Wednesday, July 11, 2012


News Links, July 10, 2012

## Global Ponzi meltdown/House of Cards ##
Get ready for the end of record corporate profits
Global Collapse In Auto Sales Coming Up
Spanish borrowing costs rise ahead of euro summit
Spain Set to Get Reprieve on Deficit
"Euro-zone finance ministers meeting here Monday were set to give Spain an extra year to bring its budget deficit back in line with the bloc's rules and agree on the terms of a big bailout for the country's banks."
Euro Zone Fragmenting Faster Than EU Can Act
OECD Leading Indicators Point to Slowdown
Negative Yields In France For First Time, Record Negative Rates in Germany; 10-Year Yield Back Above 7% in Spain, Above 6% in Italy
Negative Yields Tighten Deflation's Grip
Netherlands & Austria Hit By Credit Downgrades
China Threatens With Furious Retaliation In Growing Trade Wars
Spending on Chip Production Gear to Fall 2.6% in 2012
Big Global IT Business Falters
"As business comes to rely increasingly on computers and software, the IT industry should be flourishing. Yet, it is not. Fear of a slowdown in economies around the world has almost halted the growth of the industry, and it may even cause it to shrink late this year or next."

## Airline Death Spiral ##
Russian Airlines Face Bankruptcy Over Soaring Costs
China's Spring Airlines Considers Installing Vertical Seats
Global Air Cargo Dips 2.2 Percent
Spanish airport tax hike
"In an effort to wipe out its budget deficit, airports in Spain have been hit by a hike in tax costs."

## Fault lines/flashpoints/powder kegs/military/war drums ##
South China Sea tension tops Asean regional agenda
China-Philippines Scarborough Shoal Row Pushes Manila To Upgrade Military
Japan signs military agreement, pledges support for Philippines
Large scale military exercises underway in Syria
Armed guards on merchant ships – a necessary evil?

## Global unrest/mob rule/angry people/torches and pitchforks ##
Saudi protest crackdown leaves two dead
Spain's miners resort to 'guerrilla war' over austerity
"Outrage mounts over a government spending billions to rescue banks, while coal towns go broke from premature subsidy cuts."
Thousands of Pakistanis protest opening of NATO supply route
"Thousands of supporters of hardline religious groups gathered in the Pakistani capital on Monday to protest their government's decision to re-open supply lines for U.S.-led NATO troops in Afghanistan."

## Energy/resources ##
Peak Oil: A Dialogue with George Monbiot (The Automatic Earth)
This is a must-read article not only for Monbiot, but for anyone who still does not see why unconventional fossil fuels cannot support industrial civilization. To understand why, it's crucial to see the systemic nature of the problem, and this essay is a good place to start. Remember: When it comes to energy, quality is the only thing that matters. -- RF
China Looks to Russia's Hydroelectricity to Meet Growing Energy Demands
Largest Hydroelectric Project in the World is Completed, but at What Cost?
'With great power comes huge electricity bill' (Philippines)
China Shuns US And Invests Direct In Iran Oil-Fields
Norway Government Ends Oil Strike, Lockout Averted
Bankruptcy News Killing Coal Miners

## Infrastructure scavenging ##
Nine in ten councils are victims of metal thieves, finds study (UK)
"People are falling down open drains and roads are being closed because of the metal theft epidemic that is affecting almost every area of the country."

## Got food? ##
Malawi food crisis deepens on weak economy: report
300,000 pounds of meatballs recalled over listeria risk
Rootworms have developed resistance to genetically engineered corn
U.S. Corn Growers Farming in Hell as Midwest Heat Spreads
Power cut forces major poultry losses in Ukraine
"Agromars, one of the largest poultry producers in Ukraine has reported losses of 200 mln hryvnias (US$ 24.7 mln) following power cuts across it poultry production facilities.
"The power failure disabled the energy across 30 enterprises of the company resulting in the deaths of 618 thousand heads of poultry, and 5 million heads of chickens. The ventilation in poultry houses were disabled for five and a half hours, and the temperature there soon reached 45 degrees, which in turn caused the death of birds. This is a significant loss as the total poultry stock in all enterprises of Agromars is currently estimated at 9 million heads."
UK farmers count cost of soggy spell (BBC video)
"Cauliflower, carrots and cabbages are too wet to pick and are rotting in the fields, the National Farmers' Union has said."
Floods damage Russian grain export routes

## Environment/health ##
Rising Shale Water Complicates Fracking Debate
"Scientists say naturally polluted water can rise to the surface of the Marcellus Shale; that finding suggests that frack water could seep out, too."
Asia's 'Coral Triangle' threatened by pollution
Record U.S. heat wave deaths up to 52
Florida accused of concealing worst tuberculosis outbreak in 20 years
78 TB cases reported at Tokyo elderly care center
As Mine Protections Fail, Black Lung Cases Surge

## Intelligence/security/internet ##
New Executive Order Increases Presidential 'Control' Over Communications During a 'Crisis'
Wireless firms flooded by requests to aid surveillance (US)
Attack of the Zombie Drones

## Japan ##
Bug In Search of Windshield; Japan's Current Account Surplus Shrinks 63% as Machine Orders Plunge 14.8%
Summer Power Shortages Still A Threat
Budget airlines promise scant help for local economies
Govt looks to buy Senkakus / Noda says talks with islands' owner have already begun

## China ##
Night of Frenzied Buying Portends Slowing China Car Sales
Monday Market Monitor - China - WEEK 27 - Continues to sink
China's dragon babies are gobbling up New Zealand timber
China's Christmas Exports Are Already Tumbling
China overtakes Japan in Fortune 500 ranks

## UK ##
Cut water use by 30% says Institution of Civil Engineers
"Wales has been warned it should not be complacent over its water supplies, with a call for a cut of almost a third in the amount everyone uses."

## US ##
Scranton Mayor Slashes All Public Worker Wages to $7.25 per Hour, Including Police, Fire, His Own; City Effectively Bankrupt
Libor Scheme May Have Cost Muni Issuers Millions
"If allegations that banks manipulated Libor prove to be true, those actions likely cost municipal bond issuers with swaps linked to the rate tens of millions of dollars, according to experts."
Stockton Bankruptcy Puts Muni Market on Edge
High rents, tight credit put many at the mercy of the market
States restrict welfare purchases
Indentured Students Rise as Loans Corrode College Ticket
Mexican Drug Cartel Laundered Money Through BofA, FBI Alleges
Couple Arrested for Dancing While Waiting for the NYC Subway
Fractional Reserve Banking, Government and Moral Hazard (Ron Paul)

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