Monday, May 21, 2012


News Links, May 22, 2012

## Global Ponzi meltdown/House of Cards ##
Euro Zone's Banks Are "In Tatters" Says UK Minister -Report
U.S. lets China bypass Wall Street for Treasury orders
"China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters."
Full-Fledged European Bank Run; ECB Deposit Insurance is Not the Answer; How FDIC Played a Part in the US Real Estate Bust; Monetarist Fools are Everywhere; Believe in Gold (Mish)
FINANCIAL IMPLOSION: Global Derivatives Market at $1,200 Trillion Dollars … 20 Times the World Economy
Spain says urgent measures needed for financial stability
France presses for euro area bonds as crisis salve
Jim Cramer Is Predicting Bank Runs In Spain And Italy And Financial Anarchy Throughout Europe
Number of expats in Kuwait falls 19%
In Fiery Protest, Italian Museum Sets Art Ablaze

## Airline Death Spiral ##
Turkish Airlines posts 29.3 million lira loss
Qantas to cut another 500 maintenance jobs
Ryanair warns Europe slowdown to cut profits
Airlines Could Charge Extra For Seats Together: AP

## Fault lines/flashpoints/powder kegs/military/war drums ##
Arab League to Iran: stop anti-Bahrain campaign
"The Arab League called on Tehran on Monday to halt what it described as a media campaign against Bahrain over a proposal for political and military union between Gulf Arab states."
Egypt's Brotherhood flexes muscles in push for presidency
Egypt's military to curb presidential powers in temporary constitution
Pakistan supply routes row hits Nato summit
NATO activates missile shield despite Russian anger
NATO Signs $1.7B Global Hawk Contract
Chicago NATO Summit 2012 Declaration
EU Unwilling to Exempt Korea from Iran Oil Ban
"The European Union has declined a request by Korea to exempt it from a ban on insurance of oil tankers transporting Iranian oil that begins in July. As a result, Korea may face a halt in imports of Iranian oil at the end of this month…
"Last year, 2,151 Korean companies exported products to Iran, and 85 percent of them were SMEs whose annual exports amounted to less than $1 million. 'In the worst case, we cannot rule out that many of them will  go bankrupt,' said an official at the Knowledge Economy Ministry."

## Global unrest/mob rule/angry people/torches and pitchforks ##
Tensions run high during Israeli holiday
Emergency law, celebrity support giving oxygen to Quebec protesters
"Quebec's emergency law aimed at reining in protest marches and restoring social peace failed to stop outbursts of violence during its first test over the weekend, while the months-long student movement gained some big-name support on the global stage."
Chicago Police Clash With Protesters at End of NATO March
'Life over war': US veterans return medals at NATO summit
Nato Chicago protests target Boeing and Obama HQ

## Energy/resources ##
China Oil Imports From Iran Rebound
"China's imports of Iranian crude oil recovered in April after sharp drops earlier this year, suggesting Beijing remains a steady customer despite U.S. efforts to tighten sanctions on Tehran."
Mindanao to face another round of power shortage (Philippines)
S.Africa's Eskom says power supply extremely tight
"South African power utility Eskom said on Monday that available spare supply on its electricity network had fallen to 2 percent of total capacity as temperatures fell with the onset of the southern hemisphere winter."
Israel seeks to deploy 20,000 commandos in Greek Cyprus
"Israel wants its energy projects inGreek Cyprus to be run by Israelis and is seeking to deploy as many as 20,000 commandos for their protection, Anatolia news agency reported today."
Two more examples in which governments are deploying military forces and hardware to protect their energy supplies. -- RF
Turkey warns international companies over Cyprus gas drilling plans

## Got food? ##
Egypt ups diesel supply for harvest season
"Egyptian authorities will pump 38,000 tonnes of diesel per day into the market to meet increased demand by farmers during the harvest season, according to Ahram's Arabic-language portal.
"The country's main harvest begins in May and lasts for several months, prompting extra demand for fuel among farmers with heavy machinery."

## Environment/health ##
High mercury levels found in wild dolphins

## Intelligence/security/internet/systemic breakdown ##
Revealed: US spy operation that manipulates social media
"Military's 'sock puppet' software creates fake online identities to spread pro-American propaganda"
Occupy livestreamers detained at gunpoint by twelve Chicago police cars
We Have Finally Reached Peak Government

## Japan ##
JR East to start broad power-saving measures / Electricity generated by 'regenerative braking' to be stored in batteries, fed to nearby trains
In other words, the situation is getting desperate. -- RF

## China ##
Chinese Iron Ore Buyers Defer Imports Cargoes, Mirae Says
"Iron ore and coking coal buyers in China are seeking to defer importing cargoes as domestic steel mills reduced output amid lower prices, according to Mirae Asset Securities Co."
China firm buys AMC to form world's largest cinema chain
Dairy farmers at risk after milk prices cut

## US ##
Facebook Flops: Look Out Below!
"The most anticipated tech IPO of all time fell flat on Friday, finishing up just 0.6%. If underwriters don't support the stock, Facebook could fall below its offering price."
U.S. could lose aging eyes in the sky
"It's a problem facing other scientists as well, as a combination of budget pressure, program delays and a pair of launch failures leaves the United States facing a 'rapid decline' in its fleet of Earth-science satellites, the National Academy of Sciences warns. Of 23 such satellites now aloft -- carrying dozens of instruments that help weather forecasters produce storm warnings and measure pollution, ocean winds and sea levels -- only six are expected to remain in operation by 2020, and efforts to replace them have stalled, the National Research Council reports."

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