Thursday, October 11, 2012


News Links, October 11, 2012

## Global Ponzi meltdown/House of Cards ##
'Titanic' Defaults Loom on India Bank Debt
Dow slumps 129 points on global gloom
S&P cuts Spain credit rating to BBB-minus, near junk
S&P says India still faces rating cut risk despite reforms
S&P downgrades SBI, UBI (India)
Is the IMF now recommending capital controls…?
Brazil Cuts Rate for Tenth Straight Time to Bolster Recovery
Canada's Big Six banks still unfazed by consumer debt levels
Spaniards, Who Usually Aid Others, Being Asked To Help Their Own
Philippines exports fall 9% in August
Philippines says unlikely to hit 10 pct export growth goal in 2012
Support for the euro hits historical low in Denmark
Socialist gov't policies in France lead to mass exodus indicators
Taiwan's labor insurance fund to go bankrupt by 2027
China IMF Cancellations Raise Concerns
"TOKYO—Souring relations between Japan and China, which suffered another blow Wednesday when China's central-bank governor and finance minister pulled out of a high-profile gathering of global finance chiefs in Tokyo, are starting to cause serious economic damage that could deepen if passions stay high, investors, analysts and politicians here warned."
BoK Governor Calls for Permanent Yuan-Won Swap
"Last one out of the dollar, shut out the lights."
Signs Of The Gold Standard Are Increasingly Emerging…Worldwide

## Airline Death Spiral ##
Financial stress in airlines may impact operational safety: Aviation regulators
Dubai flights snarled by fog, airport malfunction
United Airlines hikes fares; will rivals follow?
Thomas Cook fleet cuts likely to hit Manchester Airport operation as 430 jobs put at risk

## Fault lines/flashpoints/powder kegs/military/war drums ##
Turkey forces Syrian plane down as tension heightens
"Turkey scrambled fighters to force a Syrian passenger plane to land on Wednesday, suspecting it of carrying military equipment from Moscow, while Turkey's military chief warned of a more forceful response if shelling continued to spill over the border."
US military has Syria task force in Jordan: report
NATO Chief Says Ready to 'Defend' Turkey Amid Border Skirmishes With Syria
Mexico sees Zetas cartel uniting behind new leader
Murder from the Skies -- U.S. Creating New Enemies Where There Were None
How the U.S. Is Hurting Innocent People in Iran
Chinese nationalists covet Okinawa
Japan may 'acknowledge' China's claim to islets to calm tension

## Global unrest/mob rule/angry people/torches and pitchforks ##
Walmart strikes spread to more states
Africa Seen at Risk of Social Unrest From Food Shortages
Greek labor unions to hold anti-austerity strike on October 18
Second Albanian dissident torches self over payment row

## Energy/resources ##
Forget Renewables, We Need Cheap Oil - An Interview with Gail Tverberg
Crude oil rises on Turkish, Syrian feud
Iran offers gas assurances to Turkey
China's Sinopec to build $850m oil storage in Indonesia
Electricity crisis stifling growth (South Africa)

## Got food? ##
Hot, dry weather batter maize crops across eastern Europe
"Sizzling temperatures and lack of rains have scorched maize or corn crops across eastern Europe, further reducing global supplies already hit after the worst drought in the United States in 50 years."

## Environment/health ##

## UK ##
Industry calls on shippers to switch modes as driver shortage worsens
"Shippers and forwarders affected by the lack of long-haul truck drivers in the US must move to other transport modes, as the shortage is long-term rather than a cyclical shift, say industry experts."

And finally…

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