Wednesday, July 11, 2012


News Links, July 12, 2012

## Global Ponzi meltdown/House of Cards ##
Spain Forced To Impose Haircuts On Savers, Private Investors As Part Of Bailout Deal
Rajoy Outlines Budget Cuts as Protests Hit Madrid
Italy eyes euro zone aid to ease debt pain
ILO warns eurozone risks losing 4.5 million more jobs
How To Protect Yourself From Collapse of the Faith-Based Financial System
Brazil Cuts Rates, as Economic Puzzle Emerges
"In recent years, Brazil's leaders plotted a leap to prosperity based on speedy economic growth rates fueled by its vast natural resources. Now, many economists say such plans must be redrawn as growth sputters and efforts to revive it fall short."
Bogdan Corporation continues reducing output of passenger cars in June (Ukraine)
Iron ore carrier earnings slow down as vessel surplus persists
Survey: 24 percent of financial executives say illegal conduct is necessary for success
Why Mediterranean sovereign debt losses could top €2 trillion
U.S. Gave Tens of Billions to Libor-Manipulating Banks ... Even AFTER Learning about the Manipulation

## Airline Death Spiral ##
As they lose traffic, once bustling US airports have space to rent
China Southern to report profit wipe-out: analysts
U.S. Airlines Say Arrivederci to New York-Rome Service
Pluna's collapse bad news for Uruguay and Montevideo Airport; non-stop links to five Brazilian airports lost

## Fault lines/flashpoints/powder kegs/military/war drums ##
Japan protests Chinese ships entry into waters near disputed isles
PLA naval exercise to simulate assault on disputed islands
China tells Japan to respect its sovereignty over islands
'Good Neighbor' China Pushes Asean for Joint Development in Seas
"China repeated a call for joint development of energy resources in waters claimed by Vietnam and the Philippines before a regional security meeting today that includes U.S. Secretary of State Hillary Clinton."
Israel to deploy rocket interceptor at Egypt border
"Israel said on Wednesday it would deploy a battery of Iron Dome rocket interceptors at a southern frontier town opposite Egypt, a move that follows cross-border attacks in the area."
White House Outraged at UN Call to Include Iran in Syria Talks
US Still Supporting Abusive Afghan Militias as Civil War Looms

## Global unrest/mob rule/angry people/torches and pitchforks ##
Riot police and protesters clash, as Spanish miners march into Madrid (photo blog)
Saudi Shi'ites throng funerals of slain protesters
"Thousands of Shi'ite Muslims turned out for the funerals of two men killed during protests triggered by the arrest of a prominent Shi'ite Muslim cleric in Saudi Arabia's oil-producing Eastern province, witnesses said on Wednesday."
Protesters block Beirut road over power cuts

## Energy/resources ##
Fuel Crisis looms, Prices Swell Threefold (Uganda)
ERCOT: So, About that Chance of Rolling Blackouts… (US)
IEC: Heat wave may cause blackouts (Israel)
First in line for summer power cuts: Homes, offices and small businesses (Israel)
Israel Facing Blackouts as Natural Gas Shortage Looms
Electric power shortage may be inevitable / Most areas seen affected despite Oi nuclear plant's No. 3 reactor becoming fully operational (Japan)
Suspended S. Korea nuclear plant gets green light to resume operation
Nigerians groan under power outages, new electricity tariff
Officials fear more blackouts after power outage hits Stampede Skyride, consumers. (Canada)
Blowing a fuse over power cuts (UK)
Asteroid Mining Startup Planetary Resources Teams With Virgin Galactic
I won't be investing in this venture, but suit yourself. -- RF
Rapid rise in nuclear raises workforce concerns
The shortage of skilled workers across the board is part of energy decline. -- RF
Building costs rise at US nuclear sites
"America's first new nuclear plants in more than a decade are costing billions more to build and sometimes taking longer to deliver than planned, problems that could chill the industry's hopes for a jumpstart to the nation's new nuclear age."
How Much Oil Does the World Produce?
"One final note about oil production that gets very little attention is the fact that the 83.6 million barrels produced in 2011 is of a lower quality than the 32 million barrels produced in 1965. Crude oil is getting heavier, contains more sulfur (i.e., is more sour) and requires more energy both to produce and to refine. While BP does not track this information, a quick look at the EIA data on crude oil quality confirms it. They only track the data back to 1985, but since then the overall mix of oil going to U.S. refineries is 5.5% heavier and contains 54% more sulfur.
"The implications from this are: 1). Refineries have to become more complex to process this oil; 2). The net energy that can be obtained from a barrel of oil is declining; and 3). As a result the costs to process it are higher. This trend will continue as the world uses up the remaining supplies of light, sweet crude oil."
I have been saying that energy is all about quality, and this is a good illustration. As the overall quality of oil declines, society ends up with less energy even though more barrels of oil are produced. -- RF
Sri Lanka Faces Water, Power Cuts As Drought Intensifies
Living In The Dark: Why The U.S. Needs To Upgrade The Grid

## Got food? ##
Midwest drought may spark food inflation
New bill could make biotech companies immune to federal courts
Corn in northwest Ohio is fields suffering
USDA Slashes Corn Outlook; Forecast Sends Prices Surging
How Will the Drought Affect Consumer Food Prices?
Why Your Organic Food Isn't as Organic as It Used to Be

## Environment/health ##
West Nile detected in New York City area
World's coral reefs at risk

## Intelligence/security/internet ##
The Devastating Effects of a Cyber-Attack Against a Country's Energy Grid
O2 mobile users suffer network problems across UK
Russia's parliament votes for internet censorship law
New Homeland Security Laser Scanner Reads People At Molecular Level
NSA chief: Hackers causing 'the greatest transfer of wealth in history'
How America's Surveillance State Breeds Conformity and Fear

## Systemic breakdown ##
19 Warnings About A Coming Global Financial Catastrophe
Who wants to be governor of Jakarta?

## Japan ##
With fishing suspended, Fukushima fishermen return to sea to catch disaster debris
Latest pictures from crawler crane (Fukushima)

## China ##
Chinese steel companies report losses in the first half
"The Securities Daily reported that up to 70% of China listed steel companies said they are expecting losses for the first half of the year and predicted declining profits in the second half."
Steel industry downturn to continue in H2

## UK ##
M4 repairs averted 'catastrophic collapse' (BBC video)
Minimum standard of living beyond majority

## US ##
San Bernardino votes to file for bankruptcy protection
Was Meredith Whitney Early? - Real Time Insight
"I, for one, think Meredith Whitney was just a little early in her prediction."
Exactly what I've been saying all along. Whitney's only mistake was calling the muni disaster a little too early. The storm clouds are just beginning to gather. -- RF
Iowa broker PFGBest collapses after hiding millions
"The U.S. futures industry reeled on Tuesday as Iowa-based broker PFGBest collapsed after regulators accused it of misappropriating customer funds for more than two years, dealing a new blow to trader trust just months after MF Global's demise."
Afghan exit will cost U.S. billions, Pentagon's No. 2 says
Report: Some Americans Have Lost Homes Over As Little As $400
Scranton, Pennsylvania cuts cops pay by 70 percent
"The Use Of Temps Is Outpacing Outright New Hirings By A 10-To-1 Ratio"
Xcel: High temps caused blackout around Grand Forks library

And finally… Cookie Monster parodies Carly Rae Jepsen's 'Call Me Maybe' (video)

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