Sunday, January 20, 2013
News Links, January 19-21, 2013
## Global Ponzi meltdown/House of Cards ##
Shocking graph. It appears that indeed growth is dead. -- RF
Renault's Global Vehicle Sales Fall 6.3% in 2012
The Next Shoe To Drop In France
"France's economic foundations are cracking. Unemployment hit 10.5% and is incessantly rising. The private sector is becoming comatose. Car sales sank 13.9% in 2012, from a lousy 2011; sales by its native automakers plunged even more: PSA PeugeotCitroën down 16.6%, Renault Group down 19.8%. Now home sales are grinding to a halt. And the finger-pointing has already started."
The Next Shoe To Drop In France
"France's economic foundations are cracking. Unemployment hit 10.5% and is incessantly rising. The private sector is becoming comatose. Car sales sank 13.9% in 2012, from a lousy 2011; sales by its native automakers plunged even more: PSA PeugeotCitroën down 16.6%, Renault Group down 19.8%. Now home sales are grinding to a halt. And the finger-pointing has already started."
S&P sees deeper house price falls in eurozone as slump engulfs core
"Europe's housing slump is engulfing large parts of the eurozone core as recession deepens, with prices to keep sliding for another two years, Standard & Poor's has warned."
"Europe's housing slump is engulfing large parts of the eurozone core as recession deepens, with prices to keep sliding for another two years, Standard & Poor's has warned."
At the same time, bear in mind that because currencies are being debased by rampant money-printing, each currency unit is worth less and less. -- RF
Italy Needs 9 Billion Euros for Deficit Goal, Official Says
Mali Operation Another Burden for French Defense Budget
RMB on way to becoming global reserve currency: IMF official
Chile Seeks Developed Status, Meets Soaring Energy Costs
Mali Operation Another Burden for French Defense Budget
RMB on way to becoming global reserve currency: IMF official
Chile Seeks Developed Status, Meets Soaring Energy Costs
Oxfam: Super rich no help against poverty
"The British charity Oxfam says the world's 100 richest people are increasing inequality and holding back the world's ability to tackle poverty."
"The British charity Oxfam says the world's 100 richest people are increasing inequality and holding back the world's ability to tackle poverty."
No VW plant closures despite overcapacity
"Volkswagen, Europe's biggest carmaker by volume, said it has no plans to close European factories, despite acknowledging that the continent's industry has significant overcapacity and would face worsening conditions this year."
"Volkswagen, Europe's biggest carmaker by volume, said it has no plans to close European factories, despite acknowledging that the continent's industry has significant overcapacity and would face worsening conditions this year."
UAE: Pump, baby, pump! -- RF
Fuel leaking out of Jetstar Asia's profits
"The cost of fuel is is eating into Jetstar Asia's profits, according to financial reports, which found an 80 percent drop in the airline's profit due to higher oil bills and competition."
"The cost of fuel is is eating into Jetstar Asia's profits, according to financial reports, which found an 80 percent drop in the airline's profit due to higher oil bills and competition."
It's going to take more than spiffy new livery to save the airlines. -- RF
"The American travel experience will include tiny coach seats, surly pilots and on-board crews who believe they were robbed of benefits by Chapter 11, paid baggage fees, high fares to cities where American is the dominant carrier, and meals that customers have to pay for, if meals are available at all."
Cathay, SIA May Fly Empty Premium Seats as Banks Cut Cost
"Cathay Pacific Airways Ltd. (293) and Singapore Airlines Ltd. (SIA) are spending $207 million fitting flat- bed seats and larger TV screens in business-class. Finding passengers to fly them may be a challenge."
"Cathay Pacific Airways Ltd. (293) and Singapore Airlines Ltd. (SIA) are spending $207 million fitting flat- bed seats and larger TV screens in business-class. Finding passengers to fly them may be a challenge."
## Fault lines/flashpoints/powder kegs/military/war drums ##
Britain and Australia to boost defense ties
Britain and Australia to boost defense ties
Clinton assures Japan on islands, invites Abe to U.S. in February
"Secretary of State Hillary Clinton assured Japan on Friday of U.S. support in Tokyo's dispute with Beijing over a string of islands and invited new Japanese Prime Minister Shinzo Abe to Washington in late February for a meeting with President Barack Obama."
"Secretary of State Hillary Clinton assured Japan on Friday of U.S. support in Tokyo's dispute with Beijing over a string of islands and invited new Japanese Prime Minister Shinzo Abe to Washington in late February for a meeting with President Barack Obama."
Report: S. Korea To Deploy Guided Missiles at Sea Border
"South Korea plans to deploy Israeli-made precision guided missiles near its tense sea border with North Korea next month, including an island shelled by the North in 2010, a report said Jan. 18."
"South Korea plans to deploy Israeli-made precision guided missiles near its tense sea border with North Korea next month, including an island shelled by the North in 2010, a report said Jan. 18."
Russia, NATO to hold joint exercises in 2013
Assad's overthrow "red line" for Iran: supreme leader's aide
Assad's overthrow "red line" for Iran: supreme leader's aide
## Global unrest/mob rule/angry people/torches and pitchforks ##
Protesters want Maliki to go
Protesters want Maliki to go
## Energy/resources ##
"Residents spotted dramatic flashes of light in the sky when the transmission lines blew."
Power outage in Nepal reaches 14 hours per day
"Electricity outage in Nepal on Saturday reached 14 hours a day totaling 97 hours in a week, making daily life difficult in the country."
As drought persists, many scramble to save every drop of water (US)
"Electricity outage in Nepal on Saturday reached 14 hours a day totaling 97 hours in a week, making daily life difficult in the country."
As drought persists, many scramble to save every drop of water (US)
32% of industrial units across India face power shortage of over 10 hours a week: FICCI-BRIEF Survey
Demand for LNG to Outstrip Supply in 2013
"Spot market prices for liquefied natural gas (LNG) have reached $18 per million BTUs and could go higher this year as supplies of the fuel appear to be softer than many traders had originally thought. LNG production dropped sharply in 2012 and is expected to grow only slightly this year."
"Spot market prices for liquefied natural gas (LNG) have reached $18 per million BTUs and could go higher this year as supplies of the fuel appear to be softer than many traders had originally thought. LNG production dropped sharply in 2012 and is expected to grow only slightly this year."
Tight LNG supply spell high prices Major exporters show declines
"Global prices for liquefied natural gas are rising toward record highs this year as increasing demand runs up against stuttering supply, threatening to drive up fuel costs in some of the world's biggest economies."
"Global prices for liquefied natural gas are rising toward record highs this year as increasing demand runs up against stuttering supply, threatening to drive up fuel costs in some of the world's biggest economies."
Gas shortage turns acute (Pakistan)
"Low gas pressure has irked consumers who are unable to even cook food as the gas shortage crossed 1.6 billion Cubic Feet (BCF) per day, Saturday."
"Low gas pressure has irked consumers who are unable to even cook food as the gas shortage crossed 1.6 billion Cubic Feet (BCF) per day, Saturday."
Here's an interesting meditation on resource reserves. The real lesson here — although it's not clear if the author himself sees it — is that we're never going to "run out" of anything; it will just become increasingly expensive, and eventually uneconomical. That's why, in references to petroleum, we say "peak oil" and not "no oil." Even if we use "amazing new technologies," there's a limit to what can be extracted cheaply, and that's why much gas and oil from fracking operations are losing money. That it must be sold below cost shows that we're already at the tipping point. -- RF
Solarbuzz: Solar PV production equipment market falls to USD 3.6 billion in 2012
"NPD Solarbuzz Inc. (Santa Clara, California, US) has released a new report which finds that solar photovoltaic (PV) production equipment spending fell 72% to USD 3.6 billion in 2012."
"NPD Solarbuzz Inc. (Santa Clara, California, US) has released a new report which finds that solar photovoltaic (PV) production equipment spending fell 72% to USD 3.6 billion in 2012."
Komax Solar orders hit rock bottom in 2012; headcount reduced 50%
"New orders of back-end module assembly equipment at Komax Solar declined a massive 90% in 2012 on the back of overcapacity, consolidation and capitulation of customers, especially in Asia and China in particular."
"New orders of back-end module assembly equipment at Komax Solar declined a massive 90% in 2012 on the back of overcapacity, consolidation and capitulation of customers, especially in Asia and China in particular."
The PV industry continues to fall apart. -- RF
## Infrastructure scavenging ##
Klobuchar wants construction metals theft to be federal crime
Copper theft causes blackout at strip mall
Copper theft causes blackout at strip mall
Nestle Chairman Brabeck Says Biofuels Helped Boost Food Prices
More face food shortage as govt tallies survey figures (Tanzania)
More face food shortage as govt tallies survey figures (Tanzania)
What If the World's Soil Runs Out?
"It's a strange notion, but some experts fear the world, at its current pace of consumption, is running out of useable topsoil."
"It's a strange notion, but some experts fear the world, at its current pace of consumption, is running out of useable topsoil."
What to Plant Now (US contiguous 48)
I've said it before and I'll say it again: If your budget permits, get a modern high-efficiency stove. It will produce little air pollution and considerably stretch your firewood supply. -- RF
## Environment/health ##
Sydney Sizzles in Record Heat as Fires Threaten Victorian Towns
Brazilian drought wipes 30% off sugar cane production
Brazilian drought wipes 30% off sugar cane production
## Intelligence/propaganda/security/internet/cyberwar ##
Iran strengthened cyber capabilities after Stuxnet: U.S. general
"Iran responded to a 2010 cyber attack on its nuclear facilities by beefing up its own cyber capabilities, and will be a "force to be reckoned with" in the future, a senior U.S. Air Force official told reporters on Thursday."
Stealth Hoodie Hides Wearer From Drones
What the FBI Doesn't Want You To Know About Its "Secret" Surveillance Techniques
What the FBI Doesn't Want You To Know About Its "Secret" Surveillance Techniques
He's baaaack! Kim Dotcom starts new file-sharing site
## Systemic breakdown ##
4 exploitive societies that died out
"If you want your way of life to come to a bitter end, follow the example of these ancient civilizations and use up all the available natural resources."
The Coming Shortage of Skilled Manufacturing Workers
"As many as 600,000 U.S. manufacturing jobs remained vacant across the U.S. due to shortages of skilled workers, according to the Manufacturing Institute's most recent "skills gap" report."
Health Departments Facing Drug Shortages For Treating Multidrug-Resistant Tuberculosis (US)
"As many as 600,000 U.S. manufacturing jobs remained vacant across the U.S. due to shortages of skilled workers, according to the Manufacturing Institute's most recent "skills gap" report."
Health Departments Facing Drug Shortages For Treating Multidrug-Resistant Tuberculosis (US)
## Japan ##
Subcontractors reportedly ripping off Fukushima nuclear accident workers
Japan's Debt Time Bomb Is Ticking: Kyle Bass
"Japan is sitting on a debt time bomb and recent moves to push the central bank to target inflation have made it more likely the bomb will explode in the next 24 months, hedge fund manager Kyle Bass told CNBC's "Street Signs" on Friday."
Japan's Debt Time Bomb Is Ticking: Kyle Bass
"Japan is sitting on a debt time bomb and recent moves to push the central bank to target inflation have made it more likely the bomb will explode in the next 24 months, hedge fund manager Kyle Bass told CNBC's "Street Signs" on Friday."
Yen has Longest Stretch of Weekly Losses Since 1989; Shorts Decrease Bets; Lovin' Deflation
BOJ Deposit Rate Cut Sign in Cash Operation Flops: Japan Credit
"The failure of seven funding operations by the Bank of Japan (8301) is signaling expectations that policy makers will cut deposit rates."
BOJ Should Slow Easing If Yen Weakens Too Much, Abe Adviser Says
"The Yen Is Doomed": For Japan, This Time Really Is Different, Merk Says (Yahoo Finance video)
Issey Miyake gives fashion an emergency blanket
BOJ Deposit Rate Cut Sign in Cash Operation Flops: Japan Credit
"The failure of seven funding operations by the Bank of Japan (8301) is signaling expectations that policy makers will cut deposit rates."
BOJ Should Slow Easing If Yen Weakens Too Much, Abe Adviser Says
"The Yen Is Doomed": For Japan, This Time Really Is Different, Merk Says (Yahoo Finance video)
Issey Miyake gives fashion an emergency blanket
Emergency inspections of ports planned
"The infrastructure ministry plans to do emergency checks on more than 500 of the nation's 4,000 or so port facilities as part of an antiaging project for infrastructure, officials said Saturday."
"The infrastructure ministry plans to do emergency checks on more than 500 of the nation's 4,000 or so port facilities as part of an antiaging project for infrastructure, officials said Saturday."
Another part of Japan's crumbling infrastructure. -- RF
China ends tepid 2012 with surge, but wealth gap signals looming woes
Beijing may cut car numbers when air bad
Beijing may cut car numbers when air bad
China's Shrinking Pool of Workers May Limit Economy's Recovery
"China's growth rebound may be capped by a labor-force squeeze and shrinking resources that leave the government satisfied with rates of expansion as low as half the peak during the past decade."
"China's growth rebound may be capped by a labor-force squeeze and shrinking resources that leave the government satisfied with rates of expansion as low as half the peak during the past decade."
There were also some empty shelves in Japan after the last big snow. Don't trust this huge, complex, energy-intensive, and fragile system to provide for you. -- RF
Bitterly cold weather sweeping Britain may last for weeks
Households with disabled person will be average of £156 a year worse off under Government benefits plans
Households with disabled person will be average of £156 a year worse off under Government benefits plans
Sounds suspiciously like Cheney's "war that won't end in our lifetime." -- RF
EIA: Supply Issues Lifting New England Natural-Gas Prices
"Lower supplies from locations as diverse as Nova Scotia, Yemen and Europe and strong demand are lifting New England natural-gas prices and will likely mean a winter of volatile prices for gas and electric power, the Energy Information Administration said Friday."
"Lower supplies from locations as diverse as Nova Scotia, Yemen and Europe and strong demand are lifting New England natural-gas prices and will likely mean a winter of volatile prices for gas and electric power, the Energy Information Administration said Friday."
Washington Woman Accused Of Using Her Breasts To Smother And Kill Boyfriend
Batmobile from 1960s Batman fetches $4.2m at auction
Batmobile from 1960s Batman fetches $4.2m at auction
