Wednesday, August 01, 2012


News Links, August 2, 2012

## Global Ponzi meltdown/House of Cards ##
Major Asian exporters stumble on weak global economy
Manufacturing in slump in US, UK, eurozone and China
Societe Generale profit hit by write-downs
"Societe Generale SA on Wednesday posted worse-than-expected second-quarter profit as it booked write-downs on assets in the U.S. and Russia, but said it is well on track to meet Europe's new capital rules despite still difficult economic conditions."
BP Posts $1.4 Billion Loss, Surprising The Market
Denmark Has Lessons for Draghi as Official Rates Go Negative
As rich world falters, buoyant SE Asia discovers credit
Surprise, surprise! People in Southeast Asia also like "someone else's money." -- RF 
Darkening skies over Europe
BMW profits hit by higher costs
"German carmaker BMW has reported a sharp fall in profits despite record sales and revenues."
Facebook Plunge Continues as Growth Concerns Persist
Dismal Manufacturing Numbers Worldwide; US ISM in Contraction Second Month; Why Another Round of QE is Pointless
EU's poorest countries shun euro membership

## Airline Death Spiral ##
Aer Lingus makes operating loss of 4.4m euros
Asian cargo stalls slightly in June
"Both cargo demand and capacity declined in the Asia-Pacific last month, Association of Asia Pacific Airlines statistics revealed."
Garuda Improves, but Still Books Net Loss in First Half
Airline biz needs govt aid to boost economy: IATA
A look at recent airline industry earnings

## Fault lines/flashpoints/powder kegs/military/war drums ##
Israel's message to Panetta: U.S. can't prevent an attack on Iran
U.S. concerned over Iraqi threats to force Iran dissidents from camp
China unveils oil offensive in South China Sea squabble
State Dept.: Al Qaeda in Iraq fighting in Syria
Israel Navy Completes Major Drill
Report: Turkey Arms Syrian Rebels With Anti-Aircraft Missiles

## Global unrest/mob rule/angry people/torches and pitchforks ##
Teen Mob Steals Jeans From Chicago Store in a Flash
"A surveillance video of a Chicago flash mob robbery shows a group of about 20 teens allegedly stealing over $3,000 worth of jeans over the weekend."
Protesters break into Oak Ridge nuclear weapons plant
Second Israeli dies in self-immolation welfare protest
Sudan police use teargas to stop Darfur protests

## Energy/resources ##
The Diesel Generator: India's Trusty Power Source
Blackouts highlight diesel needs, price problems
India's Blackout Fix Leaves 400 Million Without Power
Reactor Shutdown in South Korea Raises Blackout Fears
Power shortage cuts TKC steel output by 50% (Philippines)
Oil Rises After U.S. Supplies Tumble Most in Seven Months
Climate change threatens California power supply: report
Big Oil and Gas industry writing down billions in U.S. shale gas assets
Brown coal makes a comeback amid protests (Germany)
Transocean swings to $304 million loss

## Infrastructure scavenging ##
Police Report Rash Of Catalytic Converter Thefts

## Got food? ##
Sahel region of West Africa 'in permanent food crisis'
Food as Fuel: This summer's drought highlights the madness of the government's ethanol mandates.
Cereal and pulse prices to rise on deficit monsoon (India)
Buy farms and food: GMO investment veteran sees rising prices, global crisis
Investors should not be allowed to buy farmland. -- RF

## Environment/health ##
Climate change may force French ski resort to shut down
Drought-Disaster Declaration Widened to Cover Half U.S. Counties

## Systemic breakdown ##
Power crisis leads to water shortage in Delhi
"The collapse of the northern grid around 2.30 am on Monday led to a massive disruption in water distribution in Delhi. All water treatment plants came to a stand still and no production took place between then and 6.30 am."
The Most Often Forgotten Survival Preparations

## Japan ##
Restrict public's movements, rights in times of disaster, say experts
"The movements and personal rights of the public should be restricted more to maintain order in case of a major disaster, an expert panel to the government has recommended."
Nippon Steel sees H1 2012 net profit dropping by 89pct
Japan Manufacturing PMI Shows Output and New Orders Down at Accelerated Rate
Japan must do more to shrink public debt: IMF
TEPCO chief vows cost cuts after utility posts Y288.4 tril loss
Fukushima residents say 'no' to nuclear energy
TEPCO workers to wear new protective gear with clear view of dosimeters

## China ##
In Shanghai, High Prices Keep Lid on Real-Estate Stimulus
Middle income trap beckons as foreign manufacturers quit China
China says manufacturing still growing, barely

## UK ##
Armed services to serve longer but still earn smaller pension
Nationwide: House prices fall at fastest pace in three years

## US ##
American GDP: The Fantastic Fiction of American Economic Strength
"The hard reality facing policy makers today is that the entire U.S. economy is a ponzi scheme based on cheap credit."
U.S. manufacturing contracted in July
High-mileage trade-ins clogging used car lots
Car sales stall out in July
Genetically Modified Tires
"High yielding, genetically modified crops have transformed the economics of U.S. farming. But they also pack an unexpected punch: Their tougher stalks are puncturing tires and stranding farm equipment in the field."
Adult kids living at home on the rise across the board
Gas prices up 17 cents in biggest July jump since 2000
Oregon man sentenced to jail for collecting rain water
Drought doesn't dent high foreclosure backlog
Just Open Up Your Eyes And Look - 65 Signs That The Economic Collapse Is Already Happening
Police Chief's $204,000 Pension Shows How Cities Crashed
Public pension plans rely on speculative investment predictions
When Quantitative Easing Finally Fails

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