Thursday, October 11, 2012

 

News Links, October 12, 2012

## Global Ponzi meltdown/House of Cards ##
Bank of Korea Slashes Policy Rate, Cuts Growth Outlook
Bailout terms force water utility sale in Greece, Portugal
"EU leaders are under fire for pressuring troubled eurozone governments to sell public water utilities as part of their bailout deals, with environmentalists and rights activists saying that privatisation will only feed public anger."
Saudi spending spree with record ATM cash withdrawals
"Saudi Arabian consumers are in the midst of an unprecedented spending spree, with record amounts of cash being withdrawn from the kingdom's ATMs."
Dubai Losing Billions as Expats Send Pay Abroad
Greece unemployment hits a record 25% in July
Peter Schiff: The Real Fiscal Cliff Is Much Bigger Than You Think
India's Sept trade deficit $18.1 bln, widest in 11 mths
India industrial growth to be less than 2% in FY 2013: Assocham
Indian steel inventories surging on weak demand
"Economic Times reported that steel demand in India appears to have touched a new low in the past few months as slower offtake from the consumer durables and auto sector has pushed up inventory at steel companies."
IMF, World Bank urge China, Japan to overcome differences
Turchansky: Underground economy presents a taxing situation for governments
Morgan Stanley E-Mails Show Doubts in Doomed Vehicle

## Airline Death Spiral ##
Territorial Spat Hits China Eastern's Traffic
Airline price war hits intl routes / Competition expected to intensify among domestic, other Asian LCCs

## Fault lines/flashpoints/powder kegs/military/war drums ##
Is a Larger Middle East War Inevitable?
"Double, double toil and trouble.  All the elements for a larger regional conflict are slowly falling into place, just as the witches' ingredients in Shakespeare's Macbeth, as the fateful day, November 6th, or Election Day approaches."
Disputed Islands With 45 Years of Oil Split China, Japan
Hungary's Orban says crisis may overstretch Europe's democracies
Hezbollah confirms it sent drone downed over Israel
Hizbollah leader says he will send more drones over Israel
Secessionist Candidate Will Overwhelmingly Win Mayoral Race in Antwerp, Belgium

## Global unrest/mob rule/angry people/torches and pitchforks ##
Croatians stage first protest against austerity drive
20 arrested in housing protest in Castro
"A group protesting the lack of housing for thousands of San Franciscans briefly took over a vacant building in the heart of the Castro district on Wednesday evening as part of a worldwide day of action aimed at drawing attention to the plight of homeless people."

## Energy/resources ##
Syria-Turkey conflict puts key pipeline at risk
China goes after big stake in Iraq's oil
India to restructure coal mining in face of mounting supply deficits
China's oil demand fuels island dispute

## Got food? ##
Food Sickens Millions as Company-Paid Checks Find It Safe
Fishermen 'attacked by French' call for navy's help
Food Inflation To Surge, Goldman Warns
Producing and Selling Honey for the Backyard Beekeeper

## Environment/health ##
Oil in new Gulf slick matches that of 2010 spill
Arctic winds caused Britain's washout summers
"A change of wind direction in the Arctic may have been responsible for the dismal summer in Britain this year with further washouts to follow, scientists claim."
Meningitis outbreak toll rises: 170 cases, 14 deaths
Global warming causing Antarctic ice to expand

## Intelligence/security/internet/cyberwar ##
Global Cell Phone Subscriptions Total 6 Billion

## Systemic breakdown ##
Clean energy investment plummeting, says Bloomberg report
"Global investment in clean energy fell to $56.6 billion (€43.9 billion) in the third quarter of 2012, down 20% year-on-year and signalling that 2012 will see the first annual decline in eight years, according to a report by Bloomberg New Energy Finance."

## Japan ##
IMF warns of growing JGB risk in banks
Is Japan's New Carbon Tax the Final Straw for its Energy Sector?
"So far, in order to try and protect the public from high energy prices the utilities have been funding the high cost energy purchases by building up debt. The new carbon taxes could force the utilities to start passing on the increased cost to their customers."
Japan Machinery Orders Slide 3.3% as Economy Risks Shrinking
No. 1 reactor endoscope mission may cast doubt on cold shutdown status
Despite more water, radiation still high in Fukushima reactor
Above-limit radioactive cesium detected in Fukushima tobacco, JT says
Spooked by China, Japanese companies looking to Cambodia

## China ##
China Room to Ease Seen Fading as Pork Costs End Inflation Lull
A costly ticket to ride for China subway projects
"More urban transit projects have been added to China's economic development agenda as a deus ex machina solution in the face of slowing gross domestic product growth."
Local government debt fuels China forced evictions rise: Amnesty
"Forced evictions in China, a major source of social discontent, have risen significantly in the past two years as local officials and property developers colluded to seize and sell land to pay off government debt, Amnesty International said on Thursday."
40% of luxury brands will leave China
Sinopec to build huge oil storage terminal
"Sinopec Group, China's biggest refiner and second-biggest oil producer, is building what experts predict will become the largest oil storage terminal in Southeast Asia, in the Batam free trade zone in Indonesia."
Fall in Japanese deliveries dents monthly auto sales
China's Banks Said to Resist Cutting Lending Rates

## UK ##
British Gas to raise its gas and electricity prices
"It is expected to raise its charges for both by about 8%, adding £100 a year to the average dual fuel bill."
Controversial 'zombie roads' set to return
"Road schemes that were abandoned years ago are set to be revived, prompting fresh dissent from campaigners."

## US ##
EIA Predicts Cold Winter will Cause Heating Bills to Increase 19%
US trade deficit rose to $44.2 billion in August as exports fell to lowest level in 6 months
Unsustainable
Fed's "Other Assets" Hit All TIme High Of $205 BIllion
New York City suffers increasing shortage of homeless shelters
Kids in solitary confinement: State-sponsored child abuse
To Survive A Shooting, Students Learn To Fight Back
U.S. long way from true housing recovery: Home Depot CEO
Romney Plans 15 Navy Ships Built Yearly in First Term, Aide Says
Advisers: Romney Would Immediately Reverse DoD Cuts
Navy's financial pivot to Pacific
US Nears Fiscal Disaster: 'Washington Doing Nothing'
Banks Still Raising Fees—and Hiding Them: Study
U.S. Mac sales join industry tailspin

And finally… Suburban Kansas Dream: Museum of Suburbia
Jim Kunstler would love this. -- RF




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