Thursday, September 06, 2012


News Links, September 7, 2012

## Global Ponzi meltdown/House of Cards ##
Vietnam Risks Biggest East Asia IMF Rescue Since 1990s: Economy
"The nation may need IMF aid to recapitalize banks and must act quickly to clean up bad debt or risk 'prolonged stagnation,' the National Assembly's economic committee said in a Sept. 4 report published on its website yesterday. The financial system needs an injection of 250 trillion dong ($12 billion) to 300 trillion dong, according to the 298-page report that included recommendations to address economic risks."
New/Old World Order: Billionaire suggests $2 daily miner wage
"Mining executive Gina Rinehart says mining in Australia is 'too expensive' and  suggests lower pay for workers -- perhaps as low as '$2 per day.'"
Note that as resource quality declines (which is now quite obvious in relation to petroleum), extraction costs soar. The easiest place to start cutting costs is workers' pay. -- RF
South Korea Revises Down GDP Growth; Rate Cut Looms
Card Giants Lead Rush to Myanmar
Ponzi economy in action: Because the economic growth engine requires continual expansion of debt, it's essential that the people of Myanmar are sunk in debt up to their eyeballs as soon as possible. -- RF
Middle East: Jobless youth tally to soar in region
ECB unwraps bond-buying program
S&P 500 Climbs to Four-Year High as ECB Details Bond Plan
Australia Department Store Sales Slump 10.2 Percent; Retail, Food Store Bankruptcies; Reflections on Housing and Commodities Bust
Greece Steps Up Tax Evasion Crackdown With Asset Freezes
Canadian housing bubble goes into full mania mode – Canadian debt-to-personal income ratio near 145% while US at peak of the housing bubble was at 125%.
Dutch PM: Greece should not get more financial help
The Death Of IPOs, And Why It Matters To You
Why is Putin stockpiling gold?
"According to the World Gold Council, Russia has more than doubled its gold reserves in the past five years. Putin has taken advantage of the financial crisis to build the world's fifth-biggest gold pile in a handful of years, and is buying about half a billion dollars' worth every month."

## Airline Death Spiral ##
Qantas forms Emirates alliance as it seeks turnaround
Fliers pinched as airfares take off; blame fuel, mergers, profits (US)
Low-cost airlines ask for government bailouts (South Africa)
United Airlines cuts more 2012 flying
"United Airlines will reduce flying more than expected during the rest of this year because of higher fuel prices and a sluggish economy."
British Airways to Shut BMIbaby This Weekend With 450 Job Losses
Delta Chases Bakken Crude to Boost Refinery Fuel Savings
ANA's 787 Dreamliner grounded after engine fumes discovered

## Fault lines/flashpoints/powder kegs/military/war drums ##
Russia: no sign Iran developing nuclear arms -Ifax
"Russia sees no evidence that Iran's nuclear program is aimed at developing weapons, the Interfax news agency quoted Deputy Foreign Minister Sergei Ryabkov as saying on Thursday."
Support for Greek far-right party surging, poll says
Pentagon lists 66 countries as eligible to buy US drones
200 Marines Join Anti-drug Effort in Guatemala
"A team of 200 U.S. Marines began patrolling Guatemala's western coast this week in an unprecedented operation to beat drug traffickers in the Central America region, a U.S. military spokesman said Wednesday."
France 'may send anti-aircraft guns to Syrian rebels'
US sends more spies, diplomats to Syrian border
Iran sends elite troops to aid Assad regime
Iran on the verge of severe financial crisis: intelligence report
29 Dead in 8 Days as U.S. Puts Yemen Drone War in Overdrive
Afghanistan and Iran sign deal giving land-locked Afghanistan access to major seaport

## Global unrest/mob rule/angry people/torches and pitchforks ##
Greek police stage "suicide" protests against cuts
Greek police block riot police in anti-austerity protest
Thousands of Greeks protest pay cuts
Unrest threatens Bangladesh's key garment export
Hong Kong's Leung Cancels APEC Trip as Student Protest Grows

## Energy/resources ##
Study throws cold water on Arctic oil, gas dreams
"The Arctic, often presented as the promised land by oil companies, is likely to play only a marginal role in providing for the planet's future energy needs, a Norwegian study claimed Tuesday."
Shale Oil Reserves Questioned Too
Shell's delayed Arctic oil plans worrisome
"Norwegian oil company Statoil has watched closely Royal Dutch Shell's long and costly quest to sink exploratory oil wells in the Arctic waters off the coast of Alaska. And that struggle has Statoil concerned, so much so that company officials say Statoil won't be exercising its federal leases and drilling in Alaska's Arctic until at least 2015, according to The Financial Times."
Sri Lanka urgently constructs more thermal power plants in North and East
Update: Cold Fusion Progress in 2012
Canada not an 'energy superpower': report
French Nuclear "Incident" Raises Concerns
More Gas-fired Power May Hike Winter Blackout Risk (US)
Blackout warning as power workers threaten strike action (Australia)
Australia's slow-motion energy train wreck
China Investment Brings Jobs, Conflict to Zambia Mines
"Billions of dollars in investment from China has thrown a lifeline to Zambia's mines, but the money has also brought new problems, as miners at Chinese ventures complain about safety, low pay and conflicts that have spiraled into a spate of shootings."
PUC Examines Power Generation Shortage In Texas

## Infrastructure scavenging ##
CSRA Metal Theft Task Force warns about increase in car battery thefts
Metal thieves rob ten Birmingham homes in one street in 24 hours
Police: $550,000 in damages after recent copper heist

## Got food? ##
Skyscraper Greenhouses to Feed the World of Tomorrow
No, they won't. -- RF
UN: Adjust with biofuel output requirements when food supplies scarce
G20 to consider action on food prices next month: Russia
World food prices stabilise but UN urges action

## Environment/health ##
Fears Confirmed that Isaac Stirred Up Macondo Oil
"Fears that Hurricane Isaac might have stirred up crude oil left over in the Gulf of Mexico after the Deepwater Horizon accident more than two years ago have been confirmed by BP after officials closed a 13-mile stretch of beach Tuesday due to tar balls and oil being reported."
Loss of tropical forests reduces rain
Guess Who's Chopping Down The Amazon Now?

## Intelligence/security/internet ##
Secret service opens investigation into 'theft' of Mitt Romney's tax returns
Web inventor warns governments: Internet has no off switch
Hackers hit Sony again, stealing info from 400 mobile clients

## Systemic breakdown ##
America facing infrastructural collapse
Online sharing, information overload is worldwide problem, poll shows
Network failure takes out NAB services
Power failure causes train delays

## Japan ##
Nomura to Target Europe for Almost Half of $1 Billion Savings
Japan to Reduce Nuclear Power to Below 15% by 2030, Kyodo Says
BOJ chief vows to ensure financial stability if debt crisis deepens
Five-hour power outage at Fukushima plant

## China ##
Steel prices collapse belies all hopes of revival in short term
Long Luxury Boom Slows in China

## UK ##
UK economic growth forecast cut by OECD
Theresa May rejects efforts to keep population below 70m

## US ##
Politics and Plutocrats: A Parade of Inequality
Why We Rarely Feed Animals Food Scraps, Even In A Drought
New York State Employment Situation in Graph Form
FedEx Sees First Earnings Decline Since 2009 on Economy
Va. shipyard offering buyouts to up to 1,200

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