Tuesday, June 05, 2012


News Links, June 6, 2012

## Global Ponzi meltdown/House of Cards ##
Euro-Area Manufacturing, Services Shrink as Crisis Worsens
"Euro-area services and manufacturing output contracted at the fastest pace in almost three years in May, adding to signs the economy is suffering under the worsening sovereign-debt crisis."
Global Manufacturing Growth Shudders Towards a Halt
Eurozone PMI Collapses
BIS warns global lending contracting at fastest pace since 2008 Lehman crisis
Spain housing bust: prices cut in half (CNN Money video)
Spain Warns Market Access Being Shut
"Spain made its most explicit suggestion yet that it is contemplating asking Europe to help its struggling banks, as the country's budget minister conceded that rising bond interest rates signaled that the government is losing access to financial markets."
European bank bailouts signal crisis is gathering speed
Hydro to Close Australian Aluminum Smelter
China and India see fastest growth in new millionaires: BCG
21 Signs That This Could Be A Long, Hot, Crazy Summer For The Global Financial System
Oil Tankers Squeezed as Rates Drop to Lowest Since '97: Freight
Cost of doing business surges 15% (Pakistan)
Another Bear Awakens (on boatloads of money entering Switzerland, cash smuggling, etc.)

## Airline Death Spiral ##
Airline industry reports massive losses
Global Airlines Fly Into 'Storm'
"Further evidence of the tough conditions facing international airlines emerged in Australia on Tuesday after flagship carrier Qantas Airways Ltd. said it will post a full-year loss and the president of Emirates, the Middle East's largest airline, warned of a 'perfect storm' in the industry that could force many airlines to downsize."
Qantas Warns Earnings Could Plunge Up to 91%
"Qantas Airways Ltd. warned that its full-year earnings may sink up to 91% as deteriorating global economic conditions widen losses at its struggling international-flights unit."
Qantas Faces Domestic Price War as Overseas Losses Widen
Delta May revenue comes in lower than expected
Airfare Expert: Why airlines don't dare offer a price break
Why the airlines want to charge you for carry-on bags

## Fault lines/flashpoints/powder kegs/military/war drums ##
Japanese Scholar Says Scrap U.S.-Japan Alliance; Recognize U.S.-China Co-Dependency
India, Japan To Conduct First Joint Naval Exercises
Canada's military hunting for seven new foreign bases
Switzerland sees spike in cross-border crime
"Cross-border crime is on the rise, and becoming ever more violent, in western Switzerland and the Ticino, according to new statistics.
"The latest figures produced by Swiss border authorities show a significant increase in the number of arrests being made at the borders, newspaper Tribune de Genève reports.
"'The perpetrators are armed with assault rifles, machine guns and even rocket-propelled grenades. They will stop at almost nothing,' Jürg Noth, head of the Swiss Border Guard, told the newspaper."
Iranian cell-phone carrier obtained banned US tech
"The procurement - through a network of tech companies in Iran and the Middle East - offers further evidence of the limitations of U.S. economic sanctions."
Russia turns east to embrace looming China
Putin, Hu meet on rising Russia-China partnership
Libyan government retakes airport from disgruntled militia
India and Pakistan 'escalate nuclear arms race'
Iran announces SWIFT replacement
Precious few details, however. -- RF

## Global unrest/mob rule/angry people/torches and pitchforks ##
Egyptians protest to reclaim their revolt
Russian parliament approves harsh bill on protests
Occupy DC Protesters, Police Clash Over Eviction

## Energy/resources ##
Rampant Oil Theft Ravages Nigeria's Delta
Businesses to Launch Energy-Saving Campaign (Korea)
"Large businesses and conglomerates, including Samsung Group, have decided to launch energy-saving campaigns amid fears of a power shortage this summer."
Gas shortage hits power plans (India)
Panic in city as petrol supply falls short (India)
North Block dries up, govt employees reel under water shortage (India)
"As mercury rises, the North Block - one of country's power centres housing Home and Finance ministries - is facing severe water crisis for nearly a month causing inconvenience to nearly 5,000 employees working there.
"The North Block is current receiving around 50,000 litres of water daily instead of its requirement of 1.5 lakh litres resulting in most of the toilets, water coolers going dry most of the time."
Nuclear And Coal Power Face Future Cooling Water Shortages, Study Suggests
"Warmer water and reduced river flows will cause more power disruptions for nuclear and coal-fired power plants in the United States and Europe in future, scientists say, and lead to a rethink on how best to cool power stations in a hotter world."
Power Shortage Vexes Texas
"Texas, which is facing an electricity shortage, should let power prices rise sharply to give companies more incentive to build badly needed generating plants, experts said in a new report to state grid officials."
But cheap energy is needed for growth. -- RF
For A Million BTU: Monday 4 June 2012
Crude glut, price plunge put oil sands projects at risk
Bottom line: Junk oil is expensive to develop. -- RF
30 power plants have only a week coal left - CEA Report (India)
Philippines may go into power plants again as demand rises
"An Energy Department report said that the government may need to go into power generation again to avert brownouts, as current private sector investments are not enough to meet the country's power demand reaching 14,400 MWs by 2030."
New gasoline capacity to crunch Asian refiners' profits
Big Oil Fares Poorly With Drop in Oil Prices

## Infrastructure scavenging ##
Copper thieves hit KC Scout traffic monitoring system
Copper thieves knock local radio station off the air
Thieves' unlikely targets — shower heads, downspouts, manhole covers
Gang of metal thieves blamed for loss of £10,000 sluice gates

## Got food? ##
Seeds of doubt: Brazilian farmers sue Monsanto
"Five million Brazilian farmers are locked in a lawsuit with US-based biotech giant Monsanto, suing for as much as 6.2 billion euros. They say that the genetic-engineering company has been collecting royalties on crops it unfairly claims as its own."
Rice Poised for Third Record Crop as Food Prices Retreat
Occasionally there is some good news, though we should keep in mind how most of that rice is grown. -- RF
Middle Eastern farmers bearing brunt of plunging olive oil prices
Severe shortage of ice hits fishing industry in Visakhapatnam (India)

## Environment/health ##
The Pharmacy in the Forest
"Some of the best medicines you will ever use are free for the growing."
Canadian Government Looking To Make Zombie Drug Illegal

## Intelligence/security/internet ##
The Age Of Drones: Military May Be Using Drones In US To Help Police
US, Iran dig in for long cyber war

## Systemic breakdown ##
Cities across the USA fight to control street gangs
Cargo Theft: A Real Problem
"Cargo theft impacts nearly every industry, from paper products to televisions. Experts estimate that cargo and equipment theft costs $30 to 50 billion annually worldwide."
Pirates Switch Attack Policy on Cargo and Container Shipping
Canada: Video suggests suspect ate parts of body

## Japan ##
Japan's Debt Sustains a Deflationary Depression
TEPCO squanders fortune for electricity that's not guaranteed
4,800 Bq/Kg of iodine 131 was measured in Tokyo

## China ##
Bad News Piles Up for China's Economy
Idle iron ore collects as China's economy slows
The Hoarding Continues: China Purchases A Record 100 Tons Of Gold In April From Hong Kong

## UK ##
Bank of England set to cut rates to 300-year low
Will Greece and Spain's youth jobs crisis spread to the UK?

## US ##
U.S. Bankruptcy Watch: Debt to GDP to Hit 70% By End of 2012, The Fiscal Cliff
War is America's new economic stimulus policy
Full-time jobs are getting harder to find
Record Number Of US Households On Foodstamps
Ohio tops nation in number of copper, and other metal thefts
California faces threat at sea from drug smugglers
Chesapeake Must Sell at Least $7 Billion of Assets to Avoid Faulting on Debt
RG Steel begins shutdown
California debt: What options are available?
Goldman Sachs Said to Cut Jobs as Earnings Outlook Dims
Louisiana GOP spirals into chaos as Ron Paul delegates injured, arrested
Factory Orders in U.S. Unexpectedly Dropped in April
"Orders to U.S. factories unexpectedly fell in April for a second month, pointing to a deceleration in manufacturing as the global economy cools."
Report: Alabama went into recession in 2011

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