Chicago police prepare for NATO Summit with riot gear and sound cannon
Chesapeake wins breathing space with $3 billion loan
"Chesapeake Energy Corp said it had received a $3 billion loan from Goldman Sachs and Jeffries Group that will give it breathing room to sell assets and close a funding gap this year."
Americans say: You can't pay me to tolerate a power outage
Saudi, Egypt orders to keep US tank plant running
The Inflation of Life - Cost of Raising a Child Has Soared
West Virginia coal-to-gasoline project lining up coal reserves
"TransGas Development Systems' planned coal-to-gasoline facility in Mingo County, West Virginia, is in the process of acquiring coal reserves to supply the plant, according to a project manager."
Living the California debt based dream – Bankruptcies in California increased 557%
Domestic drones could be hijacked or jammed, pilots and manufacturers warn




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