Saturday, June 15, 2013


News Links, June 14-16, 2013

## Global Ponzi meltdown/House of Cards ##
World Bank Cuts Growth Outlook as World Enters 'New Normal'
World Bank cuts China growth forecast
IMF Revises U.S. 2014 Growth Outlook Down to 2.7%
IMF urges repeal of 'ill-designed' U.S. cuts
Foreigners flee from U.S. government bonds in April: Treasury
Greece Back in Crisis on TV Shutdown, Downgrade
"Greece's fragile government faced an internal revolt and fierce public protest on Wednesday over the sudden closure of state broadcaster ERT, hours after the humiliation of seeing its bourse downgraded to emerging market status."
Spain's Debt Surges To Record High At Accelerating Pace
Euro-Zone 'Core' Facing Budget Cuts
IBM Cuts U.S. Jobs Amid Global Reduction
IMF warns Dubai on debt risks
All that wealth — built on a failing energy regime and crumbling economic system — is a desert mirage. -- RF
The big money bails on Argentina - again
Fierce Selloff in Emerging Market Currencies
China Debt Sale Fails for First Time in 23 Months on Cash Crunch
"China's Finance Ministry failed to sell all of the debt offered at an auction for the first time in 23 months owing to a cash squeeze that threatens to exacerbate a slowdown in the world's second-largest economy."
Montenegro eyes bankruptcy for stricken aluminium plant
"The Montenegrin government filed a court motion on Friday to consider bankruptcy for the country's single biggest industrial employer, indebted aluminum plant KAP, which faces having its electricity cut off over unpaid bills."
Number of people employed drops in Europe
Economic pressures behind Kuwait's expat clampdown
The Coming Financial Enclosure of the Commons
Gap between youth and adult employment widest in 35 years (Canada)
Manufacturing slides in Canada
Schiff: Gold's Going 'to the Moon'
European Firms 'Sitting on $1 Trillion' in Excess Capital
Saudisation to cost nearly $4bn in 2013 - study
Greek Radio and Television To Resume
"Greece's government Wednesday said that the country's public broadcaster would resume operations within a few weeks, and took its first steps to quash workers' demonstrations after its snap decision to shut down the state television company touched off a fury of protests from workers, journalists and labor unions."
Brazil Dismantles Capital Control as Real Drops to Four Year Low
Deutsche Bank 'horribly undercapitalized' - U.S. regulator
Nicaragua Announces It Will Build Its Own Panama Canal. Is It Serious?
The Worst of the Bond-Market Bust Is Yet to Come
Saudi Arabian Shares Drop Most in Two Years on Syria Escalation

## Airline Death Spiral ##
EU to levy 4.7 percent duty on jet fuel imports from Mideast
"The European Union will impose a 4.7 percent duty on jet fuel imports from the Middle East starting next year, officials said on Wednesday, in a move that could significantly increase costs for the EU's embattled airlines."
American says it will add seats on many planes
TEDGlobal: Visions of the future of flying
MRO Industry Girds For Aircraft Retirement Tsunami
JAL announces international fare fuel surcharge
Dreamliners still dogged by technical problems
Cocaine Slump Shows Force of Frankfurt Night-Flight Ban
Blimps Morph Into Cargo Haulers as Maker Sees Revolution
A big problem not mentioned in the article is the worldwide shortage of helium. -- RF
Fees are taking off in Europe
"The trend of charging passengers for extras such as checked bags, seat upgrades and onboard food is taking off with the full-service airlines in Europe."
Kenya Airways posts 92.1 mln USD loss over security fears
Less passengers, freight: Airport incurs loss
Is Ghana's aviation industry crashing

## Fault lines/flashpoints/powder kegs/military/war drums ##
Israel To Seek US-Backed Loan for Mega Arms Deal
Iraq: No breakthrough seen in Maliki visit to Kurds
China's New Arctic Presence Signals Future Development
"China's recent admission to the Arctic Council under observer status reflects a new reality: the world's economic powers now regard development of natural resources and commerce in an increasingly ice-free Arctic as a top priority."
Abu Dhabi building remote-controlled stealth boats
DoD Sheds First Clear Light On AirSea Battle: Warfare Unfettered
It's On: US "Finds" Chemical Weapon Use Against Syrian Rebels; Military Proposes Arming Rebels, No-Fly Zone
Chemical weapons experts still skeptical of U.S. claim that Syria used sarin
Syria no-fly zone: Russia's Sergei Lavrov opposed
Mass Kidnapping Puts Mexican Legal System On Trial
Australia upgrading submarine fleet
Israel, Pakistan deny reported arms deals, but ….

## Global unrest/mob rule/angry people/torches and pitchforks ##
Bus Fare Protests Add to Commuting Woes in Brazil Cities
10,000 Russian Protestors Demand Putin Resign
Police officer's nose broken during unrest (Australia)
G8 summit protest: riot police arrest 57 in raid of London HQ
Anti-G8 protests aim for London's Canary Wharf banking district
Protests against Sao Paulo bus fare hike turn violent
Turkish police end occupation of Istanbul park at center of biggest challenge for PM in decade
Protests over proposed iron mine raises concerns of 'eco-terrorism'
Libyan soldiers killed after clashes with armed protesters in Benghazi
Hong Kong protest backs ex-CIA whistleblower Snowden
Marchers protest in Belfast against G8 policies
Brazilians angry at high cost of hosting World Cup protest in front of National Stadium

## Energy/resources ##
Egypt to see blackouts for three years at least: Experts
The Coal in the Wind turbine
"250 tons of coking coal are required for the manufacturing of an offshore wind turbine and 150 tons of coal are used in the production of an onshore wind turbine."
Diesel, gasoline prices bolstered by reduced production at Med refineries
German Shift from Nuclear to Renewable Energy Gets Expensive
Wood As Fuel, A Euro Favorite, Called Into Doubt
Norway awards Arctic oil licences in northwards push
Big Green, Not Big Oil, is the Enemy
They are right about high-tech renewables, but fail totally to understand net energy. -- RF
Are Refiners Quietly Being Put On Notice By Airlines?
You gotta be kidding. Biofuels are never going to be a significantly large proportion of jet fuel, and refiners can rest assured that their products will always be needed to produce biofuels in the first place! -- RF
BP: Global demand for energy slows
More than 1,000 Chinese gold miners return from Ghana
"More than 1,000 Chinese gold miners in Ghana, facing a crackdown on illegal mining in the West African nation, have returned home, Chinese officials said."
U.S.-Europe Diesel Flow Seen Rising Amid Output at 23-Year High
Why you should be cautious about the next oil boom forecast that you hear
This is common-sense thinking, of which we have too little. Drillers and producers must recover their costs, and those costs keep going up. Ergo, oil has got to get more expensive. And that translates into lower net energy. -- RF
EIA: World has more shale oil and gas, but will it drill?
"Just because it's there in the ground, doesn't mean you'll make a profit drilling it out. Extracting unconventional oil and gas is more costly and complex than the gushing oil wells of yesteryear, and the price at which you can sell it varies based on unpredictable global markets."
Nevertheless, the article doesn't mention that money is being lost in the US as well. -- RF
Shale Drillers Squeeze Costs as Era of Exploration Ends: Energy
"Producers that engaged in a land rush yielding vast shale discoveries from Pennsylvania to Wyoming and Texas are now being pressed by shareholders to turn promises into profit, said Brian Gibbons, a debt analyst at CreditSights Inc. in New York."
In other words, investors are wondering how much longer they'll have to subsidize loss-making shale drilling operations. Remember, we always take the best resources first, and money is already being lost. -- RF
Oil prices: The triple-digit barrel
Oil rises near $98 a barrel amid Syrian war concerns; US pump prices steady at $3.63 a gallon
Outages at Norway's LNG plant deter export shipments to Asia
"A lack of reliability in Norway's outage-prone liquefied natural gas export plant is preventing deliveries to Asia this year, one of its owners said, in the latest sign of disillusionment with the project."
Iraq slashes production plan, but doubts remain
Russian oil price jumps 20% in a month as Rosneft cuts domestic sales
Brazil could import 60 cargoes of LNG in 2013: Petrobras official
Gunmen bomb Yemeni oil pipeline
Korea struggles with power shortage

## Got food? ##
The world is approaching Peak Meat
Best Staple Crops for Building Food Self-Sufficiency
As Drought Turns To Flood, Farmers Get 'Weather Whiplash'
NGOs Target Financial Investment in Farmland
"Banks, pension funds, hedge funds and other financial institutions have stepped up their investment in farmland in recent years, including financing for controversial large-scale land deals in developing countries."
GMO Wheat Lawsuit: Idaho Farmers Sue Monsanto
Britain's wheat crop 'down by third after extreme weather'
Singapore Looks Skyward to Take Farming in New Directions
Brazilian orange growers face high production costs

## Lifestyle Solutions ##
Why One Child Is Enough for Me—and Might Be for You
Why I Eloped. And you should, too.

## Environment/health ##
Neonicotinoids harm birds and soil
"Pesticides banned by the EU for harming the bee population could also be killing birds and mammals and organisms in the soil, a new study has found."
Tanzania: Zanzibar's Encroaching Ocean Means Less Water
Deadly Heat Waves Intensify as Summers Sizzle
Wind-fed Colo. wildfire burns 360 homes; thousands flee
Worldwide Honey Bee Collapse: A Lesson in Ecology
WATCH: Cheetahs will kill you with their agility, not speed
Absolutely amazing. You'll be gobsmacked by their ability to turn on a dime during a high-speed chase. -- RF
Ecuador oil spill threatens Brazilian water supply
Supreme Court says isolated human genes cannot be patented
Antibiotic ship paint is leading to more superbugs
"Antibiotics are being painted onto the hulls of ships to them clear of barnacles in a practice that is helping to drive the appearance of drug resistant bacteria, ministers from the world's richest nations have been warned."
Antarctica's ice shelves melting from the bottom up
Antidepressants in U.S. Waterways Giving Fish Anxiety, Homicidal Behavior
Tide of humanity, as well as rising seas, lap at Kiribati's future
Scariest Atomic-Waste Burial Plan Has French Villages Up in Arms
Two Florida butterflies declared extinct
Toxic legacy of US assault on Fallujah 'worse than Hiroshima'

## Intelligence/propaganda/security/internet/cyberwar ##
The Secret War
"Infiltration. Sabotage. Mayhem. For years Four-Star General Keith Alexander has been building a secret army capable of launching devastating cyberattacks. Now it's ready to unleash hell."
If you're hiding something from the US government, using Microsoft products may be a bad idea
U.S. Agencies Said to Swap Data With Thousands of Firms
"Thousands of technology, finance and manufacturing companies are working closely with U.S. national security agencies, providing sensitive information and in return receiving benefits that include access to classified intelligence, four people familiar with the process said."
Cyber wars would cripple economies: experts
Google Opens Up Some More: The 'Secret' Computer System It Uses To Give Info To NSA Is Secure FTP
NSA director says surveillance programs disrupted dozens of terrorist attacks
NSA surveillance played little role in foiling terror plots, experts say
The Dirty Little Secret About Mass Surveillance: It Doesn't Keep Us Safe
8 accused of fraud in hacking of major financial firms, US military's payroll service
American who leaked NSA secrets is a free man in Hong Kong - for now
'Kill switch' pushed as solution to smartphone thefts
FBI's Use of Patriot Act to Secretly Obtain Americans' Business Records Increased by 1,000% Under Obama
Big Data knows what you'll do next summer
All the ways you're being watched
Senate Staffers Told To Pretend Top Secret Documents Are Not Widely Available On Web
Web companies begin releasing surveillance information after U.S. deal
"Facebook and Microsoft have struck agreements with the U.S. government to release limited information about the number of surveillance requests they receive, a modest victory for the companies as they struggle with the fallout from disclosures about a secret government data-collection program."
Are Google, Facebook lying about the spying?
Facebook got 9,000-10,000 government data requests in second half 2012
What makes Prism work? National Security Agency's megadata collection from Internet pipeline

## Systemic breakdown/collapse ##
Business leaders warn of economic collapse over political impasse
BRAZIL: Petrobras Discoveries Mean More Debt
"It's been a long and painful journey for Petrobras since its stocks soared 49% in the spring of 2008 over the discovery of billions of barrels of oil below the salt in the deep-water Santos Basin. Since then its stocks have plummeted and investors have been discouraged at the outlook as spending rises exponentially and revenues take hits over fuel price caps."
Yes, billions of barrels, but whether the oil is truly a "resource" or not is determined by the ability to exploit it economically. Remember, quality means everything; quantity is meaningless. And one component of "quality" is whether a deposit of minerals or energy can be extracted economically. This is one way in which the energy system is beginning to collapse. How much are you willing to pay? -- RF
EGYPT: Political, Economic Uncertainty Fueled by Fuel
"As Egypt's political uncertainty soars unabated, two major oil supply deals with Iraq and Libya are falling through without the financing guarantees, while energy shortages threaten to lend greater impetus to the prevailing unrest."
Abandoned America (gallery)
U.S. producing 'abysmally low' number of primary care doctors
European Steel Industry – Overcapacity, Weak Demand and High Costs
Sen. Murray warns about crumbling infrastructure

## Japan ##
Bank Of Japan Machinations Crash Into Reality
Japan Will Be the Root Cause of the Next Global Crisis
Kyle Bass Tells Beacon Reports its 'Checkmate' for Japan
Mitsui on rocks after Kawasaki calls off merger
"Mitsui Engineering & Shipbuilding Co. faces an urgent need to consider measures for survival after the cancellation of a planned merger with Kawasaki Heavy Industries Ltd."
Rubella still raging in Japan
Fukushima governor urges government to scrap all nuclear reactors in prefecture
Defense Ministry to fortify SDF with a special island assault unit
"Japan's Ministry of Defense is keen to create a special assault team fully equipped to fortify remote islands and recapture them should an invasion occur. The ministry finds the current forces not enough to respond to amphibious attacks, which are most likely to come from its neighbor China."
People abandoning home ownership dreams: survey
NEC 'to cut 400 jobs at mobile phone unit'
Many evacuees have yet to return home
Govt. report backs methane hydrate development
Contains the misleading statement that shale gas is "commercially viable." -- RF
195 hospitalized for heatstroke in western Japan
Shoplifting becomes an increasingly difficult problem for Japanese officers

## China ##
Audit Office Shines Light On Local Government Debt
Stunning Images From China: Ten Thousand People Waiting In Line To Buy Gold
China to scrap iron ore import license system
"China plans to scrap its decade-old iron ore import licensing system this year, an industry source said on June  13, a move that may further lift imports in a market that takes two-thirds of the world's international iron ore trade."
Spectre of famine lurks

## UK ##
True cost of Britain's wind farm industry revealed
"A new analysis of government and industry figures shows that wind turbine owners received £1.2billion in the form of a consumer subsidy, paid by a supplement on electricity bills last year. They employed 12,000 people, to produce an effective £100,000 subsidy on each job."
A million over 65s are still in work as pension crisis hits home
Farmers fail to feed nation after extreme weather hits wheat crop
Britain's wettest summer for 100 years sees a third of bee colonies perish
A vision of post-apocalypse Britain? Eerie computer-generated images reveal how UK landmarks could crumble and decay if humanity was wiped out
…or if there were simply not enough money for upkeep. -- RF
RBS axes 2,000 jobs in shake up of investment bank
Bank Of England's Haldane: "We've Intentionally Blown The Biggest Bond Bubble In History"
Army chief: we won't win wars if we are cut again
Students 'must pay back loans sooner'
Wild weather: Met Office asks scientists what is causing Britain's strange seasons
U.K. Power Blackout Risk Prompts Concern of Britons in Survey
High Speed Rail incites Commons revolt

## US ##
Here's the "Enormous Problem" Facing States
And cities. Keep watching for that inevitable storm of bond defaults. -- RF
Detroit defaults on some debt to avoid bankruptcy filing
"Detroit said on Friday it would stop making payments on some of its about $18.5 billion debt, which would put it in default, and the "insolvent" city called on most of its creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in U.S. history."
Detroit Peddles Its Municipal Assets to Avoid Record Bankruptcy
California, Illinois on Brink of Pension Crisis
Doldrums in U.S. electric car sales could linger indefinitely
Nearly 10 Million Homeowners Still Underwater on Mortgage Loans
Lenders stepped up US home repossessions in May; more new homes entered the foreclosure path
If There Is A "Housing Recovery" Then This Chart Can't Be Right
Feds Find Someone Weak and Poor Enough to Nail for Housing Meltdown
Former Bank of America workers allege it lied to home owners
Is The Social Security Trust Fund Solvent?
Wal-Mart's everyday hiring strategy: Add more temps
Truckers face big labor shortage
Man who gave haircuts for hugs kicked out of park
S&P revises outlook on Detroit sewage bonds to negative
Jeff Duncan questions IRS gun usage
"Rep. Jeff Duncan wants to know why IRS law enforcement agents are training with AR-15 rifles."
U.S. runs $139 billion budget deficit in May
Detroit emergency manager meeting with creditors
US shale is a boon to manufacturers but not their workers
Surge in U.S. oil-by-rail suffers first slowdown as spreads slim
Chrysler Group to freeze US pension plan for roughly 8,000 salaried employees as of Dec. 31
Boston woman pays $560,000 for two parking spots
San Francisco parking spot sells -- for $82,000
Employment experts predict wave of lawsuits from unpaid interns
Chicago Hospital Accused of Cutting Throats for $160,000
U.S. Economy: Reduce Spending (Future Depression) OR Keep Spending (Future Hyperinflation)
"The U.S. government is in what is known as a 'debt death spiral'. They must borrow money to repay prior debts. It is as if they are using their Visa Card to make an American Express payment. The rate of new debt additions dwarf any rate of growth the economy can possibly achieve. The end is certain, only its timing is unknown, and, once interest rates begin to rise, and they will, it's game over."
US losing money on coal leases: report
Young Americans are ditching credit cards
Declining Capacity Undermines Economic Health and Recovery, the Return of Stagnation
11 dark trends killing Millennials' dreams
Caterpillar To Lay Off Mining Equipment Workers in Wisconsin
Jeb Bush: immigrants 'more fertile'
"Jeb Bush, the brother of former President George W Bush, said that the future of the US economy depends upon immigrants in part because they are 'more fertile'."
From the mouths of brain-dead growth advocates. -- RF

And finally…
Moonwalker Buzz Aldrin now admits, 'Tang sucks'
Sesame Street Designs Online Kit For Kids With Parents In Prison
5 craziest crimes of the week

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