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 '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'"
Geithner Warns Lawmakers Debt Standoff Risks U.S. Default
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."
Bankia shares slide on 'negative value' assessment
South Korea lowers its growth forecast
Pensions will not exist by 2050, expert warns
It's what I've been saying all along. Are the experts just noticing? -- RF
A Horrific Economic Collapse Is On The Way
Global banking to be joined by 'Google Bank' and 'Apple Bank'
European auto sales to fall for sixth year - Fitch
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."
Adding insult to injury: S&P downgrade Egyptian banks
Social Trap in Spain: Mortgage Nightmare; Why Spain (or Germany) is Guaranteed to Leave Euro
The Coming Isolation of the USDollar
Another Rating Cut for U.S. Debt?
Cruise Industry Hits a Patch of Rough Water
Brazil Reduces Reserve Requirements on Demand Deposits
Europe is not out, but it certainly is down

## Airline Death Spiral ##
Airlines Fear Pilot Shortage Amid New Federal Safety Rules
Grounded Kingfisher lacks funding plan -India minister
Minister: Berlin airport date is in danger
American, US Airways merger on the horizon?
Airlines may offer 20% more discounts on advance tickets next year
N.H. airline offers $12 flights to NYC
Airline pilots falling asleep in cockpit because of fatigue
Frontier Airlines scaling back Newport News service
Disruptions cost American Airlines' parent $75 million in two months
Airline Bankruptcies
Airlines find few passengers, suffer revenue loss even after weather improves
Fees undermine fliers' ability to compare fares

## Fault lines/flashpoints/powder kegs/military/war drums ##
Svoboda: The rise of Ukraine's ultra-nationalists
Chinese ships enter Japanese waters
China to be surrounded by US stealth jets by 2017
Caught in a bind that threatens an Asian war nobody wants
Turkey continuing to import Iranian natural gas, oil
US-China Relations Will Define Global Politics in 2013: The Economist

## 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
Idle No More protesters back at Saskatchewan malls
Protesters Disrupt Egyptian Blogger's Speech in Israel
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."
Protesters Dispersed by Police After Protest (China)
Argentina Bank Union Calls For Thursday Strike In Wage Spat

## Energy/resources ##
Chinese Oil Companies Apparent Victors in Post-Saddam Iraq
Brent Oil's Third Year Over $100 Looms on Supply Risk
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."
[video] Resource nationalism
Sudan's Bashir says ready to meet Kiir to try to get oil flowing
Peak oil review - Dec 24
Scarcity: Fuel Vendors Take Over Abuja Streets (Nigeria)
Upward adjustment of fuel prices needed: energy adviser (Bangladesh)
Transformer failure causes blackout in Japan's Osaka
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."
In Freezing Seoul, More Homes Heated with Charcoal
Typhoon causes massive blackout in 11 towns, 2 cities (Philippines)
India Considering Plan to Raise Diesel, Kerosene Prices - Official
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."
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."
The EU must drastically reduce its oil imports
Oil Services, Pipelines Feed Shorts
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."

## 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
Chinese Ships Fish Illegally in Argentine Waters
Don't Fear That Expired Food

## Lifestyle Solutions ##
Energy Descent is Cool! Even When It's Bloody Cold

## Environment/health ##
North India cold snap kills 25
Dirty medical needles put tens of thousands at risk in USA
An Abundance Of Extreme Weather Has Many On Edge

## 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."
Feds Requiring 'Black Boxes' in All Motor Vehicles
China tightening controls on Internet

## Systemic breakdown ##
No More Industrial Revolutions, No More Growth?

## Japan ##
Trying to revive a Fukushima 'ghost town'
Tokyo Almost As Irradiated As Fukushima
Eight U.S. sailors sue Tepco for millions for falsely downplaying Fukushima radiation exposure
TEPCO requests additional Y697 bil yen for compensation
Japan's new government to restart nuclear reactors
Flimsy waste tanks cause new delay in Fukushima plant decontamination
10 million Bq of cesium-134/137 is still released every single hour from reactor1, 2 and 3
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."
Arsonists Grab Matchbox in Japan: Pork-Barrel Spending Expert Becomes Finance Minister
Blue Chips Recovering To Pre-Quake Levels
That took nearly two years. And overall, the economy continues to crumble. -- RF
Domestic electronic device shipments to fall below 2 tril. yen in 2012
Are Senkaku islets first line of defense against rising China?
Japan to review defense guidelines for closer cooperation with U.S.
60 spots see mercury dip to new low
Japan won't have enough doctors in 2035 despite boost: study

## China ##
Michael Pettis on China Reforms, Ponzi Schemes in Wealth Management Programs, Rebalancing Implications
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 sends first oceangoing patrol vessel to South China Sea
China to patrol disputed islands
China seizes TVs, satellite equipment in Tibetan area
China factory town's hangover after IPO rush

## UK ##
Potentially deadly MRSA strain ST398 found in British milk supply
Most voters 'now want Britain to leave EU'
Pensioners are about to be robbed yet again
Extra 20,000 foreign workers could head to the 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

## US ##
Fiscal Cliff: Nowhere to go But Down
U.S. retailers scramble after lackluster holiday sales
Holiday Retail Sales Barely Budge Over Last Year
Consumer sentiment weakens as fiscal crisis looms
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."
Investors yank $150 billion from stocks for 3rd year
Madoff, in Christmas Eve Letter, Says Insider Trading Has Gone on 'Forever'
Barge traffic piles up as water levels fall on Mississippi
These Companies Will Continue to Fail
Why Japan's "Lost Decades" Economic Depression Are Headed For America in 2016
Virginia's only oil refinery becoming storage facility
5 issues small business owners will face in 2013
U.S. will reach federal debt limit on New Year's Eve
Mortgage rates close to record lows
Gun activists say they'll push to arm Arlington, Texas, teachers
The echo housing bubble across the United States – Rising home prices in the face of stagnant household incomes. How the Fed is manipulating the monthly payment to keep home prices inflated.
Savings Deposits Soar By Most Since Lehman And First Debt Ceiling Crisis
Electric Cars Don't Impress Car-buying Public
With Fewer Opportunities, Americans Are Staying at Jobs Longer

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