Thursday, June 21, 2012


News Links, June 22, 2012

## Global Ponzi meltdown/House of Cards ##
The Collapse of the Global Financial System: How to Prepare
20 days until Spanish collapse?
IMF Sees Euro Crisis at Critical Stage, Sees Bank Stress
Spain to seek bank aid as borrowing costs soar
Euro Zone Business Activity Contracts Again
Abandoning Ship: The Eurozone Is Failing at an Accelerating Rate
Monti Begs Germany to Stabilize Interest Rates; Merkel Pours Cold Water On "Theoretical Discussions"; Italy Official Denial #1; Why Monti's Days Are Numbered
National Bank of Greece to Sell Luxury Resort as Slump Bites
MNCs announce 71,000 job cuts globally
"A whopping 71,000 job cuts have been announced worldwide by more than a dozen multinationals, including HP and Nokia, so far this year as they attempt to save costs amid uncertain economic environment."
Credit Suisse Cut 3 Levels as Moody's Downgrades Biggest Banks
Rupee hits record low against dollar; RBI steps in 'mildly'
Italy's Current Refinery Overcapacity at Least 25%-Association
ThyssenKrupp and RG Steel may struggle to find buyers - Report
Russia Buys 0.5 Million Ounces and Bank of Korea "Needs To Buy More" Gold

## Airline Death Spiral ##
Air France to cut more than 5,000 jobs
Malaysia Airlines targets to be profitable by 2014
108 Qantas jobs to go at Sydney Airport
Qantas fears 'going under' by Etihad
European airlines' losses to grow?

## Fault lines/flashpoints/powder kegs/military/war drums ##
Is Barack Obama Morphing Into Dick Cheney? Four Ways the President Is Pursuing Cheney's Geopolitics of Global Energy (Michael T. Klare)
Israel: "all options" open after Iran talks fail
China Crude Imports From Iran Climb to Highest This Year
"China, the world's second-biggest crude consumer, bought 2.22 million tons of oil from Iran in May, according to a report e-mailed by the Beijing-based General Administration of Customs today. That's equivalent to more than 524,000 barrels a day, up 35 percent from the 390,000 barrels a day purchased in April. It imported 2.27 million tons, or about 537,000 barrels a day, in May last year."
India's BPCL makes first rupee payment for Iran oil
Militants bomb power transmission towers in Iraq
China tests troubled waters with $1 billion rig for South China Sea
"China has spent nearly $1 billion on an ultra-deepwater rig that appears intended to explore disputed areas of the South China Sea, one of Asia's most volatile hotspots and where the United States is strengthening ties with Beijing's rival claimants."
Kuwait's collapse?
More than 100 killed in west Libya clashes in a week
Pirates shoot gas tanker off Oman
"Pirates fired guns and rocket-propelled grenades at a liquefied natural gas tanker off the coast of Oman on Wednesday, and three shots hit the vessel, the International Maritime Bureau's anti-crime arm said."
U.N. Investigator: U.S. Drone Program May Challenge International Law
Reports: West may offer Syria's Bashar Assad immunity if he gives up power
U.S., Japan, S. Korea hold joint naval exercise off Korea Peninsula
China says Vietnam claim to islands "null and void"
Egypt delays runoff result as protests loom

## Global unrest/mob rule/angry people/torches and pitchforks ##
Angola police use tear gas, warning shots at veterans' rally
Argentina deploys military police in fuel strike

## Energy/resources ##
Seven die due to extreme heat Power suspension, protests continue (Pakistan)
Shortages: Metals in demand
Traders charge Egypt big premiums for fuel shipments
"Fuel shortages provoked public anger earlier this year. But trying to avoid a repeat is proving costly as uncertainty about Egypt's move to democracy has frightened off many traditional suppliers, leaving trading houses as the dominant players."
Oil Price Differentials: Caught Between the Sands and the Pipelines
2008 Oil Prices Collapse May Be Repeated
Sirens ring out in S. Korean power shortage drill
"Sirens rang out across South Korea and some traffic lights were switched off Thursday as the country carried out an unprecedented drill aimed at averting summer power cuts.
"The 20-minute exercise was intended to encourage consumers to switch off appliances if reserves run dangerously low, and to simulate responses if phased blackouts become inevitable, the ministry of knowledge economy said."
32000 MW power projects in India shelved or delayed on coal uncertainty

## Infrastructure scavenging ##
Cable thieves cause power cut to over 1000 homes

## Got food? ##
In "Green Wheat" drive, Wal-Mart may transform farming

## Environment/health ##
Alberta oil spills highlight aging pipelines, lax regulations, say environmental groups
Uruguay government announces plan to sell marijuana
Film shows horror of Africa's rhino-poaching crisis
Iraq battles dust from marshes drained by Saddam
Bird flu virus could evolve to pass from human to human
Journal Publishes Details On Contagious Bird Flu Created In Lab
Deadly Bird Flu May Be Five Steps From Pandemic, Study Finds

## Intelligence/security/internet ##
How to browse sensitive subjects without being tracked
Iran says detected "massive cyber attack:" state TV
" Iran has detected a planned 'massive cyber attack' against its nuclear facilities, state television said on Thursday, after talks with major powers this week failed to resolve a row over Tehran's disputed nuclear activities."
Hackers claim responsibility for Twitter outage
FBI gets a broader role in coordinating domestic intelligence activities (US)

## Japan ##
Mother Nature Reminds Tokyo of Fukushima's Ongoing Vulnerability
Japan to speed up Fukushima nuclear plant cleanup
BOJ to take easing steps "decisively if necessary": policymaker Ishida
'Security' wording in nuke power law change raises arms questions
"An Upper House session Wednesday revised the main principles of the basic law on nuclear power for the first time in 34 years, leading to speculation the amendment could be used to legally allow the development of atomic weapons in the future."
Renesas to shutter or sell over half its domestic plants

## China ##
China Manufacturing PMI 7-Month Low, Sharpest Decline in New Export Orders Since March 2009
China Goes Shopping for German Factories
Chinese aluminium smelters hit by oversupply falling demand and high energy costs
Shanxi Province to eliminate 550,000 tonnes backward iron making capacity in 2012
Latest China Economic Data At 2009 Crisis Levels
China Manufacturing Slump May Match That of 2008 Crisis
China Said to Propose Keeping Limit on Local Government Loans

## UK ##
Non-urgent care targeted by doctors' industrial action

## US ##
U.S. Firings Stay Elevated and Factories Retrench: Economy
U.S. stocks suffer second worst day of 2012
U.S. manufacturing grows at slowest pace in 11 months: Markit
Will Toledo, Ohio Be The First Major American City To Be Owned By China?
Why Your 401(k) May Be Worth Less Than You Think
Gun sales soar in US presidential election year
Morgan Stanley takes two-notch hit on Moody's cut
Down 250 Points, Dow Suffers Second Worst Drop Of The Year
12 Reasons US Recession Has Arrived (Or Will Shortly) (Mish)
In Houston, high rates of uninsured burden public system
Flooding continues to ravage Duluth, Minn.
Ron Paul's Route To Convention Chaos: The Vice Presidential Nomination
Colorado could be facing a new wave of foreclosures
Real Estate Recovery Is Only a Mirage
The Downturn Begins: Revenue Declines Are Just Beginning As U.S. Budget Cuts Loom

And finally… Man with 100-pound scrotum rejects free $1 million surgery offer

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