Sunday, October 14, 2012


News Links, October 15, 2012

## Global Ponzi meltdown/House of Cards ##
Global Economic Distress 3.0 Looms as Emerging Markets Falter
South Africa labor turmoil hitting growth
Bernanke defends Fed stimulus as China, Brazil raise concerns
Bernanke urges world currency appreciation
Why Growth Is Ending
Money printing is the only thing keeping the system afloat
The Top 15 Economic 'Truth' Documentaries
UBS may cut thousands of IT jobs, says report
IMF's Lagarde urges Europe to deploy bailout
The Age of Deleveraging
The author is the person who famously predicted that in the future, only the rich will fly. And indeed, people who watch the following "Airline Death Spiral" category have been observing the inexorable slow-motion collapse of the industry and depopulation of regional airports. -- RF

## Airline Death Spiral ##
'It's Just Insane': American Airlines Travelers Vent
Thousands of US pilots face axe after Qatar deal - union
Passenger traffic plummets at LVIA
"Airport board may consider fee hikes, job cuts to offset high fuel costs that have carriers fleeing"

## Fault lines/flashpoints/powder kegs/military/war drums ##
Pakistan freed of anti-terrorism obligations; U.S. billions flow instead
Firms, policymakers struggle amid Western defense cuts
"Whether or not America's politicians can find a way to sidestep the brutal automatic military cuts of sequestration, the era of rising Western spending on weapons and wars is over."
Thousands of British troops to quit Afghanistan in 2013
Secessionist Wave Sweeps Belgium Ending 90 Years of Socialist Rule in Antwerp
EU warned: Clean tech trade wars 'could spiral out of control'
"A spate of climate and clean energy-related trade squabbles is heightening fears that as recession advances, the world could be entering a period of tit-for-tat conflicts, many involving China."

## Global unrest/mob rule/angry people/torches and pitchforks ##
S.Africa police and protesters clash near mine shaft
"South African police fired tear gas and rubber bullets at protesters hurling petrol bombs after a march on an Anglo American Platinum mine turned violent overnight, the latest sign of festering labour unrest."
Brownouts return to Mindanao areas (Philippines)
OPEC Assures Ample Oil Supply
"The Organization of Petroleum Exporting Countries assured world financial leaders Saturday that the oil market will remain amply supplied next year and that the cartel is committed to a stable market and prices that are healthy for an increasingly fragile global economy."
Poppycock. Oil prices are far too high to stimulate economic growth. Truth be told, OPEC is helpless to bring down oil prices to a level that is "healthy for an increasingly fragile global economy." -- RF
"For new players in Asia, where the energy demands of booming economies are driving a foray into offshore drilling, the costs and availability of skilled workers will be a big restraining factor."
Cable theft near Army HQ leaves 1,000 high-security phones dead

## Got food? ##
Only Organics Can Feed the Hungry World: Here's Why
Calif. expected to lose 100 dairy farms
"The nation's drought and high corn prices are devastating California's $8 billion dairy industry to the point where farmers can't afford to feed their cows - and their professional trade organization has been regularly referring despondent dairymen to suicide hotlines."
Distribution maintenance backlogs threaten power supply
"If the lack of maintenance persists, South Africa's electricity distribution grids would only last another three years, South African Independent Power Producers Association MD Doug Kuni warned Tuesday."

## Japan ##
Economic outlook downgraded
"The government did not include the word 'recovery' in its monthly economic assessment for October, released Friday, for the first time in six months, and revised downward its overall assessment of the nation's economy for three consecutive months."
Japan says it may purchase new Europe bailout bonds

## China ##

## US ##
US Runs 4th Straight $1 Trillion-Plus Budget Gap; More Stimulus? You Already Got It; Welcome to Slow Growth
Many U.S. cities passing bans that put squeeze on homeless
U.S. Oil Boom Falls Short of the Pump
"Surging U.S. oil production is driving down domestic benchmark crude prices and delivering a windfall to some refiners and their investors. But the oil boom is providing little relief for consumers at the pump."

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