Friday, July 13, 2012


News Links, July 13, 2012

## Global Ponzi meltdown/House of Cards ##
Bank of Korea Unexpectedly Cuts Benchmark Interest Rate
Spain unveils new austerity under European pressure
Australia Employers Cut Payrolls in June, Jobless Rate Rises
"The number of people employed fell by 27,000, led by a loss of full-time jobs and almost erasing a revised 27,800 job gain in May, the statistics bureau said in Sydney today."
Australia's resource boom to decline?
ECB zero rate slashes banks' overnight deposits
Asia Moves to Thwart Slowdown
Peugeot to Shut Plant to Raise Job Cuts to 14,000 Posts
ILO: Eurozone could lose 4.5M more jobs
"The Eurozone could see its jobless numbers grow another 4.5 million to 22 million in four years without concerted job creation effort, warns a U.N. report."
Budget cuts imperil Canada's national parks
"Canada's parks – from the windswept peaks of Nahanni in the Northwest Territories to the gentle rivers of Kejimkujik in Nova Scotia – are under threat as cash-strapped governments cut funding and promote development in the ecologically sensitive areas that lie in and around them, according to a new report from a leading wilderness advocacy group."
More steel capacity closures likely in Europe - Fitch Ratings
"Fitch Ratings said that further steel production capacity closures are likely across Europe over the next 12 months because of falling global steel demand. The steel sector outlook is negative and worsened further in H1 2012, with demand conditions likely to remain muted into 2013 and lingering production overcapacity to persist over this period."
France's Sanofi Mulls Job Cuts
Ship-Scrapping Prices Plunge in Buyer's Market: Freight
"Scrap prices for dry-bulk ships have plunged 13 percent in the past year as oversupply and unprofitable charter rates prompt owners to demolish vessels at a record pace."
Singapore GDP Growth Probably Slowed as Europe Crisis Hurt Asia
Singapore's fate is sealed. Like Dubai, it has staked everything on a model which assumes infinite growth underpinned by expanding debt, as well as continuing access to cheap and plentiful resources and energy. The day of reckoning draws nigh. -- RF
Bailed-Out Behemoth HSBC To Apologize At U.S. Senate Hearing For Terrorist Money Laundering
Syria unrest has hit Lebanon banks - cen bank chief
ADB cuts growth forecast for developing Asia

## Airline Death Spiral ##
More turbulence ahead for airlines, Goldman says
"Goldman Sachs initiated coverage Thursday on the U.S. airline sector, cautioning investors the best of the bunch deserve only a neutral rating and slapping a sell recommendation on the nation's two biggest carriers."
Analysis: Can business travel avoid a slowdown?
Delta pulls Atlanta flights from Stewart
Why Spirit Airlines Will Never Be Great Again

## Fault lines/flashpoints/powder kegs/military/war drums ##
Djibouti: Western bases pose manageable risk
Egypt's Mursi visits Saudi Arabia to mend ties
Military intervention in Mali "probable": French formin
China backs Annan's call for Iran role in Syria talks
U.S. expands sanctions on Iran, blacklists firms and persons
MI6 chief Sir John Sawers: 'We foiled Iranian nuclear weapons bid'
"MI6 agents have foiled Iran's attempts to obtain nuclear weapons but the Middle Eastern state will succeed in arming itself within the next two years, the head of the Secret Intelligence Service has warned."
U.S. moving submersibles to Persian Gulf to oppose Iran
Japan protests over more China ships near islands
China open to South China Sea code of conduct talks after Sept.
Clinton vows more help to Laos as Vietnam-era U.S. bombs continue wrecking lives

## Global unrest/mob rule/angry people/torches and pitchforks ##
Video of Protests and Clashes in Saudi Arabia
Protesters 'will be waiting' for G20
"The streets of Brisbane are likely to be filled with protesters when the G20 comes to town in 2014, with Melbourne's mayor warning the city may come to regret hosting the event."
Photos, Video: Four Arrests at Zuccotti Park As "Occupy Guitarmy" March Reaches NYC
In South Africa's slums, mob justice rules

## Energy/resources ##
Andhra Pradesh sends industry on long power holiday (India)
"The blackout's official now. Industry in Andhra Pradesh will have no power for 12 days in a month.
"And even on days when the utilities do supply power, there will be a further restriction from 6.30 pm to 10.30 pm."
Landau: Save Electricity, Or We'll Turn the Juice Off (Israel)
Centrotherm Seeks Bankruptcy Protection as Solar Founders
"Centrotherm Photovoltaics AG (CTN), a German solar manufacturing equipment-maker, sought bankruptcy protection, at least the 14th U.S. and European company to founder amid a global oversupply of photovoltaic modules."
The Peak Oil Crisis: The Summer of 2012
Enough Oil to Fry the Planet? — R-Squared Energy TV Ep. 25 (video)
China's coal mining provinces cut output to reduce oversupply
Iran's Oil-Output Costs to Quadruple in Coming Years, Paper Says

## Got food? ##
Disaster Declared in 26 U.S. States as Drought Sears Midwest
Some corn farmers mow fields as drought worsens
Midwest drought slashes corn estimate, jolts market
"As a result, USDA reduced its forecast for corn ending stocks -- the amount of grain still in bins at the end of next summer before the new harvest -- by 37 percent from last month, more than the 32-percent reduction expected."
Serbia Buys 100,000 Metric Tons of Wheat to Replenish Reserves
Building a Fish Pond

## Environment/health ##
Scientist: Dispersants used during oil spill likely making way up the food chain
"An LSU professor tells  ABC News that while the consequences of the dispersant used in the 2010 Deepwater Horizon oil spill are not fully known, he believes chemicals are poisoning sea life in the Gulf of Mexico."
Tsunami debris adds to 'Great Pacific Garbage Patch'
Alaska officials urge feds to plug abandoned oil wells
The Dead Sea is Dying
Nearly two-thirds of the USA is in a drought
17 dead as record heavy rain pounds Oita, Kumamoto (Japan)

## Intelligence/security/internet ##
Indian navy investigates cyberattacks
Yahoo! confirms exposure of passwords

## Systemic breakdown ##
Infosys fears euro could collapse
Mental disorders among troops up 65% since 2000

## Japan ##
BOJ Behind Steep Declines in JGB Yields
Japan Insurers Expand Cover to Boost Iran Oil Shipping Capacity
Japan orders more mine-hunting gear
"Japan's Maritime Self-Defense Force has ordered additional airborne mine-hunting systems from Northrop Grumman of the United States."
Contract Rents On Central Tokyo Offices Still Falling
Nuke disaster evacuees ask court to force shuttering of Kashiwazaki-Kariwa plant
"Fukushima nuclear disaster evacuees demanded at a court here that Tokyo Electric Power Co. (TEPCO) shut down its Kashiwazaki-Kariwa nuclear plant permanently, saying the utility is not qualified to run nuclear reactors."

## China ##
China's '5 apocalypses' signal global recession
Signs that China is Heading for a Crash
Luxury Ban Imposed on Chinese Bureaucrats
"Hard times have fallen on Chinese bureaucrats. Already, they have been told to cut down on perks like restaurant meals, cars and expensive liquor. Now, their bosses say they must stop spending public money on all luxury items."
Analysts: China GDP may be below 8 percent
Domestic steel prices in China slump to two year low
China's Slowdown Seen Forcing Wen's Hand on Property Curbs
Chinese Appetite for Luxury Ebbs

## UK ##
England flood risk to rise fourfold by 2035: report
'Signs of slowdown' in Scottish economy

## US ##
San Bernardino: California city goes bust amid claim of false accounting
More city bankruptcies on California horizon?
As Financial Scandals Mount, Individual Investors Flee Stocks
Social Security Hole Overwhelms Taxes, Cuts
"Now that health care is off the front burner, it's time to fix Social Security. Social Security's trustees say the system needs only "modest changes." In fact, the system is desperately broke."
Generators returning to shelves
Have We Become A Nation Of Scammers?
Demographic Time Bomb in Pictures and Dollar Amounts; Ratio of Social Security Beneficiaries to Private Employment Now Exceeds 50%
U.S. Mortgage Rates Decline, With 30-Year at a Record-Low 3.56%
Facebook Tanked & Soybeans Soared!
Calls for QE3 grow as economy wanes
Gambling Revenues Continue to Fall in Nevada

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