Tuesday, July 24, 2012


News Links, July 25, 2012

## Global Ponzi meltdown/House of Cards ##
Euro-Area Manufacturing, Services Shrink for 6th Month: Economy
Spanish Economy Contracts 1% on Year
Catalonia will not be ransomed, rescued nor bailed out
Cyprus Seen Needing Billions More
Deutsche Bank Warns on Earnings as Profit Falls
Germany in Recession: Private Sector Sees Fastest Falls in Output and New Business Since June 2009
World Bank Cuts South Africa Outlook
12 Signs That Spain Is Shifting Gears From Recession To Depression
Spanish Finance Minister in Germany Pleads for Temporary Credit Line to Halt an "Imminent Financial Collapse"
Posco's Profit Falls 66%
"Posco posted a 66% drop in second-quarter profit despite aggressive cost cutting, as weakening demand kept a lid on the Korean steelmaker's product prices."
Investment Banks Step Up Job Cuts in Asia
The coming economic collapse
Bridgewater Sees 'Dangerous Dynamic' as Largest Economies Slow
"Bridgewater Associates LP, the hedge fund founded by Ray Dalio that manages about $120 billion in assets, said the global economy is facing the threat of a self- reinforcing decline after the world's largest economies slowed in recent months."
Euro crisis brings world to brink of depression
Caught in a Debt Trap
"As with much of the euro area, the US is in a debt trap. All the politicking in DC does not change this economic fact. The federal debt is going to be devalued."

## Airline Death Spiral ##
American plans to cut 63 jobs at MIA
S. Korea's air cargo traffic drops in first half of 2012
Air Malta reported an operating loss of 30m. euros for year ended March 2012
More airlines go along with latest airfare hike, likely to end 4-month lull in price increases

## Fault lines/flashpoints/powder kegs/military/war drums ##
Japan's claim to Okinawa disputed by influential Chinese commentators
Thirsty South Asia's river rifts threaten "water wars"
FACTBOX-Regions where water disputes are fuelling tensions
Syria says could use chemical arms against foreigners
Assad chemical weapons plans blocked by Moscow
"Increasingly under pressure by rebels intent on unseating him, Bashar al-Assad has considered using chemical weapons against his enemies but Washington and Moscow have formed an unlikely alliance to force him to abandon such plans."
Mexican official: CIA 'manages' drug trade
Slaughter In Iraq As 145 Are Killed And 379 More Are Wounded

## Global unrest/mob rule/angry people/torches and pitchforks ##
India struggles to control deadly Assam riots, hamlets razed
"Police shot at a roving mob in India's northeastern state of Assam on Tuesday as security forces struggled to contain ethnic fighting that has killed 22 people and left remote hamlets in flames, forcing tens of thousands from their homes."
Long lines, protests and fights as fuel shortage continues (Egypt)

## Energy/resources ##
Iraqi Oil Locked in by Infighting
"Hundreds of people in Iraq were killed Monday following a weekend attack on an oil pipeline in the Kurdish north of the country. The attacks suggest that not only is Iraq far from the peaceful democracy that was expected to emerge from nearly a decade of war, but far away from the stable country that's expected to become a world leader in oil potential. Apart from the political turmoil, meanwhile, flare-ups among the largest international oil companies in the world suggest Iraq may be its own worst enemy in terms of oil."
Construction of South Stream Pipeline to Begin in December
Tech Talk - Saudi Arabia Then and Now
Daily power cuts imposed in Srilanka
Power Outages Keep Areas of Lubbock in Dark Monday Afternoon
Electricity Shortage Hits Indonesia's Ore Ban Plan
Halliburton quarterly profit falls on inflated fracking costs
Falling Solar Panel Prices Hit U.S. Solar Development, an Industrial Info News Alert
GE Wind Turbines Orders Plunge 37%
Water is the new gold, a big commodity bet: Population growth creates a 21st Century winner
Chavez's gasoline rationing plan causes uproar
Power outage covered 1/3 of downtown Minneapolis
Second power outage causing traffic havoc (Lubbock, TX)
Power crisis worsens (Kashmir)

## Infrastructure scavenging ##
Power cut caused by cable vandal

## Got food? ##
What a Spike in Corn Prices Will Cost You at the Grocery Store
Crop Progress: Bad Gets Worse
Next Up on the Agriculture Hit Parade…Soybeans?
Capitalizing on the Drought
"In the midst of the worst drought to hit the American agricultural industry since the 1950s, bio-agricultural giants Monsanto and Dow Chemical are attempting to quickly push their drought-resistant crops to market via the 2012 Farm Bill and 2013 Agriculture Appropriations Bill."
Surging Food Prices Already Showing in Inflation Indicators
Smithfield to Import Brazilian Corn
"The world's largest producer of pork, Smithfield Foods Inc. (NYSE: SFD) said today that it would begin importing corn from Brazil to use as feed for the company's livestock. This is an unusual move for US food producers because the US is the world's largest grower of corn and corn prices in the US typically are lower than import prices once transportation costs are figured in."

## Environment/health ##
More odd-colored lobsters turning up in the catch - but why?
Frackers Fund University Research That Proves Their Case
Whooping cough makes deadly return across Canada
Did Deepwater Horizon Accident contribute to Dolphin Deaths?

## Intelligence/security/internet ##
The New York Times Admits That Virtually Every Major News Organization Allows The News To Be Censored By Government Officials
Stuxnet thwarted by control code update

## Systemic breakdown ##
Railways at a cliff edge (Pakistan)
The Global Financial System Can and Will Collapse Thanks to Europe... Are You Prepared?

## Japan ##
Reports on Fukushima raises doubts over other nuclear plants preparedness
After 500 days, Fukushima No. 1 plant still not out of the woods
Gov't to cut power-saving target in Kansai as Oi No. 4 reactor reaches full capacity
Record high 5,467 people taken to hospital for heatstroke July 16-22
Sharp faces ¥100 billion loss, eyes huge cuts
Electronics shipments plunge 58% in June
JGB 10-yr yield falls to nine-year low on Spain fears

## China ##
Slowdown signs - China machinery industry growth slows sharply in H1
Why China's growth model is in BIG TROUBLE, and so are the countries depending on it!
Mauling continues in Chinese steel market
Steel industry in the doldrums
China dubs tiny island new city in sea claim bid

## UK ##
Science graduates 'lack skills needed by business'
UK deploys 1,200 more troops to beef up security
London 2012: Cardiff Olympics street beggars row

## US ##
Apocalypse Coming In Muni Bonds?
The short answer is yes. This article addresses several other issues, but misses the most important one, which is that growth is dead. Without growth, bond issuers will be left with no recourse but default. -- RF
San Bernardino May Defer Paying $3.4 Million on Bonds
As China costs rise, technology lures U.S. factories home
13 states aim to limit Medicaid
GM Stock Slides To Fresh Post-Bankruptcy Lows
Colorado Batman shooting: massacre prompts upsurge in gun sales
Record Low Yields Once Again on US Treasuries
Manufacturing growth slowest in 19 months: Markit
Apple Tanks Its Earnings Report

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