Monday, June 11, 2012


News Links, June 12, 2012

## Global Ponzi meltdown/House of Cards ##
Spain bank deal may not work, bolder reforms needed: Stiglitz
Spain's economy to shrink, despite bailout
Spanish CDS Storms Above 600bps
An "Emperor Has No Clothes" Moment: ESM Has Failed Already
Euro zone discussed capital controls if Greek exits euro: sources
"European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro."
Greeks abandon the big city, return to the country
Italy remains in deep recession, fueling fears the country may be next after Spain to need aid
EU's €100 Billion Bailout Not Enough to Buy a Relief Rally
S&P: India May Lose Investment Status
"Standard & Poor's Ratings Services on Monday warned that India could become the first member of the BRIC group of emerging nations to lose its investment-grade rating if it doesn't step up economic overhauls and improve its investment climate."
Forget Spain And Greece, Signs Of German Weakening Spell Trouble For Europe
Monday Market Monitor - Scrap - WEEK 23 - Signals collapse
"Steel scrap price crashed last week signaling the likelihood of collapse in finished steel prices in coming times."
France names panel to assess idled steel plant
"France's new president, Francois Hollande, on Monday ordered an independent commission to assess the future of ArcelorMittal's mothballed steelworks near the German border, as his government battles a wave of industrial closures."
Production pruning - Ilva idles production lines due to low demand
"Italy based steel producer Ilva, a part of Riva Group, has announced that it will halt operations at its electro galvanizing line and coiling line No 1 as of June 10th 2012. The idling of the lines may last from just a few days to a maximum of four weeks."
Argentina loses a third of its dollar deposits
Eurozone citizens moving billions to Switzerland
Euro fears boost virtual currency Bitcoin
END OF GROWTH UPDATE: Neither a borrower nor a lender be

## Airline Death Spiral ##
Airline industry profits to plummet in 2012: IATA
"Airline industry group IATA warned on Monday global profits would more than halve this year owing to surging oil prices and the eurozone crisis, with European carriers suffering losses of $1.1 billion."
Iata almost doubles loss forecast for European airlines
United Airlines hikes long-haul bag fee
"United Airlines said higher costs have forced the U.S. carrier to again raise its fees for a second bag on international flights, this time from $70 to $100."
Cathay says cargo still weak, reflecting economy

## Fault lines/flashpoints/powder kegs/military/war drums ##
Firepower bristles in South China Sea as rivalries harden
U.S. pulls negotiators from Pakistan, no supply deal
Iran feels sanctions pain as oil income slumps
Insurance to stop India shippers handling Iran oil in July: sources
"Indian state-owned refiners will halt planned oil imports of 173,000 barrels per day from Iran when European sanctions take effect in July, unless the government permits them to use insurance and freight arranged by Tehran, industry sources said."
U.S. to exempt India, South Korea, others from Iran sanctions
Japan submits bill to insure tankers with Iran oil

## Global unrest/mob rule/angry people/torches and pitchforks ##
Russian police search opposition leaders' homes

## Energy/resources ##
Norway oil workers strike, forcing rig shutdown
Greek Blackouts Risked as Power Companies' Cash Runs Out: Energy
Iran wants leadership at OPEC

## Environment/health ##
Marquette University study shows radiation from airport scanners extends into organs
Britain on flood alert as month's worth of rain falls in 24 hours
Doctors Deploy Shots And Drugs Against Whooping Cough Outbreak (US)
Toxin from GM crops found in human blood

## Intelligence/security/internet ##
Typewriter Man: Ralph Nader on the failure of high-tech consumer protests
U.N. could tax U.S.-based Web sites, leaked docs show
Smart meters are 'massive surveillance' tech - privacy supremo
"The European Data Protection Supervisor has warned that smart meters are a significant privacy threat and wants limits on the retention and use of customer data before it's too late."

## Systemic breakdown ##
India seen lacking in systems to tackle increasing cargo thefts
"Cargo theft continues to plague global supply chains, resulting in billions of dollars in direct losses , downstream costs and derailed efficiencies, noted FreightWatch International, a global logistics security solutions provider, in one its reports on cargo thefts in the US."
Councils warned of gridlocked, crumbling cities (Canada)

## Japan ##
Japan Energy Profile: Only 16 Percent Energy Self-Sufficient – Analysis
Forecast: 32% unable to return home near Fukushima plant in 2017
Population drain major threat to disaster-ravaged Tohoku municipalities
Only 7 percent of public housing built for tsunami victims will be ready for use by FY'13

## China ##
China Auto Glut Builds as Plant Shipments Outstrip Sales
"Carmakers are giving Chinese dealers no relief in their effort to reduce a glut of unsold automobiles in a slowing economy, as factories pump passenger vehicles into showrooms faster than distributors can sell them."
China May Steel, Copper Output Softens On Weak Demand
Chinese rate cut not enough to sustain a commodity rally: TD Securities
China faces 'severe' trade situation: minister

## UK ##
UK pension performance among worst in developed world
"British savers have suffered bigger losses from their workplace pensions in the last decade than virtually every other nation in the developed world, the Organisation for Economic Cooperation and Development (OECD) has said."
Coalition battle brewing as email monitoring powers to be unveiled this week
"Powers to allow the police and security services to monitor every email, phone call and website visit will be unveiled this week intensifying Coalition tensions."
How trouble in the eurozone affects you

## US ##
Forced to Early Social Security, Unemployed Pay a Steep Price
With blast furnace down, Sparrows Point layoffs begin
Greece Threatens Wall Street Jobs in Third Trading Plunge
U.S. Families' Wealth Plunged 40 Percent During Recession, Fed Says
28% of Federal Contract Funds Go to Just 10 Companies…All Make Weapons Systems
California Pension Fund Down Almost 5% as Year End Looms
America's Hidden Austerity Program
CITI: Investors Are In Full Freakout Mode

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