Monday, July 02, 2012


News Links, July 3, 2012

## Global Ponzi meltdown/House of Cards ##
Euro-Zone Unemployment at Record High
China Manufacturing Weakens 8th Month; Will the US Economy Continue to Decouple From the Rest of the World?
Italy: Crisis has caused 'war-like' economic damage
Prices of Raw Goods Plunge on Slowdown
Big Banks Have Criminally Conspired Since 2005 to Rig $800 Trillion Dollar Market
India Car Maker Tata Motors Sees June Sales Slump
India's Gold Rush Seen Picking Up Pace
Why Rio+20 Failed
Faber Says Germany Should Abandon the Euro

## Airline Death Spiral ##
Faring badly: Qantas yield hurt in price war
Profit warning for airlines despite oil price fall

## Fault lines/flashpoints/powder kegs/military/war drums ##
Greece now considered the 'land of the Kalashnikov'
China's military will stretch beyond its borders: Russian media
Iran drafts bill to block Hormuz for Gulf oil tankers
"Iran's National Security and Foreign Policy Committee has drafted a bill calling for Iran to try to stop oil tankers from shipping crude through the Strait of Hormuz to countries that support sanctions against it, a committee member said on Monday."
Afghanistan accuses Pakistan army of rocket attacks
Israel Forces Attack Target In South Lebanon, Jazeera Says
Philippines wants U.S. spy plane to be deployed in South China Sea

## Global unrest/mob rule/angry people/torches and pitchforks ##
Philadelphia Mayor Wants Occupy National Gathering Participants to Go Thirsty in Heat
28 arrested in Occupy protest

## Energy/resources ##
Grinding Energy Shortage Takes Toll on India's Growth
China implements new electricity pricing system
Diesel shortage fuels calls for more competition
"There are calls for improvements in the fuel delivery industry after customers in Western Australia's Pilbara and Kimberley were again left waiting days for diesel."
Electricity shortfall again surges to 4,870MW (Pakistan)
Helium shortage affecting businesses (US)
Statoil makes major North Sea find
If 200 million barrels is a "major" find, we are in trouble. -- RF
Lack Of Electricity Dims Afghan Economic Prospects
Iraq oil revenues lowest since February 2011

## Got food? ##
As crops rot, millions go hungry in India
Food inflation fears as US crop prices surge

## Intelligence/security/internet ##
Leap second causes Internet glitches
"An extra second on the clock on Saturday set off a wave of technical problems throughout websites and computing systems, and other news organizations are reporting."
Drones move from the war zone to the heartland
Supersonic Mini-Drone Being Built for Military and Civilian Use
Three NSA Whistleblowers Back EFF's Lawsuit Over Government's Massive Spying Program

## Systemic breakdown ##
Austerity Takes its Toll With Suicides Increase in Greece

## Japan ##
Restarted Japanese nuclear plant reaches critical level
Tokyo's Renewable Hopes Fall Short
"Fresh incentives to provide renewable energy for Japan are drawing private companies into the sector—but experts say the new measures will do little to lift electricity production."
Roadside land prices fall again / 4th consecutive yearly decline felt most strongly in Tohoku region
Power-saving measures kick in
"Government-imposed electricity-saving targets took effect Monday to cope with power constraints caused by the loss of nearly all nuclear power capacity following the Fukushima nuclear crisis in March 2011."
Companies' power-saving campaigns go into overdrive

## China ##
Chinese and Taiwanese stainless mills cut production in June
Monday Market Monitor - China - WEEK 26 - Case of over capacity
Guangzhou car sales jump ahead of new purchase restrictions
China banks now account for third of global profit
Another Block to China's Car Sales

## UK ##
Cuts force more museums to close
"Galleries and museums across the UK are shutting down or reducing their opening hours because of ongoing budget cuts, according to a new survey."
Police budget cuts 'risk to three forces', HMIC warns
'Mickey Mouse' courses to be cut in funding overhaul
Hospitals 'may see wards closures' under NHS reforms, says Andrew Lansley

## US ##
Manufacturing shrinks, first time in nearly three years
"Manufacturing shrank in June for the first time in nearly three years as new orders plummeted, according to one measure of the sector that showed the starkest sign yet of the extent of the slowdown in the economy."
Weaning off Middle East Oil Means Less Than you Think
Note that the author mistakenly says the US imports about 8 billion bbl of oil daily. It should be about 8 million. The world does not even produce 1 billion bbl of oil daily. -- RF
How Wall Street Scams Counties Into Bankruptcy
Naked Carjacker Rampages in Arizona—Were Bath Salts Involved?
No more grace period on student loans
Microsoft takes $6.2 billion charge, slows Internet hopes
6 Ways the Big Banks Are Getting Back-Door Bailouts and Making Big Money From Taxpayers
Audit the Fed Headed for the House Floor! (Ron Paul)
Preliminary Data Shows Retail Sales Floundering in June

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