Monday, July 23, 2012


News Links, July 24, 2012

## Global Ponzi meltdown/House of Cards ##
Greece should pay wages in drachmas: German MP
"Greece should start paying half of its pensions and state salaries in drachmas as part of a gradual exit from the euro zone, a leading German conservative was quoted on Monday as saying."
Spanish Economy Weakened Further in Second Quarter
Spanish Yield Reaches Record on Regional Bailout Concern
Spain Scraps Siesta as Stores Stay Open to Spur Spending: Retail
People aren't shopping because they're short on money, so giving them more time to shop doesn't make much sense. But this is the caliber of rabbits they're pulling out of the hat now. -- RF
Full Spanish Bailout Coming Up; New Record High Yields on Spanish Bonds
Spain carnage reveals rescue-fund fig leaf
Euro hits 11-year low against yen amid Spain debt woes
Dow Jones Industrial Average Down 200 Points On Eurozone Crisis Fears
Ten Major Italian Cities On Verge of Financial Collapse
Germany, Netherlands Rating Outlooks Cut to Negative by Moody's
Italy and Spain revisit folly of short-sale bans
Maruti Counts Losses From Industrial Action
"Maruti Suzuki India Ltd. is suffering a daily production loss of 500 million rupees ($9.1 million) to 680 million rupees as a result of the violent industrial action which has forced the closure of its Manesar factory, a spokesman for the local unit of Suzuki Motor Corp. said Monday."
Macroeconomic indicators - Indian economy to grow at slowest pace in 10 years - Poll
McDonald's showing signs of tear from economy
Cisco To Cut 2% Of Work Force

## Airline Death Spiral ##
Airlines' fuel surcharges far outpacing fuel prices

## Fault lines/flashpoints/powder kegs/military/war drums ##
Bombs kill 50, wound 144 across Iraq
U.S. drone kills 12 suspected militants in Pakistan
Even "suspected" militants don't get a trial. -- RF
Netanyahu's ex-deputy appears to dissent on Iran
"Prime Minister Benjamin Netanyahu's former top political partner put him on notice on Monday he would not back Israeli military "adventures", comments that appeared to caution against possible action against Iran."
Damascus Bombing 'Smells of Mossad,' US Analyst Says
Turkey Sends Surface-to-Air Missiles to Syrian Border
Philippines refuses to budge on South China Sea row
EU Should Step Up Joint Defense Drive, France Says

## Global unrest/mob rule/angry people/torches and pitchforks ##
Power and water cuts across Egypt spark various protests
Protest against land acquisition turns violent (India)
Protesters storm Anaheim police station in wake of fatal shooting
Analysis: Saudi Shi'ite protests show rise of more radical generation
Thousands flee rioting in Indian state of Assam
Scores injured in Manila protests
Protesters furious as Osprey military aircraft arrive in Japan

## Energy/resources ##
That Sinking Feeling About Groundwater in Texas
Nationwide Mutual Declines to Cover Fracking
Drought Helps Fracking Foes Build Momentum for Recycling
"The worst U.S. drought in a half century is putting pressure on natural-gas drillers to conserve the millions of gallons of water used in hydraulic fracturing to free trapped gas and oil from underground rock.
"From Texas to Colorado to Pennsylvania, farmers, activists and opponents of the technique, also known as fracking, are using the shortage of rain to push the industry to recycle water and reduce usage -- efforts that could prove costly to the industry."
Oil-Price Surge Is All About Iran (WSJ)
North Eastern Grid goes down due to water shortage (India)
"The eastern Indian states, Bihar, Jharkhand, Odisha and West Bengal along with Andhra Pradesh are reeling under the power scarcity due to outage of six thermal power generating units under the central sectors from the eastern grid."
Power cuts deliver massive blow to industires
CNOOC to buy Nexen for $15.1 billion in China's largest foreign deal
Twin Takeovers To Give China Significant UK North Sea Oil Output
"Two state-backed Chinese companies said Monday they have agreed to $16.6 billion of acquisitions that would give them roughly an 11% share of the U.K.'s oil and gas production, dramatically expanding the Asian giant's presence in the country's resource sector."
Colombian oil supplies hit by FARC attack
America Shale oil bonanza to cost refiners billions

## Infrastructure scavenging ##
Nothing is sacred to Britain's metal thieves

## Got food? ##
US crops bake in searing heat, no relief for weeks
"Midday weather updates indicate extreme heat and drought conditions were set to continue baking already scorched corn and soybean crops in America's breadbasket through early August."
Symbiotic urban farming and industrial reuse in Chicago
Watch out. Mechanized/electrified facilities will be in trouble. -- RF

## Environment/health ##
Bacteria outbreak in Northern Europe due to ocean warming, study says
California Activists Want Smart Meters Banned, Claim They're Bad for Health
Fires in Spain kill four, Croatia evacuates tourists
Flooding in central Nigeria leaves at least 35 dead
Nighttime light exposure linked to health impacts, AMA urges more study

## Intelligence/security/internet ##
Smart grid vulnerability could give hackers free electricity
"A cyber security researcher will demonstrate a toolset later this week which allows users to break into so-called "smart meters" that control a structure's access to the power grid and water utilities, potentially enabling the user to modify the reported volume of services used or even avoid being charged altogether."

## Systemic breakdown ##
Industry gradually crumbling
"AUSTRALIA'S building industry is in survival mode, with official statistics revealing that at least two companies a day are going to the wall as labour costs continue to rise, profit margins flatline and banks play hardball on funding."
A nation suffering from neglect: America the dilapidated
"Roads, bridges, canals, levies, water lines, sewer pipes, communication networks, power grids, railways, seaports and airports are falling apart faster than can be repaired."
The Dawn of the Great California Energy Crash
"Like CA, more states will soon ask, 'Where will our energy come from?'"
If you're in a hurry, jump down to the section on nuclear power complexity. It's a major reason why the much-ballyhooed "nuclear renaissance" will never happen. -- RF

## Japan ##
13,200 Bq/Kg from riverside in Ibaraki, 178km from Fukushima
Japan's Azumi issues warning as yen hits highs
Protests on land, sea greet arrival of Osprey in Japan
40,000 firms to feel effects of Renesas cuts
Japanese media only mentioned cancer related mortalities
International Symposium on the Truth of the Fukushima Nuclear Accident and the Myth of Nuclear Safety
Japan's Sharp to post widening net loss: report

## China ##
Will China Build 82 Unneeded Airports By 2015? You Betcha.
I wouldn't count on it. -- RF
China's Stocks Fall to Lowest Since 2009 on Slowdown Concerns
Monday Market Monitor - China - WEEK 29 - Blood bath continues

## UK ##
Milk protest planned at opening of Inverness Asda

## US ##
Midwest power companies brace for another heat wave next week
Police Shooting in Anaheim Leads to Violent Clash (video)
Air Force to begin testing drone-fired lasers over North Dakota
PBS Coals idles five met coal mines in Pennsylvania, cuts output at two others
"We have to cut costs and hunker down."
Texas Instruments hit by order slowdown

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