Wednesday, August 08, 2012


News Links, August 9, 2012

## Global Ponzi meltdown/House of Cards ##
Euro architect Otmar Issing: Some members could leave
Saudis spending more than it should - IMF
"Saudi Arabia's government is spending more than it should do if it wants to preserve the country's oil wealth for future generations, the International Monetary Fund said in a report released on Tuesday."
Farmers' Ability to Spend Dries Up in India
For young job seekers, no relief in sight (Canada)
French Central Bank Admits the Obvious: France Back in Recession
Italian bank loans to business fall again
Taiwan exports contract for fifth month in row

## Airline Death Spiral ##
There's little hope for air cargo as industry asks if this is the 'new norm'
Major losses for Iberia prompt job cuts
Hong Kong's Cathay Pacific Airways posts $120M 1H loss on fuel costs, biggest loss since 2003
Q2 profits plunge for Scandinavian airline SAS as jet fuel costs rocket
Employees on strike again, Kingfisher Airlines cancels 31 flights
"Kingfisher Airlines on Wednesday cancelled over 30 flights from Delhi and Mumbai due to a strike by a section of its employees protesting non-payment of salary."

## Fault lines/flashpoints/powder kegs/military/war drums ##
Iran Barters and Bargains to Help Oil Sales
Syria conflict: Key Aleppo district sees fierce clashes
Analysts See Unmanned Aircraft Market Growing
Reports Citing Intelligence on Iran Weapons Program Lack Credibility
"These reports crop up using flimsy evidence from sketchy sources, but US intelligence still says Iran has no weapons program"

## Global unrest/mob rule/angry people/torches and pitchforks ##
China Industrial Action On The Rise Amid Economic Uncertainty
AT&T Says 20,000 Employees Begin Strike in U.S. East, West
Oman jails 12 for "illegal gathering"

## Energy/resources ##
For Pakistan, everyday is a blackout with no end in sight
Israel Electric Corp. seeks NIS 3 billion in treasury aid
"The utility is facing record demand for electricity in burning summer heat, as usual; Demand was up 14% in June and 11% in July, compared with a year ago."
Chesapeake shuns gas, shrinks rig count
"Chesapeake Energy Corp., which calls itself America's Champion of Natural Gas, said Tuesday it is basically giving up on gas drilling this year, adding to an industrywide retreat from what has been deemed the fuel of the future."
It's a money-loser, which is what I've been pointing out all along. And in that sense, this certainly will turn out to be "the energy of the future." -- RF
Petrobras: A Shadow of its Former Self
Chicago to Build $3 Billion Coal Gasification Plant
Coal to Drop as Steel Output Slows in BHP Setback: Commodities
"Coal used to make steel is set to drop to the lowest price in two years, eroding earnings at BHP Billiton Ltd. (BHP) and Rio Tinto Group (RIO), as European demand wanes and China shifts supply contracts to Mongolia from Australia."
Energy poverty across the globe
India Crude Oil price basket jumps to $108.18
Power Shortage Warning Issued for 2nd Day in Korea
Power shortage prompts Kori 1 restart (SKorea)
Poor rains lead to huge rise in diesel use by Punjab farmers
Island-wide power outage (Jamaica)
Southern California Edison prepares for possible power outages

## Got food? ##
Here's Where Farms Are Sucking The Planet Dry
Drought: Farmers dig deeper, water tables drop, competition heats up
Analysis: Disastrous intervention puts Thai rice exporters in peril

## Environment/health ##
Cholera outbreak reported from Swabi, Pakistan
Energy-Efficient Lightbulbs May Have Dark Side When It Comes To Health
OECD: Israel has highest hospital turnover rate

## Systemic breakdown ##
Please Move Away From the Window Before Reading This
14 Questions People Ask About How To Prepare For The Collapse Of The Economy

## Japan ##
Loan-Shark Lending Surge Feared in Japan
Levels of dangerous air pollutant exceed national limit in 26 locations in Tokyo
Current account surplus at record low
Population falls for third year; pace increases
Tepco executive "Make up imaginary measures as if we were controlling the risk"
TEPCO video heavily altered / Alternation shows utility's reluctance to make information available

## China ##
China Developer Sees More Weakness
"China Vanke Co., China's largest property developer by sales, said a decline in new housing construction may continue in the second half of the year as a dip in sales and weaker access to credit curb appetite for expansion."
Increasingly outspoken military alarms China's leaders
Chinese Shipbuilder Slumps
"One of China's largest shipbuilders said Wednesday that it canceled eight shipbuilding contracts during the second quarter because customers failed to pay, demonstrating the tough conditions that face China's shipbuilders and international shipping companies."
China tightens controls on rare earths production

## UK ##
Stone Edge housing scheme 'an eyesore'
"An unfinished £27m housing scheme in Sheffield has been branded an 'eyesore' by nearby residents."
News Corp registers $1.6bn fourth-quarter loss

## US ##
Recession Generation Opts to Rent Not Buy Houses to Cars
In Step With Income Inequality, US Cities More Geographically Segregated than Ever
Gas Prices Expected To Jump 25 Cents After NorCal Refinery Fire
Refinery fire could boost gas prices nationwide
July was hottest month in U.S. history
For Unpaid College Loans, Feds Dock Social Security
Used Vehicle Prices Plunge Signaling End Of Auto Party
Median Wages Have PLUMMETED Since 1969
Are Rental-Backed Securities the Next Big Thing?

And finally‚Ķ Abu Dhabi to dish out fines for airing laundry outside

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