Tuesday, July 31, 2012

 

News Links, August 1, 2012

## Global Ponzi meltdown/House of Cards ##
Eurozone unemployment at record high in June
100,000 Workers in Spain Will Not be Paid Because Regional Government of Catalona is Broke
Spain says up to $200 billion left country by May
Deutsche Bank Investment Bank Profit Drops 63% on Trading
Thanks to the Bailouts, Germany Now Has a Debt to GDP of 300%... Bye Bye Eurozone!
Euro crisis: Monti upbeat, but unemployment rises
"Italy's Prime Minister Mario Monti has said he sees 'light at the end of the tunnel' on the eurozone debt crisis."
As we all know, the light at the end of the tunnel is actually an oncoming locomotive. -- RF
Unemployed in eurozone hits 17.8 million
Canadian GDP near-flat in May
Pimco's Bill Gross Says Stocks Were A Ponzi Scheme For The Last Hundred Years
Shades of 2006: That's What Australia Housing Bubble Looks Like From US Perspective
UBS profit falls 58 per cent on 'challenging' markets
11 Signs That Time Is Quickly Running Out For The Global Financial System
Margret Thatcher famously said, "The problem with socialism is that you eventually run out of someone else's money." Interestingly, the current world Ponzi economy depends on ever-expanding debt, and debt is — in case Thatcher hadn't noticed — someone else's money. The global meltdown has started in part because we are running out of someone else's money. -- RF
Rio Tinto to Cut Jobs in Australia

## Fault lines/flashpoints/powder kegs/military/war drums ##
Call for Increased Sino-Pakistani Military Exchanges
Philippines to bid out disputed South China Sea oil, gas blocks
"The Philippines will offer three areas in the South China Sea for oil and gas exploration on Tuesday, two of them in waters also claimed by China."
Food cost, trade "double whammy" could hit Africa
Iraq says will force out Iran dissident group
"Iraq on Tuesday told an Iranian dissident group that was given a base in Iraq by Saddam Hussein but is now out of favor with a government that is close to Iran that it must move out of the camp immediately or be forced to leave."
Panetta: Iran Sanctions Not Working, But We're Sticking With Them
The "War On Terror" Has Changed, and Not One In 1,000 Americans Has Noticed
Panetta: no Iran attack plans to be discussed with Israel
Obama tightens sanctions on Iran energy, finance
Japan simply watches amid influx of foreign workers to Northern Territories
"Despite its claim that the Northern Territories legally belong to Japan, it is Moscow, not Tokyo, that exercises an increasingly firm grip on development of the disputed islands off Hokkaido."
US Marines' New Battalions Eyed as World Police

## Global unrest/mob rule/angry people/torches and pitchforks ##
Several hurt as Sudan police disperse protest in Darfur
"Sudanese police used teargas and batons to disperse more than 1,000 people protesting fuel price rises in the city of Nyala in the Darfur region on Tuesday, wounding several, witnesses and activists said."
Flash Mob Crimes And Organized Looting Have Become A Normal Part Of Life In America

## Energy/resources ##
Second India blackout in two days cuts power to 670 million
In pictures: India's power crisis deepens
Under the infinite-growth paradigm, we always need more consumers borrowing more money to buy and consume more things. Systemic collapse is inevitable. -- RF
Massive energy usage due to cold weather (South Africa)
An unacceptable shortage (Saudi Arabia)
"What is happening to the supply of diesel in the Kingdom? On the face of it, we have so little of this fuel that farmers are complaining their yields are dropping and truckers are claiming it its now difficult to operate their vehicles."
How Changing from Fossil Fuels to Renewable Energy Might Affect GDP
Peak Minerals: Shortage of Rare Earth Metals Threatens Renewable Energy
No easy substitutes for fossil fuels
Drought strains U.S. oil production
"One of the worst droughts in U.S. history is hampering oil production, pitting farmers against oilmen and highlighting just how dependent on water modern U.S. energy development has become."

## Got food? ##
Days Supply of Global Grains Stocks 1960-2012
Defending the Coops
Bhutan Bets Organic Agriculture Is The Road To Happiness
The Ethanol Mandate: Drought Only Compounds Inherent Catastrophic Consequences
Give us a break from ethanol, drought-hit livestock producers ask EPA
Counterfeit Foods: Are You Eating the Real Thing?

## Environment/health ##
Uganda says avoid hand shakes as Ebola returns
Pacific Coral Triangle 'at risk of collapse'
An avian flu jumped to baby seals
Throwback Thursday: Organic Bedding for a Healthy New Year
We're getting sicker: More Americans have a chronic health condition

## Systemic breakdown ##
Power grid failure, deadly train fire highlight India's crumbling infrastructure

## Japan ##
Defense White Paper: Japan flags Chinese army's growing role as risk issue
South Korea protests Japan's claim to isles
Toshiba swings to loss on restructuring costs, yen
Renesas To Get Y49.5bn In Loans From NEC, Hitachi, M'bishi Elec
Honda quarterly profit jumps fourfold
"Honda Motor said Tuesday its net profit surged more than fourfold to 131.7 billion yen for the three months to June, underscoring a recovery from the impact of last year's quake-tsunami disasters."
It took this long for the rebound. And next comes the crash. -- RF
Domestic production 'appears to be flat' / Sluggish European economy to blame for downturn; auto industry hardest hit
Kepco logs ¥99.5 billion net loss in first quarter
¥1 trillion puts Tepco under state control
"Tokyo Electric Power Co. said Tuesday it has received ¥1 trillion in public funds and is under effective government control amid its financial plight stemming from the Fukushima nuclear disaster."
Japan's crude oil imports rise for 5th straight month in June
Japan's Iranian crude imports jump in June from May
8,686 hospitalized for heatstroke last week
Ministry tells train companies to cut power use by 20%
Construction delays push back restart of Hamaoka nuclear plant to 2014

## China ##
China May Revive Tax Rebates to Help Ailing Steel Sector, profits down 96% in 1H
China's top steel mills have total debt of 200-300 bln yuan
China's oil refineries suffer losses
China Increases 2012 Railway Infrastructure Investment by 16%
China Reiterates Growth Chief Priority
"China's leaders pledged to keep adjusting policies to ensure stable economic growth this year as a state newspaper said some banks are telling branches to provide local-government loans."

## UK ##
Homelessness 'rose 25% in England over past three years'
Northern Bank downgrades economic forecast for Northern Ireland
Nurses 'cleaning wards at cash-strapped hospitals'
"Nurses at a cash-strapped hospital trust are being forced to clean beds and scrub wards to make up for a lack of funding for full-time cleaners, it has been claimed."
Pension reforms for military outlined by MoD

## US ##
The Not-So-Mighty Mississippi: How the River's Low Water Levels Are Impacting the Economy
The Real Crash is dead ahead as 2008 is forgotten
Deal Struck To Avoid Possibility Of Government Shutdown In October
Consumer Spending in U.S. Was Unchanged in June
"Consumer spending in the U.S. stagnated in June as labor-market weakness prompted Americans to use the biggest gain in incomes in three months to build savings."
July Gasoline Prices up 5.1% — AAA
Enclaves of the Rich and Ready for Retirement
In Q2 America Added $2.33 In Debt For Every $1.00 In GDP
John Williams: The US Is Essentially Bankrupt
"Perpetual QE needed to service massive debt load and $5 trillion per year in unfunded liabilities"
Son of LIBOR: Muni Market Eyes All-American Rate-Rigging Scandal
Facebook stock falls to record low
Walmart's Stock Surge Reflects Hard Times for the Cash-Strapped
How Low Can Mortgages Go? New Record Lows All Over Again

And finally… New Zealand man hospitalized after lighting fireworks in butt


Monday, July 30, 2012

 

News Links, July 31, 2012

## Global Ponzi meltdown/House of Cards ##
Japan Industrial Output Falls as Korea Confidence Sinks: Economy
Abu Dhabi's IPIC Reports a 96% Drop in Net Profit in 2011
Spain's economy shrinks 0.4% as recession deepens
IMF Predicts Euro Crisis Resolution Will Be Prolonged
Euphemistic way of saying that they are helpless and the situation will only get worse. -- RF
Eurozone Retail Sales Sink 9th Month; 17th Month of Contraction in Italy; Margins Collapse in France; Germany Barely Above Contraction
Do the Olympics cost too much for host cities?

## Airline Death Spiral ##
Boeing 787s under investigation after 'engine issue' on runway
Air France-KLM says net loss up to $1.1 bln in 2nd quarter on restructuring costs

## Fault lines/flashpoints/powder kegs/military/war drums ##
Saudi says detained Shi'ite cleric mentally imbalanced
"Saudi Arabia's interior minister said on Monday that a prominent anti-government cleric arrested earlier this month was mentally unstable, undermining a figure who has a growing following among disaffected Shi'ite Muslim youths."
China Disinterested in Western Sanctions on Iran
Qatar wants to buy 200 tanks from Germany - report
Daylight shoot-out rocks Kazakh financial capital
Russia to get stronger nuclear navy, Putin says
Panetta: All options on table for Iran
Philippine Coast Guard gets 12 new patrol boats from Japan
India Successfully Test Fires BrahMos Cruise Missile
Chinese Warship Crosses Suez, Possibly Bound for Syria
Turkey Threatens Attacks on Kurdish Region in Syria

## Global unrest/mob rule/angry people/torches and pitchforks ##
Blackouts return, so do riots! (Pakistan)
Thousands head to Capitol Hill to protest fracking
Qidong remains on high alert following violent weekend protests
Hundreds protest Anaheim police; 9 arrested

## Energy/resources ##
Massive India blackout leaves 300 million without power
Singh's $400 Billion Power Plan Gains Urgency as Grid Collapses
Railways experiences diesel shortage
"Pakistan Railways is once again facing a severe shortage of diesel. Officials said Sunday that there was just enough diesel left to operate trains in Lahore and other divisions for a few hours."
Insight: Oil pipeline crunch shifts U.S. shale race from drillbits to valves
"The U.S. shale oil revolution can't be stopped, but it could be delayed by a potential shortfall of 10-ton valves and giant pipeline pumps essential for rebalancing markets upended by the surge in production."
The Weekly Wrap (Foreign Policy)
An interesting read on the shale oil and shale gas "bonanza" in the US. -- RF
Shale oil, the biggest Gas guzzler in the US: Barclays
South Africa businesses put electricity crisis under the spotlight
China Keeps Buying Iran's Oil as U.S. and EU Intensify Sanctions
Monbiot peak oil u-turn based on bad science, worse maths

## Infrastructure scavenging ##
Thieves steal copper cabling worth £10,000 from railway line in Rutland

## Got food? ##
Crops in center of Corn Belt see little drought relief
Corn, soybean field conditions slide
"The nation's corn and soybean crops deteriorated in the week ending Sunday due to a prolonged heatwave and drought, the U.S. Agriculture Department reported."
East Africa: 16 Million People Facing Food Shortages in East Africa and the Horn
Future foods: What will we be eating in 20 years' time?
Home-grown stuff, wildlife, boiled leather, insects… if we're eating anything at all. -- RF
World Bank says rising food prices a concern, ready to help

## Environment/health ##
Unplug! Too Much Light at Night May Lead to Depression
Climate: Are you ready for a western megadrought?
National blood supply shortage (US)
Flooded North Korea hit by more torrential rain

## Intelligence/security/internet ##
2 South Koreans arrested in theft of data from 8 million cellphone customers
Police using 'predictive analytics' to prevent crimes before they happen
Experts: Cloud Brings Vulnerabilities
Cybercom Chief: US Unprepared for Serious Cyber Attacks

## Japan ##
Japan's June industrial output posts surprise fall
3 steelmakers log net losses for April-June
"Three of the four major steelmakers fell into the red during the April-June first quarter of fiscal 2012 due to massive appraisal losses on their share holdings, according to earnings reports released Monday."
Mounting Fuel Costs Push Kansai, Chubu Utilities Into Red

## China ##
A Private Look at China's Economy
China Railway Ministry to Sell CNY27 Bln Bonds in Early August - Sources
China Increases Railway Spending Plan for Second Time
Chinese shipping industry ebbs amid slowing economy
Chengdu facing monstrous realty bubble
Chinese photovoltaic enterprises stuck in financial quagmire

## UK ##
One on four pensioners need more money, AXA Wealth finds
"A quarter of pensioners need an extra £75 a week to pay for the increasing cost of food and fuel bills, research has found."

## US ##
Midwest crops, fish, water supply punished by drought
Creepy Computer-Generated Avatar Greets Travelers At Newark Liberty
Looming Postal Service default shakes mailers' confidence
Meat lobby wants corn-to-ethanol relief
Most U.S. Stocks Slip After Two-Day Rally; Corn at Record
JCPenney to Eliminate All Checkout Clerks, Instead Using RFID Chips and Self-Checkout; End of JCPenny? How Many Jobs At Risk?
Survey: 28 Percent of Americans Have No Emergency Savings


 

News Links, July 30, 2012

## Global Ponzi meltdown/House of Cards ##
The Rally's Dark Side: 68% Of Growth Funds Are Now Underperforming, A 30% Increase In Three Weeks
Greek leaders agree bulk of austerity cuts: source
Foreigners Dump Nearly €80 Billion in Spanish Debt; Haircuts Come After More Dumping
Santander's free business banking is no longer forever
Euro zone crisis heads for September crunch
Baltic index slides on slow freight business
Doom prevails at steel export market at Black Sea
Analysis: Apple sounds warning bell for smartphone industry

## Airline Death Spiral ##
Downbeat Unit Revenue Trends Spook Airline Investors

## Fault lines/flashpoints/powder kegs/military/war drums ##
Advisor: Romney would back Israeli strike on Iran
Romney backs away from aide's Iran-Israel comment
"Republican presidential hopeful Mitt Romney tried to distance himself on Sunday from an aide's earlier comments that he would respect Israel's decision if it should decide to use military force to halt Iran's nuclear program, according to media reports."
Regarding Iran, U.S. and Israel not on the same page at all (Haaretz)
Spain evacuates aid workers from western Algeria
Panel Urges More U.S. Ships in Pacific for Pivot to Asia
UAE arrests 10 more Islamists in crackdown: activists
"At least 10 local Islamists have been arrested in the United Arab Emirates over the past several days as part of a widening crackdown on dissidents, activists said on Sunday."
Can Turkey Afford Its Extensive Defense Plans?

## Global unrest/mob rule/angry people/torches and pitchforks ##
12000 workers protest ILVA steel plant shutdown amid pollution probe
Japan anti-nuclear groups protest at parliament
"Tens of thousands of people protested against nuclear power outside Japan's parliament on Sunday, the same day a proponent of using renewable energy to replace nuclear following the Fukushima disaster was defeated in a local election."
Anna Hazare begins fifth hunger strike in 16 months
Nervous Chinese officials caving into massive protests

## Energy/resources ##
Gas supply falls short, hoarding suspected (Vietnam)
"With demand rising against the slumping domestic supply, Ho Chi Minh City and the neighboring province of Long An are facing a cooking gas shortage, some local dealers have told Tuoi Tre."

## Got food? ##
Farmers report modest summer crop yield on account of diesel shortage (Saudi Arabia)
"Diesel shortages has badly affected the harvest in Al-Kharj, according to a number of farmers. Lack of diesel at gas stations has negatively impacted their produce and damaged most of their crops, forcing many to stop cultivating clover as they are unable to irrigate their farms."

## Environment/health ##
Swaziland's health sector grinding to a halt
Specter of drought looms over northern and western India
Researchers list top 10 airports for spreading disease
Mysterious nodding disease afflicts young Ugandans

## Intelligence/security/internet ##
NYPD Plans To Launch New Criminal And Terrorist Tracking System
Your future home is vulnerable to cyberattacks

## Systemic breakdown ##
Our current infrastructure was built for a different planet

## Japan ##
Japanese Green Party forms with an eye on national politics
The article suggests that this is the first such party in Japan, but it is actually one of several. The first nationally organized Green Party was formed some 30 years ago. -- RF

## China ##
Slack domestic demand causes shares of Chinese companies to drop
Property companies go bankrupt in private lending crisis
China Iron ore fines import prices witness major crash

## UK ##
Braintree: See which streetlights could be turned off near you
"Braintree could be plunged into darkness as thousands of streetlights are set to be turned off to save energy and cash."
New U.K. Strategy Urged as Triple-Dip Recession Predicted

## US ##
$10 Trillion M2 Is Now In The Rearview Mirror
U.S. loves cops and firefighters - but not their pensions
Enbridge Energy Uncertain on Restart of Pipeline in Wisconsin
Coal industry sheds jobs, leaving Eastern Kentucky economy in tatters
Federal Bankruptcy Court Lets Stockton, California Cut Retiree Health Care Benefits; Flood of City Bankruptcies Coming


 

News Links, July 29, 2012

## Global Ponzi meltdown/House of Cards ##
Alcatel-Lucent to cut 5,000 jobs
Construction material sector in Vietnam on verge of bankruptcy
Are Fiat Currencies Headed for a Collapse?
Indian steel market pulverized on economic woes
Maruti Suzuki Q1 net profit dips 23%
Schäuble Rejects ECB Help for Spain; Full Bailout Still Coming
Negative Interest Rates Becoming More Prevalent – Here's Why You Should Be Concerned
The end of the European dream
Greek Debt Crisis Fix May Cost Central Banks up to 100 Billion Euros

## Fault lines/flashpoints/powder kegs/military/war drums ##
Pirates kill Eni oil worker off Nigeria
UN global arms treaty talks end without agreement
New battle looms in Tajikistan as rebels dig in
Japan-Russia talks bring no progress on island dispute
Russia May Evacuate Personnel from Its Syria Base – Navy Chief
Intense fighting reported in Syria's largest city
Shoot-on-sight orders to stamp out Assam violence

## Global unrest/mob rule/angry people/torches and pitchforks ##
Angry Chinese occupy government office, smash computers in environment protest
Saudi Arabia says arrests "troublemakers" in Eastern Province
Protesters clash with police close to Olympic stadium
Mexican protesters target television network

## Energy/resources ##
Flattened drilling seen challenging US upstream thinking
Chevron chopped on price, production drop
Lee calls for efforts to prevent blackouts (Korea)
Power crisis hits electrical equipment industry (India)
More Data: Natural Gas Is Heading Higher (US)
Zimbabwe will suffer longer and more frequent power outages in next decade
Ethanol 'One of the Most Hated Industries': CEO
Power shortage hurting country more than terrorism: Shahbaz (Pakistan)
Heat Sends U.S. Nuclear Power Production to 9-Year Low
"Nuclear-power production in the U.S. is at the lowest seasonal levels in nine years as drought and heat force reactors from Ohio to Vermont to slow output."
France's reliance on nuclear power 77% and rising
South Africa to keep importing oil from Iran - Minister

## Got food? ##
Food Storage: 20 Crops That Keep and How to Store Them
Britain in new 'pea crisis' as dire weather destroy crops
"British peas may be off menu this summer, experts have warned, after the country's dire weather produced the worst harvest for decades."
The Coming Food Crisis: Blame Ethanol?

## Environment/health ##
Severe flooding hits North Korea, kills 88
"Severe flooding across North Korea has killed 88 people and left tens of thousands homeless, state media reported late on Saturday, threatening to make the poverty-stricken country's already chronic food shortage still worse."
Outbreak of Ebola in Uganda kills 13

## Intelligence/security/internet ##
NSA director shows up at hacker conference to recruit talent
Four More Years of Warrantless Surveillance

## Systemic breakdown ##
Law Enforcement Frustrated With Growing Number Of Flash Mob Crimes In Md.
Rising power dues: Energy sector's collapse feared (Pakistan)

## Japan ##
Anti-nuclear 'human chain' to surround Diet building
Panasonic to cut solar panel production in Hungary, stop it in Mexico
Heat leaves 5 dead, over 1,500 people taken to hospital across Japan
Fukushima cleanup at a standstill in most evacuated areas
Nomura CEO Resigns Over Insider Trading Scandal at Japan's Top Investment Bank

## China ##
US Agricultural Exports to China Become Costly in Times of Drought
"As the world's largest importer of American agricultural products, China stands to get walloped by the drought that is ravaging U.S. croplands."
Bad Loans In Wenzhou Surge To 10-Year High

## UK ##
Action plan to halt Welsh bee decline
Slash interest rates to 0 per cent, Bank of England told

## US ##
Michigan Governor Declares Energy Emergency
US 'joker' held in Maryland over alleged gun threats
Severe weather causes damage to power grid
Bomb threats force evacuations at seven Walmarts
Beverly Hills witnesses a 23 percent annual decline in home values
27 gigawatts of coal-fired capacity to retire over next five years
US Still Bringing Home WWII Dead
Nine States Where Lenders Take Your Paycheck


 

News Links, July 28, 2012

## Global Ponzi meltdown/House of Cards ##
Eurocoin Falls, Points To Deepening Euro-Zone Contraction
Spanish unemployment hits record high
Spanish Banks Hit by Real-Estate Woes
Renault profits hit by weak European sales
Spain discusses state bailout; ECB seen writing off Greek debt
World's Richest Gain $15.2 Billion as Global Markets Rise
"The richest people on the planet added $15.2 billion to their collective net worth this week as global markets rose on speculation that Europe will move to ease borrowing costs in Italy and Spain."
After Nov. 7, 2012, You'll Want to Be Outside the USD
America's CFOs Admit: Lots of Companies Are Fudging Their Numbers
Saudi Arabia seen leading MENA construction boom
It will be interesting to see how many projects are abandoned. -- RF
Huge Physical Gold Shortage Looms

## Airline Death Spiral ##
Another Airline Folds: Delta to Shut Down Comair in September
Aircraft engine overhaul company to close (Australia)

## Fault lines/flashpoints/powder kegs/military/war drums ##
Pakistan Cuts NATO Supply Route Again, Citing Security Concerns
Assad hands control of Syria's Kurdish areas to PKK, sparking outrage in Turkey
Iran Launches its First Ever Domestically Produced Aframax Oil Tanker
Chinese garrison officers appointed
Rivals China, Taiwan may pair up on South China Sea project
"Historic rivals China and Taiwan may be edging closer to a possible partnership over territorial rights in the South China Sea and the Spratly (Nansha) Islands, which is alarming other southeast Asian nations that have their own claims."
Admiral: Russia In Talks On Cuba, Vietnam Naval Bases
Russia denies plans for new navy bases abroad
Pipeline grid to bypass Hormuz vulnerable
"The United Arab Emirates and Saudi Arabia have developed a pipeline network across the Arabian Peninsula to bypass the strategic Strait of Hormuz, a key oil artery that Iran threatens to close. But this could still be vulnerable to sabotage."
US bunker-buster bomb 'ready to go'
"The US Air Force's massive 30,000lb bunker-buster bomb critical for striking heavily fortified Iranian nuclear facilities is 'ready to go'"
US to station forces in Poland for first time

## Global unrest/mob rule/angry people/torches and pitchforks ##
Saudi Arabia protest followed by arrests in Qatif
Italian pharmacists hold strike against cuts
Protesters blockade Mexico's biggest TV station

## Energy/resources ##
Ten Reasons Why Fracking is Doomed
Although I agree that fracking is doomed, I do not share the author's rosy outlook on renewables. -- RF
Bulawayo power station collapses (Zimbabwe)
Weak Gas Prices Hurt ExxonMobil's Upstream Earnings
ExxonMobil says Lower 48 rig count down 27% on reduced gas prices
Energy Prices Hit 2Q Results at Europe's Majors
BG Takes $1.3B Impairment on U.S. Shale Operations
S.Africa aims to cash in on E.Africa energy boom
South Africa had better concentrate on keeping the lights on at home. -- RF
S Korea Oil Imports from Iran Seen Restarting
U.S. oil deliveries by rail increasing

## Infrastructure scavenging ##
Metal thieves targeting storm grates in Union City
Metal thieves steal catalytic converters off dealer lots
Now metal thieves target lampposts

## Got food? ##
The Age of Scarcity
Food Report: One Harvest Away from a Catastrophe

## Environment/health ##
Greece's Latest Crisis: Rising HIV Cases
Great Lakes Water Temperatures At Record Levels
Whooping cough outbreak spreads to very young babies (UK)

## Intelligence/security/internet ##
Hackers Linked to China's Army Seen From EU to D.C.
Android and Nokia MeeGo phones hijacked via wallet tech
"A skilled hacker has shown how to hijack a smartphone via a short-range radio technology known as Near Field Communication (NFC)."
Google Admits It Did Not Delete Data Taken From Wi-Fi Devices

## Systemic breakdown ##
Expert: Power network collapse looming (South Africa)

## Japan ##
Defense minister says Japan may send military to disputed islands
No. 1 workers' radiation doses soared 16-fold
"The cumulative annual radiation doses of workers at the Fukushima No. 1 plant rose more than 16-fold from the year before during the first year of the nuclear crisis, Tokyo Electric Power Co. data show."
Soil issue buried for lack of storage
"More than 15 months after the Fukushima disaster started, municipalities hit by the fallout are struggling to dispose of radioactive soil collected under decontamination efforts."
Japan consumer prices fall 0.2% in June, down for 2nd straight month
7 Utilities See Highest Power Demand So Far This Summer
"Electricity demand in areas served by seven utilities climbed to the highest levels seen this summer during peak daytime hours Friday, as hot weather spurred use of air conditioning."

## China ##
China Industrial Companies' Profits Drop for Third Month
Harrowing week hurtles to tragic end in Chinese steel market
China Said to Tell Edible-Oil Suppliers to Keep Price Stable
China censors aftermath of deadly Beijing storm
"The storm that ravaged Beijing nearly a week ago and killed at least 77 people remains a sensitive topic in China, with a newspaper ordered to cut its coverage and online discussions curtailed."

## UK ##
Tech glitches affect NatWest & Nationwide customers

## US ##
Turf Painting Spreads as Drought Ravages Lawns
Two dead, over 130,000 without power after fierce storms
How horrid? July on pace to be hottest month on record
Lawmakers hopeful no U.S. govt. shutdown
Bankruptcy Shift Wouldn't Ease Much Student Debt
GDP growth slows to 1.5 percent in June
Obama team projects $1.2T deficit this year
Half of recent college grads underemployed or jobless, analysis says
Sharp Decline in Earnings and Revenue Estimates; Chart Explains Four Major Waves of Earnings Growth
Dow Rallies Above 13,000 on Speculation ECB to Buy Bonds
Mapping The Mounting Muni Meltdown
Meredith, baby, we love ya! -- RF
Forecast: 89,000 civilian job cuts at DoD under sequestration
Mark Zuckerberg's net worth falls by $7.2 billion

And finally… Crisis is over for the UAE, says Sheikh Mohammed
"Turmoil is ripping through the euro zone and growth is flagging elsewhere in the world but for the UAE, the crisis is over, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, said yesterday."


 

News Links, July 27, 2012

## Global Ponzi meltdown/House of Cards ##
Citi sees 90 percent chance of Greece leaving the euro
Unilever Warns of Worsening Economy
IMF agrees to lend $2 billion to Jordan
Is Global Trade About To Collapse? Where are Oil Prices Headed? A Chat with Mish
Alcatel to Slash Jobs After Loss
"Alcatel-Lucent SA shares slumped to new lows Thursday after the company burned through half a billion euros ($607.9 million) of cash in the second quarter of 2012 and announced a new cost-cutting plan to cope with its woes."
Facebook revenue growth skids, shares plunge
Philippine Central Bank Unexpectedly Cuts Interest Rate
United Technologies Cuts Outlook
"United Technologies Corp. cut its full-year profit and revenue forecasts, and said it plans to step up cost-cutting measures, as weakness in Europe contributed to slowing sales."
Peak gold? Barrick Gold Quarterly Earnings Miss Estimates as Output Falls
NovaGold Tanks on Barrick Decision
KiwiRail being stripped to sell - Labour (New Zealand)
Four Reasons Why the Government Is Destroying the Dollar

## Airline Death Spiral ##
Airlines abandon capital-city sector citing huge losses (India)
Higher fuel costs push Delta Airlines to 2Q loss

## Fault lines/flashpoints/powder kegs/military/war drums ##
U.S. Steps Up Militarization of Africa Through "Drug Wars"
China's hawks gaining sway in South China sea dispute
Iraqi Oil Showdown and the Syria End-Game
Top general urges officials to trim, re-think U.S. nuclear arsenal
Pentagon More Than Doubles Cost Estimate for B61 Nuclear Bomb
19 killed as Iraqi forces clash with militants

## Global unrest/mob rule/angry people/torches and pitchforks ##
Milk farmers continue Derbyshire Dairy Crest blockade
Four more self-immolations in Israel
Prices soar in Sudan, protests continue
Iran Protests: Price Hikes Prompts Rare Demonstrations

## Energy/resources ##
Persian Gulf turns to net gasoil imports
"The Persian Gulf region shifted to net gasoil imports in May, in what could be a game changer for a region that was traditionally a supply source, according to latest data on the Joint Organisations Data Initiative's website."
Should We Really Re-Elect This Fracking President?
"Fracking is the energy industry's answer to peak oil, catastrophically offloading the increased cost of oil and gas extraction onto farmers, ranchers, humans who drink water, and the environment itself. It's about as ethical and responsible as the brain deciding to mine the liver and sell the contents. And it's national energy policy under the Obama administration."
And despite this, they're losing money. -- RF
Why Gas Producers Are Getting Crunched by the Shale Boom
Iran builds first oil tanker for Venezuela
The great global Rubber crash
"Panic is indeed spreading in rubber markets worldwide and major growing nations Thailand, Indonesia and Malaysia are undertaking market intervention measures to shore up prices that have hit almost a three year low."
The Peak Oil Crisis: Middle Eastern Chaos
Lower oil prices weigh on Repsol profit
Saudis, Emirates push nuclear power plans
High oil prices are caused by consumers, not speculators
Concerns about blackouts (SKorea)

## Got food? ##
Drought afflicts 86 percent of the US Midwest, crops wilt
The world is closer to a food crisis than most people realize (Lester Brown)

## Environment/health ##
Protected tropical forests' biodiversity 'declining'
Millions of Birds Dead, Killed in Mexico Flu Outbreak
Deep Fried Black Swan Goes Global As Drought Spreads From US To Asia, And Now To Southern Europe

## Intelligence/security/internet ##
'Terrorist cell' in New Brunswick turns out to be NYPD hideout
Twitter: Data Center Problems Caused Outage
"Twitter blamed systems failures — not a crush of traffic around the Olympic games — for an outage on Thursday that saw people around the world experience problems accessing the micro blogging site for more than an hour."
Black Hat: Iris scanners 'can be tricked' by hackers
Google Talk outage hits 'majority of users'
Azure outage hits Western Europe

## Systemic breakdown ##
Gary, Ind.: From Bustling City to Ghost Town (PHOTOS)
Weather Extremes Leave Parts of US Grid Buckling

## Japan ##
4 dead, more than 900 hospitalized for heatstroke
Continued heat wave warned in August in Japan
Nissan profit down 15%, hurt by strong yen
Noda says SDF may guard Senkakus against intrusions by Chinese vessels
Rate hike to burden families / TEPCO's rate to increase by more than 10% for some families
Japan's deflation speeds up in June; yen falls

## China ##
Strained local governments in China look to tax probes for revenue
China Cities Roll Out Stimulus as Changsha Targets $130 Billion
China's sovereign wealth fund reports loss
Chinese steel mills likely to decimate global rivals after domestic debacle
China Shipyards Falter as Vessel Glut Triggers 49% Order Slump

## UK ##
London 2012 Olympics: ticket prices 'could be cut to make events sell out'
Tuition fees set to rise again next year
Students to face huge debts over £9,000 fees
Britain 'flew drones over Libya'

## US ##
House overwhelmingly approves Ron Paul's Fed audit despite 'nightmare' prediction
Dead cattle, devastation in wake of Western fires
World Trade Center projects becalmed
"A lack of tenants is stalling construction of new office space at Ground Zero in New York, where the World Trade Center towers once dominated the skyline.
"The building known as 3 World Trade Center is having such trouble finding tenants that construction has been halted at eight stories, one-tenth of its design, The Wall Street Journal reported Wednesday."
Oakland police radios fail during Obama visit
Foreclosures rise in first half of 2012
30-year mortgage rates hit record lows


Wednesday, July 25, 2012

 

News Links, July 26, 2012

## Global Ponzi meltdown/House of Cards ##
Spain feels debt heat, Greece way off bailout terms
Falling Global Rates Boost Appeal of Japan
Peugeot to make deeper cuts after 819m euros loss
Germany Is No Longer a Safe Haven
'Red Alert' From Safe Haven Bond Markets: Barclays
Moody's Cuts Outlook on EU Stability Facility to Negative
UPS says global economy getting worse, customers are 'nervous'; weakness in Asia and Europe
GM shuts down Brazilian plant amid fears of disturbances
"The Brazilian subsidiary of General Motors Co. says it has temporarily shut down its eight production units near Sao Paulo amid fears of unspecified action by a local union that warns of imminent mass dismissals."
Latin American crude steel output down by 2pct YoY in H1 2012
Markets Between 'Despair and Panic': Pro
ECB Survey, Ifo Point to Deepening Gloom

## Airline Death Spiral ##
What airline fees are coming next?
Nigeria: Ministers, Experts Blame Aviation Crisis On EU Ban

## Fault lines/flashpoints/powder kegs/military/war drums ##
Congress pushes to finalize new Iran sanctions package
War and debt: Commodities trading houses cash in
"Gripped by U.S. and European oil and banking sanctions, Iran has become a profitable trade for grains suppliers including U.S.-based Cargill and Bunge, France's Louis Dreyfus and Glencore."
China stepping up military ties with Kabul
"The visit by the Afghan Defence Minister Abdul Rahim Wardak to China and his talks with the Chinese Defence Minister Liang Guanglie in Beijing earlier today, Tuesday, will signify the shift to a new level in the military cooperation between the two countries. Liang is also a state councilor."
Has The South China Sea Reached Boiling Point?
"Now that China has backed up its claim to two million square kilometers of the South China Sea with some PLA muscle, confrontation with its Southeast Asian neighbors with overlapping and competing claims is almost sure to turn ugly."
Taiwan reinforces military deployment in South China Sea
Vietnam, Philippines refuse to recognize China's Sansha district
Syrian troops surge towards Aleppo as Turkey to close all borders

## Global unrest/mob rule/angry people/torches and pitchforks ##
Anaheim hit by more protests over police shooting
"Protesters broke windows of least a half-dozen storefronts in Anaheim on Tuesday and five people were arrested in the second major clash between police and demonstrators since an officer shot dead an apparently unarmed man."
Power protests across Punjab, KP
"In various cities the traffic remained jammed for several hours due to burnt tyres and big hurdles placed by the enraged protesters."
Dairy farmers protest ahead of supermarket talks
Report Finds 'Widespread Human Rights Violations' In Policing Of Occupy Protests

## Energy/resources ##
Bears Burst Bakken Bubble
"Analysts in the United States expressed concern that, if U.S. crude oil prices continue to fall, development of shale oil fields in North Dakota could slow down."
Russia's Gazprom skeptical of US-led shale gas boom
"Russia's state-owned natural gas company says the US shale-gas boom is economically unsustainable -- and it's buttressing its claim with financial data collected by an American consulting firm located less than 20 miles from the White House."
Exactly what I've been saying all along. -- RF
Chinese Solar Manufacturers Face Blowback As Trade War Escalates
Michigan governor declares emergency over fuel shortage
"Michigan Governor Rick Snyder on Tuesday declared an energy emergency in the state due to temporary shortages of gasoline and diesel fuel in parts of the Upper Peninsula caused by the shutdown of a pipeline in Wisconsin."
Iraq Refuses to Cooperate with U.S. Oil Firm Chevron
CNOOC's Nexen Bid Shows How Far Goal Posts Have Moved
Power outage continues to grip Grand Cayman

## Infrastructure scavenging ##
Ski signs stolen
"There has been a series of thefts in the US resort of Telluride. A dozen marker posts have vanished at a cost of $3,500. It is not as bad as a resort in the Czech Republic where a whole ski lift was taken earlier this year."

## Got food? ##
High edible oil, coarse cereal price to hike India's food inflation rates in coming months
Soaring soy sparks Indonesian tofu shutdown
"Indonesia's tofu industry is shutting down production of the staple food product in protest against rising prices."
Fears over yields as harvest gets rolling (Ireland)
Political crisis over, Yemen now faces a lack of food
Meat Producers And, Ultimately, Consumers Hurt By Drought
Food Inflation May Rise to 3% to 4% in 2013 After Drought

## Environment/health ##
Top Ten Things Climate Change Is Making Worse Right Now
Massive Ice Melt In Greenland Worries Scientists
Doing Some Math on Fracking Propaganda

## Intelligence/security/internet ##
Iran Nuclear Plants Hit By Virus Playing AC/DC, Website Says
Spooky: How NSA's Surveillance Algorithms See Into Your Life

## Systemic breakdown ##
Companies Say 3 Million Unfilled Positions in Skill Crisis: Jobs

## Japan ##
Fukushima - Local Children Unwitting (and Unwilling) Radioactive Guinea Pigs
Strontium 90 levels in Kanto, Tohoku rise after Fukushima meltdowns
Seawater inflow accident could lead to decommissioning of Hamaoka nuke reactor
Tepco plans to restart Fukushima plant reactor5, 6 and Daini
Gov't officially approves TEPCO plan to hike household electricity bills from Sept 1
Some Fukushima workers may have been illegally recruited
Japan Posts Record Deficit
Fuel imports put trade deficit near ¥3 trillion
BOJ Ready to Loosen Monetary Policy Further
Canon cuts profit forecast on slowdown fears
Sharp plans to slash thousands of jobs

## China ##
China's CIC Has Worst Overseas Performance in 2011 Amid Slowdown
"China's sovereign wealth fund posted a 4.3 percent loss on its overseas investments last year as declines in global commodity prices roiled the value of its resources-heavy portfolio."
Doubts about death toll from Beijing-area rain fuel new suspicions about China's leaders
Black Monday overshadows terrible Tuesday in China
"Day 2 into week 30 diarrhea continued in the Chinese steel market. Steel prices lost 2% in the first 2 days leaving everybody clueless about when the bottom will be reached."

## UK ##
Fortress London: UK protects Olympics with biggest security plan since World War II
£10,000 of diesel stolen from Crawfordsburn filling station
Renewable energy: Onshore wind subsidy to be cut by 10%
Thousands of nurses cut from the NHS: official figures
Cost of car insurance soars to more than £1,000
U.K. Economy Shrinks Most in Three Years on Weather, Jubilee
UK GDP Disaster Far Worse Than It Looks; UK Growth in 2012 "inconceivable"

## US ##
Economic distress does a number on children
Calif. police shootings spark 4th night of protest
Richmond Fed: Recession
Black Americans Have Suffered an Historic Wipeout of Their Wealth, With Few Signs It's Coming Back
100 Million Poor People In America And 39 Other Facts About Poverty That Will Blow Your Mind
"Actual" New Home Sales First 6 Months of 2012 vs. Prior Years; Reflections on the Housing Recovery
Pension funds seriously underfunded, studies find
"Public pension funds and company pensions in the U.S. are far short of the money needed to meet their retirement obligations, studies find."
Chinese buying of U.S. business at record pace
Snake Eyes Earnings Report For Las Vegas Sands


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