Friday, June 22, 2012


News Links, June 22, 2012, Evening Edition

## Global Ponzi meltdown/House of Cards ##
Ghost of Nazi Past Haunts Austerity-Gripped Europe: Euro Credit
"The specter of the 1930s financial crisis that culminated in the rise of Adolf Hitler's Nazi party and the Second World War is stalking Europe."
ArcelorMittal CEO mulls more steel capacity cuts in Europe
"ArcelorMittal (ISPA.AS) is considering cutting more capacity in Europe to tackle over capacity and shrinking demand in the troubled region, Chief Executive Lakshmi Mittal told Reuters on Tuesday."
How Savvy, Rich Investors Are Preparing For More Global Stress
ThyssenKrupp, RG Steel may struggle to sell mills
"ThyssenKrupp AG (TKAG.DE) and RG Steel LLC may struggle to attract suitors for their steel assets while the ailing market remains mired in oversupply, costs rise and prices fall, executives at two major steel producers said on Tuesday."
Taiwan's Jobless Rate Climbs as Europe Crisis Undermines Exports

## Airline Death Spiral ##
Airline Industry Power Shifts Toward Middle East
Air India loses around Rs 500 crore, extends contingency plan till July
EasyJet to close Spanish base

## Fault lines/flashpoints/powder kegs/military/war drums ##
Somali piracy death toll rises as violence worsens
As the US Decline Continues, Canada Looks to Step in
2 bombs in busy Baghdad market kill 9, wound 50
Eight dead after Taliban militants launch suicide attack on popular restaurant (Kabul)
South Africa hopes to insure Iranian oil
"Negotiations with the European Union over the insurance of oil cargoes between SA and Iran were at a crucial stage but the Department of Energy was optimistic that they would be resolved. SA had received 180 day waiver from the US on the importation of oil from Iran after the US and the EU imposed sanctions against Iran."

## Energy/resources ##
Rotating brownouts threaten Luzon as power plants shut down
Haryana industry seeks tax credit on diesel on power shortage (India)
"The industry in Haryana today sought input tax credit on using diesel for running their factories in the wake of heavy load shedding taking place across the state."
Could Portugal ever run entirely on green energy again?
"Portugal is a world leader in renewable energy. More than half its energy comes from wind, solar and hydro power. But as the country struggles through a record recession will their sustainability drive ground to a halt?"
We should never forget that the infrastructure for renewables is dependent on a Ponzi-scheme industrial economy that is powered by cheap fossil fuels and massive infusions of debt. And now, as that industrial economy falters, we see renewables taking a hit around the world. -- RF
Jet Fuel Gets Olympic Spur as European Refineries Shut
"European jet fuel purchases are set to reach the highest levels in more than a year as the London Olympics and Euro 2012 soccer tournament boost travel during the summer months just as refineries in the region are shuttered."
Global gas output and consumption growth slows on weak economy

## Got food? ##
As Rock Phosphate Runs Out, What is More Important - Food Crops or Fuel Crops?
"World rock phosphate production is set to peak by 2030. Since the material provides fertilizer for agriculture, the consequences are likely to be severe, and worsened by the increased production of biofuels, including those from algae."

## Environment/health ##
Experts find 30 trillion tons of toxic liquid injected into earth poisons ground water
Study: Hotter future for Los Angeles

## Intelligence/security/internet ##
Domestic drone use raises fear of 'surveillance society' (US)
Richard Viguerie Calls for Left and Right to Unite to Curb Drones (US)
Swedish Nuclear Industry on High Alert after Explosives Found on Truck

## Japan ##
Japan firms doubt value of BOJ debt buying: Reuters Tankan

## China ##
Guangdong to eliminate 300000 tonnes obsolete capacity in 2012
"It is reported that Guangdong Ministry of Industry and Information revealed the backward capacity elimination target for 2012, involving nine large industries like iron making, steel making, cement, cement grinding, glass, paper making, printing and dyeing, tanning and lead smelting."
Brazil-China to Sign $30 Billion Currency Swap Agreement Soon

## UK ##
Natwest: technical problems continue to hamper millions of customers
"Up to 12 million Natwest and Royal Bank of Scotland customers are still unable to pay bills or move money after a computer glitch froze their bank accounts."

## US ##
Report shows that domestic oil production may not bring economic benefit
Overweight, oversize trucks take toll on Oil Patch roads
"The number of oversize and overweight trucks using county roads and bridges in North Dakota's Oil Patch has more than doubled in three years, and while counties are collecting millions of dollars in permit fees, officials say the money isn't enough or even earmarked for road maintenance."
Mid-Atlantic manufacturing slides again

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