Tuesday, June 25, 2013


News Links, June 24-26, 2013

## Global Ponzi meltdown/House of Cards ##
Is That The Sound Of Asset Bubbles Bursting?
The 441 TRILLION Dollar Interest Rate Derivatives Time Bomb
Can a city that's hooked on condo cash survive if its real estate boom goes bust? (Toronto)
Dubai Accelerates Asset Sales as $30 Billion Debt Deadline Looms
Can all Dubai's shopping malls survive? (BBC video)
The Bank Of International Settlements Warns The Monetary Kool-Aid Party Is Over
Bond Losses of $1 Trillion if Yields Spike, BIS Says
"Bondholders in the United States alone would lose more than $1 trillion if yields leap, showing how urgent it is for governments to put their finances in order, the Bank for International Settlements said on Sunday."
Crime Gangs Look to Clean Up as Europe's Black Market Balloons
China, England sign currency swap agreement
"China's central bank and the Bank of England announced Sunday a three-year agreement to establish a currency swap to boost the Chinese yuan outside Asia."
Inflation, rupee slump have crippled middle-class India: survey
The Biggest Ponzi Scheme In The History Of The World
Italy likely to need bailout, analyst warns
How much of the world's workforce will come from Africa?
Yeah, 40% of the world's workforce might be in Africa. But what really counts is energy. Without lots of cheap energy to power factories and cities, all those workers are just starving, restive crowds. -- RF
China's $40 Billion Bid To Build Shipping Canal Across Nicaragua
Asia Crumbling; China's Worst 2 Days In Almost 4 Years, Nikkei 450 Pts Off Session Highs
Educated With a Dead-Beat Job: the Unseen Legacy of Europe's Crisis

## Airline Death Spiral ##
Southwest cancels 57 flights after computer glitch
Lufthansa says new low-cost brand off to good start
Japan's budget airlines hit turbulence
Airlines rank lower in customer satisfaction than the post office
Air travel changing at less than supersonic speed
Boeing Dreamliner: The Hits Just Keep on Coming
Airlines gone but not forgotten

## Fault lines/flashpoints/powder kegs/military/war drums ##
Iran Sanctions: Foreign Banks Kick Sand In Uncle Sam's Face
Anger at U.S. complicates efforts to capture Snowden
Russian FM: US demands for Snowden's extradition 'ungrounded and unacceptable'
US whistleblower Snowden 'still in Moscow airport'
U.S. soldiers head to Egypt for riot control
Russia offers Iran different defense system amid lawsuit
Cyprus considering Russian military use of airbase, port facilities
"Financially strapped Cyprus is looking at allowing Russian military aircraft to use an airbase in Paphos, the country's defense minister said over the weekend."
Ten car bombs kill 39 in Iraqi capital
Turkey May Adopt Chinese Air Defense System
West Africa seeks anti-piracy force
"West African leaders have called for the deployment of an international naval force to curb the growing threat of piracy off the Gulf of Guinea."
Asia driving 'explosion' in global arms trade: study
Germany Says It's Uncovered Terrorist Plot Using Model Planes
Police raid two terror rings in Germany, France
Taliban attack CIA compound in latest Afghanistan violence
"Insurgents armed with rocket-propelled grenades opened fire on the Kabul offices of the CIA early Tuesday in a coordinated attack in one of the capital's most heavily fortified neighborhoods, which is also home to Afghanistan's presidential place and the main headquarters for the U.S.-led international military coalition."
Edgy Egyptians stock up on food, fuel before June 30 protests
"Egyptians are stocking up on food, fuel and cash ahead of protests this weekend against President Mohamed Mursi that many fear will be the most violent and disruptive this year."

## Global unrest/mob rule/angry people/torches and pitchforks ##
Police use water cannon to disperse protesters in Istanbul square after week-long lull
Turkish police detain 20 over anti-government protests
Brazil's Indians Reclaim Land, Citing Promises, Using Force
250,000 Brazilians return to streets as protests focus on government corruption
Brazil protests run gamut from health care to World Cup
Brazilians in Japan hold their own protest in Tokyo
Egyptian army 'ready to intervene to stop conflict'
Egypt's presidency: Military won't step in
Thailand protesters hold anti-government demonstrations
Lebanese Army in Action for Second Day as Unrest Spreads
Michigan protesters occupy tar sands pipelines

## Energy/resources ##
Must read: Energy Products: Return on Investment is Already Too Low
Amigos, this is exactly what I have been talking about when I speak of "net energy decline." This excellent piece nicely validates what I have been saying — that net energy is already too low to maintain our industrial society. The energy system's return has fallen below the point which enables us to keep the socioeconomic system propped up. That's why infrastructure is crumbling and can't be replaced, and why there can be no economic recovery. It's why the airline industry is a shadow of its former self and still consolidating, why companies and whole industries downsize themselves in an attempt to regain profitability, why budgets are being cut, why governments are drowning in debt, and why the informal economy is soaking up more people every day. You can't say you weren't warned. -- RF
Massive blackout in Lebanon attributed to fighting
Fuel shortages and equipment breakdowns aren't the only causes of blackouts. Look for more of this as global unrest and violence build. -- RF
Not Darkest Africa, but Darkest Nigeria - 120 Million Without Electricity
Shale gas won't stop peak oil, but could create an economic crisis
Just as I have been saying all along, the promise of shale drilling is totally overblown, and about 90% hype. Gold is "technically recoverable" from seawater, but no one is doing it. People think that technology = energy, and they confuse quality with quantity. The low quality of energy resources means declining net energy, which in turn means economic depression and collapse. -- RF
Utica Shale: Wading Through the Hype
Indonesia fuel prices rocket by 44% sparking protests
Arctic Oil & Gas: Not for the Faint of Heart
Canada's oil capital Calgary could be without power for months after floods
Will Israel's rush to export natural gas turn out to be a mistake?
Details on fuel rationing smart card in Egypt to be revealed
With electricity and water in short supply, Egyptians grow tense
Energy Companies Entering War on Terror
Insecurity in the Middle East
"The continuing conflict in Syria, and the slow spread of violence in the region around it continue to make it difficult to make accurate predictions about the future of oil exports from the region."
The above two articles illustrate the energy industry's growing problem with geopolitical feedback. Protecting facilities and workers will require that still more energy is expended on security, which further decreases net energy. -- RF
Indonesia and Chile to Build Thorium Nuclear Reactors
Thorium nuclear power is touted as the answer to our energy needs, and as having advantages over conventional reactors, but it's just another fossil fuel extender. -- RF
Australian oil and fuel dependency on the Middle East is 37 %
China's Sinopec buys Marathon's Angola oil fields for $1.52 billion
Japan and China Race to Invest in Africa's Natural Resources
Obama's Africa Mission Is to Make Up for Lost Time
Power Back on for Central Coast PG & E Says Outage Due to "Flash" at Morro Bay Sub Station
Tajikistan deviates from CASA script

## Got food? ##
Livestock industry in tatters (Cyprus)
Cattle feed cost up 22pc
Developing countries see hidden cost in food price hikes
Genetically engineered sugar beets destroyed in southern Oregon
Germany's Merkel: Europe firm on GM food stance

## Lifestyle Solutions ##
Alternative Tomorrow's World: People-Powered Flour Mill

## Environment/health ##
New Mers-Coronavirus continues to smoulder
Malaysia declares state of emergency over smog in south
Lesson for Japan: Decommissioning Chernobyl may take '100 years'
Proper "decommissioning" ain't gonna happen, never, ever. As I pointed out before, there will never be enough money, and nuclear plants and their waste will be left to irradiate us, to be used as bomb materials, etc. A hundred years from now, the electric utilities won't exist, and even many currently existing governments will be gone from the face of the Earth. What incredible hubris to think that we can "decommission" nuke plants and "manage" their waste for thousands of years. -- RF
Drinking water contaminated by gas near fracking sites in US
"Households within a kilometre of shale gas fracking wells could be at higher risk of having their drinking water contaminated by flammable gases, a study suggests."
Rising sea temperatures call for new insurance models: Geneva Association report
Upside-down weather tied to jet stream wobbles; experts argue over global warming role
Chernobyl's Trees Pose a Huge Environmental Threat
Old wind farms bases 'could be left in countryside'
"Scotland's countryside faces being littered with the concrete bases of wind farms that have been dismantled at the end of their operational lives, a major study has warned."

## Intelligence/propaganda/security/internet/cyberwar ##
U.S. Hacked China Universities, Mobile Phones, Snowden Tells China Press
NSA leaker Snowden in Moscow, seeks asylum in Ecuador
WikiLeaks' Assange calling the shots on Snowden
NSA leaker Snowden not seen on flight to Cuba, White House urges Moscow to expel him to US
Snowden receives refugee document of passage from Ecuador
New laws needed for 'out of control' intelligence agencies (UK)
87% rise in 'phishing' attacks seen in past year: Kaspersky
Privacy visor glasses jam facial recognition systems to protect your privacy (includes video)
"The world's first pair of glasses which prevent facial recognition by cameras are currently under development by Japan's National Institute of Informatics."
Is Your Smart Meter Spying On You?
NSA leaks: US and Britain team up on mass surveillance
The Guy Who Used To Protect Your Facebook Data Now Works For The NSA
Is the Government Spying On You Through Your Own Computer's Webcam Or Microphone?
South Korean presidential office website hacked
Surge in 'digital dementia'
"Doctors in South Korea are reporting a surge in "digital dementia" among young people who have become so reliant on electronic devices that they can no longer remember everyday details like their phone numbers."

## Systemic breakdown/collapse ##
Surveillance vs. Infrastructure: When a Country Falls Apart
Million Engineers Struggling to Find a Job (India)
While developed countries can't find enough of the engineers needed to maintain their industrial societies, India has a glut because its economy has not developed to the anticipated extent where all those engineers would be needed. -- RF
Mid Year Digest (Kunstler)
"Wondering why the money world got its knickers in a twist last week? The answer is simple: the global economy is breaking apart and its constituent major players are doing face-plants on the downhill slope of a no-longer-cheap-oil way of  life."

## Japan ##
Day Traders Take Control of Japanese Stock Market Using 300% Leverage; What Can Possibly Go Wrong?
World's Biggest Pension Fund Doubts BOJ Can Achieve 2% Inflation
"Japan's central bank probably promised too much when it set a goal of lifting inflation to 2 percent within two years, according to Takahiro Mitani, president of the country's public pension fund."
Young people struggle to emerge from poverty
6 utilities include plans to restart 20 reactors in applications for rate hikes
Japan's nuclear safety upgrades mask industry problems
"Japan's nuclear utilities face shareholders this week promising restarts of idled plants as soon as next month after costly safety upgrades, plans that look wildly optimistic given they are yet to secure either regulatory or local approval."
Level of radioactive tritium rising in port at Fukushima plant
Women get priority as rubella vaccine shortage looms
"Amid its multiyear battle to halt the rubella epidemic, the health ministry has given priority to women in light of a feared vaccine shortage that could strike as early as August."
Japan's $1 Trillion Pension Fund Mulls Real Estate Spree
Plutonium problem lingers as mixed-oxide fuel comes to Japan
Japan made secret promise with U.S. to restart pluthermal nuclear program

## China ##
Bank Transfers and Services Suspended in China: ATMs, POS Machines, Online Banking Paralyzed 50 Minutes
China bank outages trigger consumer cash worries
China Crashing: Shanghai Composite Tumbles Most Since 2009
China May 'Fine-Tune' Monetary Policies Amid Cash Squeeze
China Fuel Oil Imports Climb to Five-Year High on Iran Supplies
China's coal industry hurt by market downturn
Chinese Industrial Subsidies Grow 23%
China's tight liquidity to continue until mid-July: experts
Fast aging population challenges social funds
China's "Giant Ponzi Scheme" Won't End Well: Jim Rickards
China Cash Crunch Already Being Felt on the Ground

## UK ##
Charities forced to step in as farm incomes plunge
"Farmers' incomes have fallen dramatically as a result of prolonged bad weather and the financial crisis, new figures have revealed."
The other hacking scandal: Suppressed report reveals that law firms, telecoms giants and insurance companies routinely hire criminals to steal rivals' information
Scotland Yard spied on critics of police corruption
UK's Nationwide draws up plan to plug 1 billion capital hole-report
Benefit cuts: Wealthier pensioners face losing winter fuel allowance and free television licence
British 'spies' face millions of budget cuts

## US ##
Controlling The Implosion Of The Biggest Bond Bubble In History
The Stunning Hypocrisy of the U.S. Government
Don't Get Fooled Again — It's Time to Dump Bonds Now
U.S. Stocks Suffer Heavy Losses In Volatile Session On China's Credit Crunch And Taper Talk
The Real Cost: Rising Interest Rates and Monthly Mortgage Payments
Nightmare for Mortgage Rates: Way Worse Than Freddie Told You
10-Year Treasury Yield Up 100 Basis Points Since May; What's That Mean for Mortgage Rates and Housing Affordability?
Welcome To The Police Industrial Complex
Uncle Sam Wants You To Invest In "The Patriot Fund"
Failure to fix nation's worst pension crisis hurts Illinois' credit rating, costs millions
Cash hard to raise as Fed jars credit markets
U.S. not funding hospital residencies may up doctor shortage
Army to cut brigades at 10 US bases by 2017 to reduce spending as wars end
76% of Americans Are Living Paycheck-to-Paycheck
Not Prepared: 17 Signs That Most Americans Will Be Wiped Out By The Coming Economic Collapse
Munis Extend Worst Losses Since 2008 as Illinois Sets Sale
$1.2 Million in Cash Destined for Fed Goes Missing

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