Tuesday, June 12, 2012


News Links, June 13, 2012

## Global Ponzi meltdown/House of Cards ##
India's industrial output grows less than forecast
India Gold imports at $61.5 bn, a rise of 44%
After Spain, Is Italy the Next Domino to Fall?
"Dead Before Arrival": Bundesbank Shoots Down EU Banking-Union Proposal
Austrian minister says Italy too may need bailout
Eurozone carmakers face downsize failure
Fitch Managing Director Says Spain Will Miss Budget-Deficit Targets By "Substantial Margin"; Yields in Spain and Italy Soar; Spanish 10-Year Yield Hits Record High 6.83%
Fitch cuts 18 Spanish banks ratings
Greek Bank Run Update: €100-€500 Million Per Day
Asia braces for weaker exports as Europe stumbles
No Employment Recovery Worldwide
Hedges' Assets: $5 Trillion

## Airline Death Spiral ##
BA's owner IAG says eurozone woes hitting growth plans
Asian Airlines Gamble on Discount Offshoots
Discount airlines Scoot into Asia

## Fault lines/flashpoints/powder kegs/military/war drums ##
7 Buyers of Iran Oil Will Avoid Sanctions, but China not on list
Sinopec resists bargain on Iran crude: source
"Chinese refiner Sinopec has turned down offers of bargain Iranian crude and will cut imports by up to a fifth this year, a senior Chinese oil executive said, insisting ties with the United States are more important than cut-price oil as the West squeezes Tehran over its controversial nuclear program."
US: Russia sending Syria attack helicopters
Syrian rebels say they briefly seized government missile base with help of sympathetic soldiers inside
Israel rounds up African migrants for deportation
Turkish Minister Urges No Access to NATO Data for Israel

## Global unrest/mob rule/angry people/torches and pitchforks ##
UK oil refinery workers disrupt supply of fuel
"Workers from Britain's Coryton oil refinery on Monday disrupted the supply of fuel heading to some petrol stations in the southeast of the country to protest against the plant's closure and demand the government intervene to save 900 jobs."
GM Korea downsizing faces union protest
Greece: Demand for guns up over worries for personal safety
Tunisia detains 86 after Salafi Islamist riots
Tunis declares curfew after 'Islamist' rioting

## Energy/resources ##
Oil Prices Could See a Major Shift in Direction in the Near Future
Thailand passes bill to shut down factories that produce substandard steel
IEA calls for $36 trillion more in clean energy investments
"The International Energy Agency said the world's clean energy investments are sorely lacking and this week called for an additional $36 trillion of funding by 2050."
Takes A Global Recession To Reduce Gas Prices By Just 40 Cents!
Tumbling oil tests notional price floor: John Kemp
"Following recent falls, oil prices are much closer to the industry's marginal cost, especially in North America, where light sweet crude futures are now valued at only a little over $80 per barrel."
It pays to recall that after the crash of 2008, 60% of new oil development projects in the Middle East were shelved because they would lose money at low oil prices. If the price of oil falls too far, producers lose their economic incentive. -- RF

## Got food? ##
Pink Slime No Brake to Beef Rally as U.S. Herd Contracts
"'The U.S. beef-cattle herd is at its lowest level in 50 or 60 years at the same time that global consumption of increased protein content and quality foods is rising,' said Steve Shafer, the chief investment officer at Covenant Global Investors, an Oklahoma City-based hedge fund that manages $320 million of assets. 'Over the next three to five years, the supply-and-demand dynamics are tighter supplies with growing demand, which equals higher prices.'"
UK consumers keeping food past 'sell by' date to save money on food
China threatened by farmland contamination
"Much of China's agricultural soil is contaminated by pollutants, including arsenic and heavy metals, that pose a threat to the country's food production."
Eating Local: Sustainable Food Central

## Environment/health ##
Diesel exhausts do cause cancer, says WHO
Right-to-die movement sees gains as world ages
"Right-to-die activists hope more countries will allow assisted suicide or euthanasia in coming years as the world population ages, but opponents are determined to stop them, a dispute that flared ahead of competing conferences in Switzerland."
Cow Hormones in the Water
"While a jug of milk may have a label assuring that there are 'no added hormones' in it, the same may not be true for the water coming out of dairy farms. According to a study published May 15 in the journal Environmental Science & Technology, large dairy farms are 'a primary source' of estrogen contamination in the environment."

## Intelligence/security/internet ##
Shared code indicates Flame, Stuxnet creators worked together
Israel encrypts UAVs as cyberwar widens
India to greenlight state-sponsored cyber attacks
DHS releases northern border strategy

## Systemic breakdown ##
Worldwide Economic Collapse a Result of Shared Manic Behavior (PsychCentral)
"Bankers, economists and politicians displayed the same kind of manic behavior as psychologically disturbed individuals in the years running up to the 2008 financial collapse, according to a new study. And the study warns it could happen again."
Arasanahalli has no water or power (India)
"Acute shortage of water, no regular supply of power, overflowing drainage, dilapidated school buildings, lack of sanitation and many more problems have made the life of residents at Arasanahalli in Malur difficult."
The Coming Economic Collapse Will Not Be A Single Event
Brazil's 'Valentine's Day' threatened by crime wave
"Brazilian authorities have deployed hundreds of extra police officers in the streets of the largest city, Sao Paulo, as Brazilians celebrate their version of Valentine's Day."
By Incentivizing Debt, We've Guaranteed Debt-Serfdom and Stagnation

## Japan ##
Armed GSDF troops march through Tokyo's urban areas for drill
IMF: Japan must raise sales tax to show fiscal commitment
Big firms gloomier in second quarter
"The mood of large firms deteriorated in the three months through June, affected by the sovereign debt crisis in Europe, which has slowed exports from Japan, while carmakers suffered slower production growth, the government said Monday."
Monju could cost 290 billion yen
Fukushima residents seek charges against TEPCO, government
1.04 million Bq/kg at the poolside of a school in Koriyama Fukushima

## China ##
Will China's Exports Drain Growth From Other Countries?
China changes electricity pricing for residential use
Angry Bagmaker Shows China Slowdown Worst in Wenzhou
Power rationing may increase this summer
Misery for millions as storms sweep across southern China

## UK ##
Police appeal for volunteers to wash patrol cars for free
"A police force has advertised for members of the public to wash and valet its patrol cars for free in an attempt to cut costs."
Coalition budget risks worst child poverty record, report says
MoD tells 4,000 military staff of job losses
60,000 grandparents forced to give up work to bring up grandchildren
"An estimated 60,000 grandparents have had to give up work to bring up their grandchildren to stop them being taken into care by social services, a study suggests."
Black hole in final salary pensions hits all time high
"The black hole in British companies' final salary pension schemes has grown to a record £312 billion as stock market turmoil and the Bank of England's policy of printing money have massively increased pension deficits."

## US ##
Myth of Perpetual Growth is killing America (Paul B. Farrell)
All Work, No Pay for Some Small Business Owners: Survey
"A new survey by Citibank finds that 23 percent of small business owners  have gone without pay for at least a year as they work to keep their businesses afloat in a tough economy."
Government posts $125 billion deficit in May
Federal deficit totals $844.5B through 8 months
Once proud Detroit on brink of bankruptcy
U.S. Postal Service going way of Greece, chief says
"The head of the U.S. Postal Service on Tuesday compared the cash-strapped mail agency to Greece and said Congress must pass a restructuring plan if it is to return to profitability."
Five Major Energy Problems the Next President Has to Face
Authorities investigate lungs found on L.A. sidewalk
North Dakota voters to decide on abolishing property tax
"North Dakota voters will decide Tuesday on the ultimate tax revolt: abolishing the property tax altogether. A citizen-led petition drive has put the daring, all-or-nothing proposal before the voters in a state flush with tax revenue, jobs and prosperity generated by an oil boom."
Harvard professor on American society: Everything is up for sale
Thieves turn to stealing used grease
"Officials say desperate New York City thieves are turning to stealing used cooking grease to make quick cash."
Americans brace for next foreclosure wave
Fleckenstein - Stock Market Is A Farce, We're At The End Game
80 Is the New 65: How High Should We Boost Retirement Age?

And finally…
Property complexes step into DNA testing of dog poop

<< Home

This page is powered by Blogger. Isn't yours?