Wednesday, June 27, 2012


News Links, June 28, 2012

## Global Ponzi meltdown/House of Cards ##
Shipyards bankrupt due to sluggish demand (China)
In Vietnam, a shipping line raises alarm over debt
"Today, it represents all that has gone wrong since then: a bloated behemoth with 18,000 workers, a fleet of loss-making ships and $2.1 billion in debt."
Chinese steel mill profits plunge nearly 50pct
India spends 50% of exports earnings to buy Oil last fiscal
GM India, Tata Motors to Suspend Production This Week
"Tata Motors Ltd. and the local unit of General Motors Co. will suspend vehicle production at their factories this week to avoid piling up stocks amid tepid demand in Asia's third-largest automotive market, executives at the companies said Wednesday."
Spain cannot afford high rates for long, Rajoy says
Chris Martenson on Shadow Bank Runs and how Central Banks are Missing the Boat! (video)
Rising Chance For ECB Rate Cut
Laugh of the Day: "No Risk of Housing Bust" says Australia Central Banker
Heart of Marrakesh feels impact of euro zone crisis

## Airline Death Spiral ##
Crude Drop May Hit Airlines Bottom Lines
Air France to cut 5,000 jobs
Uruguay takes over bankrupt national airline

## Fault lines/flashpoints/powder kegs/military/war drums ##
Turkey Send Tanks to Syria Border, Threatens Attacks
Russia May Fly Military Cargo to Syria: Report
Vietnam Protests Cnooc Move in South China Sea
"Vietnam late Tuesday launched a formal protest against China National Offshore Oil Corp.'s move to offer nine blocks in the South China Sea for joint operation with foreign companies, stating that the blocks are in Vietnamese waters."
Manila says Chinese boats back in disputed lagoon
Bombings in Baghdad leave 11 dead
Latin American Defence Procurement Pushing Ahead Despite Global Recession

## Global unrest/mob rule/angry people/torches and pitchforks ##
Migrant workers clash with police in south China
"Hundreds of Chinese migrant workers rioted and clashed with police this week in a fresh outbreak of social unrest in the economic powerhouse of Guangdong."
Gunmen set fire to Microsoft's Greek headquarters
TEDGlobal: App offers safety in a riot
"A smartphone application, enabling people in the middle of riots to find safety, has been shown off at the TEDGlobal event in Edinburgh."
Police quell student protest in E.Sudan: witnesses
Student protest march is announced (UK)
"The National Union of Students (NUS) is urging members to take to the streets of London in November in protest at rising fees and reduced employment."
S Korea, Japan to sign first military pact
"South Korea will soon sign a military agreement with Japan, officials said Wednesday, in what would be the first such pact since Tokyo's brutal colonial rule ended in 1945."

## Energy/resources ##
Exxon's Natural Gas Confession Bad For All; Maybe An Earnings Warning?
"At a meeting in New York this morning, Exxon Mobil Corp. (NYSE: XOM) CEO Rex Tillerson said that his company is "losing our shirts" on natural gas production. Did he just notice that prices have fallen below the cost of production?
"And Exxon is not alone. The other top producers of natural gas — Chesapeake Energy Corp. (NYSE: CHK), BP plc (NYSE: BP), Encana Corp. (NYSE: ECA), ConocoPhillips (NYSE: COP), Devon Energy Corp. (NYSE: DVN), EOG Resources Inc. (NYSE: EOG), Anadarko Petroleum Corp. (NYSE: APC), Ultra Petroleum Inc. (NYSE: UPL), and Questar Corp. (NYSE: STR) — are suffering from an identical problem."
Well, surprise, surprise! Shale gas is a money loser. If you still believe all that hype about how shale gas and shale oil are going to save our energy future, you haven't been paying attention. -- RF
Saudi Arabia seeks Red Sea energy resources
Electricity bills to go up 24.15% from July 1 in Delhi
Pak railway runs out of fuel
Affordable electricity ''is a long way off'' (UK)
Sri Lanka power crisis deepens, losses mount from purchasing thermal power
Lebanese swelter in summer as long-term power cuts continue
China moving closer to Middle East oil
"A series of moves in the international sector has pushed China closer to the Middle East in terms of its oil demand, an analyst said."

## Infrastructure scavenging ##
Air Conditioner Copper Theft and Temperatures Are on the Rise -- Seven Tips for Business Owners

## Got food? ##
Drought May Rival 1980s U.S. Scorcher That Cost $78 Billion
"The drought in the U.S. Midwest that has pushed up corn prices 28 percent since June 15 may eventually rival a dry period in 1988 that cost agriculture $78 billion, a government meteorologist said."
India may lose huge quantity of wheat on slow procurement, strengthening rains

## Environment/health ##
Hundred dead, 250,000 stranded in Bangladesh floods
Floods, Evacuations As Debby Storms Florida
Colorado fires: Tens of thousands flee 'monster' blaze
Union Carbide Wins Dismissal of Suit Over Bhopal Plant

## Intelligence/security/internet ##
Every mobile phone user in the UAE must re-register SIM card
Japan probes website attacks by Anonymous hacker group

## Systemic breakdown ##
Outline on Collapse End Game
"Many are the events, signals, and telltale clues of a real live actual systemic failure in progress. Until the last several months, such banter was dismissed by the soldiers in the financial arena. But lately, they cannot dismiss the onslaught of evidence, a veritable plethora of ugly symptoms of conditions gone terribly wrong and solutions at best gone awry and at worst never intended in the first place."
Europe Going Back To The Middle Ages
U.S. blood supply dips to 'emergency' level: Red Cross

## Japan ##
Japan Sales Tax Risks Growth Grinding to Halt in 2014: Economy
9 utilities reject all shareholders' anti-nuclear appeals
Utility shareholders meet / Nuclear power decried; TEPCO's de facto nationalization OK'd

## China ##
China's slow rot or dramatic crash?
"In a country where information is tightly controlled, the size and extent of the underground economy can only be guessed. When this part of the economy goes bust, the landing will be very hard indeed."
Direct local govt bonds halted
"Legislators halted plans on Tuesday to allow local governments to issue bonds directly, as policymakers increase their scrutiny of regional debt risks and call for improved fiscal management at the local level."
Steel trading companies in Shanghai cry out for help from banks
China has no imminent auto stimulus plan

## UK ##
Lights out — and worse — to nail third tax freeze (London)

## US ##
Colorado wildfire of 'epic proportions' displaces 32,000; tests firefighters
California begins mapping future without nuclear power
Repairs continue to Vt. nuke plant cooling pump
Hanford waste plant sees new costs, delays
"A new cost estimate and construction schedule for a massive waste plant being built at the nation's most contaminated nuclear site will be delayed at least a year as workers try to resolve serious technical problems raised by whistleblowers about design and safety, the U.S. Department of Energysaid Tuesday."
Natural gas gold rush: Is your state next?
Older Workers in U.S. Drive Competition in Labor Market
'Heart-wrenching' Catch-22: Homeless families who turn to city for help find no rooms, risk child welfare  inquiry
No 'Bath Salts' Drug Found In System Of Face-Eating Attacker
Peter Madoff, Bernie's Brother, to Plead Guilty
Everyone knows that if you kill one man you'll go to prison, but if you slaughter millions you'll be a hero. Similarly, if you run a small-potatoes Ponzi scheme you'll go to prison, but if you run the greatest Ponzi scheme of all time — the global "growth economy" — you're regarded as the savior of humanity. -- RF
Stockton CA Bankrupt
Diminished earnings expectations
"The warnings are starting to pile up. Some come from the companies, some from the analysts. But they all point toward a batch of second-quarter earnings reports that are going to fall short of expectations formed just three months ago."
Obama to allow more Arctic drilling

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