Thursday, November 22, 2012
News Links, November 22-23, 2012
## Global Ponzi meltdown/House of Cards ##
Garbage Piles Up in Spain as Unpaid Municipal Bills Mount; Green Shoot of the Day: Cement Consumption Falls 34%
Citi to Shut Half its Greek Branches, Several Massachusetts Branches
Citi to Shut Half its Greek Branches, Several Massachusetts Branches
"This week ITF inspectors have been boarding container ships carrying Walmart goods "to pass on warnings that the company may be experiencing industrial action in the run up to Christmas". The US retailer is said to be the single largest shipper in the world, controlling around 600,000teu per year."
## Airline Death Spiral ##
Ryanair cutting 10 routes, over 280 weekly flights
"Low cost airline Ryanair Holdings PLC , Thursday announced 40% cuts at its Budapest base with the closure of 10 routes and loss of over 280 weekly flights from Jan 10, 2013 as a result of increased airport charges."
High fuel cost makes it difficult to run airlines in India: British Airways
"Low cost airline Ryanair Holdings PLC , Thursday announced 40% cuts at its Budapest base with the closure of 10 routes and loss of over 280 weekly flights from Jan 10, 2013 as a result of increased airport charges."
High fuel cost makes it difficult to run airlines in India: British Airways
Long delays at Airports across the US
"It's the busiest travel day of the year not just on the road, but in the air. Airports across the country are experiencing delays leaving some passengers spending the holiday in the terminal."
"It's the busiest travel day of the year not just on the road, but in the air. Airports across the country are experiencing delays leaving some passengers spending the holiday in the terminal."
## Fault lines/flashpoints/powder kegs/military/war drums ##
"The map means countries disputing the Chinese claims will have to stamp microchip-equipped passports of countless visitors, in effect acquiescing to the Chinese point of view."
"No sailors on the USS Carl Vinson watched as Islamic rites were read and the al-Qaeda leader's body was dropped into the ocean."
## Global unrest/mob rule/angry people/torches and pitchforks ##
Italy mayors march against austerity, threaten mass resignations
"Hundreds of Italian mayors from across the political spectrum marched in Milan on Wednesday and threatened to resign en masse in protest at austerity measures imposed by Mario Monti's government of technocrats."
Students stage mass protest in London
"Hundreds of Italian mayors from across the political spectrum marched in Milan on Wednesday and threatened to resign en masse in protest at austerity measures imposed by Mario Monti's government of technocrats."
Students stage mass protest in London
Harmony Gold says violent clashes at South Africa mine
"Harmony Gold said violent clashes erupted between rival unions at its Kusasalethu mine in South Africa on Thursday, raising concerns labor unrest was flaring again in Africa's largest economy days after a wave of wildcat strikes ended."
## Energy/resources ##
"Harmony Gold said violent clashes erupted between rival unions at its Kusasalethu mine in South Africa on Thursday, raising concerns labor unrest was flaring again in Africa's largest economy days after a wave of wildcat strikes ended."
## Energy/resources ##
China's power grid plans: a $250 billion white elephant?
"China's State Grid Corp STGRD.UL is lobbying hard for approval of a $250 billion upgrade plan that it says would make the nation's grid an international trailblazer, but which critics say is too costly and could expose the system to blackouts."
Coal mining ruining China uranium deposits
"China's State Grid Corp STGRD.UL is lobbying hard for approval of a $250 billion upgrade plan that it says would make the nation's grid an international trailblazer, but which critics say is too costly and could expose the system to blackouts."
Coal mining ruining China uranium deposits
Eletrobras in Record Slump as Rate Cuts Imperil Earnings
"Centrais Eletricas Brasileiras SA (ELET6), South America's largest power generator, headed for its biggest decline on record on concerns rate cuts ordered by the government will erode earnings."
"Centrais Eletricas Brasileiras SA (ELET6), South America's largest power generator, headed for its biggest decline on record on concerns rate cuts ordered by the government will erode earnings."
"Higher use of generators has pushed up the demand for diesel too. An official of an oil marketing company here told The Hindu that there is 30 per cent to 40 per cent increase during the last six months in the company's diesel despatch from its terminal here as against the average monthly increase of 10 per cent in off-take earlier, which was mainly for the automobile sector."
France faces twin tasks of ageing nuclear fleet, staff
"An ageing fleet of nuclear power plants and retirement of half of EDF's nuclear staff in the next 5 years are the main challenges the French nuclear safety watchdog is facing and will have to deal with, its new head said on Thursday."
"An ageing fleet of nuclear power plants and retirement of half of EDF's nuclear staff in the next 5 years are the main challenges the French nuclear safety watchdog is facing and will have to deal with, its new head said on Thursday."
Energy decline rears its ugly head here, too. The nuclear power system depends on fossil fuels to build and service nuke plants, and to educate and train its workers. Everything is falling apart. -- RF
But because wells in the Bakken shale formation peak and decline so quickly, one has to wonder if building pipelines is truly economical. In that respect, the following article is quite sobering. -- RF
Winter blackout: Govt proposes 350MW power cut for Karachi
"The government has mapped out a plan to cut power to the Karachi Electric Supply Company (KESC) for three months beginning December, which means that Karachi is going to face eight-hour power outages daily during the winter season."
"The government has mapped out a plan to cut power to the Karachi Electric Supply Company (KESC) for three months beginning December, which means that Karachi is going to face eight-hour power outages daily during the winter season."
## Infrastructure scavenging ##
Concord: City takes steps to stop copper wire thieves
"Copper wire thieves have cost the city $700,000 in the past five years, with a $40,000 wire heist at City Hall the latest incident, officials said last week."
Haiti's rising food insecurity risks social tension, says FAO
Food Banks in the U.S. Running Low on Supplies... Ominous Sign for 2013
Food Banks in the U.S. Running Low on Supplies... Ominous Sign for 2013
Food prices continue to climb (South Africa)
## Intelligence/propaganda/security/internet/cyberwar ##
Group claims credit for hacking Israeli Vice Prime Minister, leaks documents
## Japan ##
Caldicott in Japan: "Incredibly rare" thyroid abnormalities found in 40% of Fukushima children
Mark my words — the maglev train line will never get beyond the current experimental phase. -- RF
Wild mushrooms far from Fukushima show high levels of cesium
Most Fukushima nuke plant workers ineligible for free cancer checks
Most Fukushima nuke plant workers ineligible for free cancer checks
## China ##
China Advances Launch of Crude-Oil Futures
"After years of slow progress on its planned launch of a crude-oil futures contract to give it greater influence in global oil pricing, China is now taking some bold strides to make it happen."
Yes, yes, yes! It's a recovery! -- RF
## UK ##
Britain facing pothole crisis
"Britain is on the brink of a major pothole crisis because of Government spending cuts, councils have warned."
Heavy rain due to cause more flooding in Midlands and South West
"Britain is on the brink of a major pothole crisis because of Government spending cuts, councils have warned."
Heavy rain due to cause more flooding in Midlands and South West
## US ##
Accounting Games Hide Deteriorating S&P 500 Earnings
One has to wonder how much more accounting legerdemain is being used to dress up balance sheets. -- RF
Just as every stimulus dollar generates less and less GDP, energy decline brings smaller returns everywhere. wherever you look, there is simply less bang for the buck. -- RF
