Friday, June 29, 2012


News Links, June 30, 2012

## Global Ponzi meltdown/House of Cards ##
Laughable Text of EU "Memorandum of Understanding"
Why The European Car Market Is Headed For A Meltdown
European summit makes little progress on ways to deal with EU debt
Financial 'Armageddon' Will Happen Despite EU Deal: Rogers
Manufacturing sector continues to show signs of recession (Taiwan)
79% of Taiwan's public feel country is going nowhere: poll
Hungary cannot escape recession in 2012 -
International stock funds in a world of hurt
Is It Time to Cash Out of Global Luxury Stocks?
Buckle up, Australia: recession is coming
Black market for body parts spreads among Europe's poor
17 Reasons To Be EXTREMELY Concerned About The Second Half Of 2012
Iceland still needs years to lift capital controls
A weaker German economy could further slow Europe
Brazil Economist: Effects of Euro Crisis Were Underestimated

## Airline Death Spiral ##
Margin-hunting airlines may shed catering units
Airline sector to continue facing funds crunch: RBI
Emirates may invest in 'loss-making' Indian carriers if they get management control

## Fault lines/flashpoints/powder kegs/military/war drums ##
In "Islamist" Egypt, generals still have final say
South Korea shelves disputed military pact with Japan
Troops have withdrawn from Iraq, but U.S. money hasn't
"The State Department is planning to spend up to $115 million to upgrade the U.S. Embassy compound in Baghdad, already its biggest and most expensive in the world, according to pre-solicitation notices published this month."
Greek militant group claims Microsoft attack
Bomb explodes in Mexican city days before election
Tanzania must stop re-flagging Iran tankers: U.S. lawmaker
U.S., Israel map out joint missile plan
Brazil leads region in defense spending
"Ongoing and upcoming Brazilian defense programs translate into the highest defense expenditures in Latin America over the next decade."
Turkey Deploys Anti-Aircraft Guns, Rocket Launchers to Syrian Border
Israel Fears Rise of US-Supported Jihadists in Syria

## Global unrest/mob rule/angry people/torches and pitchforks ##
Lima University students clash with police in Peru
Protesters clash with police in Greece
Rioters in Sweden attack police
Sudan police teargas anti-government protesters
Tens of thousands protest Japan nuclear restart

## Energy/resources ##
Lower Oil Prices–Not a Good Sign!
It's a damned-if-you-do, damned-if-you-don't situation. And that's one reason collapse is assured. -- RF
Electricity Cuts Cripple Yemen
Power outages hit Ottawa's south end
Mindanao faces power shortage anew
"The Mindanao grid is again under 'red alert' status, an official of a electric cooperative in South Cotabato said."
Power cuts temporarily complicate transport across Buenos Aires
Kazakhstan will start making oil from coal
Handicraft makers hit hard by rattan supply shortage
Budget Cuts Force U.S. out of the Nuclear Fusion Race
Mumbai, Delhi Lead in Need for Water, McKinsey Reports
Coal: The Ignored Juggernaut
Political turmoil could hurt Iraq oil plan
"Iraq is pressing ahead with its ambitious drive to boost oil production to some 12 million barrels per day and challenge Saudi Arabia as the world's top producer.
"But security problems, worsening political instability and fractures in the all-important oil industry could still throw the plan off track."

## Infrastructure scavenging ##
Thieves collapse Durban bridge (South Africa)
KU: stolen copper leads to Nelson Co. power outage (US)
Ribble Valley thieves steal 6,000m of live power lines (UK)
Scrap metal thieves strike fear (Malaysia)
Metal thieves target public toilets (US)

## Environment/health ##
West's Wildfires A Preview Of Changed Climate: Scientists
"Scorching heat, high winds and bone-dry conditions are fueling catastrophic wildfires in the U.S. West that offer a preview of the kind of disasters that human-caused climate change could bring, a trio of scientists said on Thursday."
Wildfires rage in Utah
Parts of Arkansas now in 'extreme' drought
Floods swamp thousands of Indian villages, kill 27
Lots of Vegetables Found to Prevent Acute Pancreatitis

## Intelligence/security/internet ##
U.S. will be allowed to share Canadian border info under new privacy charter
How tiny drones offer a unique view

## Systemic breakdown ##
Money's retreat home threatens globalization
Russia's Creaking Infrastructure Is in Dire Need of Private Investment

## Japan ##
Must read: Massive Japanese Debt Monetization Is Coming, Yen to be Devalued
"I would keep a close eye on the JPY/USD exchange rate as an indication of how active the BOJ is likely to be in monetizing Japan's massive debt burden. Given a large portion of Japan's mountain of debt is maturing over the next two years we will not have long to wait."
Japan's Industrial Output Falls Most Since 2011 Quake
TEPCO plans to restart another nuclear reactor, the world's largest
TEPCO faces many difficult tasks / Utility's rehabilitation depends on obtaining massive funds, restarting reactors
Kansai Electric Releases 1st Summer Power Forecast
10 utilities plan sharp August electricity rate hikes to cover renewables' tab
Lawmakers call for immediate decommissioning of 24 reactors
Japan finds major rare earth deposits
At the bottom of the sea, 2,000 km from Tokyo. -- RF
Domestic murders on rise; experts say financial stability key

## China ##
Power generation investment falls
"Investment in coal power generation fell 26 percent in 2011, the first drop in the past five years, and it may lead to further power shortages over the next few years, analysts said yesterday."
Chinese Industrial Companies' Profits Drop for Second Month

## UK ##
UK recession even deeper than feared as Scotland stagnates
Welsh public bodies act over Spanish bank concerns

## US ##
Muni Maturing? Proceed With Caution!
The Sharp, Sudden Decline of America's Middle Class
"They had good, stable jobs - until the recession hit. Now they're living out of their cars in parking lots."
Investors exiting stocks at faster clip
Consumer spending stalls, morale at 6-month low
Overseas buyers seek shelter in U.S. real estate
Let's have them buy up some of that shadow inventory. -- RF
Midway Airport reopened after power outage
"Midway Airport was temporarily shut down Thursday night and early Friday after an electrical power outage blackened its airfield, city and federal aviation officials said."
Power Out As Temps Hit 100 In Ann Arbor
Second Hermosa power outage in two weeks raises questions
Southern Californians urged to conserve power
U.S. Postal Service Regulator Denies Bid to Stop Closings
"The U.S. Postal Service may begin closing mail-processing plants as soon as next week after its regulator denied a labor-union request to block the closings."
Professor Laurence Kotlikoff: The US Is Bankrupt−The Real Public Debt Is $222 Trillion
Economic Data from Chicago and from University of Michigan Sentiment Adds More Weakness
Defense Industry Aims a Weapon of Mass Job Destruction at Washington

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