Monday, June 25, 2012


News Links, June 26, 2012

## Global Ponzi meltdown/House of Cards ##
EU aid shows rare drop as austerity bites: report
Moody's Downgrades 28 Spanish Banks on Sovereign Risk
Spain formally requests a bailout for its banks
And then there were five: Cyprus seeks EU aid
Harder Times Coming For Brazil, Says Bank For International Settlements
"Brazil is not going to escape the onrushing collapse of the developed economies, warns the Central Bank of Central Banks, known as the Bank for International Settlements."
BRICs Biggest Currency Depreciation Since 1998 To Worsen
Panamax oversupply to suppress ship rates - Commodore
Germany fears eurozone collapse would decimate country's economy
Gimme that old-time religion: Breaking News: Regulators to Classify Gold as Zero-Risk Asset (US)
"In what might be the most underreported financial story of the year, US banking regulators recently circulated a memorandum for comment, including proposed adjustments to current regulatory capital risk-weightings for various assets. For the first time, unencumbered gold bullion is to be classified as zero risk, in line with dollar cash, US Treasuries and other explicitly government-guaranteed assets. If implemented, this will be an important step in the re-monetisation of gold and, other factors equal, should be strongly supportive of the gold price, both outright and relative to that for government bonds, the primary beneficiaries of the most recent flight to safety. Stay tuned."

## Fault lines/flashpoints/powder kegs/military/war drums ##
Baghdad Snubs Biden over Oil 'Diplomacy'
"That Washington was willing to set Vice-President Joe Biden up to be snubbed by Baghdad demonstrates how serious the north-south war over Iraqi oil and gas is and how the country is being carved up into the Iranian-controlled south and the Western- and Turkish-controlled north…
"The US has spent over $1 trillion on the war in Iraq essentially to lay the foundation for Iran to wield the majority of influence over the central authority in Baghdad."
Egypt's Morsi 'to rethink Israel pact, build Iran ties'
"Egypt's Islamist president-elect, Mohamed Morsi, wants to 'reconsider' the peace deal with Israel and build ties with Iran to 'create a strategic balance' in the Middle East, according to an interview published by Iran's Fars news agency on Monday."
Blaze at Sufi shrine triggers violence in Kashmir
"Fire gutted one of the most revered Sufi Muslim shrines in the Indian part of the divided Kashmir region on Monday sparking clashes between police and angry Muslim protesters, witnesses said."
William Hague warns of intensified Iran sanctions
"Foreign Secretary William Hague said on Monday that the European Union will "intensify" sanctions against Iran over coming months if there is no progress in nuclear talks."
India allows use of Iran ships for oil imports
"India has allowed state refiners to import Iranian oil, with Tehran arranging shipping and insurance, from July 1, keeping purchases of over 200,000 barrels per day (bpd) flowing after European sanctions hit insurance for the cargoes, government and industry sources said."
Iranian oil tankers change names as EU ban looms
"Iran has given new English names and changed the flags of many of its oil tankers, two of which are steaming toward Europe with an EU ban on Iranian oil imports just a week away, ship tracking data shows."
Chinese vessel rams Philippine boat near Scarborough Shoal: Duowei
"A Chinese vessel is said to have 'accidentally' rammed a Philippine fishing boat near the disputed Scarborough Shoal in the South China Sea, killing one man and leaving four missing, reports Duowei News, a US-based paper that has reported rumors that are difficult to prove."
Kuwait government submits resignation: government sources
African extremist groups linking up: U.S. general
Syria shot at second plane, Turkey says
NATO in Syria: Will Turkish Plane Become the New Excuse?
US and Israel to hold largest ever joint military exercise
Libya: Africom Forms Military Relationship With Libya
Canada Ramps Up Arctic Arsenal
Minesweepers arrive in Gulf to protect shipping routes

## Global unrest/mob rule/angry people/torches and pitchforks ##
Hong Kong Protesters Vow to Stay as HSBC Seeks Eviction
Anti-government protesters demanding PM's resignation clash with police in Nepalese capital
Hundreds protest Haiti gov't plan to destroy homes

## Energy/resources ##
In hours, caustic vapors wreaked quiet ruin on biggest U.S. refinery
"In the end, all it took was a small chemical spill -- perhaps less than a barrelful -- to bring down the newest, mightiest oil refinery in the United States."
UAE Bypass the Straits of Hormuz with New Oil Pipeline
Norway's oil production halts as workers strike over pensions
Udayapur cement industry halts production (Nepal)
"The largest cement factory of the country, Udayapur Cement Industry, has stopped production for past three days due to lack of coal."
Tech Talk - Saudi Arabia and Production from Safaniya
Chipata runs out of diesel (Zambia)
"Chipata district has run out of diesel causing panic among residents just two weeks after the entire country experienced fuel blues."
Power companies battle coal squeeze
"The shortage of coal is keeping power plants on tenterhooks and consumers may have to go through more blackouts this summer.
"According to the latest figures of the Central Electricity Authority, as many as 37 power plants are down to seven days' supplies in their stocks while normal supplies should be at 20 to 30 days to ensure smooth generation of power."
Quick Summary of My Main Personal Take-home Messages from ASPO 2012 (The Oil Drum)
Saudi Aramco Said to From Venture Firm on Drilling Tech
"Saudi Aramco, as the state-owned producer is known, wants to adopt the latest techniques and expertise for boosting output at older oil fields and fracturing rocks in underground reservoirs to speed the extraction of crude, the person said, declining to be identified because the project is confidential."
Shale Gas Reality Begins to Dawn (Automatic Earth)
A good read. -- RF
Vestas Wind Systems to stop output at China plant, cuts 300-350 jobs

## Got food? ##
Garden on the bay plots agricultural revival (Japan)

## Environment/health ##
Hog wild: Feral pig population explodes in US

## Intelligence/security/internet ##
U.S. plans more drone flights over Caribbean
UK hackers admit plotting attacks on CIA, firms
Iraq Orders Mass Closure of Media Outlets

## Systemic breakdown ##
Iraq to shut down government for much of the summer
Three police die in Mexico City airport drug shootings
Foreclosures leave empty eyesores

## Japan ##
Japan's Car Exports Face New Pressure
Japan sells first Fukushima seafood since nuclear crisis
"The sale was limited to octopus and marine snails, as other species cannot be sold yet because of contamination."
Tokyo Residents: Don't Touch the Black or Blue Dirt
Japan eyes oil diversification / Accord with Russia meant to reduce reliance on Middle East

## China ##
China Stocks Drop to Five-Month Low

## US ##
Blue Chips Lose 138 Points
Coming 'fiscal cliff' in Congress affects hiring, even firing
Poll: 28 percent have no savings at all
Long-haul truck drivers in short supply
Can You Afford To Die In America? An Infographic
Americans now value their cars more than their homes

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