Tuesday, August 21, 2012


News Links, August 21, 2012

## Global Ponzi meltdown/House of Cards ##
Dutch damned by homeowner debt
Chinese stainless steel output may oversupply by 4 million tonnes by 2015
Eurozone crisis puts Germany's Merkel in 'precarious position'
Asia's Shopping Passion Cools
Belize Nears Default After Missing $23 Million Bond Payment
Bundesbank Criticizes "Potentially Unlimited" Bond Buying Rate Cap Proposal; ECB Denies Discussion "Yet"
Collapse in Europe is Absolutely Inevitable (video interview with Reggie Middleton)
Asian stocks fall, China index lowest since '09
More Junk Bonds, More Defaults — Fitch Ratings
Mr. Market Will Get His Pound Of Flesh...And Then Some (Bill Bonner on debt and growth)

## Airline Death Spiral ##
Bahrain Air Considers Combining With Gulf Air, Al-Watan Reports
Embattled Qantas chief forgoes bonus and pay rise

## Fault lines/flashpoints/powder kegs/military/war drums ##
S. Korea, U.S. Start Annual Military Drill
Egypt to send aircraft and tanks into Sinai: sources
Egyptian Anti-Aircraft Missiles Reported in Sinai
Israel Deploys Anti-Rocket Battery Near Egypt Border: Army
Obama to Assad: U.S. would act if chemical weapons used
India and Russia going to sign biggest-ever defence deal worth $ 35 billion
'Increasing evidence West provides Syrian opposition with weapons'
War With Iran Could Cost Israel $42 Billion

## Global unrest/mob rule/angry people/torches and pitchforks ##
Major General: Why Are Domestic Government Agencies Purchashing Enough Lethal Ammunition to Put 5 Rounds In Every American?

## Energy/resources ##
Europe starts stockpiling oil as Iran conflict looms
Nuclear power: Ten incidents worldwide in ten days
New Indian Oil Find - Major Discovery, or Puddle?
U.S. Wind Power Expected to Peak in 2012
India Power Outage: The Shape of Things to Come?

## Got food? ##
Wet summer pushes up the cost of a salad (UK)
"The price of British-grown vegetables and salad items such as tomatoes, carrots, cucumbers and onions has risen sharply as the washout summer has hammered harvests."
World must brace for higher food prices
Droughts cut Europe's food output, raise fire risks
Get ready for another food crisis
"If the definition of insanity is doing the same thing over and over again and expecting different results, then Congress and the Obama administration must both be stark raving mad."

## Environment/health ##
Thousands in Northern California told to flee Ponderosa Fire
Chemicals from personal-care products in US rivers and lakes
To bee or not to bee: Endangered species vanishing without explanation (Canada)
The Effect of Dams on Global Warming
Low Waters Close 11-Mile Stretch Of Mississippi River

## Intelligence/security/internet ##
Experts hope to shield cars from computer viruses
Cloud Outage Highlights Pitfalls as Well as Promise

## Systemic breakdown ##
The Demise of the Car: Doomed by escalating oil & infrastructure costs
Robots to Rule the World? Taking All Jobs? Replace Women?

## Japan ##
When Japan Goes Japanese: Presenting The Terminal Keynesian Endgame In 14 Charts
"It is hard to find fiscal situations that are worse than Japan's."
Wholesale Energy Prices Surge On Kyushu Plant Trouble
"The average price of electricity on the Japan Electric Power Exchange has shot up to the second-highest level ever after technical problems sent Kyushu Electric Power Co. (9508) scrambling for additional supply."
Japan's July electricity sales down 6.3%
Trade Deficit With China Widens 160% In Jan-June
Akita could be nation's first shale oil source
The unfortunate lack of understanding about energy quality can be found in all countries. Obviously, any energy obtained from this junk oil will be far too expensive to fuel economic growth. -- RF
Sony: Down and out in Tokyo

## China ##
First Chinese ship crosses Arctic Ocean amid record melt

## UK ##
Navy 'running out of sailors to man submarines'
"Britain's nuclear deterrent is at risk because the Navy does not have enough sailors to man its submarines, Ministry of Defence officials admit."

## US ##
USGS Assesses the Growth of Conventional Oil Reserves in the US
But as with any resource, quality is the only thing that matters. It doesn't matter how big reserves are. What counts is whether they are of adequate quality to be economically viable, and cheap enough to make the economy grow at an appreciable rate. -- RF
Solyndra Bankruptcy Pales in Comparison to Failed Military Projects
Debt collection complaints rise
About Half of Doctors Say They're Burned Out by Workload
Banks Use $1.77 Trillion to Double Treasury Purchases
Gasoline Prices up 30 cents over last 7 weeks

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