Wednesday, July 11, 2012


News Links, July 11, 2012

## Global Ponzi meltdown/House of Cards ##
Investment Bankers Face Termination as Europe Fees Fall
Europe Speeds Up Aid to Spanish Banks
"European governments will jump-start as much as 100 billion euros ($123 billion) in emergency loans to shore up Spain's banks and may move the costs off the Spanish government's balance sheet to shield the euro region's fourth- largest economy from the debt crisis."
By God, that's what I call a solution! -- RF
ArcelorMittal refuses to rule out further site closures in Europe
"FT reported that ArcelorMittal has refused to rule out further site closures in Europe as the global steel industry enters what some observers fear could be a five year spell of overcapacity linked to signs of a severe slowdown in demand and consumption in China."
Alcoa Profit Seen Plunging 84% in Eighth Year of Surplus
"Alcoa Inc. (AA) (AA), the largest U.S. aluminum producer, may report an 84 percent decline in second-quarter earnings as the eighth straight year of surplus global production drives down the price of the metal."
Egan Jones Lowers Credit Rating of Netherlands, Austria
Global steel glut feeds trade skirmishes
The Sub-Zero Club Admits a New Member
Gold said to be in 'lockdown' as new financial system approaches (GATA)
OECD Warns of Long-Term Damage to Unemployed
Jobless Youth Leave Europe Car Sales in Doldrums
French president: zero growth so far this year
Mubarak's Dream Remains Just That In Egypt's Desert
Cabbagetown heritage homes 'disintegrating' and activists blame TCHC

## Airline Death Spiral ##
China Southern Airlines sees H1 net down over 50 pct
AMR CEO says it's time to weigh merger options

## Fault lines/flashpoints/powder kegs/military/war drums ##
Annan Seeks Iran Backing to Solve Syria Crisis
Mexico gunfight leaves 11 dead in Sinaloa state
U.S. lawmaker asks Tuvalu to stop reflagging Iran oil tankers
Iran works to foil insurance embargo on oil
Iran's Ballistic Missiles Improving, Pentagon Finds
"Iran's military continues to improve the accuracy and killing power of its long- and short-range ballistic missiles, including designing a weapon to target vessels, according to a Pentagon report to Congress."
S.Africa in talks to get Iran to insure oil cargoes
Bahrain closes Islamist party, cites "violent" cleric
"A Bahrain court has dissolved a Shi'ite Islamist political party which has played a role in the Gulf Arab state's wave of unrest, on the grounds that it answers to a religious authority who calls for violence."
ASEAN agrees on rules for South China Sea conduct

## Global unrest/mob rule/angry people/torches and pitchforks ##
Protesters shut down fracking site
Video of the subway protest (Tokyo)

## Energy/resources ##
Rolling electricity blackouts strike Edmonton and across the province (Canada)
Cutting remarks: Israel Electric will send brownout alerts by SMS, online
Cold Fusion: Progress Report
Government censorship!? -- RF
Australian coalminers feel the squeeze as Chinese demand slows down
Response to Leonardo Maugeri's Decline Rate Assumptions in "Oil: The Next Revolution" (TOD)
Industry warned of serious gas shortage in winter (Pakistan)
Want Precious Metals? Forget Mines, Go to Landfills
Global demand for oil in 2012, 2013 revised lower
Wind power dwindles, city faces power cuts (India)

## Infrastructure scavenging ##
Power substations being robbed of copper (US)

## Got food? ##
Corn prices surge as USDA reports 18 states hurt by drought
The Corn Is Dying All Over America
Global edible oil to surge on increased imports by China
Bread shortages hit Sudan as president annuls decision to lift wheat subsidies
"Various parts of Sudan's capital Khartoum and other regional towns are beginning to witness shortages of bread coupled with exorbitant price increases, in the latest manifestation of a growing economic crisis."
FTAs push S. Korean farmers into 'sink or swim' crises

## Environment/health ##
More flooding set to hit Britain
Decline of the salmon

## Intelligence/security/internet ##
Four ways the Internet could go down
14 Incredibly Creepy Surveillance Technologies That Big Brother Will Be Using To Spy On You
US must adopt cyberattack law, says NSA chief
"The US must adopt a law to protect the country from cyber-attacks, the head of the National Security Agency said on Monday, insisting that it would respect privacy."
Russian Wikipedia Shuts Down To Protest Censorship

## Systemic breakdown ##
The Global Economy: It's All About Increasing Leverage
Collapse is inevitable. -- RF
From Arab Spring to American Summer: The Politics of Power Outages

## Japan ##
Further BOJ Easing May Be Needed
Hokkaido nervous about winter power supply
Shares Of China-Reliant Firms Hit By Slowdown Fears
TEPCO releases more photos of tsunami damage at Fukushima nuclear plant
15.65 Bq/Kg of cesium from washing towel in Tokyo
Noda seeks Japan's right to exercise collective self-defense
"Prime Minister Yoshihiko Noda expressed his willingness to allow Japan to exercise the right of collective self-defense, an issue that could further split the ruling party but would likely find support from the main opposition party."

## China ##
Chinese steel industry facing severe difficulties
"According to an insider from the country's Iron and Steel Association who spoke with state controlled media Economic Information, in China, the realized profit of large and medium sized steel corporations dropped as much as 94.26% in the first five months of 2012 compared to last year."
China's Post-Olympic Woe: How To Fill An Empty Nest
China's Deflationary Threat
China Import Growth Plunges, Trade Surplus Hits 3-Year High; Will US Response Be Protectionism? Is China Headed For a Deflationary Shock?

## UK ##
Rich elderly should lose benefits, says David Cameron ally
Are Olympic missiles just for show?

## US ##
Four fiscal cliffs ahead, and a jobs war: Recession to turn U.S. into doomsday machine
Struggling in the Suburbs
"Hardship has built a stronghold in the American suburbs. Whatever image they had as places of affluence and stability was badly shaken last year, when reports analyzing the 2010 census made it clear that the suburbs were getting poorer."
U.S. Drought Goes from Bad to Worse
US manufacturers move back home as China's costs increase
Over 500,000 Workers Are Out of Jobs – and Prematurely Out of Benefits
J.C. Penney cuts another 350 headquarter jobs
Cummins' Truck Warning Spreads Through The System
A clash of generations – 1 out of 6 Americans receiving Social Security benefits
Economic Report Card – Fail
Our Money Is Dying (Chris Martenson)
Drilling trucks have caused an estimated $2 billion in damage to Texas roads
"'There was a time when they were eager to throw you a bone,' he said. 'But when it's over, it's over.'"
Tech Wreck Ahead? AMAT Cuts Outlook on Chip Dip
Olympians face financial hardship
Economic Cycle Research Institute Says U.S. Recession Is Already Here

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