Friday, May 25, 2012


News Links, May 26, 2012

## Global Ponzi meltdown/House of Cards ##
Spain's banks may need $130B
Bankia, Catalonia pile on Spanish debt worries
Spain to Inject $24 Billion Into Bankia, Lender Says
S&P Downgrades Bankia, Other Spanish Banks, to Junk
Crisis dims dreams for Europe's poor east
"Five years after joining the European Union, this town 13 miles outside of Romania's capital is still waiting for the jump in living standards its politicians said membership would bring."
Police Urging Greeks To Stop Stuffing Mattresses
Bankia shares suspended amid bailout request reports
"ECB Will be Insolvent and Costs May Exceed 1 Trillion Euros" Says IIF Director; If the ECB Prints, Would Germany Exit the Euro?
Bad Debts Rising In Brazil
SocGen Search for Funding Takes Bank to German Car Buyers
Australia, China to Push for Europe Stimulus At G-20
"Australia will back China in using next month's Group of 20, or G-20, summit in Mexico to push for Europe's struggling economies to change direction and focus on growth instead of austerity, the country's Foreign Minister Bob Carr said Friday."
Bleak future for indebted euro zone, warns S&P
Little room for policy manouevre: Nigeria central bank
The Staggering Scale of Oil Theft in Nigeria
Asia-Europe Spot Rates Slide for Third Straight Week
New Greece suicides; Spain mulls superbank
More big gold purchases by central banks reported to IMF
GM concerned about overcapacity in Europe: report

## Airline Death Spiral ##
BA owner IAG records £211m loss
Airlines say carbon law cutting EU off from growth

## Fault lines/flashpoints/powder kegs/military/war drums ##
Brotherhood man promises Islamic law in Egypt
Interactive: World nuclear club

## Energy/resources ##
Europe set to Spend a Record $500 Billion on Oil Imports this Year
China's Cotton Planting Drops 10% as Labor Costs Increase
Statoil hails Brazilian oil success
700 million barrels. Fantastic! That would keep the world supplied for about eight days. -- RF
Drill, Baby, Drill! More Drilling Doesn't Necessarily Mean More Oil
"The United States has a problem. An oil problem. No matter how many wells are drilled oil companies just can't seem to raise production to anywhere near the figures required to reach the holy grail of energy independence."
Australian shale gas still 10 years away from substantial output
Total sees need for further 1 million b/d of European refining closures

## Got food? ##
Food security issues on the table
"GCC countries are trying to be more realistic about what they grow, with Saudi Arabia planning to give up growing wheat in 2015 and Qatar looking to hydroponics.
"But with falling water tables and some of the highest levels of water use in the world, the GCC is struggling to make ends meet when it comes to food."
Raising Goats on a Backyard Farm

## Intelligence/security/internet ##
FBI quietly forms secretive Net-surveillance unit

## Systemic breakdown ##
Need A Nurse? You May Have To Wait
Humanity is Reaching its Limits - Oil, Debt, Population, etc.

## Japan ##
Tankers from Iran may get reinsured
"The government is considering legislation that will allow it to effectively reinsure tankers carrying crude oil from Iran to Japan, sources said.
"The legislation, if enacted, will allow Japan to continue importing oil from Iran even after the European Union bans the region's insurers from underwriting reinsurance covering tankers carrying Iranian oil as new sanctions against the Middle Eastern country's nuclear program come into force, the sources said."
Three-quarters of Japanese firms oppose nuclear power
Japan eyes 15% of electricity needs from nuclear power
TEPCO's post-mortem shows No. 2 reactor main source of radiation
Edano creates stir with suggestion gov't could partially bear nuclear decontamination costs
Major gas, power utilities to raise monthly rates in July
Japan must solve power shortage to host Games
Despite Olympic shortlist, Tokyo citizens not very interested in hosting
The agony of Japan Inc.

## China ##
Rot deepens in Chinese Steel market

## UK ##
Scots launch campaign for a nation again
"With rousing speeches, patriotic music and support from actor Sean Connery, supporters of independence for Scotland launched a campaign on Friday which they hope will lead to the demise of a 305-year-old union with England and the breakup of Britain."
Free banking should end, Bank official says
Theresa May: we'll stop migrants if euro collapses

## US ##
Investors may be headed toward 'fiscal cliff'
"Investors are reeling from Europe's deepening economic crisis, but they may soon find themselves battered closer to home as the U.S. economy closes in on another debt-ceiling debate and teeters toward the edge of a 'fiscal cliff.'"
U.S. banks in quarter earned $35.3 billion
Homeowners 'underwater' by $1.2 trillion
Half of metro Atlanta mortgages underwater
Co-Owner Of Pentagon Propaganda Contractor Admits Attacking Journalists
Real federal deficit dwarfs official tally
"The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds."
Tycoons are dumping their superyachts

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