Friday, July 20, 2012


News Links, July 21, 2012

## Global Ponzi meltdown/House of Cards ##
Ireland Bulldozes Ghost Estate in Life After Real Estate Bubble
"About 1,850 housing developments, unfinished after the bubble burst in 2008, pockmark the Irish landscape, according to government figures."
Ford Profit Squeezed by Excess Plant Capacity in Europe
"Ford Motor Co., with overseas losses reducing total profit, is under pressure to close at least one factory in Europe, where it may have more excess capacity than General Motors Co."
Europe Ends In A Sea Of Red
Spain's Recession to Linger as Austerity Bites
Demand for Spanish Bonds Collapses; "No Money Left to Pay Services" says Treasury Minister
Welcome to Pioz: Snowy mountains, castles and a whole lot of debt
"The Spanish town of Pioz boasts views of snow-capped mountains, a 15th-century castle, and a swimming pool for locals to bathe in -- but residents are in short supply. Pioz has become a ghost town, a haunting reminder of the country's continuing property crisis."
Greek Bonds No Longer Good as Collateral — ECB
Scandal At The IMF: Senior Economist Resigns, Says "Ashamed To Have Had Any Association With Fund At All"
Downsizing deals - Rio Tinto signals job cuts at Clermont coal mine in Queensland
Housing may start to hold back economy (Australia)
Expect Strikes and Protests to Spread to Italy; Another Look at Why Italy Will Exit the Eurozone Before Spain
Yuan likely to become anchor currency in Asia: ADB

## Fault lines/flashpoints/powder kegs/military/war drums ##
U.S. Says Iran Plans to Disrupt Oil Trade
UAE to buy 750 blast-resistant trucks
North Korea says U.S. hostility forcing it to "reexamine" nuclear program
ASEAN to claim "common ground" on South China Sea, but no communiqué
Saudi Prince Bandar: a flamboyant, hawkish spy chief
'Shadow War' Between Israel And Iran Creeps Wider

## Global unrest/mob rule/angry people/torches and pitchforks ##
Police fire rubber bullets after huge Madrid protest

## Energy/resources ##
Spreading electricity failures leave thousands without power in Old Havana tourist district
What Level of Oil Supply Growth is Needed to Support World GDP Growth?
Mumbai likely to experience water shortage
Water war exposes power play over resources (Malaysia)
Near drought conditions impacting Marcellus shale gas drilling

## Got food? ##
Your burger is about to get pricier
Grain prices set records as U.S. drought, food worries spread
Muscle or Machine? Draft Animal Power vs. Biofuel Farming

## Environment/health ##
Raging wildfires force evacuations in Europe
Starlings in danger after numbers plummet 80p per cent (UK)

## Intelligence/security/internet ##
Protect privacy from drones at home, lawmakers say (US)
Super-Silent Owl Drone Will Spy on You Without You Ever Noticing

## Systemic breakdown ##
Power failure leads to watering restrictions in Andover, east Wichita
The Future of the Grid: Why Modernizing our Nation's Aging Grid is Critical
"A major southern California blackout last fall cost the public more than $100 million in losses. The power outage knocked out traffic lights, causing gridlock on roads in the San Diego area. Two reactors at a nuclear power plant along the California coast went offline after losing electricity, and nearly 3.5 million gallons of sewage spilled into the ocean, closing beaches in San Diego."

## Japan ##
Owners of islands in Japan-China feud shun PM Noda's bid
Tokyo's efforts to restore trust in nuclear power hit new snag
"Japan's government suffered a fresh setback on Friday in its efforts to restore trust in nuclear power, shattered by the Fukushima crisis, when media leaks forced it to delay nominating candidates for a new atomic safety watchdog."
Materials Makers Fear Govt's Energy Plans Will Drain Profits
"Producers of basic materials are alarmed by the government's longer-term energy supply strategies, which one steelmaker representative said would create a choice "between life and death" for energy-intensive industries."
Former PM joins anti-nuclear demo outside Noda's residence
"In a rare move by a former Japanese prime minister, Yukio Hatoyama joined a boisterous anti-nuclear demonstration outside his old office and residence on Friday, a fresh sign that the ruling party he once led is fracturing over energy and other policies."
More TEPCO restructuring seen / Govt decision to trim electricity rate hike could wipe out utility's profits
Oi's reactor 4 achieves criticality

## China ##
China will not relax property control policies

## UK ##
Milk price cuts will see collapse of dairy farming in Britain
Farmers stage second evening of protests over milk prices
Child support changes will impact on '100,000 families'
Youth unemployment is destroying a generation

## US ##
Public Pensions Are About To Look Less Healthy
Millionaires feel upbeat about the economy, survey shows
Worst drought in 50 years could last through October
Detroit cuts union pay without bargaining; backlash possible
As crop losses mount, farmers seen quicker to claim
"The drought ravaging America's prime farmland is having an unexpected consequence that could shape the future of agricultural finance: in some cases, farmers who have amped up their insurance coverage may be giving up on their crops early rather than to trying to save them."
Midwest drought and heat increase water supply worries
GM Retirees to Decide on Pension Buyout
Gold, The Dollar, And Exploding Debt And Deficits
12 Signs That The Next Recession In The United States Has Already Begun
S&P Revises Pennsylvania's Outlook to Negative
Wall Street Professionals Admit: Yes, Lots of Us Are Corrupt
Four bank failures bring year's U.S. tally to 37
Friday losses eliminate July gains for Dow industrials and Nasdaq
House Approves Massive $606 Billion Military Spending Bill

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