Wednesday, May 30, 2012

 

News Links, May 31, 2012

## Global Ponzi meltdown/House of Cards ##
Europe Is About to Implode... Are You Ready?
Bloodbath: All But Two Billionaires Lose Big Money On Wednesday
EU throws Spain two potential lifelines
"The European Commission threw Spain, the latest frontline in Europe's debt war, two potential lifelines on Wednesday, offering more time to reduce its budget deficit and direct aid from aeuro zone rescue fund to recapitalize distressed banks."
EU Throws Spain Two Deathlines; Spanish 10-Year Yield Tops 6.7%; ECB Rejects Madrid Ponzi Refinancing Scheme (Mish)
6 reasons Spain will leave the euro first
EU Proposes 'Banking Union'
"The 17 countries that use the euro should set up a 'banking union' that allows them to share the burden of bank failures, the European Union's executive arm said Wednesday, as worries grew about whether Spain has the financial strength to shield lenders suffering from a meltdown of its property market."
Germany Says "No" to Banking Union
IEA: EU to shell out record levels for oil
"The European community is on pace to spend more on oil imports in 2012 than the total amount of Greek government debt, the IEA said."
Iceland Property Bubble Grows With Currency Controls: Mortgages
"Iceland's crisis-management policies are creating the island's next property bubble less than four years after its banking meltdown threw the economy into its worst recession."
10-Year Treasury Yield Lowest Level in 60-Years; Spain 10-Year at 6.66%, Italy 10-Year 5.93%
Funds Cut Exposure to Euro Zone Banks
Euro zone expansion stalls as crisis rages
"None of the eight countries on the waiting list to join the euro currently meet the requirements to do so, the European Central Bank said on Wednesday - assuming, that is, that they still want to."
Slowdown signs - Chinese new ship orders slump
"The impact of the global shipping market continues to slump, 1 April, the development of China's shipbuilding industry suffered a severe test, three shipbuilding indicators fell."
French jobless claims highest since Sept 1999

## Airline Death Spiral ##
Chinese travelers share fuel cost burden with struggling airlines
Airline blames carbon tax for axing of routes

## Fault lines/flashpoints/powder kegs/military/war drums ##
US Completes Massive Military Exercise in Jordan
Officials Confirm: Obama Decides Who Lives and Who Dies

## Global unrest/mob rule/angry people/torches and pitchforks ##
Protests against blackouts turn violent in Punjab

## Energy/resources ##
German Power Grids Increasingly Strained
Spain Ejects Clean-Power Industry With Europe Precedent: Energy
"Spanish renewable-energy companies that once got Europe's biggest subsidies are deserting the nation after the government shut off aid, pushing project developers and equipment-makers to work abroad or perish."
UAE eyes June opening for pipeline bypassing Hormuz
Unavailability of land and water hold up iron ore pellet projects in India
'Bara has had 6 electricity blackouts' (South Africa)
Seoul stocking up on Iranian crude
"South Korean imports of crude oil from Iran for April were at their highest levels since late 2011, government figures indicate."
Rome Refinery to Cease Activities by End of Year
"Like many other refineries in Europe, the refinery has been affected by a drop in refining profit margins."
Occidental Bails On Bakken Shale Play Sending Mixed Signals To Oilfield Services Sector
"Hit by rising labor and other costs, Occidental Petroleum is moving some of its rigs out of the Bakken Shale Play in North Dakota. The retreat comes at a time when other explorers are flocking to the region attracted by high oil prices and looking to cut exposure to natural gas."

## Got food? ##
Poland Takes Agro Stand
"Recently in Warsaw, Polish Agriculture Minister, Marek Sawicki, took a giant stand against international agricultural conglomerate Monsanto and their genetically modified maize (corn) seeds."

## Environment/health ##
Massive wildfire becomes largest in New Mexico history

## Intelligence/security/internet ##
Israel Hints at Role in New 'Super Virus' Spreading Across Mideast
'Anonymous' targets Montreal Grand Prix to back students

## Japan ##
Electricity, Gas Prices To Climb Again In July
Noda says reactor restart necessary once safety is assured
Noda says Japanese lifestyles rely on nuclear power
Paraguay offers Japan food in exchange for investment
Japan Brings In LNG From Far Away Brazil and Spain, A First

## China ##
China Buys Up Spain's Assets
China issues weather forecasts for disputed islands

## UK ##
Coryton refinery nears closure

## US ##
Would Calif. nuclear plant's backup power work after quake?
Veterans lose confidence in finding jobs: survey
Pending Sales of U.S. Homes Decrease by Most in a Year

And finally‚Ķ IMF's Christine Lagarde: 'I Don't Pay Taxes, But You Should'




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