Monday, August 06, 2012


News Links, August 6, 2012

## Global Ponzi meltdown/House of Cards ##
Official Sector Losses In The Next Greek Re-Default
"Greece runs out of money (again) in September and faces a key August 20th debt rollover event. Given that 5-year Greek Treasuries yield 60%, one can conservatively assume the next Greek default haircut will be 60% or more."
Global Economy: No rabbits hidden in China's hat this time
Warning: Most Chinese Companies Reporting Losses, Profit Declines
Monti of Italy Warns That Currency Crisis Risks Europe's Future
The euro zone's manufacturing contraction is now driven by Germany
The black economy in Spain is alive and well
"Currently it's estimated that the underground economy in Spain accounts for more than 22 per cent of the country's gross domestic product (GDP). Some economists believe it to be as high as 25 per cent and in the current crisis that figure will no doubt continue to rise."
Should we forget about growth?
BMW Officials See Further Declines in Europe Car Market

## Airline Death Spiral ##
Global aviation riddled by economic misfortune
Weak rupee, higher ATF price may ground Jet Airways

## Fault lines/flashpoints/powder kegs/military/war drums ##
Taiwan and China: a joint operation to secure the Senkaku islands
Israel says "group of terrorists" attack Egypt border post
DoD Mounts Push To Placate Israel
State Dept, Pentagon Planning for Post-Assad Syria
"The Obama administration may use pretexts, like securing weapons stockpiles, as a way to take charge post-Assad"

## Global unrest/mob rule/angry people/torches and pitchforks ##
Israelis protest over austerity measures
Deadly India car factory riot sounds alarm bells for industry

## Energy/resources ##
Blackout in Karachi after major lines trip (Pakistan)
BHP Billiton Takes $2.84B Write Off for Fayetteville Shale Assets
Oil's big players raise the stakes in Iraqi Kurdistan
The State of the Cold Fusion Market
South Africa: Country Told to Save Energy to Avoid Blackouts

## Infrastructure scavenging ##
Gardens, garages and sheds targeted as thefts increase 10%

## Got food? ##
An Agricultural Apocalypse: This Drought Is Still Worse Than You Think
Corn Yield Estimate Likely To Drop Further
'Wheat faces production downgrades across globe'

## Environment/health ##
Oklahoma crews battle expanding wildfires in torrid conditions
The power of intermittent fasting
A year on, Nigeria's oil still poisons Ogoniland

## Japan ##
Composite data show sharpest decline in business activity since September 2011 (PDF)
JAL's return not without turbulence
JAL should have been allowed to join the growing list of dead airlines instead of being bailed out. But next time it won't be so lucky. -- RF

## China ##
Banks sue steel traders after loan defaults
"LENDERS recently sued 20 steel trading companies in Shanghai that failed to repay loans, and market watchers said more credit defaults by steel traders may emerge."
Pearl River Delta contract manufacturers closing
Why China's Growth Model Is Not Sustainable
China Banks: Ka-Ching or Ka-Plunk?

## UK ##
Nurses look after 15 patients at a time
Honey shortages as wet weather confines bees to hives
ROUBINI: 'The London Olympics Are An Economic Failure As London Is Totally Empty'

## US ##
Zombified Cities Roundup: Detroit Becomes Dumping Ground for the Dead; Financial Urgency in Miami; Oakland Pension Time Bomb; How Pensions Crashed Stockton and San Bernardino
Colleges see higher demand for degrees in agriculture
How America's Losing The War On Poverty
The less productive U.S. economy
"After a brief pick-up due to 'overfiring,' the trend in productivity is heading in one direction: down."
Report: Knight secures $400M rescue from investors

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