Friday, May 18, 2012


News Links, May 19, 2012

## Global Ponzi meltdown/House of Cards ##
Santander Among 16 Spanish Banks Downgraded by Moody's
18 Signs That The Banking Crisis In Europe Has Just Gone From Bad To Worse
Spanish Bad-Loans Ratio at 8.37 Percent, a 17-Year High; CDS at Record High
Spain may again revise 2011 deficit upward
Ex-ECB Chief Trichet Unveils Bold Plan to Save Euro
"Europe could strengthen its monetary union by giving European politicians the power to declare a sovereign state bankrupt and take over its fiscal policy, the former head of the European Central Bank said on Thursday in unveiling a bold proposal to salvage the euro."
Dow Swoons for Sixth Day
China Stocks In Trouble As Hang Seng Breaks Support Again
"Bearish sentiment from investors has taken the Hang Seng Index through its 19,000 support level for the second time in less than 72 hours, opening nearly 500 points lower Friday in Hong Kong to 18782 points.  Investors seem to be heading for the mattress and safety deposit boxes, avoiding even the dollar and euro fixed income."
Long steel product market nose dives as the economy dithers in India
Tata Steel Net Tumbles 90% as Europe Crisis Cuts Demand, Prices
Youth apathy to cars a worrisome trend
Facebook Stalls in Public Debut After Record $16B in IPO
JPMorgan unit has $100 billion in risky bonds
Where nervous Greeks are stashing cash (CNN Money video)

## Airline Death Spiral ##
Cloudy Skies for Asian Airlines
Rival Airlines Raise Fares as Air India Suffers
Are airline carbon levy wars a sign of things to come?

## Fault lines/flashpoints/powder kegs/military/war drums ##
Israeli Leadership Hardens Stance, Plans Iran Attack
"'It Is Going to Happen,' Insists Top Official"
Experts puzzled by mysterious UAVs on Chinese frigate
Medvedev Warns of 'Full-Blown Wars'
ANALYSIS: The coming arms race in Asia and the Pacific

## Global unrest/mob rule/angry people/torches and pitchforks ##
Anti-war protesters march at Obama campaign headquarters
On the Eve of the NATO Summit, Is Phone Jamming Coming to Chicago?
Al-Qaeda leader Ayam al-Zawahri calls on Saudi Arabia to rise up
"Al-Qaeda chief Ayman al-Zawahiri has urged Saudis to follow the example of the Arab Spring and rise up against their rulers."
Thousands protest in Bahrain against Gulf union plan
"Tens of thousands of mainly Shi'ite protesters rallied in Bahrain on Friday against proposals for closer ties with other Gulf Arab countries, a plan pushed by Saudi Arabia to contain dissent in Bahrain and counter Iran's regional influence."
Charest launches legislation to crack down on student protests (Canada)
"Just hours after the Quebec government responded to student groups with an offer to resume negotiations, it unveiled legislation Thursday night that would crack down on protesters – and especially the student groups that endorse demonstrations."
Syria forces kill two in Damascus as thousands rally
Police detain 400 "Blockupy" activists in Frankfurt
"German police said they detained 400 anti-capitalist protesters in Frankfurt on Friday for defying a ban on demonstrations against austerity policies implemented to tackle the intensifying euro zone debt crisis."
Possible Sale for Strategic Oil Reserves on G8 Agenda
"At this weekend's meeting of the leaders of the G8 countries (the US, the UK,Germany, Japan, Canada, Italy, France, and Russia) at Camp David, President Obama is expected to raise the issue of selling crude oil from strategic reserves in a move to lessen the impact of tough restrictions on the sale of Iranian oil which begin in July."

## Energy/resources ##
Saudis, soaring costs may keep oil above $100
"Oil industry executives and bankers are assuming oil prices will stay above $100 a barrel in the year ahead, despite mounting economic worries, as any fall below that level would trigger a cut in Saudi Arabia's output and force closures at high-cost projects around the world."
Uruguay Prepares For Serious Power Shortage With Lack Of Rainfall
Spot power prices may go up 17% by June (India)
California & Texas summer power supplies tight - FERC
Coal shortage may affect power sector: Vinacomin
"Vinacomin, or the Vietnam National Coal and Mineral Industries Corporation, said in a conference held by the General Department of Energy yesterday that it cannot afford the coal supply for the power sector, adding that the country may face power shortages in 2015 due to a short supply of coal."

## Infrastructure scavenging ##
Plaque to boys killed by IRA Warrington bomb stolen (UK)

## Environment/health ##
Deadly virus hits Canada salmon farm

## Intelligence/security/internet/systemic breakdown ##
House panel calls for serious cuts to propaganda spending (US)
Egad! The fiscal situation is much more desperate than I had imagined! -- RF
Saudi Arabian Hackers Attack Iranian Oil Companies
How Stuxnet came back to haunt the U.S.
Exclusive: Drugmakers weigh emergency supply plan for Greece
"International drugmakers are working with European authorities on emergency plans to keep medicines flowing into Greece if the country crashes out of the euro."
Thailand's national ID database crash attributed to 'server problem'

## Japan ##
Idemitsu, JX, Cosmo Oil Renew Crude Term Contracts With Iran
Edano dissatisfied with Japanese bank's freezing of Iranian assets
"Japanese industry minister Yukio Edano expressed dissatisfaction Friday over the Bank of  Tokyo-Mitsubishi UFJ's freezing of the Iranian government's assets in response to an order by the New York State Supreme Court.
"'What's happened is clearly wrong because a U.S. court decision isn't supposed to apply outside the United States,' Edano said at a press conference after a Cabinet meeting."
Govt Panel Pushes For Total Liberalization Of Household Power
Tokyo stocks nosedive on concern over global economy, strong yen
Domestic TV production facing crisis

## China ##
China's Car Dealerships Struggle as Stockpiles Increase
"Unsold cars are crowding dealer lots in cities from Guangzhou in the south to Xi'an to the west. It's like a contagious disease that will spread."
Chinese steel mills defer iron ore shipments - Report
China Property Prices Extend Fall
China Continues its Focus on Cyber: Report

## UK ##
Britain needs a space port, business leaders claim
Now you're talking! -- RF
Council spent £100,000 on turbines that don't work because of too little wind
British economy may 'never quite recover' from a severe Euro collapse

## US ##
Courts choking on cash deficit
"Deep budget cuts to state courts proposed by Gov. Jerry Brown have judges predicting a 'rationing' of justice."
House Passes Stealth Legislation
"The House bill basically provides Israel with a blank check drawn on the U.S. taxpayer to maintain its "qualitative military edge" over all of its neighbors combined."
House OKs Indefinite Detention of Terror Suspects

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