Friday, August 10, 2012


News Links, August 10, 2012

## Global Ponzi meltdown/House of Cards ##
Complete Absurdity in Greece: ECB Prints Euros to Give to Greece to Make Interest Payments to ECB
Economists Slash Outlook for Battered Euro Zone Nations
Greece's Power Generator Tests Euro Fitness Amid Blackout Threat
Hard Landing? China Is Already There: Economist
Youth struggle to find employment opportunities (Vietnam)
OECD Indicators Point to Easing Economic Momentum
Canada's trade deficit widens in June
It starts: first Asian bank mulls British exit from the EU
"Japan's biggest bank Nomura has issued an 11-page study evaluating the likelihood that the UK will leave the European Union entirely or partly."
World's Oldest Shipping Company Closes in Industry Slide
"Stephenson Clarke Shipping Ltd., started in 1730, has been placed into liquidation, according to a statement from accounting firm Tait Walker. The Newcastle-Upon-Tyne, England- based shipper, which employed nine people, sold off its final vessel in July, according to the statement.
"The Baltic Dry Index, a gauge of rates to transport dry- bulk commodities including grains and coal by sea, is down 55 percent this year and on course for a fourth annual slide in five years, data compiled by Bloomberg show. The current slump is "one of the worst experienced for many years," the shipping company said in the statement."
Italy Sovereign Debt Held by Domestic Banks Rises to Record
Severe Losses for Reinsurers From US Drought: Munich Re CEO

## Airline Death Spiral ##
American Airlines pilots reject tentative contract

## Fault lines/flashpoints/powder kegs/military/war drums ##
Egypt's military launches airstrikes in Sinai
Egyptian police clash with armed men in north Sinai - TV
Egypt troops move into Israel border zone
Russia's Medvedev hints of Chinese threat to Far East
"Prime Minister Dmitry Medvedev on Thursday issued a veiled warning about China's rising influence in Russia's resource-rich Far East, saying it was essential to defend the area against 'excessive expansion by bordering states.'"
Suspected Kurd militants attack military bus in Turkey
US Won't Rule Out Syria No-Fly Zone
China and the U.S. in Africa - Who's "Ahead?"
"Of course, any African nation that wants to host the Pentagon's AFRICOM headquarters will also be most welcome in Washington."
Clinton aide: Nigeria military alone can't beat Islamists
Nigeria's Boko Haram now political issue
Attackers leave 14 corpses on major Mexican highway
France clears Roma camp in fresh wave of expulsions

## Global unrest/mob rule/angry people/torches and pitchforks ##
Street protest hits cradle of Tunisian revolt
"Tunisian police fired teargas and rubber bullets on Thursday to disperse protesters demanding jobs in Sidi Bouzid, the cradle of the revolution that ousted Tunisia's autocratic leader last year and triggered the Arab Spring uprisings."
Egyptian Protesters Demand to End Ties with Israel

## Energy/resources ##
Egyptian capital hit by rash of blackouts
S. Korea firms in talks to resume Iran oil imports
"South Korean oil refiners are in talks with Iran to resume oil imports, officials said Thursday, potentially by using Iranian tankers as a way to circumvent European Union sanctions."
Louisiana sinkhole roils local natural gas network (US)
"A sinkhole the size of a football field in southern Louisiana has forced energy companies to halt nearby natural gas pipeline activity and draw down fuel from a local storage cavern."
Yet Another Successful LENR Device Enters the Race
Your mileage may vary. -- RF
India's Green-Energy Providers May Struggle After Power Blackout
Cheap Electricity Prices Put Korea at Risk of Power Shortage
China Increases Fuel Prices for First Time in Five Months
Recycle a Refrigerator into a Solar Water Heater
Belgium mulls closing two nuclear reactors on safety fears

## Got food? ##
Potential for food crisis growing as prices surge: U.N.
"World food prices surged in July after falling in the previous three months and could rise further, increasing the potential for a food crisis of the kind seen in 2007/08, the United Nations food agency said on Thursday."
World over-using underground water reserves for agriculture
"The world is depleting underground water reserves faster than they can be replenished due to over-exploitation, according to scientists in Canada and the Netherlands."
Highlights of recent 'hot truck' stops (US)
Cold chain breakdown is starting with the weakest link. There were similar articles about "hot trucks" last summer, too. Maintaining all the links in the cold chain will become increasingly costly. -- RF
Attempts to avoid food crisis may worsen problem
Towards an energy-positive food system
"The United States Department of Agriculture estimates that to deliver the average American's 2,000 Calorie diet requires nearly 32,000 Calories of energy inputs.[6] Whereas the whitetail invests one calorie of energy to forage and digest its acorn meal and gets back 1.8, we invest 15 calories of energy into our industrial food system and only get back one."

## Environment/health ##
Fires spread in Russian Far East

## Intelligence/security/internet ##
Critical U.S. Infrastructure Vulnerable to Cyber Attack, Congress Fails to Act
India monitors BlackBerry emails without encryption codes
Sina Weibo microblog suffers mysterious 'outage' as high-profile murder trial begins
News Anchors Fired in Spain For Asking Frank Questions of Political Leaders; Move Guaranteed to Backfire
Ter·ror·ism (Noun): When OTHER People Do What We Do
Cyberweapon targets Middle East bank accounts

## Systemic breakdown ##
As Glitches Mount, Cyber Safety Net for Businesses Shrinks
"It is shaping up to be the year of the glitch. Days after the massive software failure which nearly put Knight Capital Group out of business, exchanges in Tokyo and Spain were forced to suspend some trading due to glitches, while a software bug caused Southwest Airlines to charge online customers several times over for the same flight."
Where Streets Are Thronged With Strays Baring Fangs
Major Effects Of 2012 Mega Drought On Critical Infrastructure

## Japan ##
Japan Machinery Orders Rebounded Less Than Forecast in June
BOJ warns of weakening exports, output; policy on hold
31,000 Bq/kg from mushroom in Tochigi "190 times higher than nuclear waste standard"
M1 money supply up 3.1% in July; M2 and M3 also up
Lead shields masked radiation readings up to 30%
Japan reportedly to pass major tax-hike bill Fri.

## China ##
China Data Damp Hopes for Rapid Rebound
IPO applications plunge as China tightens listing rules
China factory output growth at three-year low, spurs easing hopes
"Annual growth in China's factory output slowed to its weakest in more than three years in July, missing market forecasts and increasing expectations that Beijing will take further policy steps to support an economy that has been sliding for six straight quarters."
China Drills Into Shale Gas, Targeting Huge Reserves Amid Challenges
Inventory backlog takes heavy toll as passenger car sales slow down
Vegetable prices set to rise
12 of China's railway lines have major safety issues: report
Owner of Chinese steel company flees with unpaid debts
Chinese export levels collapse as domestic steel prices plummet

## UK ##
Public 'more disillusioned than ever' with banks, Which? finds
Tuition fees hike 'puts 15,000 teenagers off university'
Britain's trade deficit grew in June

## US ##
Your Complete Guide To The Coming Fiscal Cliff
Drought-hit US busts heat record from Dust Bowl days
Unemployment Rate is 12.7% in July for Young American Millennials
HP braces for huge loss after $8 billion EDS writedown
Have Americans lost their taste for more and more stuff?
More Than 100 Million Americans Are On Welfare
Face the Facts Day 4: Infrastructure needs outpace maintenance
Municipal Finances Reaching an 'Inflection Point': Whitney
"Cash-strapped local governments are facing an 'inflection point' that will force them into deciding between providing services and honoring debt obligations, financial analyst Meredith Whitney told CNBC."
Extreme heat poses risk for road-buckling on area highways
Why $9 Corn Could Be a Big Problem for the Economy
U.S. Postal Service loses $5.2 billion, warns of low cash
Knight Says Company May Suffer More Losses From Trade Error
Camden NJ, Population 77,344 Fires Entire Police Force, 270 Officers; Why Cities are Going Bankrupt
Stock Market Self-Cannibalization To Continue As Volume Implosion Accelerates
The Latest Foreclosure Data May Be A Bad Sign For The US Housing Recovery
A Poor $16 Billion 30-Year Treasury Long Bond Auction
Die Broke -- on Purpose: An Unconventional Retirement Plan

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