Monday, June 18, 2012


News Links, June 19, 2012

## Global Ponzi meltdown/House of Cards ##
China Abandons Role Of Global Engine As Wen Tempers Stimulus
"Premier Wen Jiabao has an unspoken message to his Group of 20 counterparts in Mexico today: This time, don't count on a growth bailout from China."
Europe Gets Emerging Market Crisis Ultimatum as G-20 Meet
"As elections in Greece reduced the immediate risk of the euro area's breakup, China and Indonesia signaled growing exasperation with more than two years of European crisis- fighting that has failed to stem the threat of global contagion."
Another "We are Saved" Euphoria Lasts Only Moments; European Bond Market Revolts Already as Spain 10-Year Yield Hits Record High 7.28%
World market rally loses steam
India under pressure as outlook cut
Dollar Shortage Seen in $2 Trillion Gap Says Morgan Stanley
Suicides, Arrests Show Trouble at Korean Savings Banks
IMF urges Europe to help refinance Irish bank bail-out
"The International Monetary Fund on Friday urged Europe to help Ireland refinance its crippling bank bailout and consider taking equity in state-owned banks to help Dublin return to bond markets and avoid a second bailout next year."
Central banks prepare for turmoil after Greek vote
Spanish Yields At 7% Show Investors Slamming Door: Euro Credit
Spanish Banks' Bad Loans Rise Sharply
Debt crisis: Spain on brink of a global bail-out
Australian publisher Fairfax to shed 1,900 jobs _ a fifth of staff _ over 3 years
Arab Monetary Fund in $65 million loan to Egypt
Russia Preparing for Economic Storms, Says Deputy Prime Minister
"With prices for oil, its main export, sliding, Russia is already gearing up for economic troubles, laying plans for spending cuts and a weaker ruble if the global situation worsens further, according to First Deputy Prime Minister Igor Shuvalov."
"Germany is a Credit Risk" Says Bill Gross; Germany Exiting Eurozone is One of Very Few Scenarios in Which German Bonds Do Well

## Airline Death Spiral ##
Malaysia Airlines' Employees May Have To Go The Extra Mile To Help In Turnaround
"The airline that gave most Malaysians their flying experience is now technically bankrupt."
SAA to raise fuel surcharge on EU flights

## Fault lines/flashpoints/powder kegs/military/war drums ##
Prince Salman named as new Saudi Crown Prince
Egypt Islamists claim presidency
Egyptian Military Secures Far-Reaching Powers
Western Libya Declared a 'Military Zone'
Divided Greece "risks social explosion"
Iran considers halting high-grade enrichment: Ahmadinejad
At least two killed in attack on Israel-Egypt border
"An Israeli citizen and at least one militant were killed in an attack on the Egyptian border on Monday, Israeli media said."
India moves to start rupee payments for Iran oil
"Reuters reported that India removed a hefty tax and took other steps to ease payments in its rupee currency for some imports of Iranian oil as it seeks to continue purchases in face of Western sanctions that blocked an earlier payment method."
China urges restraint as sea row with Philippines eases
Israel and China - A Marriage Made in Heaven, Except for Energy Issues
Libya: New AFRICOM And NATO Beachhead In Africa
Russia to send ships and marines to Syria
"Two Russian navy ships are completing preparations to sail to Syria with a unit of marines on a mission to protect Russian citizens and the nation's base there, a news report said Monday."
US holds talks on arms handover to Central Asia: report
U.S. Amphib Skirts Major Deployments for 8 Years
"By its own admission, the U.S. Navy is straining to meet its operational demands. Regular deployments routinely exceed the old six-month standard, and increasingly, ships are away from home for seven and eight months. The high operations tempo, particularly hard on aircraft carriers and amphibious ships, is expected to continue for the foreseeable future."

## Global unrest/mob rule/angry people/torches and pitchforks ##
Southwestern Chinese Villagers 'Savagely' Beaten During Drain-Pipe Protest
"Ten Langnan Town villagers were injured and another three arrested in a dispute over a large natural gas pipeline near their town in China's southwestern Guangxi Province."
Punjab power outages spark violent protests
Spain: Protesting coal miners clash with police
Police clash with about 150 people in suburb of Greek capital; 6 officers injured
"Authorities say police have clashed with about 150 people who attacked a public bus and  shops in a western Athens suburb and that six officers were hospitalized with gunshot wounds."
Protesters, Sudan police clash over spending cuts
"Anti-regime protesters clashed with police in Sudan's capital on Monday, witnesses said, as President Omar al-Bashir announced a raft of austerity measures aimed at propping up the country's ailing finances."
Nepal protesters throw stones at prime minister's motorcade, clash with police
S. Korea warns of social unrest without job growth
"South Korean President Lee Myung-Bak called Monday on world leaders to address the gap between rich and poor, warning that growing disparities could lead to social unrest."

## Energy/resources ##
Exxon Ends Drilling for Poland Shale Gas
RWE stops building nuclear power plants
"German energy giant RWE, once a staunch advocate of nuclear power, says it will stop building nuclear power plants."
Centrotherm left in the cold by finance problems
"The crisis surrounding the German solar power industry deepened on Thursday with equipment maker Centrotherm saying it could no longer use existing credit lines and was talking to its banks, a day after smaller peer SolarWatt filed for insolvency."
New nuclear reactor halted again on technical glitch (SKorea)
Indonesia's oil reserves down faster than others in region
"Indonesia's crude oil reserve has been in a steady decline during the past two decades, faster than that in other ASEAN member countries, which is unable to replenish to meet growing demand, the Jakarta globe reported Monday."
Petrol shortage hits commuters hard in Lahore
"An acute shortage of petrol in the provincial capital hit motorists and drivers hard on Sunday and many resorted to fights and heated exchanges at petrol pumps, sources confirm."

## Got food? ##
Shortages: Fish on the slide
Last chance to stop sub-Sahara food crisis: EU

## Intelligence/security/internet ##
UK Government requests for Google users' private data increase by 25 per cent
U.S. Government Requests For Google Users' Private Data Jump 37% In One Year
Google sees 'alarming' level of government censorship
Facebook Acquires Israeli Facial Recognition Company

## Systemic breakdown ##
Trade Off: Financial system supply-chain cross contagion: a study in global systemic collapse
"This new study explores the implications of a major financial crisis for the supply-chains that feed us, keep production running and maintain our critical infrastructure. I use a scenario involving the collapse of the Eurozone to show that increasing socio-economic complexity could rapidly spread irretrievable supply-chain failure across the world."
END OF GROWTH UPDATE: The sun also sets
Essential Medical Skills to Acquire
West must cut appetite for cars and TVs

## Japan ##
Japan will Provide Insurance to Iranian Tankers when EU Sanctions Take Effect
Gov't approves incentives for renewable energy
Scrapping All Reactors Would Set Utilities Back Y4.39tln
Shikoku reactor seen as next restart candidate
"The No. 3 reactor at Shikoku Electric Power Co.'s Ikata nuclear power plant is considered a key candidate to be restarted after two reactors in Fukui Prefecture become the first to be brought back online since the nuclear crisis that began in March 2011, according to informed sources."
Businesses in push to restart more reactors
Government ignored U.S. radiation monitoring data in days after 3/11
Fukushima worker "Soon nobody can get close to Areva's facility"

## China ##
China to Start Trial Program to Boost Banks' Lending
"China is expected to soon kick-start a trial program that would allow banks to turn loans into securities and free up funds for lending at a time when Beijing is seeking ways to bolster growth."
China Home Prices Fall in More Than Half Cities Tracked

## UK ##
Railway ticket offices face cull

## US ##
Widespread Amazon and Internet Taxes Coming Soon
U.S. household net worth falling sharply
"Falling stock markets and home values contributed to a 35 percent drop in the U.S. median household net worth from 2005 to 2010, the Census Bureau said Monday."
'There Will Not Be Another Major Bull Market In Our Lifetime'
Foreclosures rise sharply in May
Eerie comparisons to the crash of 2008: Aden Forecast is really worried
Insiders Unloading Millions Worth Of Stock Via Option & Share Sales

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