Monday, December 31, 2012
News Links, January 1, 2013
## Global Ponzi meltdown/House of Cards ##
A World of the Unemployed
"Most experts worry that, as long as unemployment is above 6% in America, the U.S. economy cannot recover. The Fed even has set a target of 6.5% as a measure for when it will stop monetary support. The situation in much of Europe is too horrible to be put side by side against any American number, as unemployment in Spain and Greece have breached 25%. Based on Gallup information, even Greece could be the envy of much of the rest of the world."
New Car Registrations Still Down In The EU: Implications For Automakers
"Most experts worry that, as long as unemployment is above 6% in America, the U.S. economy cannot recover. The Fed even has set a target of 6.5% as a measure for when it will stop monetary support. The situation in much of Europe is too horrible to be put side by side against any American number, as unemployment in Spain and Greece have breached 25%. Based on Gallup information, even Greece could be the envy of much of the rest of the world."
New Car Registrations Still Down In The EU: Implications For Automakers
## Airline Death Spiral ##
A slew of airlines went belly-up last year. Check out this list and consider what it augurs for 2013. -- RF
Indian air traffic to drop by 3.5% in 2013
"2013 would not bring good tidings to the already troubled Indian aviation. Centre for monitoring Indian economy(CMIE) study report says that the overall drop in Indian air traffic may decline by 2.5 per cent in FY13 and in the second half of 2013 it could drop to 3.5%."
Private airlines' sustainability A challenging task (Nepal)
Indian air traffic to drop by 3.5% in 2013
"2013 would not bring good tidings to the already troubled Indian aviation. Centre for monitoring Indian economy(CMIE) study report says that the overall drop in Indian air traffic may decline by 2.5 per cent in FY13 and in the second half of 2013 it could drop to 3.5%."
Private airlines' sustainability A challenging task (Nepal)
## Fault lines/flashpoints/powder kegs/military/war drums ##
Al Qaeda offers gold bounty for the life of US ambassador in Yemen
"Al-Qaeda's branch in Yemen has offered to pay tens of thousands of dollars to anyone who kills the US ambassador in Sanaa or an American soldier in the country."
"Al-Qaeda's branch in Yemen has offered to pay tens of thousands of dollars to anyone who kills the US ambassador in Sanaa or an American soldier in the country."
Egypt detains Israeli army officer in Sinai
Iran showcases special forces during naval drills: report
Iran showcases special forces during naval drills: report
## Global unrest/mob rule/angry people/torches and pitchforks ##
Delta Community Protests 3-year Power Outage (Nigeria)
Arab Spring 2013: Revolutionary wave enters a third year
## Energy/resources ##
Get ready for another power shocker (India)
"If you are sweating over power bills this winter, get ready to sweat more. State-run Mahagenco has told Maharashtra Electricity Regulatory Commission (MERC) that the generation cost in 2013-14 will increase by over 30% due to various reasons."
## Energy/resources ##
Get ready for another power shocker (India)
"If you are sweating over power bills this winter, get ready to sweat more. State-run Mahagenco has told Maharashtra Electricity Regulatory Commission (MERC) that the generation cost in 2013-14 will increase by over 30% due to various reasons."
S.Korea to restart one of two troubled reactors this week
"South Korea will restart one of two nuclear reactors this week after being shut for nearly two months to replace parts which were found to have forged documents, easing power supply concerns as winter bites, the nuclear regulator and operator said."
"South Korea will restart one of two nuclear reactors this week after being shut for nearly two months to replace parts which were found to have forged documents, easing power supply concerns as winter bites, the nuclear regulator and operator said."
"Clean coal": Costs Soar At Cleaner Power Plant
Sweden imports trash to generate power
"Shortage of garbage forces Scandinavian country to take neighbours' help to run its power plants."
"Shortage of garbage forces Scandinavian country to take neighbours' help to run its power plants."
Trash-to-energy schemes were a loser from the get-go. -- RF
Building up large renewable-energy capacity is certainly a good thing. Something to keep in mind is that solar panels and other renewable-energy hardware embody an enormous amount of fossil-fuel energy in various forms. -- RF
It doesn't matter, because as the industrial infrastructure crumbles, renewable-energy hardware will become impossible to maintain and eventually break down completely. Build all you can now, but don't expect it to last forever. -- RF
Iberdrola to sell French wind parks to cut debt
"Spanish utility Iberdrola is selling its French wind park unit to a consortium including General Electric for about 400 million euros ($529 million) in its drive to cut debt and keep an investment grade credit rating."
"Spanish utility Iberdrola is selling its French wind park unit to a consortium including General Electric for about 400 million euros ($529 million) in its drive to cut debt and keep an investment grade credit rating."
## Infrastructure scavenging ##
NYPD: Metal Thieves Plundering Areas Hardest Hit By Hurricane Sandy
## Got food? ##
Study: Food Pantries In New York State Serving More Seniors, Fewer Children
Vertical farms solve land problem (Singapore)
It's still industrial agriculture, and ultimately unsustainable, as are the supermarkets where the food is sold. -- RF
Canadians Sign Potash Deal with China
## Lifestyle Solutions ##
The gift economy and community exchanges
## Lifestyle Solutions ##
The gift economy and community exchanges
I myself actively participate in the gift economy. It has great benefits. -- RF
## Environment/health ##
Study Confirms Dangers of GMO Foods
## Environment/health ##
Study Confirms Dangers of GMO Foods
Big Oil Faces $700 Million Water Pollution Suit In New Hampshire
## Intelligence/propaganda/security/internet/cyberwar ##
Government Malware to Become Commoditized, Forecasts Imperva
Obama signs renewal of foreign surveillance law
## Intelligence/propaganda/security/internet/cyberwar ##
Government Malware to Become Commoditized, Forecasts Imperva
Obama signs renewal of foreign surveillance law
Japan's New Stimulus: The Race With China To The Bottom
Chinatrust in talks to buy Tokyo Star Bank
"Taiwan's Chinatrust Commercial Bank is in talks to buy the regional Tokyo Star Bank for about ¥50 billion in what would be the first acquisition of a Japanese bank by a foreign lender, it was learned Sunday."
Chinatrust in talks to buy Tokyo Star Bank
"Taiwan's Chinatrust Commercial Bank is in talks to buy the regional Tokyo Star Bank for about ¥50 billion in what would be the first acquisition of a Japanese bank by a foreign lender, it was learned Sunday."
Post-3/11 output drop tops forecast
"The nation's industrial output tumbled more than forecast to the lowest level since the aftermath of the March 11, 2011 Great East Japan Earthquake, bolstering the case for Prime Minister Shinzo Abe to unleash large-scale stimulus."
"The nation's industrial output tumbled more than forecast to the lowest level since the aftermath of the March 11, 2011 Great East Japan Earthquake, bolstering the case for Prime Minister Shinzo Abe to unleash large-scale stimulus."
Just the other day we saw that blue-chip stocks have finally recovered to their pre-3/11 levels, but I noted then that the economy nevertheless continues to crumble. Pumping up the stock market appears to have little or nothing to do with the health of the overall economy.
"Japan's jet fuel imports in January are set to be the highest in more than two years as refiners produce more heating fuel kerosene to meet a surge in demand and cash in on the doubling of premiums in a year, trade sources said on Wednesday."
Japan P.M.: New nuclear plants possible
"New reactors can be built with people's consent, Japan's new prime minister said, which would alter the previous regime's policy to phase out nuclear power."
"New reactors can be built with people's consent, Japan's new prime minister said, which would alter the previous regime's policy to phase out nuclear power."
LDP may use taxes to prop up giants
"The Liberal Democratic Party-led government is considering using taxpayer funds to purchase factories and other facilities from struggling electronics makers, materials producers and other manufacturers boost their competitiveness, it was learned Monday."
"The Liberal Democratic Party-led government is considering using taxpayer funds to purchase factories and other facilities from struggling electronics makers, materials producers and other manufacturers boost their competitiveness, it was learned Monday."
## China ##
"China's GDP may have bounced up in the past few months of the year, which has cheered economists about its future. But expect a reversal of fortune in early 2013. The weight of the world is a drag that cannot be offset."
## UK ##
Soaring numbers of over 60s face unemployment
"The number of unemployed baby boomers will double by 2020 as the over 60s face a growing struggle to find jobs with ageist employers, research has found."
Minister defends rail fare rise and says travellers should pay up
"The number of unemployed baby boomers will double by 2020 as the over 60s face a growing struggle to find jobs with ageist employers, research has found."
Minister defends rail fare rise and says travellers should pay up
## US ##
Retailers gird for disappointing December sales
"Pivotal month's receipts may turn out to be lowest in four years"
Storms on U.S. Plains stir memories of the "Dust Bowl"
"Pivotal month's receipts may turn out to be lowest in four years"
Storms on U.S. Plains stir memories of the "Dust Bowl"
A Tough Year For Unions, With Few Bright Spots Ahead
Illinois dragging its feet on huge pension problem
Illinois dragging its feet on huge pension problem
If Americans insist on keeping their central heating, switching to wood for home heating would wipe out US forests in no time (I too use a wood stove, but I heat only one room; the rest of the house is unheated, even in the dead of winter). But there is one more important thing to note: Some readers will recall this article from a few weeks ago, which had a graph showing that firewood gives the same energy return as "imported oil 2005" and a better energy return than "domestic oil 2000." We can see that the energy return (EROEI) from oil has now sunk so low that even firewood — a far less-dense form of energy than oil — can compete favorably. The implications for industrial civilization should scare the pants off anyone. -- RF
Fiscal Cliff: Nowhere to go But Down (Richard Heinberg)
Behind the "Housing Recovery"
Recall that the movie industry did a booming business during the Great Depression. -- RF
And finally…
Saturday, December 29, 2012
News Links, December 29-30, 2012
Well, that ends it for this year. It is abundantly clear that expensive energy and accumulated debt — the two horsemen of the apocalypse — are dragging the industrial world inexorably into a quagmire of decline in all respects. Keep making your preparations, and do not be distracted by the frothing-at-the-mouth rantings of government officials, politicians, Mayan calendar/alien invasion doomsayers, or investment gurus who insist that you put your nest egg in the stock market. And by all means, avoid falling into a bunker mentality. Active engagement with the world around us, building mutually supportive communities, and living on the Earth (not under it) will pave the road to the future. -- RF
## Global Ponzi meltdown/House of Cards ##
Eurocoin Points to Another Quarter of Contraction
Eurocoin Points to Another Quarter of Contraction
"Spain's local and national government agencies are $18.1 billion behind on paying their bills, a government report said."
Spain to cut 52 percent of train routes
"The Spanish government has decided to do away with medium-distance train lines and replace them with buses to save money, officials said."
"The Spanish government has decided to do away with medium-distance train lines and replace them with buses to save money, officials said."
System D: Informal Economy Exceeds 30% in Bulgaria
System D: 60 Percent of Mexicans Working in Informal Sector
System D: 60 Percent of Mexicans Working in Informal Sector
Yuan Sets Tone for Asia as Japan Dethroned by China: Currencies
Singapore bond issuance up 108 pct to US$31.1 billion
Singapore bond issuance up 108 pct to US$31.1 billion
Singapore Proposes Consumer-Credit Rules to Limit Bad Debt
Municipal debt in Alberta jumps to $7.7 billion
Municipal debt in Alberta jumps to $7.7 billion
Out Of Desperation, North Korean Women Become Breadwinners
"Imagine going to work every day and not getting paid. Then, one day, you're told there's no work to do — so you must pay the company for the privilege of not working."
"Imagine going to work every day and not getting paid. Then, one day, you're told there's no work to do — so you must pay the company for the privilege of not working."
France Council Blocks 75% Tax on Millionaires
2013 would be survival year for steel mills - Duferco chairman
"Business Spectator reported that the global steel sector is expected to recover only slightly next year as weak demand and low prices continue to squeeze company earnings, according to an industry survey conducted by the Financial Times."
2013 would be survival year for steel mills - Duferco chairman
"Business Spectator reported that the global steel sector is expected to recover only slightly next year as weak demand and low prices continue to squeeze company earnings, according to an industry survey conducted by the Financial Times."
Egypt to Start Foreign Exchange Auctions as Reserves Plunge
"Egypt's central bank will start foreign-exchange auctions tomorrow in order to preserve foreign reserves after they plunged to "minimum and critical" levels."
"Egypt's central bank will start foreign-exchange auctions tomorrow in order to preserve foreign reserves after they plunged to "minimum and critical" levels."
Sales Approaching $4 Trillion in Stimulus Repast: Credit Markets
"Corporate bond sales worldwide are approaching an unprecedented $4 trillion this year as yields touch all-time lows and investors pump record amounts of cash into fixed-income securities."
"Corporate bond sales worldwide are approaching an unprecedented $4 trillion this year as yields touch all-time lows and investors pump record amounts of cash into fixed-income securities."
EU clears Dexia's €90bn restructuring plan
"The European Commission has approved the latest, €90bn restructuring plan for Dexia, a Franco-Belgian bank bailed out at the height of the financial crisis which has struggled ever since."
"The European Commission has approved the latest, €90bn restructuring plan for Dexia, a Franco-Belgian bank bailed out at the height of the financial crisis which has struggled ever since."
## Airline Death Spiral ##
No More Cash From Lufthansa: Austrian CEO
No More Cash From Lufthansa: Austrian CEO
Many US regional airports are losing routes and traffic. -- RF
Air Kerala grounded before take-off? Major Gulf NRIs not keen to invest
Albuquerque, Minneapolis flights to be cut in 2013
Albuquerque, Minneapolis flights to be cut in 2013
## Fault lines/flashpoints/powder kegs/military/war drums ##
Drone Strikes Are Causing Child Casualties -- 178 So Far
"The Countering Iran in the Western Hemisphere Act, passed by lawmakers earlier this year, calls for the State Department to develop a strategy within 180 days to 'address Iran's growing hostile presence and activity' in the region."
Housing shortage forces many to camp (New Zealand)
"King Abdullah pledged more than $500 billion on social welfare and to build projects to ensure that the country remains unscathed by the kind of political unrest that swept through other Arab countries in the past two years. He is using oil money to fight high unemployment -- about a quarter of Saudis between 20 and 30 don't have jobs -- and to build schools and hospitals. The budget has more than doubled in size since 2006."
Yemen's oil export pipeline attacked shortly after repair
"Yemen's main oil export pipeline was blown up late Friday, a few hours after engineers repaired it following a tribal mediation between local authorities and armed tribesmen accused of repeatedly attacking the line, an interior ministry official said."
## Global unrest/mob rule/angry people/torches and pitchforks ##
2012 Year In Review: Austerity Protests Rock Europe's Capitals
"Yemen's main oil export pipeline was blown up late Friday, a few hours after engineers repaired it following a tribal mediation between local authorities and armed tribesmen accused of repeatedly attacking the line, an interior ministry official said."
## Global unrest/mob rule/angry people/torches and pitchforks ##
2012 Year In Review: Austerity Protests Rock Europe's Capitals
Civil servants shout slogans during a demonstration against the government's austerity measures (Spain)
Mass anti-government protests in Iraq
"Tens of thousands of protesters have taken to the streets across Iraq in a show of opposition against Prime Minister Nuri al-Maliki. Demonstrators upheld a blockade of the main road to Syria and Jordan for a sixth day."
"Tens of thousands of protesters have taken to the streets across Iraq in a show of opposition against Prime Minister Nuri al-Maliki. Demonstrators upheld a blockade of the main road to Syria and Jordan for a sixth day."
Man shot dead as police clash with Shi'ites in Saudi Arabia
"Saudi Arabian police shot dead a Shi'ite protester in the country's oil-producing east late on Thursday, local activists said on Friday, bringing the death toll from clashes in the restive area to 12 this year."
"Saudi Arabian police shot dead a Shi'ite protester in the country's oil-producing east late on Thursday, local activists said on Friday, bringing the death toll from clashes in the restive area to 12 this year."
Revealed: how the FBI coordinated the crackdown on Occupy
"New documents prove what was once dismissed as paranoid fantasy: totally integrated corporate-state repression of dissent"
"New documents prove what was once dismissed as paranoid fantasy: totally integrated corporate-state repression of dissent"
## Energy/resources ##
"Over 15 power stations have not produced energy since yesterday due to a lack of fuel (diesel, natural gas and mazut), according to the Egyptian Electricity Transmission Company (EETC)."
Research queries onshore wind farm costs
"Onshore wind farms are more expensive than widely thought because their economic lives are shorter than the wind industry has suggested, a study has found. The performance of an average UK onshore wind farm slumps by as much as a third after 10 years, according to research published on Wednesday by the Renewable Energy Foundation, a charity that questions the cost of UK onshore wind subsidies and their effect on household electricity bills."
"Onshore wind farms are more expensive than widely thought because their economic lives are shorter than the wind industry has suggested, a study has found. The performance of an average UK onshore wind farm slumps by as much as a third after 10 years, according to research published on Wednesday by the Renewable Energy Foundation, a charity that questions the cost of UK onshore wind subsidies and their effect on household electricity bills."
Another Problem for Solar Industry: Declining Quality
"Competitive pressures resulting from the worldwide solar equipment glut and plummeting panel prices may be causing yet another problem for the solar market - poorly made solar panels."
"Competitive pressures resulting from the worldwide solar equipment glut and plummeting panel prices may be causing yet another problem for the solar market - poorly made solar panels."
Fuel shortage hits Accra (Ghana)
"Acute fuel shortage has hit major cities in the country with drivers and other users of petroleum products hopping from one fuel station to the other in search of the commodity."
"Acute fuel shortage has hit major cities in the country with drivers and other users of petroleum products hopping from one fuel station to the other in search of the commodity."
Negative European Power Prices Seen Sunday Through Thursday Due To Strong Wind Power Supply
Oil and Gas Industry Leads in 2012 M&A Activity
## Infrastructure scavenging ##
Stolen electric cables disrupt power (Tanzania)
Oil and Gas Industry Leads in 2012 M&A Activity
## Infrastructure scavenging ##
Stolen electric cables disrupt power (Tanzania)
Wheat Futures Jump Most in Four Weeks as U.S. Export Sales Surge
A Crop-by-Crop Guide to Growing Organic Vegetables and Fruits
A Crop-by-Crop Guide to Growing Organic Vegetables and Fruits
3 Reasons You Should Quit Social Media In 2013
## Environment/health ##
Cases of winter vomiting bug Norovirus pass one million (UK)
## Environment/health ##
Cases of winter vomiting bug Norovirus pass one million (UK)
## Intelligence/propaganda/security/internet/cyberwar ##
Facebook Censors Prominent Political Critics
## Systemic breakdown ##
Human toll emerging in shortage of some cancer drugs
Homeless, at-risk veterans double
40% of nonprofits and public corporations in the red (article in Japanese)
The government has revealed that as of March 31, 2012 (the end of the previous fiscal year), 40% of nonprofit organizations and public corporations were in the red. Their total deficit amounted to 105,800,000,000 yen.
It's one of the dodgy gimmicks that have kept Japan's moribund economy afloat. -- RF
Loss warning sign of mounting woes at China shipyards
"Everybody knows the shipbuilding industry in Asia is going through hard times, but just how bad appears to have even taken some of the experts by surprise."
China mulls local government debt cap as deficit debate heats up
"Everybody knows the shipbuilding industry in Asia is going through hard times, but just how bad appears to have even taken some of the experts by surprise."
China mulls local government debt cap as deficit debate heats up
System D: Untaxed economy creates vital jobs and growth
China Needs to Boost Domestic Demand: Vice Premier Li
China Needs to Boost Domestic Demand: Vice Premier Li
Sinopec raises oilfield services game
"Chinese state-owned Sinopec Group on Friday launched a new oilfield services division to compete for global engineering and construction business, with a possible stocklisting lined up for the unit."
"Chinese state-owned Sinopec Group on Friday launched a new oilfield services division to compete for global engineering and construction business, with a possible stocklisting lined up for the unit."
## UK ##
System D: Odd job UK: booming black market economy is propping up jobs figures
House construction at 90-year low
House construction at 90-year low
System D: Expected Growth Of The Black Market
Local government costs face 'fiscal cliff' too
Uncle Sam's Little Nephew May Need A Big Bailout
Local government costs face 'fiscal cliff' too
Uncle Sam's Little Nephew May Need A Big Bailout
Underwater Homeowners Will Work for Less Pay: Cutting Research
"People who are underwater on their home mortgages probably will accept 'significantly' lower wages than other homeowners, according to a study published this month by the Federal Reserve Bank of Atlanta."
"People who are underwater on their home mortgages probably will accept 'significantly' lower wages than other homeowners, according to a study published this month by the Federal Reserve Bank of Atlanta."
It makes one wonder how many more rocket launchers are out there. -- RF
Obama Issues Executive Order Granting Pay Raises to Congress, the Vice President, Judges; Any Raise is Too Much; Congress Approval Rating is 18%
Government Dependents Outnumber Those With Private Sector Jobs In 11 U.S. States
Government Dependents Outnumber Those With Private Sector Jobs In 11 U.S. States
Thursday, December 27, 2012
News Links, December 27-28, 2012
## Global Ponzi meltdown/House of Cards ##
Germany prepares for austerity
"Recommendations by the German Finance Ministry point to a drastic increase in taxes and a cut in social services, an analysis says."
Germany prepares for austerity
"Recommendations by the German Finance Ministry point to a drastic increase in taxes and a cut in social services, an analysis says."
Germany 'exporting' old and sick to foreign care homes
"Pensioners are being sent to care homes in eastern Europe and Asia in an austerity move dismissed as 'inhumane deportation'"
"Pensioners are being sent to care homes in eastern Europe and Asia in an austerity move dismissed as 'inhumane deportation'"
India's Singh says growth won't come with "business as usual"
"India's prime minister struck a downbeat note on the challenges facing the economy on Thursday, dubbing a five-year plan for average growth of 8 percent 'ambitious' and warning that business-as-usual policies won't deliver higher growth."
"India's prime minister struck a downbeat note on the challenges facing the economy on Thursday, dubbing a five-year plan for average growth of 8 percent 'ambitious' and warning that business-as-usual policies won't deliver higher growth."
It's what I've been saying all along. Are the experts just noticing? -- RF
Worried Egypt slaps new controls on travelling with cash
"Egypt has banned travellers from carrying more than $10,000 in foreign currency in or out of the country, as officials worry over pressure on its pound currency and a rush by Egyptians to withdraw their savings from banks."
"Egypt has banned travellers from carrying more than $10,000 in foreign currency in or out of the country, as officials worry over pressure on its pound currency and a rush by Egyptians to withdraw their savings from banks."
Social Trap in Spain: Mortgage Nightmare; Why Spain (or Germany) is Guaranteed to Leave Euro
The Coming Isolation of the USDollar
The Coming Isolation of the USDollar
## Airline Death Spiral ##
Airlines Fear Pilot Shortage Amid New Federal Safety Rules
Airlines Fear Pilot Shortage Amid New Federal Safety Rules
## Fault lines/flashpoints/powder kegs/military/war drums ##
Svoboda: The rise of Ukraine's ultra-nationalists
US-China Relations Will Define Global Politics in 2013: The Economist
## Global unrest/mob rule/angry people/torches and pitchforks ##
## Global unrest/mob rule/angry people/torches and pitchforks ##
India tea workers burn boss to death in Assam state
Protesters in Ontario say support growing for rail blockade
Protesters in Ontario say support growing for rail blockade
Libyan protesters shut down oil port
"Protests have forced a major oil port in eastern Libya to shut down its operations for a fourth day, the deputy oil minister said on Wednesday."
"Protests have forced a major oil port in eastern Libya to shut down its operations for a fourth day, the deputy oil minister said on Wednesday."
## Energy/resources ##
Resource nationalism assumes more insidious forms
"Resource nationalism is assuming more subtle forms as governments resort to measures outside of blatant asset expropriations to retain the benefits proffered by their geological bounties."
"Resource nationalism is assuming more subtle forms as governments resort to measures outside of blatant asset expropriations to retain the benefits proffered by their geological bounties."
South Korea Flirts With Another Power Disaster
"South Korea set a new record for power consumption on Wednesday, the third consecutive day of very cold temperatures and busiest work-wise after the lead-in and celebration of Christmas. And the country's energy monitors were forced to warn that power outages might occur because demand had surpassed the limit that the government considers safe."
"South Korea set a new record for power consumption on Wednesday, the third consecutive day of very cold temperatures and busiest work-wise after the lead-in and celebration of Christmas. And the country's energy monitors were forced to warn that power outages might occur because demand had surpassed the limit that the government considers safe."
Typhoon causes massive blackout in 11 towns, 2 cities (Philippines)
Lukoil to cut Iraq oil output 30% after gov't plan
"OAO Lukoil Holdings will cut its production in Iraq by 30% after the Iraqi government decided to limit output in order to prop up prices, the president of Lukoil Overseas Holding Ltd. said in an interview."
"OAO Lukoil Holdings will cut its production in Iraq by 30% after the Iraqi government decided to limit output in order to prop up prices, the president of Lukoil Overseas Holding Ltd. said in an interview."
Saudi Arabia Must Review Its Oil Subsidies, Former Adviser Says
"Saudi Arabia will need to reduce fuel subsidies that are becoming an ever-greater fiscal burden as its population grows, a former adviser to the country's oil minister said."
"Saudi Arabia will need to reduce fuel subsidies that are becoming an ever-greater fiscal burden as its population grows, a former adviser to the country's oil minister said."
Israel Jan-Nov gasoil, fuel oil demand in electricity sector up sharply
"Israeli gasoil and fuel oil consumption for electricity production rose sharply in the first 11 months of the year due to a severe shortage of natural gas, Israel's Energy and Water Ministry said Thursday."
Brazil president says power rationing not needed
"Brazil's president says Latin America's biggest economy does not need to ration electricity in the wake of several outages that occurred over the past several months."
"Israeli gasoil and fuel oil consumption for electricity production rose sharply in the first 11 months of the year due to a severe shortage of natural gas, Israel's Energy and Water Ministry said Thursday."
Brazil president says power rationing not needed
"Brazil's president says Latin America's biggest economy does not need to ration electricity in the wake of several outages that occurred over the past several months."
## Infrastructure scavenging ##
Thieves snatch 20-ton monument to victims of terror attack (Israel)
## Got food? ##
Expanding Dust Bowls Worsening Food Prospects in China and Africa
## Intelligence/propaganda/security/internet/cyberwar ##
UAE says arrests cell planning attacks
"Security forces in the United Arab Emirates have arrested a cell of UAE and Saudi Arabian citizens which was planning to carry out militant attacks in both countries and other states, the official news agency WAM said on Wednesday."
China tightening controls on Internet
## Systemic breakdown ##
No More Industrial Revolutions, No More Growth?
## Systemic breakdown ##
No More Industrial Revolutions, No More Growth?
Cement Magnate's Son Aso Takes Reins of Japanese Economy
"Taro Aso, son of a cement magnate and a champion of pork-barrel spending when prime minister, became Japan's sixth finance chief in three years, auguring expanded fiscal stimulus in the world's third-largest economy."
"Taro Aso, son of a cement magnate and a champion of pork-barrel spending when prime minister, became Japan's sixth finance chief in three years, auguring expanded fiscal stimulus in the world's third-largest economy."
That took nearly two years. And overall, the economy continues to crumble. -- RF
## China ##
Financial system at risk from bank loans
"CHINA'S financial system is facing increasing risks due to soaring bank loans, with lending to the property sector and local governments a particular concern, the finance ministry warned yesterday."
U.S. now largest buyer of Chinese exports
"CHINA'S financial system is facing increasing risks due to soaring bank loans, with lending to the property sector and local governments a particular concern, the finance ministry warned yesterday."
U.S. now largest buyer of Chinese exports
## UK ##
An apprenticeship will soon match all a degree has to offer
Visa scheme to attract 1,000 top scientists and artists gets just 50 to settle in Britain
Visa scheme to attract 1,000 top scientists and artists gets just 50 to settle in Britain
## US ##
The Fast Disappearing 'Santa Rally' And The 'Ghost Town' Which Is JC Penney
Tax-Status Threat Fuels Worst Losses Since Whitney: Muni Credit
"The $3.7 trillion municipal market is poised for its steepest monthly decline since 2010 as investors spooked by threats to the debt's tax-exempt status withdrew the most money in almost two years."
Electric Cars Don't Impress Car-buying PublicTax-Status Threat Fuels Worst Losses Since Whitney: Muni Credit
"The $3.7 trillion municipal market is poised for its steepest monthly decline since 2010 as investors spooked by threats to the debt's tax-exempt status withdrew the most money in almost two years."
Tuesday, December 25, 2012
News Links, December 25-26, 2012
## Global Ponzi meltdown/House of Cards ##
EU to give Spain, France more time to cut deficit: press
EU to give Spain, France more time to cut deficit: press
It's hopeless. -- RF
Greece Should Write Off Billions of Overdue Taxes, Report Says
"Greece should write off part of the 53 billion euros ($70 billion) of outstanding taxes owed to it as it will only be able to collect up to 20 percent of that amount, a report by the European Union and International Monetary Fund showed."
ArcelorMittal Dofasco pension plan facing $500m shortfall (Canada)
Vietnam Expanded at Slowest Pace Since 1999 After Lending Slump
Dubai ruler announces new mega city project
"Greece should write off part of the 53 billion euros ($70 billion) of outstanding taxes owed to it as it will only be able to collect up to 20 percent of that amount, a report by the European Union and International Monetary Fund showed."
ArcelorMittal Dofasco pension plan facing $500m shortfall (Canada)
Vietnam Expanded at Slowest Pace Since 1999 After Lending Slump
Dubai ruler announces new mega city project
"No value has been given for the project but plans include building the world's biggest shopping mall, a Universal family theme park and a park that is a third bigger than Hyde Park in London."
I've said it before and I'll say it again: Dubai is setting itself up for one heckuva crash. Keep watching for that second exodus of foreign workers. -- RF
## Airline Death Spiral ##
Air India to cut wages to bring down costs
Air India to cut wages to bring down costs
## Fault lines/flashpoints/powder kegs/military/war drums ##
Wave of nationalism sweeps through Northeast Asia
South Korea to Buy $1.2 Billion in Drones Under U.S. Plan
South Korea to Buy $1.2 Billion in Drones Under U.S. Plan
Policewoman who killed US aide in Kabul 'is Iranian'
"A policewoman who shot dead a US civilian aide at the police headquarters in Kabul is an Iranian national, Afghan authorities say. The woman, believed to have mental health problems, joined the security forces using an illegally obtained Afghan identity card."
"A policewoman who shot dead a US civilian aide at the police headquarters in Kabul is an Iranian national, Afghan authorities say. The woman, believed to have mental health problems, joined the security forces using an illegally obtained Afghan identity card."
As we all know, people with mental health problems make good patsies. -- RF
Looks like a pivot to Africa. -- RF
Israel tightens grip on east Jerusalem by approving another 1,242 new homes
Israeli subs operated in foreign waters: report
Israeli subs operated in foreign waters: report
## Global unrest/mob rule/angry people/torches and pitchforks ##
Dockworkers at Northwest ports reject pact offer
The Great Oil Swindle: why the new black gold rush leads off a fiscal cliff
"A recent spate of official reports from energy agencies are predicting a rosy future of economic growth underpinned by cheap oil abundance. However, as Nafeez Mosaddeq Ahmed shows, scientific evidence largely ignored by mainstream media confirms that while we have enough oil and gas to burn our way to climate catastrophe, the age of cheap oil abundance is a myth."
"A recent spate of official reports from energy agencies are predicting a rosy future of economic growth underpinned by cheap oil abundance. However, as Nafeez Mosaddeq Ahmed shows, scientific evidence largely ignored by mainstream media confirms that while we have enough oil and gas to burn our way to climate catastrophe, the age of cheap oil abundance is a myth."
Congress, at Last Minute, Drops Requirement to Obtain Warrant to Monitor Email
Tajikistan blocks scores of websites as election looms
Tajikistan blocks scores of websites as election looms
## Japan ##
Sumitomo unit eyes loan machines
"Sumitomo Mitsui Financial Group Inc.'s consumer finance and core banking units will jointly develop a machine that will allow customers to apply for consumer loans without having to meet counter staff."
Fukushima children getting fat due to lack of outdoor activities
"Children in nuclear disaster-hit Fukushima Prefecture are getting fatter due to a lack of outdoor exercise over fears of radiation exposure, the government said Tuesday in its school health report."
"Sumitomo Mitsui Financial Group Inc.'s consumer finance and core banking units will jointly develop a machine that will allow customers to apply for consumer loans without having to meet counter staff."
Fukushima children getting fat due to lack of outdoor activities
"Children in nuclear disaster-hit Fukushima Prefecture are getting fatter due to a lack of outdoor exercise over fears of radiation exposure, the government said Tuesday in its school health report."
Fault-linked nuke plants sitting on 800 tons of fuel
"A combined 800 tons of spent nuclear fuel is being stored at two power stations thought to have active quake faults running underneath them."
"A combined 800 tons of spent nuclear fuel is being stored at two power stations thought to have active quake faults running underneath them."
Teachers too busy to deal with struggling students
"About 5,200 teachers at public schools in Japan took sick leave due to mental illness in the 2011 academic year, the Education, Sports, Culture, Science and Technology Ministry announced on Dec. 24, highlighting a school environment in which teachers become too busy to sufficiently deal with their students and guardians as well as their own desk work."
"About 5,200 teachers at public schools in Japan took sick leave due to mental illness in the 2011 academic year, the Education, Sports, Culture, Science and Technology Ministry announced on Dec. 24, highlighting a school environment in which teachers become too busy to sufficiently deal with their students and guardians as well as their own desk work."
DBJ to offer ¥500 billion in loans
"The Development Bank of Japan will invest and loan more than ¥500 billion to enhance Japanese companies' international competitiveness over the next three years, according to sources."
"The Development Bank of Japan will invest and loan more than ¥500 billion to enhance Japanese companies' international competitiveness over the next three years, according to sources."
## China ##
Construction of World's First Demonstration High-Temperature Nuclear Reactor Begins in China
Construction of World's First Demonstration High-Temperature Nuclear Reactor Begins in China
Platts Report: China's Oil Demand Hits Record High in November
China's Largest Private Shipbuilder Warns of Full-Year Loss
## UK ##
U.K. House Prices Fall as Hometrack Sees Further Decline in 2013
China's Largest Private Shipbuilder Warns of Full-Year Loss
## UK ##
U.K. House Prices Fall as Hometrack Sees Further Decline in 2013
If we live longer, we'll have to work longer
"The age at which workers receive the state pension will rise automatically in line with future improvements in longevity under government plans reported today."
Study: More FOIA complaints under Obama"The age at which workers receive the state pension will rise automatically in line with future improvements in longevity under government plans reported today."
