Saturday, November 17, 2012


News Links, November 17, 2012

## Global Ponzi meltdown/House of Cards ##
Banks seen shrinking for good as lay-offs near 160,000
"Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one."
Economic & steel market outlook for Q4 has darkened further
"EUROFER's Q4 2012 Economic & Steel Market Outlook shows that the outlook for the EU steel market has darkened further in recent months."
Singapore Sees 2012 Growth at Low End of Forecast on Exports
Europe's Economy: Look Out Below, Again
Tens of thousands more hotel rooms planned for the UAE
JP Morgan and Credit Suisse pay $417m to settle securities charges
Minor Glitch Emerges In Spanish "Bad Bank" Deployment: No Investor Interest
Gold Bullion "Seen as Source of Cash Right Now" as Stocks Fall Ahead of Fiscal Cliff Talks
Soros and Rogers adding to precious metal positions
Foreign holdings of U.S. debt hit $5.46 trillion
Czech economy remains stuck in recession

## Airline Death Spiral ##
Delta to withdraw jets and curb costs by $1B in savings
"The world's second-largest carrier, Delta Air Lines Inc. plans to withdraw its older jets, allowing it to save $1 billion but forcing it to cut back its flights."
The airline industry is doing the same thing as businesses in other industries have done in the last few years, and that is to downsize themselves into profitability. -- RF
Kansai airport logs ¥11.2 billion loss (Japan)

## Fault lines/flashpoints/powder kegs/military/war drums ##
Turkey recognizes rebels in Syria
Israeli Defense Minister approves summons of 30,000 soldiers for Gaza operation
Gaza crisis: Israel doubles call up of military reservists
Gaza crisis: Hamas aims missile at Jerusalem for first time
New Israeli anti-missile system gets ready
Spain says will protect fishermen in disputed Gibraltar waters
Iraqi forces clash with Kurdish troops, one dead
Iran ready to double nuclear work in bunker: IAEA
Pentagon Says 75,000 Troops Might Be Needed to Seize Syria Chemical Arms
"The Pentagon has told the Obama administration that any military effort to seize Syria's stockpiles of chemical weapons would require upward of 75,000 troops, amid increasing concern that the militant group Hezbollah has set up small training camps close to some of the chemical weapons depots, according to senior American officials."

## Global unrest/mob rule/angry people/torches and pitchforks ##
Violent clashes as austerity protests grip EU cities
Wal-Mart workers plan Black Friday walkout
"A group of Wal-Mart workers are planning to stage a walkout next week on Black Friday, arguably the biggest holiday shopping day for the world's largest retail store."
Jordanians rally against king, fuel price hikes
Briton becomes first Western Tibetan Buddhist monk to die from self-immolation

## Energy/resources ##
Bosch quits Desertec
"The world's most ambitious renewable energy project suffered another blow yesterday when the Germany technology supplier Bosch announced it was pulling out of the DESERTEC solar project."
Desertec's Promise of Solar Power for Europe Fades
"As recently as three years ago, many thought that it was only a matter of time before solar thermal plants in North Africa supplied a significant portion of Europe's energy needs. But Desertec has hit a road block. Industrial backers are jumping ship, political will is tepid and a key pilot project has suddenly stalled."
Spanish economy and jittery businesses threaten Desertec project
Long queues mark oil-rich Nigeria's fuel shortage
Nigerian oil sector in decline
"With flooding, theft and corruption plaguing the country's oil sector, the Nigerian government said the estimated oil reserves were on the decline."
Gas stations at risk of depleting supplies (US)
S.Korea unveils power plan after nuclear closures risk blackouts
PM calls on S. Koreans to join power-saving campaign
South Korea warns of rolling power blackouts after nuclear closures
Massive blackout hits Trinidad and Tobago
Report Suggests Closing 353 US Coal Plants which are Too Uneconomical to Run
IEA Manipulates Stats to Predict Unrealistically High Oil Forecasts
Canada Targets Unemployed US Oil Workers
EPA Rejects Requests to Ease U.S. Corn-Based Ethanol Mandate
Japan's abundant ground water resource is attracting huge foreign investment
Russian oil company close to offshore Cuba drilling

## Got food? ##
Very few people understand this trend
"There are only a few people who get it: the era of cheap food is over."
The Incredible Shrinking Sugar Bag

## Environment/health ##
Poor who live near coal plants show health issues
EU doctors turn to last-ditch antibiotics as resistance to superbugs grows
Antibiotic resistance 'big threat to health'
Growing concerns over 'in the air' transmission of Ebola
Australia creates world's biggest marine park
Energy drink sold in Canada cited in 13 death reports in U.S.
Streams Affected by Even the Earliest Stages of Urban Development

## Intelligence/propaganda/security/internet/cyberwar ##
Anonymous hacker group attacks Israeli websites
Attorneys: Obama's 'secret' cyber security law may allow 'military deployment within the U.S.'
Kill the Password: Why a String of Characters Can't Protect Us Anymore
Preparing For Cyberwar
Scotland Yard investigating 142 complaints of computer hacking, Leveson Inquiry told
SDF seeks white-hat hackers / Cyberdefense skills hard to cultivate, especially at SDF wages (Japan)

## Systemic breakdown ##
Shortage of hydraulic skills not unique to South Africa
South Korean Nuclear Plants Riddled with Substandard Parts
Where infinite growth meets biophysical limit
Rolling Jubilee highlights the need for conversations on debt cancellation
A debt jubilee is fine, but it won't make a difference in the long run unless the economy is restructured. Our current system involves growth through steady debt expansion, so unless that system is changed, debt will just pile up again because expensive energy hinders debt repayment. I'm pleased to see that the article touches on this reality. -- RF

## Japan ##
Japan averts 'fiscal-cliff' as it passes financing bill
"Japan's lawmakers have approved a crucial bill that will ensure that the government does not run out of money at the end of this month. It will allow the government to borrow additional money by selling bonds to pay for a large chunk of its expenses."
This doesn't avert anything. It just puts off the inevitable by kicking the can. -- RF
Japan again cuts economy assessment
"Japan Friday reduced the forecast for its economy, the fourth straight monthly downward revision, as threat of another recession loomed."
Power sales fall in Oct.
"Electricity sales of 10 major power suppliers in October logged their first year-on-year decline in three months on sluggish demand from large-lot industrial users, industry data showed Friday."
Japanese Diplomat Decries Japan's Post-WWII Subservience to the U.S.; Advocates an Independent Japanese Foreign and Security Policy
Chinese ships seen in disputed waters for 28th straight day
Crimes by Silver Generation on the rise in Japan
Radiation level of the seawater at reactor2 reached the highest level since August 2012

## China ##
Chinese banks still see NPLs rise in Q3
"CHINESE banks suffered the longest streak of bad loans worsening for the fourth consecutive quarter since data were released in 2004, increasing pressure on asset quality as the economy cooled."

## UK ##
HMS Astute: nuclear submarine beset by design problems and construction failures
British wind energy controversy deepens
Home ownership on long decline in Britain
Supermarkets could be forced to show shoppers all data held on them
'Over £66 billion' of taxpayers' cash invested in RBS and Lloyds may never be recovered

## US ##
More law enforcement agencies require body armor
"A rising number of law enforcement officers are required to wear body armor after two consecutive years in which police were being killed by gunfire with increasing frequency, a new Justice Department study has found."
Heads up: Banks told by Fed to test for 12% unemployment
"The Federal Reserve is asking 30 big banks to make sure their capital can withstand a deep recession in which the unemployment rate rises to 12%."
Fiscal Cliff Talks Underway Between Obama, House Speaker Boehner; Market Rallies on Talk of "Fluff" Compromise
The Worst Economic Numbers In More Than A Year
Housing recovery could also tumble off the 'fiscal cliff'
Army suicides for 2012 surpass last year's numbers
Mo. man charged with plotting 'Twilight' mass shooting
Twinkies maker Hostess plans to go out of business
Fire On Oil Rig In Gulf Of Mexico Leaves 11 Injured
Weak Regional Manufacturing Surveys: Philly Fed, NY Fed, Dallas Fed; Don't Blame Hurricane Sandy
The New Normal Has Capacity Utilization Rates Still at Recessionary Levels
Multigenerational Homes: Real Estate's Next Big Thing as More Families Share a Space

And finally…
Video: Wild turkeys attack car on roadway

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