Tuesday, October 09, 2012


News Links, October 10, 2012

## Global Ponzi meltdown/House of Cards ##
Warren Buffett, Jeff Bezos, Larry Ellison All Lose More Than Half A Billion On Bad Day For World Economy
IMF cuts 2012 Africa growth forecast, raises outlook for 2013
Deepening Budget Black Hole Outpaces Spain's Cuts
Parla, Spain's 54th Largest City, Poised for Bankruptcy
IMF Report Means Doom for EU Austerity Role
"Most readers of the International Monetary Fund's October World Economic Outlook naturally will turn to forecasts on Europe's growth, or lack thereof, this year and in 2013. One of the things that stands out is that the contraction of gross domestic product in some nations in the region is so severe that almost no amount of austerity will close budget gaps, particularly in Spain and Italy."
Saudi Arabia rejects IMF's 'doomsday scenario' for Kingdom's economy
As China's growth slows, North American markets take a hit
IMF forecasts for Iran show limited sanction hit
"Iran will manage to bring its high inflation lower and return to growth next year despite Western sanctions over its nuclear program, according to projections from the International Monetary Fund."
IMF Says European Banks May Have to Sell $4.5 Trillion in Assets
"The International Monetary Fund said European banks may need to sell as much as $4.5 trillion in assets through 2013 if policy makers fall short of pledges to stem the fiscal crisis, up 18 percent from its April estimate."
Alcoa Cuts Global Aluminum Forecast on China Slowdown
Nanex: Investors Need to Realize The Machines Have Taken Over
"The pictures of trading floors you see on TV, where the people in bright jackets appear frantically busy in making their trades, have no bearing -- claims Hunsader -- on the actual trading action. The real action happens across fiber-optic cables, on racks of servers in cooled rooms; where an arms race defined by cable length and switching speeds is being waged."
Moody's cuts Cyprus' credit rating further
China, Russia, and the End of the Petrodollar
Another Blow to Car Sales in Europe
"While most of the car industry's attention has been turned to the drop in Japanese car sales in China, there is increasing evidence that manufacturers that do business in Europe will suffer very long-term effects from the recession there."
China vs. Japan: The Loser Could Be the Global Economy
Marc Faber: Market Setting Up for 'Serious Setback'

## Airline Death Spiral ##
India's airlines face turbulence
American Fail Lines
"The airline that can't get its passengers to their destinations on time, manage its workers, or even keep its seats bolted down."

## Fault lines/flashpoints/powder kegs/military/war drums ##
U.S., Israel considering joint 'surgical strike' on Iran's nuclear facilities
Syria rebels bomb Air Force Intelligence complex
130-member robbery gang arrested in Lagos â€¢Robbers now use military weapons - Police
Luzon cops on alert for dreaded Zamboanga robbery gang
Iraq buys $4.2 billion in Russian weapons-document
"Russia announced on Tuesday it has signed $4.2 billion in arms deals with Iraq, making it the largest weapons supplier to the Middle East country after the United States."
Ministers try to limit impact of defense cuts on NATO
Report: Funding for Iron Dome could be cut (Israel)
"U.S. funding for a key component of the country's developing missile defense shield, could be reduced because of  severe defense spending cuts."
NATO Warns Against Syria-Turkey Escalation
Body of slain Mexico top drug lord stolen: prosecutor

## Global unrest/mob rule/angry people/torches and pitchforks ##
Rally against long hours of power cuts
"Harshly affected by marathon power cuts, manufacturers and workers of small and micro industrial units took out a rally in the city on Monday urging the state government to take all-out efforts to solve the power crisis in the state."
About one third of South African truckers end strike
Swastika-waving protesters greet Merkel in Greece
South Africa mine fires 1,400 striking workers
Police fire teargas during French job protests
According to the growth model, each generation is supposed to have more people doing more jobs and living more affluent lives, but energy reality intruded and the system is buckling. Nevertheless, politicians and economists will continue promising more growth, more jobs, and more affluence (to come at some indeterminate time in the future), and the people will continue expecting them. Watch for more clashes and more violence. -- RF

## Energy/resources ##
Major power station fails, triggers more blackouts (Egypt)
"One of the nation's largest power stations came to a complete halt today due to a lack of gas, triggering another round of power cuts across the country."
Data Centre Power Usage Surges 63 Percent
"The massive growth in data centre energy use is being driven by demand for cloud services and applications such as Google and Facebook, and comes despite a drive to run data centres more efficiently with less wasted power."
More US coal plants to retire due to green rules: study
"More U.S. coal-fired power plants could retire due to environmental regulations and weaker-than-expected electric demand, costing the industry up to $144 billion, economists at consultancy Brattle Group said."
Rising power costs threaten aluminum industry (Australia)
BP Sells Problem Texas City Refinery To Marathon
Power Supply Threatened For 500,000+ New South Wales Homes
Nord Stream touted as EU savior
EU backs away from stricter offshore oil, gas rules: MEPs

## Infrastructure scavenging ##
Large copper theft raises residents' concerns
Metal thieves target churches
Copper Thefts Leave Redlands Community In The Dark

## Got food? ##
Food is the New Oil and Land the New Gold: Lester Brown
Milk-Cow Drought Culling Accelerates as Prices Jump: Commodities
"U.S. milk production is headed for the biggest contraction in 12 years as a drought-fueled surge in feed costs drives more cows to slaughter."
Africa can easily grow wheat to ease hunger, price shocks: study
One in eight of world population going hungry: U.N.
'Food terrorism' a new concern in China-Japan rift
Brazil seen becoming world's No. 2 corn exporter

## Environment/health ##
Toxic tanneries drive Bangladesh leather exports: report
Italy's Ilva steel plant begins shutdown
"Italy's Ilva steel plant has begun a shutdown after a court ordered it to close because of evidence pollution from Europe's biggest steel works was causing above average cancer rates in the southern city of Taranto."
But average or below-average cancer rates are OK? That's risk assessment for you. -- RF
Karachi: Brain-eating amoeba kills 10
Meningitis outbreak toll: 119 cases, 11 deaths (US)
Alzheimer's: Are We Ready for the Coming Epidemic?

## Intelligence/security/internet/cyberwar ##
Cybercrime law is suspended by Philippines court
Anonymous attacks Greek government websites in solidarity
Rogue blogs signal tension as Vietnam tries to fix economic woes
Cyberattack targets Iranian oil sector

## Systemic breakdown ##
Fast-tracked new drugs more dangerous, study finds (Canada)

## Japan ##
Research and Markets: Japanese Automotive Supplier Report 2012
The suppliers are now also being impacted by sharply reduced Japanese auto sales in China. -- RF
New guidelines planned for methane-fueled power
On a small, localized scale this could be useful. -- RF
Mazda's China sales tumble to 19-month low
Toyota eyes drastic cuts in China production
Senkaku Islands dispute with China playing out as a PR battle
"Japanese officials try to take offensive but bemoan China's overwhelming cash advantage"

## China ##
PBOC injects $42.14 billion into money market

## UK ##
UK Could Face Blackouts by 2015 due to Phase out of Coal-Fired Power Plants
'Soviet-style' wind farm subsidies to face the axe
"Owen Paterson, who took on the role last month, said wind developers should 'stand on their own two feet' instead of asking for money from the state."
Could the last person turn off the lights in Hailsham please!

## US ##
Mysterious Algorithm Was 4% of Trading Activity Last Week
Earnings Season Preview: Worst Outlook In 3 Years
'Worst US Quarterly Earnings Since 2009'
20% of US Firms Cook the Books During Earnings: Report
Below the line: Poverty in America
U.S. income gap between rich, poor hits new high
Cummins to Cut as Many as 1,500 Jobs, Lowers Forecasts
The Muni Minefield
Libor Manipulation Cost States, Cities At Least $6 Billion: Study

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