Tuesday, July 31, 2012


News Links, August 1, 2012

## Global Ponzi meltdown/House of Cards ##
Eurozone unemployment at record high in June
100,000 Workers in Spain Will Not be Paid Because Regional Government of Catalona is Broke
Spain says up to $200 billion left country by May
Deutsche Bank Investment Bank Profit Drops 63% on Trading
Thanks to the Bailouts, Germany Now Has a Debt to GDP of 300%... Bye Bye Eurozone!
Euro crisis: Monti upbeat, but unemployment rises
"Italy's Prime Minister Mario Monti has said he sees 'light at the end of the tunnel' on the eurozone debt crisis."
As we all know, the light at the end of the tunnel is actually an oncoming locomotive. -- RF
Unemployed in eurozone hits 17.8 million
Canadian GDP near-flat in May
Pimco's Bill Gross Says Stocks Were A Ponzi Scheme For The Last Hundred Years
Shades of 2006: That's What Australia Housing Bubble Looks Like From US Perspective
UBS profit falls 58 per cent on 'challenging' markets
11 Signs That Time Is Quickly Running Out For The Global Financial System
Margret Thatcher famously said, "The problem with socialism is that you eventually run out of someone else's money." Interestingly, the current world Ponzi economy depends on ever-expanding debt, and debt is — in case Thatcher hadn't noticed — someone else's money. The global meltdown has started in part because we are running out of someone else's money. -- RF
Rio Tinto to Cut Jobs in Australia

## Fault lines/flashpoints/powder kegs/military/war drums ##
Call for Increased Sino-Pakistani Military Exchanges
Philippines to bid out disputed South China Sea oil, gas blocks
"The Philippines will offer three areas in the South China Sea for oil and gas exploration on Tuesday, two of them in waters also claimed by China."
Food cost, trade "double whammy" could hit Africa
Iraq says will force out Iran dissident group
"Iraq on Tuesday told an Iranian dissident group that was given a base in Iraq by Saddam Hussein but is now out of favor with a government that is close to Iran that it must move out of the camp immediately or be forced to leave."
Panetta: Iran Sanctions Not Working, But We're Sticking With Them
The "War On Terror" Has Changed, and Not One In 1,000 Americans Has Noticed
Panetta: no Iran attack plans to be discussed with Israel
Obama tightens sanctions on Iran energy, finance
Japan simply watches amid influx of foreign workers to Northern Territories
"Despite its claim that the Northern Territories legally belong to Japan, it is Moscow, not Tokyo, that exercises an increasingly firm grip on development of the disputed islands off Hokkaido."
US Marines' New Battalions Eyed as World Police

## Global unrest/mob rule/angry people/torches and pitchforks ##
Several hurt as Sudan police disperse protest in Darfur
"Sudanese police used teargas and batons to disperse more than 1,000 people protesting fuel price rises in the city of Nyala in the Darfur region on Tuesday, wounding several, witnesses and activists said."
Flash Mob Crimes And Organized Looting Have Become A Normal Part Of Life In America

## Energy/resources ##
Second India blackout in two days cuts power to 670 million
In pictures: India's power crisis deepens
Under the infinite-growth paradigm, we always need more consumers borrowing more money to buy and consume more things. Systemic collapse is inevitable. -- RF
Massive energy usage due to cold weather (South Africa)
An unacceptable shortage (Saudi Arabia)
"What is happening to the supply of diesel in the Kingdom? On the face of it, we have so little of this fuel that farmers are complaining their yields are dropping and truckers are claiming it its now difficult to operate their vehicles."
How Changing from Fossil Fuels to Renewable Energy Might Affect GDP
Peak Minerals: Shortage of Rare Earth Metals Threatens Renewable Energy
No easy substitutes for fossil fuels
Drought strains U.S. oil production
"One of the worst droughts in U.S. history is hampering oil production, pitting farmers against oilmen and highlighting just how dependent on water modern U.S. energy development has become."

## Got food? ##
Days Supply of Global Grains Stocks 1960-2012
Defending the Coops
Bhutan Bets Organic Agriculture Is The Road To Happiness
The Ethanol Mandate: Drought Only Compounds Inherent Catastrophic Consequences
Give us a break from ethanol, drought-hit livestock producers ask EPA
Counterfeit Foods: Are You Eating the Real Thing?

## Environment/health ##
Uganda says avoid hand shakes as Ebola returns
Pacific Coral Triangle 'at risk of collapse'
An avian flu jumped to baby seals
Throwback Thursday: Organic Bedding for a Healthy New Year
We're getting sicker: More Americans have a chronic health condition

## Systemic breakdown ##
Power grid failure, deadly train fire highlight India's crumbling infrastructure

## Japan ##
Defense White Paper: Japan flags Chinese army's growing role as risk issue
South Korea protests Japan's claim to isles
Toshiba swings to loss on restructuring costs, yen
Renesas To Get Y49.5bn In Loans From NEC, Hitachi, M'bishi Elec
Honda quarterly profit jumps fourfold
"Honda Motor said Tuesday its net profit surged more than fourfold to 131.7 billion yen for the three months to June, underscoring a recovery from the impact of last year's quake-tsunami disasters."
It took this long for the rebound. And next comes the crash. -- RF
Domestic production 'appears to be flat' / Sluggish European economy to blame for downturn; auto industry hardest hit
Kepco logs ¥99.5 billion net loss in first quarter
¥1 trillion puts Tepco under state control
"Tokyo Electric Power Co. said Tuesday it has received ¥1 trillion in public funds and is under effective government control amid its financial plight stemming from the Fukushima nuclear disaster."
Japan's crude oil imports rise for 5th straight month in June
Japan's Iranian crude imports jump in June from May
8,686 hospitalized for heatstroke last week
Ministry tells train companies to cut power use by 20%
Construction delays push back restart of Hamaoka nuclear plant to 2014

## China ##
China May Revive Tax Rebates to Help Ailing Steel Sector, profits down 96% in 1H
China's top steel mills have total debt of 200-300 bln yuan
China's oil refineries suffer losses
China Increases 2012 Railway Infrastructure Investment by 16%
China Reiterates Growth Chief Priority
"China's leaders pledged to keep adjusting policies to ensure stable economic growth this year as a state newspaper said some banks are telling branches to provide local-government loans."

## UK ##
Homelessness 'rose 25% in England over past three years'
Northern Bank downgrades economic forecast for Northern Ireland
Nurses 'cleaning wards at cash-strapped hospitals'
"Nurses at a cash-strapped hospital trust are being forced to clean beds and scrub wards to make up for a lack of funding for full-time cleaners, it has been claimed."
Pension reforms for military outlined by MoD

## US ##
The Not-So-Mighty Mississippi: How the River's Low Water Levels Are Impacting the Economy
The Real Crash is dead ahead as 2008 is forgotten
Deal Struck To Avoid Possibility Of Government Shutdown In October
Consumer Spending in U.S. Was Unchanged in June
"Consumer spending in the U.S. stagnated in June as labor-market weakness prompted Americans to use the biggest gain in incomes in three months to build savings."
July Gasoline Prices up 5.1% — AAA
Enclaves of the Rich and Ready for Retirement
In Q2 America Added $2.33 In Debt For Every $1.00 In GDP
John Williams: The US Is Essentially Bankrupt
"Perpetual QE needed to service massive debt load and $5 trillion per year in unfunded liabilities"
Son of LIBOR: Muni Market Eyes All-American Rate-Rigging Scandal
Facebook stock falls to record low
Walmart's Stock Surge Reflects Hard Times for the Cash-Strapped
How Low Can Mortgages Go? New Record Lows All Over Again

And finally… New Zealand man hospitalized after lighting fireworks in butt

<< Home

This page is powered by Blogger. Isn't yours?