Tuesday, March 26, 2013


News Links, March 27, 2013

## Global Ponzi meltdown/House of Cards ##
BRICS Nations Plan New Bank to Bypass World Bank, IMF
Saving Cyprus Means Nobody Safe as Europe Breaks Taboo
Cyprus businesses feeling strain as Cyprus bank shutdown enters second week
Great Graphic: The Coming Depression in Cyprus
Cyprus Finance Minister: Uninsured Laiki Depositors Could Face 80% Haircut
The Axe is in Position, Only the Timing of the Swing is in Question
Dijsselbloem Says Euro Troubled Lenders Must Fend for Themselves
South Korea Revised GDP Growth Misses View
Ireland to Refinance Banking Debts Through ESM
EU Pushes Bail-In Regulations on All Deposits Above €100,000; Run on Banks Coming Up?
Bank of Spain sees economy shrinking further this year
Chill in car sales spreads to northern Europe
IMF economist warns central banks may grow too powerful
Is China cooking its books?
Let's put it this way: What country is not cooking its books? Seriously, the whole infinite-growth system, in which banks lend money they do not have by using the trick of fractional-reserve lending, is FRAUD, pure and simple. If you believe this system is sustainable, I have some oceanfront property in Tajikistan to sell you. -- RF
China to carry bulk of BRICS contingency Fund

## Airline Death Spiral ##
Australia approves Qantas, Emirates pact

## Fault lines/flashpoints/powder kegs/military/war drums ##
Officials: US training Syrian forces in Jordan to boost anti-Assad forces, stem extremist sway
Vietnam accuses China over South China Sea clash
"Vietnam has accused a Chinese vessel of firing on one of its fishing boats in disputed waters in the South China Sea, setting it alight."
Australia to withdraw most of its troops from Afghanistan this year
Horror in Mexico: 7 dead bodies found seated on plastic chairs
China, Vietnam Clash Over Disputed Islands
UN's Ban Recommends Putting 11,200 Peacekeepers in Mali
Gen. Allen: Leaving Afghanistan Was Never an Option
UN: Major Increase in Israeli Warplanes Over South Lebanon

## Global unrest/mob rule/angry people/torches and pitchforks ##
Spanish Protest Evictions at Doorsteps of Political Elite
Cypriot Youth Rise Up In Pictures: "They Just Got Rid Of All Our Dreams"

## Energy/resources ##
Energy Industry Capital Spending Reaching New Highs
"At first glance, higher capital spending in the energy industry may seem a paradox during a period of weak global economic growth. However, it requires enormous capital to maintain — let alone grow — its business model. To that end, several tailwinds have helped fuel the industry's relentless re-investment, simulative monetary policy – low interest rates, high crude prices, rising costs, increasing demand from developing nations, increasingly remote and difficult regions to explore for oil driven by globally constrained light sweet crude oil."
Two Miles of Sea Covers Big Oil's Next-Generation Field
"Companies have been pushing out into deeper waters and harsher environments as old oil discoveries play out and new supplies become more difficult to find. Transocean Ltd. (RIG) said last month it set a new record drilling in 10,385 feet of water."
Jeffrey Brown on Global Net Oil Exports – Is It Midnight on the Titanic?
"Available Global Net Oil Exports Continue To Decline, Outpacing Gains in US Oil Production"
Landmark Deal Signed to Export US Shale Gas to the UK
Massive Energy Skyscraper Proposed On U.S.-Mexico Border
Even if it works, it won't be an energy bonanza. -- RF
Iraq sets oil bar too high, lawmaker says
Oil boom too much for pipelines
"There won't be enough pipeline capacity to handle North American oil even if the planned Keystone XL pipeline gets built, an analysis says."
Chinese oil demand increasing
"Chinese oil demand during the first two months of the year increased more than 4 percent compared to the same time last year, analysis says."
France's electric car push presents power grid challenge
"France's power grid, already under strain at peak periods, could struggle to cope if growing numbers of electric car owners all recharge their batteries when they sit down for dinner, power sector executives say."
China's bailouts darken horizon for solar panel sector
JA Solar cuts capacity as weak prices lead to another loss

## Got food? ##
Bakers Are Furious About Egypt's Bread Rationing
Plains freeze likely harmed U.S. winter wheat crop

## Environment/health ##
Are Agriculture's Most Popular Insecticides Killing Our Bees?
Unabated, illegal trafficking risks survival of chimpanzees, orangutans, other apes, UN says
Peru declares oil contamination emergency in Amazon jungle region
EPA Survey Finds More Than Half of the Nation's River and Stream Miles in Poor Condition (US)
Nuclear waste a growing headache for South Korea

## Intelligence/propaganda/security/internet/cyberwar ##
For Some, Resistance To Google Glass Is Not Futile
Google Glass facing driving ban before it hits the market
NYC Mayor Bloomberg, Government has right to 'infringe on your freedom'
Wells Fargo: Cyber Attack Disrupting Website

## Systemic breakdown/collapse ##
Marx's Revenge: How Class Struggle Is Shaping the World
As the development of neofeudalism advances, it is inevitable that two major classes — the super-rich (the new aristocracy) and the have-nots (the new serfs) will emerge. -- RF

## Japan ##
In modern Japan, even working people are sleeping rough
"It is not only Japan's jobless who are sleeping at McDonald's for the price of a cup of coffee. Many with jobs, too, are bedding down cheaply in railway stations and comics cafes."
Many gas stations reach end of the road
"According to the Economy, Trade and Industry Ministry, the number of gas stations in Japan peaked at 60,421 stations at the end of fiscal 1994, but has been falling since. Just 37,743 were in business at the end of fiscal 2011."
Japanese power companies possessed over 26 tons of fissile plutonium at end of 2012
Most new high school textbooks describe Takeshima, Senkaku Islands as Japanese
Mr Yen cautions on Japan's 'unsafe' debt trajectory
"Japan's public debt has reached worrying levels and could lead to a bond buyers' strike unless the government brings the budget deficit under control, the country's top currency official has warned."
Quake insurance premiums in Japan to be raised by 15.5 pct

## China ##
Recipe for riots: China $10 Trillion Import Machine Says Goodbye To Cheap Energy, Food
China's Biggest Footwear Retailer Warns Country Shifting To Slower Growth
The scariest housing bubble
Chinese Banks' Bad Loan Ratios Shrink as Defaults Averted
Profit sinks at China automaker BYD, sees recovery
The Peak Oil Crisis: The Beijing Syndrome

## UK ##
Deaths rise 10pc in freezing weather
Council cuts will bring local government 'to its knees'
"Local authority leaders in England and Wales tell Guardian survey that municipal finances are increasingly 'unsustainable'"
Social care, sports and waste hit as councils cut again
"Vital local services face swingeing cuts as councils impose yet more budget savings as authorities deal with a growing financial crisis, it emerged last night."
Libraries run by volunteers as councils look to save money
Gas crisis: consumers face shock £200 rise in bills as cold weather and snow lead to low fuel reserves
British spot gas prices stay high on cold weather, low stocks
Up to 630,000 borrowers are stuck in negative equity as the housing market stagnates
Cold weather could stay until late April, say forecasters
Bank Of England's King: Crisis Is Far from Over
The Great British Cash EUxodus Begins

## US ##
Student loan write-offs hit $3 billion in first two months of year
USDA Secretary Vilsack to announce expansion of program aimed at reducing rural poverty
Revel, envisioned as Atlantic City's game-changing casino, files for bankruptcy
Cyprus Bank Grab Happening in US, Slowly
Medical Marijuana Goes Even More Corporate
Into the maelstrom: US coastal population grows as storms intensify
About as smart as building cities in a tsunami zone. -- RF
Pump! Dow hits all-time high -- S&P almost
Georgia and Tennessee go to 'war' over water
Customers Flee Wal-Mart Empty Shelves for Target, Costco
Student Loan Defaults Soar By 36% Compared To Year Ago
Get Ready for Capital Controls, Right here in America
Gulp! Soda Consumption Declines to Lowest Level Since 1996
Where Has Consumer Confidence Gone?
College Grads May Be Stuck in Low-Skill Jobs

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