Sunday, December 02, 2012
News Links, December 1-3, 2012
## Global Ponzi meltdown/House of Cards ##
Economy facing more than Rs 380bn loss each year (Pakistan)
"The lower industrial production, soaring inflation, current account deficit, foreign debt retirement and non-implementation of funds in proper places by the state-owned enterprises (SOEs) are destroying the already trembling economy of Pakistan."
"The lower industrial production, soaring inflation, current account deficit, foreign debt retirement and non-implementation of funds in proper places by the state-owned enterprises (SOEs) are destroying the already trembling economy of Pakistan."
Eurozone jobless rate hits record 11.7%
Danish economy may be in recession: finance minister
"Denmark may have slipped into recession in the third quarter and could struggle to meet growth forecasts as the euro zone crisis smothers consumer confidence, Finance Minister Bjarne Corydon said on Thursday."
Danish economy may be in recession: finance minister
"Denmark may have slipped into recession in the third quarter and could struggle to meet growth forecasts as the euro zone crisis smothers consumer confidence, Finance Minister Bjarne Corydon said on Thursday."
Although Denmark is known for having much renewable energy, its economy is highly dependent on hydrocarbon production, and renewables still account for less than one-fourth of final energy consumption. -- RF
Tech drives nails into coffins of Europe's weak economies
"Suppose Greece, Portugal and Spain had zero debt. Would they thrive? Unlikely. This feckless trio was on a downward economic spiral well before the so-called debt crisis ruined their parties. Yes, they were growing, but it was a phony growth, propelled by credit-fuelled consumption, cheapo money and the deluded belief that flipping houses was the route to BMWs, Brioni suits and beach holidays."
"Suppose Greece, Portugal and Spain had zero debt. Would they thrive? Unlikely. This feckless trio was on a downward economic spiral well before the so-called debt crisis ruined their parties. Yes, they were growing, but it was a phony growth, propelled by credit-fuelled consumption, cheapo money and the deluded belief that flipping houses was the route to BMWs, Brioni suits and beach holidays."
## Airline Death Spiral ##
American Airlines parent loses $164 million in October as Sandy, operational problems plague carrier
## Fault lines/flashpoints/powder kegs/military/war drums ##
UN Recognizes Palestine As 'Non-Member Observer State'
U.S. reaffirms Senkaku defense
"The U.S. Senate on Thursday approved a legislative amendment to acknowledge Japan's administration of the Senkaku Islands and reaffirm U.S. commitment to defending the territory under the bilateral security treaty."
"The U.S. Senate on Thursday approved a legislative amendment to acknowledge Japan's administration of the Senkaku Islands and reaffirm U.S. commitment to defending the territory under the bilateral security treaty."
## Global unrest/mob rule/angry people/torches and pitchforks ##
Protest, violence during Mexico's new president inauguration
Recall: Trader's Joe's Butter Chicken
"U.S. and Canadian officials say 4,865 pounds of frozen butter chicken and rice bound for Trader Joe's stores were recalled for possible Listeria contamination."
"U.S. and Canadian officials say 4,865 pounds of frozen butter chicken and rice bound for Trader Joe's stores were recalled for possible Listeria contamination."
## Intelligence/propaganda/security/internet/cyberwar ##
Pentagon lawyer says war on terror is not endless
"The war on terror is not an endless conflict and the U.S. is approaching a 'tipping point' after which the military fight against al-Qaida will be replaced by a law enforcement and intelligence operation, the Pentagon's top lawyer has said."
"The war on terror is not an endless conflict and the U.S. is approaching a 'tipping point' after which the military fight against al-Qaida will be replaced by a law enforcement and intelligence operation, the Pentagon's top lawyer has said."
Former US Spy Warns on Cybersecurity
"A former U.S. intelligence chief says the west has had its '9/11 warning' on cybersecurity and warns that, unless urgent action is taken, the U.S. faces 'the cyber equivalent of the World Trade Center attack.' According to John 'Mike' McConnell, such an attack would bring the country's banking system, power grid, and other essential infrastructure to its knees."
"A former U.S. intelligence chief says the west has had its '9/11 warning' on cybersecurity and warns that, unless urgent action is taken, the U.S. faces 'the cyber equivalent of the World Trade Center attack.' According to John 'Mike' McConnell, such an attack would bring the country's banking system, power grid, and other essential infrastructure to its knees."
Japan's space agency says rocket information was stolen by computer virus
Could a Syria-style Internet blackout happen in the US?
Could a Syria-style Internet blackout happen in the US?
## Systemic breakdown ##
Supply chain disruptions on the rise
Supply chain disruptions on the rise
## Japan ##
Japan approves $10.7 billion stimulus package
Again: Tepco edits image of Fukushima Unit 4 — Still attempting to hide something at bottom of reactor building
Again: Tepco edits image of Fukushima Unit 4 — Still attempting to hide something at bottom of reactor building
This traffic artery and its tunnels are part of the huge amount of infrastructure built during the years of rapid economic growth, when oil was cheap. Now it's all starting to fall apart. -- RF
## China ##
China PMI Rises But Misses Expectations For Fifth Month In A Row As Uncertainty Prevails
China rejects claims of Diaoyutai fighter deployment
"A spokesman for China's defense ministry has refused to comment on reports that fighter aircraft have been dispatched to Fujian province in preparation for conflict over the disputed Diaoyutai (Senkaku or Diaoyu) islands in the East China Sea."
Luxury cars sold for a song after bubble bursts in 'China's Dubai'
"A spokesman for China's defense ministry has refused to comment on reports that fighter aircraft have been dispatched to Fujian province in preparation for conflict over the disputed Diaoyutai (Senkaku or Diaoyu) islands in the East China Sea."
Luxury cars sold for a song after bubble bursts in 'China's Dubai'
## UK ##
10 million households feel the squeeze
"More than 10 million households are feeling financially squeezed and almost one in 10 have defaulted on a loan, bill or housing costs, a consumer group said today."
Three more babies die of whooping cough outbreak in UK
"More than 10 million households are feeling financially squeezed and almost one in 10 have defaulted on a loan, bill or housing costs, a consumer group said today."
Three more babies die of whooping cough outbreak in UK
Industries to be shielded from green energy costs as household bills to soar
"Energy-intensive industries will be shielded from subsidising new nuclear power plants and wind farms, under Government plans that will see other businesses and consumers paying billions of pounds more for electricity."
Energy secretary says shale exploration won't lead to era of cheap gas
"Energy-intensive industries will be shielded from subsidising new nuclear power plants and wind farms, under Government plans that will see other businesses and consumers paying billions of pounds more for electricity."
Energy secretary says shale exploration won't lead to era of cheap gas
## US ##
Cold, mold loom as hazards in Sandy disaster zones
Paulsboro rail bridge's collapse was not its first
Paulsboro rail bridge's collapse was not its first
Study: American Households Hit 43-Year Low In Net Worth
Fracking Secrets by Thousands Keep Americans Clueless on Wells
Fracking Secrets by Thousands Keep Americans Clueless on Wells
"Ford Motor Co., the second-largest U.S. automaker, said its record profit margins are shrinking in North America as buyers downsize from trucks to small cars."
Understanding Our Oil-Related Fiscal Cliff (Gail Tverberg)
Tverberg has done great research on how expensive energy throws a giant spanner in the works. Understanding this is vital to understanding why there cannot be a "recovery" and return to the good old days. -- RF
And finally…
Eating corn with a power drill (video)
