Wednesday, May 30, 2012


News Links, May 30, 2012

## Global Ponzi meltdown/House of Cards ##
Ponzi Financing in Greece Continues; Greek Banks Receive €18bn Transfer
Greek Euro Exit Aftershocks Risk Reaching China
Greece's Brain Drain Has Begun
Bank runs spreading across Europe! What next?
Dangers Of Contagion: EU Banks Sitting On A Lot Of European Bonds
This Is The Report That Might Be Freaking Everyone Out About Europe Right Now
Spain's retail sales in record fall
Spain runs out of money
Spain Delays and Prays That Zombies Repay Debt: Mortgages
"Spanish banks are masking their full exposure to soured property loans while they continue to prop up insolvent 'zombie' developers, leading to credit-rating downgrades and plummeting share prices."
Global cuts 'will reverse progress on child poverty'
JPMorgan dips into cookie jar to offset "London Whale" losses
India IT Firms Hit A Wall
IMF urges emergency steps to stabilize Sudan economy
Wanted: Asian cash to rebuild Christchurch
Why We're Ungovernable: Gridlock and the Fiscal Cliff

## Airline Death Spiral ##
4 Reasons Lower Fuel Prices Won't Lift Airlines
Croatia Airlines Eyes Adria Merger

## Fault lines/flashpoints/powder kegs/military/war drums ##
Insight: Israel gas finds launch navy into troubled waters
Israel pours cold water on big-power talks with Iran
Kenya: Iran, Country Agree to Boost Trade Ties
In the South China Sea, two superpowers flex their muscles
US special forces go global
"United States Special Operations Command (SOCOM) chief Admiral Bill McRaven and deputy director of Operations, Brigadier General Sean Mulholland, want to establish a worldwide network linking special operations forces of allied and partner nations to combat terrorism, it was recently reported."
U.S. Military Denies Parachuting into North Korea
US Drones Attacking North Waziristan at Growing Rate
US wades deeper into counterterrorism fight in Yemen and East Africa

## Global unrest/mob rule/angry people/torches and pitchforks ##
Peru emergency in Cusco region over anti-mine protests
"The Peruvian government has declared a state of emergency in a southern Andean province following seven days of anti-mining protests and the deaths of two demonstrators."
Migrant workers riot near Wenzhou over killed laborer (China)
Egypt protesters torch candidate's headquarters
Karachi unrest, 3 more gunned down

## Energy/resources ##
Fears of soaring fuel prices after refinery that provides 20% of South East's petrol closes down (UK)
Diesel shortage hits state-run bus services (India)
European debt crisis, alternative energy buffet Danish wind power giant
Across states in US nuclear energy is taking its chin say experts
Oman's oil exports to India drop 88% in Q1
"Indian imports of Oman's crude oil in the first quarter of 2012 dropped 88.1% compared to the same period last year, as India increased imports from Iran, a news report has said."

## Infrastructure scavenging ##
Stop water meter thieves (Malaysia)

## Got food? ##
Michelle Obama launches White House Kitchen Garden book
Growing poultry industry in India to spike Corn, Oil meal prices higher
North Korea faces worst drought in 50 years; South says aid unlikely

## Environment/health ##
Fukushima Radiation Seen In Tuna Off California
Unstoppable white-nose syndrome spreads to endangered gray bats

## Intelligence/security/internet ##
Iran 'finds fix' for sophisticated Flame malware
Flame virus most powerful espionage tool ever, UN warns

## Systemic breakdown ##
Japan, United States among economies with talent shortages, study shows
"The United States and other large economies cannot find enough skilled workers, engineers and other in-demand employees, according to an annual study on talent shortages."
I've said it a hundred times, and I'll say it again: Energy is now too expensive to maintain and expand the base of skilled workers and engineers needed to keep industrial/technological civilization going at this huge scale. It's all downhill from here. -- RF

## Japan ##
In escape from Japan doomsday, capital takes flight
Automakers back on track in only a year, despite two major calamities
It's a recovery, right? Well, no. Overall Japan's economy continues its downhill slide, and keep in mind that the global economy continues to function even at the current low level only because governments keep taking on more debt. -- RF
Panasonic mulls cutting half of 7,000 headquarters personnel
See? The recovery is on track! -- RF
Japan jobless rate logs unexpected rise to 4.6% in April
Ishihara wants to buy Senkakus to keep 'burglar' China out
Panel drops idea of expanding nuclear power reliance
Fukushima update - May 29

## China ##
China stimulus may be CNY 2 trillion - Credit Suisse
China Has No Plan for Large-Scale Stimulus, Xinhua Says
China paying billions for oil deals in the Americas

## UK ##
UK Government cuts 2020 Solar Targets from 22GW to 11.9GW

## US ##
Warning: America's new Age of Austerity starts now (Paul B. Farrell)
"Warning, tighten your belts, America's new Age of Austerity is already here, today. There I said it. I admit it. And you better too. Prepare now. Could be like the 1930s depression austerity."
Dewey files for chapter 11 in record law firm collapse
"The crippled law firm Dewey & Leboeuf LLP filed for chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its business after failing to find a merger partner, marking the biggest collapse of a law firm in U.S. history."
Military to Avoid Embarrassing Pictures by Banning Photography
More Key Banks At Risk Of Failing Stress Tests
Facebook shares plumb new depths, valuation questioned
On The Economic Ladder, Rungs Move Further Apart
Competition for McJobs Hits Teens: High-School Students with Jobs Hits 20-Year Low
Consumer Confidence in U.S. Falls to a Four-Month Low: Economy

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