Monday, August 13, 2012


News Links, August 14, 2012

## Global Ponzi meltdown/House of Cards ##
Dollar dump: Africans Chase Away Almighty Dollar
"African countries are trying to shoo the U.S. dollar away, even if it means threatening to throw people who use greenbacks in jail."
Tata Steel Q1 profit plunges 89% to Rs 598 cr
Greek GDP shrinks 6.2 percent in quarter
Italy's Latest Record Debt Load: Bigger, Faster, More
Italy ready to appeal ILVA steel plant ruling, jobs at risk
Euro zone GDP set to contract as Japan, Asia weaken; US best of bad bunch
Five years on, the Great Recession is turning into a life sentence
Euro austerity drives families to Africa (CNN Money video)

## Airline Death Spiral ##
Around the NHL: Airline bankruptcy impacts five teams
Italian airline Windjet closes operations

## Fault lines/flashpoints/powder kegs/military/war drums ##
Russia says new U.S. sanctions on Iran could affect ties
"Russia sharply criticized new U.S. sanctions against Iran on Monday, saying the measures to punish banks, insurance companies and shippers that help Iran sell its oil would harm Moscow's ties with Washington if Russian firms are affected."
Hell in Tajikistan: Oil Discoveries a Potential Curse
Egypt's Mursi Ousts Junta Chief, Claims Broad Powers
Africa's pirates have demands - and letterhead, too
Chinese Warships Dock in Israel
Yatom: Israel may have to destroy parts of Gaza, Lebanon
"Israel may need to destroy parts of Lebanon and Gaza if Hezbollah and Hamas rain missiles upon the country in response to an Israeli attack on Iran, former Mossad head Danny Yatom said Monday."
Poll: Majority of Israelis Opposed to Attacking Iran

## Global unrest/mob rule/angry people/torches and pitchforks ##
HSBC Wins Court Order Allowing Removal of Occupy Protesters
"HSBC Holdings Plc (5) won a Hong Kong court order for the removal of protesters who have spent almost 10 months under its Asian headquarters, one of the longest- running demonstrations sparked by the Occupy Wall Street movement."
Nine killed in South Africa mine union violence

## Energy/resources ##
Comments on BP Statistical Review 2012
• The BP Statistical Review has the merit to release every year free and convenient updated historical data on energy.
• This data is recopied from what is reported by national agencies, avoiding diplomatic conflicts.
• Despite the heterogeneity of the data, the report displays a ridiculously high number of digits, in contradiction with the real accuracy of the sources.
• The report wrongly adds unconventional to conventional reserves.
• BP ignores backdating, using obsolete reporting rules that lead to artificial reserve growth.
• Most economists believe this reserve growth to be the real, when in fact known Oil and Gas reserves peaked in 1980."
The Search for Energy Takes a Turn Underwater
Fracking Industry's Guar Bean Dependence Leaves Companies Looking For Substitutes
Power plant fault delays electricity resumption (Lebanon)
"Lebanon's demand for electricity exceeds 2,800 megawatts, but even at full capacity, power plants cannot produce more than 1,500 MW."
Officials of states overdrawing power to face personal penalties (India)
Power shortage, scanty rainfall push diesel sales in Punjab
Power cuts continue nationwide as public anger mounts (Egypt)

## Infrastructure scavenging ##
Scrap metal thieves targeting UK factories
"UK manufacturers are being plagued by scrap metal thieves with raiders damaging property and intimidating employees."

## Got food? ##
G20 Plans Response to Rising Food Prices
USDA sheds light on extent of damage to Soybean, Corn
"The USDA report thereby confirms the fears about limited stocks of corn and soybeans towards the end of this crop season. In order to preserve stocks, demand destruction will have to be seen, something that can only really be achieved by seeing continued high prices."
The situation is serious when they start calling for demand destruction with regard to food. -- RF
Drought crop damage worsens, ethanol waiver urged
El Nino emerges, raising fears over food prices
Bracing up for Severe Hunger Ahead (Nigeria)
Surging Rice Prices Compound Asia Food Inflation
Hog Prices Rise On Word That Feds Will Buy Pork In Bid To Help Farmers (US)

## Environment/health ##
Little Relief from the Heat After Hottest July Ever
Global Bullfrog Trade Spreads Deadly Amphibian Fungus Worldwide

## Intelligence/security/internet ##
How to Spot – and Defeat – Disruption on the Internet
Hackers hold health data hostage
"While identity theft is the primary concern when the security of medical records is compromised, a disturbing new trend is emerging: hackers holding the data for ransom."
Wireless spectrum: What it is, and why you should care
US Army: 'Super Soldier' Genetically Modified Humans Won't Need Food, Sleep
WikiLeaks: Our site's been hit by weeklong attack

## Japan ##
Japan's Utilities Lose $46 Billion as End of Era Nears: Energy
"Japan's atomic power industry lost a record $46 billion since the Fukushima tsunami and meltdown last year, wiping out seven years of profit. Then came the bad news."
Japan's Executives Swelter in Solidarity to Save Power
Japanese GDP growth slows to 0.3%
Japan Post-Quake Rebound Wanes as Spending Nears Stall: Economy
Sharp Corp running out of options
"Sharp Corp is fast running out of options to repair its disintegrating balance sheet, analysts say, raising fears about its viability as investors bolt for the exit."

## UK ##
Rail fares set to rise three times faster than salaries
Climate change is driving British wildlife northwards, scientists claim

## US ##
How big is Social Security's funding shortfall?
Muni Forecast: Lots of Clouds
America marches inexorably toward the Great Muni Bond Blow-Up. -- RF
Motorola Set For Big Cuts as Google Reinvents it
Are The Government And The Big Banks Quietly Preparing For An Imminent Financial Collapse?
Gary Shilling: US in Recession Now or Within 3 Months, Deleveraging Will Take 5-7 More Years
Gas at $5.51 a Gallon in Los Angeles? Prepare for More Increases as a Result of Refinery Fire
Diesel Prices Spike

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