Thursday, August 02, 2012


News Links, August 3, 2012

## Global Ponzi meltdown/House of Cards ##
Factory flu is global contagion
"Across the world, production lines are shutting down and factory workers' hours are being cut. A dearth of demand has fallen back on goods producers, suggesting the global slowdown will not turn around soon."
Losing 500,000 Jobs Seen New Reality of Europe Crisis
"Efforts by PSA Peugeot Citroen (UG) and Fiat SpA (F) to end losses in Europe could cost more than 500,000 people their jobs as automakers and parts suppliers grapple with the effects of the European sovereign debt crisis."
US Export Orders Are Collapsing
Macroeconomic indicator - RBI revises down Indian GDP forecast
The shipping industry: Slow steaming, uphill
Pimco's El-Erian Says World in Serious Slowdown
Mr. Global Economy's delusional mental state
"Dear Doctor: As requested, I have assessed the psychological condition of Mr. Global Economy, complementing earlier physical examinations.
"Mr. Economy appears delusional, believing complete recovery is imminent. Keynesian and Monetarist regimes, he believes, will boost demand and create sufficient inflation to bring his elevated debt levels under control."
Stunning Crimes of the Big Banks: Worse than Your Wildest Imagination

## Airline Death Spiral ##
Airline Analysts Turn Cautious
Lufthansa Q2 Profit Falls on Fuel Costs, Taxes

## Fault lines/flashpoints/powder kegs/military/war drums ##
'If I were Iranian, I'd be fearful of the next 12 weeks'
"Former Mossad chief's statement to 'NY Times' comes as Netanyahu and Barak both warn time for sanctions, diplomacy is running out, amid speculation that an attack may take place before US elections in November."
U.S. to mull more bombers, submarines for Pacific
Iraq seeking Russian air defense gear: official
Syrian rebels use captured army tanks to attack Aleppo airforce base

## Global unrest/mob rule/angry people/torches and pitchforks ##
China region bans Muslims from fasting during Ramadan
Clashes disrupt union protest against steel plant closure
It's not Just Homeland Security: US Army Orders Riot Gear Too

## Energy/resources ##
Could massive blackout hit power-hungry U.S.?
Indian grid failure offers lesson to us all
India Blackout Highlights Power Problems in Developing Countries
Power blackout, patchy monsoon boosts Indian Diesel demand further: Barclays
India sucks in diesel as poor monsoon triggers massive power shortage
"A day after two massive power blackouts crippled northern India, state-owned refiner and largest marketer Indian Oil Corp. sought its fourth parcel of gasoil for this summer -- it needs 60,000 mt (507,000 barrels) of gasoil for August 19-21 delivery."
President announces new power grids, encourages self-rationing (Egypt)
"President Mohamed Morsy has ordered the construction of two new power grids in an effort to combat increasingly frequent power outages, said presidential spokesperson Yasser Ali."
Oklahoma City, much of metro area are under mandatory water rationing
Kurds to stop oil exports in month unless Baghdad pays
"Iraq's Kurdistan region said its planned resumption of oil exports may last only to August 31 if the central government does not pay arrears to foreign companies, meaning the rise in Iraq's overall shipments to world markets could be brief."
Gas Liquids 'Bloodbath' Brings Shale Pain to Oil Market

## Infrastructure scavenging ##
Padiham metal thieves are putting lives at risk

## Got food? ##
Canadians super-sizing Canada's Food Guide Servings: York U study
12 Innovations to Combat Drought, Improve Food Security, and Stabilize Food Prices
Spike in Crop Prices May Signal 'Chronic Food Crisis'
Garden Fresh recalling 7 tons of packaged salads

## Environment/health ##
Torrential Rains Paralyze Taiwan as Typhoon Hits
Report: Drought intensifies in Plains
West Nile Virus Makes A Comeback This Summer

## Intelligence/security/internet ##
U.S nuclear bomb facility shut after security breach

## Japan ##
Sony's loss grows, cuts earnings forecast
Panasonic to slash head office workforce to around 150
Sharp to lay off 5,000 workers
Quarterly profits fall 5.5% at nation's major firms
3 of 4 Japanese steelmakers log net losses in Q1 2012
A Long Road Ahead for Japan Tech Giants
Prime Minister Noda agrees to meet with Japan's anti-nuclear protesters
"Japanese Prime Minister Yoshihiko Noda said on Wednesday that he will meet the organizers of the anti-nuclear rallies that have been held nearly every week outside his Tokyo office building. The protests have been growing in size since the prime minister decided a little over a month ago to restart the first nuclear reactors since the Fukushima disaster, with one of the most recent drawing over 170,000 people."
Renesas forecasts annual net loss of Y150 bil
Cesium in Pacific cod is increasing offshore Hokkaido

## China ##
Is China facing a mass exodus of capital?
Why China is losing the solar wars
"Four years ago, investors placed bets that China would dominate solar energy. Now China's solar industry is just a capital destruction machine, with some of its most prominent companies desperately flailing for lifelines."

## UK ##
UK manufacturing figures deal hammer blow to recovery hopes
Farmers blockade milk distribution centre in Cheshire

## US ##
US Factory Orders "Unexpectedly" Decline; US Car Sales "Unexpectedly" Decline; Expect the Unexpected
Morgan City still grappling with power outages
San Bernardino, California, Files for Bankruptcy with Over $1 Billion in Debts
Postal cutbacks hurt rural outposts the most
"The Postal Service, reeling from its failure Wednesday to make a $5.5 billion payment toward employee benefits, continues to move ahead with plans to cut hours at more than 13,000 rural post offices."
Rationing Begins: States Limiting Drug Prescriptions for Medicaid Patients
"Sixteen states have set a limit on the number of prescription drugs they will cover for Medicaid patients."
Knight's future in balance after trading disaster
"Knight Capital Group Inc was fighting for its survival on Thursday after a trading glitch that had roiled markets wiped out $440 million of the firm's capital, forcing it to seek new funding as its shares plunged more than 70 percent in two days."
Economic data underscores weakening activity
'Real' Unemployment Rate Shows Far More Jobless
Drought may cost billions in U.S. food exports
Stocks end in the red after Draghi disappoints
For Luxury Real-Estate, the 'Year of Capitulation'

And finally‚Ķ 48 Years After Divorce, Couple Is Giving Marriage Another Shot
Old flames burn the brightest. -- RF

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