Friday, August 31, 2012


News Links, September 1, 2012

## Global Ponzi meltdown/House of Cards ##
Cooling Mine Boom Pressures Australia Budget
"It is getting harder for the government of Prime Minister Julia Gillard to meet a promise to return to a budget surplus this fiscal year, as iron-ore prices plunge and the country's biggest mining company cancels billions of dollars in new projects amid a slowdown in Australia's resources boom."
Korea Industrial Production Slides as Europe Hits Exports
Euro-Area Unemployment at Record 11.3%, Inflation Quickens
Alberta deficit set to triple on slumping oil prices (Canada)
Baltic index slips on weaker capesize and panamax rates
Chinese Investors Snap Up German Industry
Spain creates 'bad bank' for toxic property assets
Catalonia Cut to Junk as Spain Bails Out Bankia, Deficit Swells
Investment CEO sees gold standard return
"Peter Schiff, vocal critic of the U.S. Federal Reserve System, said he  anticipates a currency crisis and a U.S. return to the gold standard within two years."
The Global Infrastructure Investment Deficit
"Booz Allen Hamilton, in a 2007 report, estimated that investment needed to 'modernize obsolescent systems and meet expanding demand' for infrastructure worldwide between 2005 and 2030 was around US$ 41 trillion."
Key Global Events In September Mostly Viewed As Negatives
China, Germany plan to settle more trade in yuan, euros
Asian free-trade bloc aims to be world's biggest

## Airline Death Spiral ##
Growth Slows Again in July
"The International Air Transport Association (IATA) announced global traffic results for July showing slower growth in both air travel and freight, but with considerable variation by region and market."
Lufthansa cancels 64 flights as strike begins
Lufthansa strike clogs German airport
OLT Express collapse leaves limited gap in the Polish market
Rex profit rises but warns of tough times
American Airlines Further Explores Potential Merger

## Fault lines/flashpoints/powder kegs/military/war drums ##
Taiwan Signs Yuan Clearing Deal With China, Creates New Rate
Israel under international pressure not to attack Iran alone
"Israel is facing growing international pressure not to attack Iran unilaterally, with the United States in particular making clear its firm opposition to any such strike."
Dempsey: 'I Don't Want to Be Complicit' in Israeli Strike on Iran
"The United States will not be 'complicit' in an Israeli military strike on Iran, America's top military general warned on Thursday, adding that such an attack would not only fail to destroy Iran's nuclear program, but could prompt Iran to reconstitute its weapons programs."
Iran makes little headway on key nuclear equipment
"Iran may have doubled its uranium enrichment capacity in an underground facility but it seems to be struggling to develop more efficient nuclear equipment that would shorten the time it would need for any atom bomb bid, experts say."
U.S. drone strike kills 8 suspected militants: Yemeni officials
No trial needed; you just have to be "suspected" in order to die. -- RF
Russia working on underwater drone

## Global unrest/mob rule/angry people/torches and pitchforks ##
Occupy Wall Street plans to block NYSE
Thousands join peaceful Bahrain anti-government protest
S.Africa strikes widen, stoke contagion fears
Implats says South Africa labour unrest huge risk

## Energy/resources ##
Europe Distillates-Jet boosted by US supply shortage
Norway's Oil Industry Faces Cost Jump as Finds Lure Explorers
Massive Oil Find in Mexico's Deep Waters
Iron-ore prices slammed again
Asian Crude Oil refining margins: Further supply tailwinds
Oil up to $113, heads for 2nd monthly gain
Power outage disrupts trains (South Africa)
Russia says Iran's nuclear power plant fully operational
Obama seeks new fossil fuel source: methane hydrates
Japan too has great hopes for methane hydrates, but it's unlikely they are economically viable. -- RF
Germany, Italy stay opposed to IEA oil release

## Got food? ##
Long, hot summer sends food prices soaring
Western Alaska food crisis: Subsistence fish shortages leave families without enough to eat
Biofuel crops transform German farming
"The shepherds of Germany are worried. There are still about 2,000 of them tending sheep on grasslands, plying their ancient trade and defying time and the intrusions of modernity."
Wheat scientists seek to slow crop fungus in Africa, Asia
Cuba growing less food than 5 years ago despite agriculture reforms
Global maple syrup reserve theft poses threat to pancake breakfasts

## Environment/health ##
'Spineless' animals under threat of extinction
Huge wildfire reaches Marbella in southern Spain
New phlebovirus detected in Missouri (US)
"The first phlebovirus found to cause illness in humans in the Western Hemisphere was discovered due to two severely sick farmers, U.S. researchers say."
1st death linked to new swine flu is Ohioan (US)

## Intelligence/security/internet ##
Pentagon may sue author of Bin Laden book No Easy Day
Don't you dare contradict our BS with your BS. -- RF
Life "Unplugged" May Actually Make You Happier
Take it from me: Not having a cellphone is nice. -- RF
The Pirate Bay hit by DDoS attack on Wednesday, problems continue

## Systemic breakdown ##
Serious shortage of skilled auto mechanics looms (US)
Oil industry pay still rising worldwide
"Oil workers are enjoying strong growth in pay thanks in particular to a shortage of the most experienced engineers, a trend that shows no sign of easing."

## Japan ##
Gov't plans for spending cuts if money supply runs out
"The Japanese government laid out plans on Friday to suspend some state spending as it could run out of cash by October, with a deficit financing bill blocked by opposition parties trying to force Prime Minister Yoshihiko Noda into an early election."
Japan Public Pension Fund Suffers $26 Billion Loss
Japan Manufacturing PMI Hits 16 Month Low, New Orders Plunge
Japan's industrial output resumes slide
"Japanese industrial production resumed its slide, falling 1.2 percent in July from June amid slumping global demand, the government said Friday. It's a disappointing sign for the world's third-biggest economy and suggests that any sort of recovery is sputtering."
Deflation Deepens as Japan Contraction Risk Intensifies: Economy
Weak Industrial Output Bodes Ill for Japan
Nomura plans $1B cost cutting next fiscal year
TEPCO rate hike for households goes into effect
"Tokyo Electric Power (TEPCO) on Saturday implemented a hike household electricity bills by 8.47%."

## China ##
Dark clouds gather over China's once-booming solar industry
"China's push into solar energy was supposed to be a proud example of how the country was advancing into hi-tech manufacturing. But now the whole sector is on the brink of bankruptcy."
China steel overproduction and lower prices to persist - Fitch
China to invest in EU bonds if risks controlled: Wen Jiabao
'China may sell cottton reserves next week to cool local prices'
China's Art Bubble May Be Popping

## UK ##
Squatting set to become a criminal offence
"Squatting in a residential building in England and Wales becomes a criminal offence on Saturday, meaning squatters would face jail or a fine."

## US ##
Majority of New Jobs Pay Low Wages, Study Finds
Our Low-Wage Recovery: How McJobs Have Replaced Middle Class Jobs
125 Harvard students investigated for cheating
Higher CAFE Standards: "There's No Such Thing as a Free Lunch"
TSA agents swarm Ron Paul's plane, demand explosives check
Chart Of The Day: With All Of QE3 Priced In, The Only Way Is Down Should Bernanke Disappoint
Isaac prompts loan from petroleum reserve
Obama Marks End Of Combat Mission In Iraq
Romney's energy plan follows the money
August Gasoline Prices at Seven-year High
Monetary Policy Has Reached a Dead End: Gross
'QE3' is necessary, Bernanke suggests

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