Tuesday, October 30, 2012


News Links, October 31, 2012

## Global Ponzi meltdown/House of Cards ##
Flaherty is told Canadian economy will do worse in 2013 than predicted
Poll: Canadians overspending, rely on luck
"The majority of Canadian consumers are overspending each month and some are counting on luck with a lottery or inheritance, a survey Tuesday indicated."
Recession's legacy has food-bank usage soaring in Canada
Asian economies brace for impact of hot money
"The enormous influx of hot money into the Asian capital market toward the end of October has prompted monetary authorities in Hong Kong, South Korea and Thailand to adopt preventive measures that restrict the inflow of speculative capital that can create asset bubbles, Shanghai's First Financial Daily reports."
GM production may be disrupted by auto-parts strike
Volvo latest Euro carmaker to cut production, workers
Container Shipping Rates Rise as Overcapacity versus Available Freight Problems Continue
"Up, Up and Away seems to be the anthem which the major container shipping lines are playing at the moment as once again the cycle of rate rises begins to attempt to compensate for the continued overcapacity available to shippers, particularly on the Asian routes to Europe."
Shipping sector facing higher cost pain - survey
"Ship owners face another year of rising costs as they struggle with a four-year slump and global economic turmoil, a survey showed on Monday."
Mine unrest cuts South Africa growth forecast to 2.5 percent: minister
UBS Wastes No Time On Revamp, Job Cuts
"Scores of traders at UBS AG were locked out of the Swiss bank's London offices Tuesday as the institution moved quickly to implement the first of thousands of job cuts in a strategic restructuring."
Greece agrees deal with creditors on austerity plan
Key IMF loan talks begin in Cairo, reducing budget deficit is focus

## Airline Death Spiral ##
United Airlines says Boeing 787 deliveries further delayed
India's Ailing Kingfisher Airlines Asked To Leave Airports
1time airline reports major loss
Shares in loss-making airline SAS halted as rumours swirl
NYC Airports May Stay Shut Until Nov. 1 on Sandy Flooding

## Fault lines/flashpoints/powder kegs/military/war drums ##
US Navy tests innovative Israeli technology
"US reportedly mulls purchasing Rafael's remote-controlled robotic boats, ahead of possible strike on Iran; holds successful test off Maryland coast"
Navy advances anti-swarm defense
"The U.S. Navy has successfully fired Israel's Spike missiles from an  unmanned surface platform as part of a program to protect against swarm attacks."
Netanyahu: A War on Iran Would Be Good for Arabs
Israel says Iran has pulled back from the brink of nuclear weapon - for now
What about Israel's massive nuclear arsenal? -- RF
Iran bans export of 50 goods as sanctions bite: report
Kuwait arrests opposition leader over emir comments
Chinese ships again enter waters near Senkakus
U.S., Japan to hold joint military drill amid island row with China
"Japan and the United States will hold a biennial joint military exercise in Japan in November in a move likely to further anger China amid heightened tensions between the two Asian giants over disputed islets in the East China Sea."
EU considers sending 200 troops to train Mali army

## Global unrest/mob rule/angry people/torches and pitchforks ##
Some S.Africa Amplats strikers defy return deadline
Protests in China Get a Boost From Social Media
Environmental protests growing 30% every year in China
Police, protesters clash at Republic Day march in Turkey
Consumer indebtedness 'could lead to social unrest'
Myanmar unrest could destabilise wider region: ASEAN
Crowd control: Bahrain bans all public gatherings

## Energy/resources ##
GCC may turn into deficit by 2017 on slack oil price
"The six-nation Gulf Cooperation Council's (GCC) combined fiscal surplus may turn into a deficit around 2017 as oil prices slip below $100 and government spending rises, said the International Monetary Fund (IMF)."

Petrobras Profit Falls as Drilling Costs Rise: Corporate Brazil
"Petroleo Brasileiro SA (PETR4), the world's largest deep-water oil driller, is becoming less profitable as costs rise faster than sales because of equipment shortages and falling output."
Water Injection Used to Increase Life of Deepwater Wells in the Gulf of Mexico
Myanmar's Ethnic Conflict Flares In Shadow Of Asian Oil Investments
Mindanao gears up for long brownouts (Philippines)
Electricity shortages may darken Mongolia's future
Fuel shortage dampens Eid spirit (Oman)
Tanzania: Oil Shortage a 'Vicious Cycle'
Europe Product Swaps-Sandy worsens already tight markets
"Most oil product swaps firmed on the week to Monday, as traders priced in the possible effects of Hurricane Sandy, which was due to hit the U.S. East Coast on Monday, potentially worsening an already tight supply situation in Europe."
Sweden seeks to import trash due to shortage
The fatal flaw in waste-to-energy plants is that they run on the detritus of the consumer culture. -- RF
Nigeria: Floods to Cut Crude Oil Production in 2013 - Experts
Gasoline Supply Seen Down to 1990 Low on Sandy: Energy Markets (US)
Has the Sun Set on Solar Stocks?

## Infrastructure scavenging ##
Cable theft surge prompts railways to seek EU action
"European railway operators are pressing for an EU-wide response to the rising number of cable thefts, with desperate rail companies deploying helicopter patrols and sprinkling infrastructure with artificial DNA to deter crime."

## Got food? ##
In aftermath of drought, U.S. corn movement turns upside down
Honey harvest 'devastated' by wet summer (UK)

## Environment/health ##
Is the detritus of the Iraq war harming the babies of Fallujah?

## Intelligence/security/internet/cyberwar ##
Vietnam jails two dissident songwriters
Websites knocked offline by super-storm Sandy
Storm forces Internet hubs to run on generator power
"Manhattan power outage amid Hurricane Sandy hits critical communication centers, including Google-owned building"
Washington Post: Yes, We Need To Give Up Liberty For Security

## Systemic breakdown ##
Anticipating the Devolution of Big Government
"Expect destructive feedback loops"
9 scenarios and all lead to stock plunge: Death of 'Growth Economics' spells danger
Acute power crisis pushes AP ginning mills to closure (India)

## Japan ##
Japan seeks exemption on U.S. sanctions on Iran: Nikkei
"Japan is seeking an exemption from proposed new U.S. sanctions against Iran that could effectively freeze Tehran's use of payments for oil, the Nikkei business daily reported on Tuesday, citing sources."
Japan Industrial Output Falls, Outlook Lowered
"Japanese industrial production fell an unexpectedly large 4.1% in September from a month earlier, government data showed Tuesday, a sign that Japan's economy may be losing more steam than expected amid the global slowdown."
Japan's Tepco to tap more coal suppliers to cut costs
5 utilities consider rate hikes, call for restarts of nuclear reactors
Domestic auto output down 12.4% in Sept.
Sept. industrial output decreases 4.1%
¥11 trillion added to BOJ asset fund
Panasonic may curb solar panel, lithium battery expansion -sources

## China ##
PBOC Injects Record Amount of Cash Into Money Market
"China's central bank pumped a record-high amount of cash into the financial system Tuesday in an bid to ease a liquidity crunch caused by commercial lenders' surging demand for funds to meet capital requirements."
Chinese Banks Brace for Bad Loans
600,000 Chinese workers die from overwork annually
Chinese Electric Car Revolution Running On Half A Battery
PetroChina's Profit Falls 33%

## UK ##
Occupy protesters were right, says Bank of England official
"The anti-capitalist protesters who occupied St Paul's Cathedral were both morally and intellectually right, a senior Bank of England official said last night."

## US ##
U.S. nuclear plant declares "alert" after Sandy storm surge: NRC
"Exelon Corp declared an 'alert' at its New Jersey Oyster Creek nuclear power plant due to a record storm surge, the Nuclear Regulatory Commission said, warning that a further water rise could force the country's oldest working plant to use emergency water supplies to cool spent uranium fuel rods."
NYC struggles with fires, flooding after killer storm
Storm Sandy Could Deal A Crippling Blow to the New York Economy
Superstorm Sandy cuts power to 8.1 million homes
Executive Order -- Establishing the White House Homeland Security Partnership Council
Hurricane Sandy Threatens $20 Billion in Economic Damage
The Economic Impact of Hurricane Sandy … Not All Bad News
More Keynesian crap. Ask the Japanese how well their post-tsunami/earthquake reconstruction program has boosted their economy. -- RF
El-Erian Says Sandy Probably Won't Cause U.S. GDP to Shrink
Hurricane Sandy May Slow Economy as Workers Stay at Home
Citigroup Says Wall Street Building Unusable for Several Weeks
NY Subway May Take Weeks to Restore Service, 5 Million Affected; 80 Flooded Homes Destroyed by Fire; Stunning Flood and Fire Images
Mitt Romney vs. Barack Obama: Hawk vs. Hawk
Hurricane Sandy Will Put a Rickety Power Grid to the Test
Lessons from Storm Sandy: When Hospital Generators Fail
Sandy Knocks Out 25% Cell Towers Serving 10 States

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