Thursday, November 15, 2012


News Links, November 15, 2012

## Global Ponzi meltdown/House of Cards ##
European Industrial Production Plunges 2.3 Percent; Greece GDP Plunges 7.2 Percent
Dow Reaches Lowest Since June on Budget, Israel Conflict
Looking Ahead, Spain Worse Than Greece; Only One Realistic Solution
Bank of Ireland raises €1-billion in 'milestone' issue

## Airline Death Spiral ##
Air Cargo Traffic Down 25 Percent in Anchorage
Colorado ski resorts subsidize airline costs
Grounding Employee Expectations at American Airlines
Zombie Towers Live on as Taxpayers Fund Flightless Skies
"More than 100 U.S. airport towers and radar rooms have so few flights that they should be shut down late at night under the government's own guidelines, a move that would save taxpayers $10 million a year."
Ryanair Graz - London route axed over airport costs
Passengers are fed up with airlines' hefty fees
Economist predicts US Airways merger will hurt Phoenix
Jumpjet promotes private-jet travel for the price of first class

## Fault lines/flashpoints/powder kegs/military/war drums ##
The U.S. military pivot to Asia: when bases are not bases
Caribbean financial scams costing millions
"Financial scams have robbed U.S. and Caribbean citizens of millions of dollars, driving U.S. and Jamaican security forces into urgent collaboration to stem the tide."
Wave of bombings kills 14 in Iraq
Shifting focus to Asia, Obama to visit Thailand, Myanmar, Cambodia
U.S. military space systems for Australia
"The U.S. military is locating two key space systems -- the U.S. Air Force C-band ground radar system and of the Space Surveillance Telescope -- in Australia."
Israel and Hamas on brink of new war after air strike kills top military commander
Hamas Announces It Is Now In "Open War" With Israel
American added to the FBI's Most Wanted Terrorists list
The Real Petraeus Moral Failure…Lying to the American People about Afghanistan
Iran to open Somali embassy, Turkey rebuilds parliament
Obama says to make diplomatic push on Iran nuclear program
Chinese ships sail near Senkakus for 26th day

## Global unrest/mob rule/angry people/torches and pitchforks ##
Anti-austerity strikes sweep southern Europe
In pictures: Europe protests against austerity
Jordan protesters take to streets over fuel price rises
Spanish police clash with protesters in Madrid
Jordanian protesters make rare move: speak out against King Abdullah

## Energy/resources ##
Norway expects to miss oil production goal
Theft, floods hit Nigerian oil production: IEA
Chevron's Gorgon project to cost more?
"Chevron's massive Gorgon liquefied natural gas project in Australia faces a cost blowout.
"A report Wednesday in Australia's Financial Review says the cost of the project could increase nearly $21 billion to more than $62 billion due to the high dollar, union demands, high costs of local manufacturing and productivity issues."
In general, fossil fuel development projects are going to cost progressively more with time. We are on the downhill energy slope, and that is behind economic decline and overall systemic failure. -- RF
Analysts Change Their Tune on Platinum Supplies
"Platinum prices look set to rise as a slump in production resulting from strikes in South Africa leaves 2012 output  short of demand, according to industry analysts."
As fiscal cliff looms, wind industry works to protect tax break (US)
Iran extends fuel rationing to cover diesel
China Energy Outlook: An Inside Look at Chinese Energy Thinking
World oil demand slides further after storm Sandy: IEA
IEA Oil Forecast Unrealistically High; Misses Diminishing Returns
"One issue that the IEA has not properly modeled is the issue of declining resource quality, leading to diminishing returns and a rising 'real' (inflation adjusted) cost of production."

## Infrastructure scavenging ##
Metal raiders inflict £300,000 of harm to places of worship across Bradford district
Cable theft disrupts services in Pretoria
"Telkom services in the Mountainview and Suiderberg areas in Pretoria have been disrupted following an incident of multiple cable theft in the Daspoort exchange area. Over 1500 corporate and residential customers have been affected by yet another incident of this crippling crime."
Thieves steal $25K in copper wire from site

## Got food? ##
S. America weather upsets soy crop yields
Analysis: Nervous farmers scramble for corn seed after drought (US)
Horses suffering because of Colorado hay shortage
Human bodies for fertilizer?

## Environment/health ##
WHO says almost 100 dead from Yellow Fever in Darfur
Pacific fishing zones -- lifeline for overfished tuna?
Droughts steady since 1950s
Using iPad at night 'could trigger depression'
Energy Drink Cited in Death Reports

## Intelligence/propaganda/security/internet/cyberwar ##
Unwitting Sensors: How DoD is Exploiting Social Media
US Military Running New African 'News' Websites

## Systemic breakdown ##
FDA find insects in medicine production area
"An inspection by the U.S. FDA has found leaking ceilings and insects inside a pharma facility used for the manufacture of medicines."

## Japan ##
Top Japanese Banks Book Losses
"Big Japanese banks suffer combined Y534 billion loss in the fiscal first half related to equity holdings"
Japan's Politicians Anger China Afresh
Japan's biggest bank reports 58% profit tumble
Panasonic prepares for 'garage sale,' with 10,000 jobs to go
"About a fifth of Panasonic Corp's 88 business units are losing money and only half so far meet a target for at least 5% operating margin, the Japanese electronics group's finance chief said in an interview on Wednesday."
Greenpeace measured 12.6 Bq/Kg of cesium from fish sold at a supermarket in Kanagawa
Route buses on the ropes (article in Japanese)
Article notes that over 80% of the route bus lines in Japan's Chugoku region are losing money. Still, the national average is 70%. Route buses have always covered their losses with local government subsidies, but now that municipalities are also financially distressed, some hard choices lie ahead. -- RF
Intel may pump up to ¥40 billion into ailing Sharp
LNG market will need intl help / High cost of liquefaction drives steep prices that hurt domestic firms

## China ##
China's power consumption growth quickens in Oct
"Growth of China's electricity consumption accelerated to 6.1 percent year-on-year in October from September's 2.9-percent rise, the National Energy Administration said Wednesday."
China's New Leaders Face an Economic Turning Point
Foxconn's journey to the west seen as inevitable
Highways freeze on 3rd day of storms
Chinese demand for robots increases as labor costs rise
Chinese coal imports up by 33.5pct
China Stocks Fall to 7-Week Low on Property Tax, Retail

## UK ##
Payday loans will engulf Britain in a "tsunami of debt" warns MP
Poor October prompts Christmas retail sales concern
Britons digitally ditching pension plans
U.K. growth slowing as Europe weakens

## US ##
From suburb to basket case: How California city traveled the road to ruin
Still, this isn't the whole picture. The authors apparently don't see how promises were made with the expectation of continued economic growth, and how expensive energy killed that growth. -- RF
Obama To Demand $1.6 Trillion In Tax Hikes Over Ten Years, Double Previously Expected
Geithner warns against delaying solution to fiscal crisis
Sandy's Tragic Toll on Staten Island
Sandy May Cost Insurers as Much as $25 Billion, RMS Estimates
Renters find options pricey after Sandy
Fed hints at new bond-buying scheme
22 Signs That Voter Fraud Is Wildly Out Of Control And The Election Was A Sham
Lawmaker asks to be paid in gold
The Student Loan Time Bomb
"A hidden time bomb ticks away inside the government budget: Within a handful of years, US taxpayers will be on the hook for over $100 billion in student loan defaults."
Texas Instruments to lay off 1,700 workers
Credit Card Delinquencies Back on the Rise
Why Muni Bonds Are Suddenly So Popular With Investors
"Investors are barreling into municipal bonds, driving yields to record lows and hoping for a safe hiding place at a time when taxes are almost certain to rise."

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