Thursday, July 19, 2012


News Links, July 19, 2012

## Global Ponzi meltdown/House of Cards ##
Europe Profit Estimates Cut Most Since '09
Dire Signs for Spanish Economy
Bank of Italy sees GDP contraction of 2% this year
Construction spending in Europe slumps
Intel warns slowing economy will dent next quarter income
Pick Your Debt Poison
Ford Australia Axes Up To 440 Jobs As Cuts Production
Production pruning - Belgium, France and Luxembourg to act against ArcelorMittal shut down spree
Human Corpses Are Prize In Global Drive For Profits
South Korea Extends Interest Rate Probe to Banks
"South Korea's anti-trust agency expanded its probe of interest rates on certificates of deposit to banks, an investigation that analysts said is targeted at easing the nation's heavy household debt burden."
Singapore Investigates Rate-Setting on Sibor
Goldman Sachs developing in-house private bank
"Goldman Sachs said Tuesday it is developing its private bank for wealthy clients, particularly in fast-growing countries and in Europe, where it hopes to pick up the slack from struggling local banks."
11 International Agreements That Are Nails In The Coffin Of The Petrodollar
"China Rebalancing Has Begun"; What are the Global Implications?
Massive credit risks building in emerging markets
GM heads roll in Europe
The Growing Pressures Likely to Blow the Eurozone Apart

## Airline Death Spiral ##
Asia-Pacific outshines Europe, US in air travel demand
John Menzies curbs UK freight operations
Fewer flights and fewer available seats at Huntsville International Airport with AirTran's departure
At Regional U.S. Airports, Terminals Turn Quiet

## Fault lines/flashpoints/powder kegs/military/war drums ##
Taliban bomb destroys 22 NATO supply trucks in Afghan north
U.S. can defeat any Iranian effort to block oil shipping: Panetta
Indian crew says US ship fired without warning
US proposes new trade deal with East Africa bloc
China aims to rewrite perceptions on Africa investment
US to Build New Missile Defense System in Qatar
Missile shield may spark China nuclear upgrade: officer
"China may need to modernize its nuclear arsenal to respond to the destabilizing effect of a planned U.S.-backed missile defense system, a senior Chinese military officer said on Wednesday."
Israel blames Iran for Bulgaria bus bombing that killed 6
"Israeli officials blamed Iran and vowed to retaliate for an explosion Wednesday aboard a bus carrying young Israeli tourists in Bulgaria that killed at least six and wounded many others."
Families sue U.S. over drone killings of Americans in Yemen
U.S. missing out on Arctic land grab

## Global unrest/mob rule/angry people/torches and pitchforks ##
Maruti Suzuki shuts factory in India after management attacked
"Maruti Suzuki, India's largest car manufacturer, stopped production at one of its factories on Wednesday after workers attacked managers at the plant and set fire to company property, the automaker said."
Huge changes occurring in protest techniques in Japan
Some aldermen want police strike forces back -- would they jibe with new city-hired gang prevention group?
Egypt protesters try to storm Syrian Embassy in Cairo

## Energy/resources ##
Strike Puts Lebanon at Risk of Blackout, Hayek Tells Daily Star
Flight delays after Brisbane airport blackout
Melbourne Airport hit by power blackout
Rush-Hour Power Outage Snarls Dallas Traffic
Petrobras reports power outage at Texas refinery
Burundi Faces 8-Megawatt Power Deficit After Rainfall Shortage
A "Shocking" Shut-in Scenario for Canadian Natural Gas
BHP's Deep Hole
"Solid yearly production figures weren't enough to halt a further sell-down Wednesday in BHP Billiton Ltd. shares—to their lowest point in more than three years—as investors continue to worry about falling commodity prices."
Tanker Charters Seen at 17-Month Low as China Demand Slides
Quetta power blackout enters 10th hour

## Got food? ##
Corn Seen Rallying to Record $8.50 as Drought Kills Crops
Australia aims to become Asia's food bowl
Australia Poised for Dry Weather as Heat Bakes U.S. Wheat
"Australia, the second-biggest wheat exporter, is set to be drier-than-normal in the next three months, curbing grain production just as the worst drought in a generation parches fields across the U.S., the largest shipper."
Drought expected to drive up cost of milk, cheese

## Environment/health ##
Greenland glacier loses large mass of ice
Geoengineers to release planet-cooling gas into New Mexico atmosphere
Cambodia Shuts Schools to Fight Spread of Virus

## Intelligence/security/internet ##
Hacked: 10 Targets Other Than Your PC
YouTube Adds Face Blurring for Protesters, Worried Parents

## Systemic breakdown ##
What's Happening on Pakistan's Main Street?

## Japan ##
Nearly 2,500 taken to hospital for heatstroke in week to July 15
Workers remove 2 nuclear fuel rods from Fukushima reactor
Small appliance retail chains sinking / Realignment of industry expected as competition may wipe out all but large firms
3 more DPJ members to quit as nuclear power issue fractures party further
Tokyo gov't to apply soon for landing on Senkaku islands
"The Tokyo metropolitan government will soon seek permission from the national government to send a party to the disputed Senkaku Islands, parts of which the local authority plans to buy from the Japanese owner, a senior Tokyo official said Wednesday."
EC proposes economic partnership deal with Japan

## China ##
Biggest electronic components market in China becoming deserted
"Three years ago, it would have been hard to believe that any shop in the Huaqiangbei district in Shenzhen would shut down because of a lull in business. Today, the area is littered with empty shops, reports the Economic Observer, a weekly in Beijing."
Chinese companies see profits plunge amid slowdown
Yunnan's endless drought

## UK ##
BOE sees weaker growth

## US ##
City of Compton may declare bankruptcy by September: officials
"The City of Compton, a city of 93,000 people located on the outskirts of Los Angeles, must decide by September 1 whether to seek bankruptcy, according to its two most senior financial officials."
The party is just getting started, with many more, and bigger, municipal bankruptcies to come. Watch those muni bonds turn into toilet paper. -- RF
Muni Bond Liquidity Set To Shift From Feast To Famine In August
Gloomy Forecast for States, Even if Economy Rebounds
"The fiscal crisis for states will persist long after the economy rebounds as they confront rising health care costs, underfunded pensions, ignored infrastructure needs, eroding revenues and expected federal budget cuts, according to a report issued here Tuesday by a task force of respected budget experts."
The Hopelessness of State Finances
Midwest power demand seen breaking record
Sen. Sanders warns of 'frightening trend' towards oligarchy
BofA plans $3 billion of new cost cuts
Bernanke slams Ron Paul's Fed audit bill
Drought hits Mississippi barge companies
Drought Brings Misery To Arkansas River Basin
Drought Disasters Declared In More Counties; 1,297 Affected So Far
Americans Joining Disability Now Outpacing Americans Finding Jobs
IBM sales fall, dragged down by Europe

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