Sunday, June 09, 2013


News Links, June 8-10, 2013

## Global Ponzi meltdown/House of Cards ##
Don't Get Duped by Gamed Corporate Earnings
Why You Will Be Blindsided By The Next Financial Crisis
China, European Union risk trade war, observers say
Shrinking Greek economy
Greek GDP Plunges To Year 2000 Levels
Pakistan's state-owned businesses bleed money, pose test for new government
French president says eurozone crisis is over
Phew! What a relief! Now we can get back to growth. -- RF
Tankers: Overcapacity still plagues the market
Cheap credit has inflated the markets, and we could be in for a crash landing

## Airline Death Spiral ##
Delta to pull plug on Memphis hub after Labor Day
AMR's Passenger Revenue Per Available Seat Mile Down 1.8% in May
Airlines Look At Major Widebody Acquisitions
Watch for the overcapacity warning signals to flash again. -- RF
Ancillary services to help Indian carriers fly out of red
"For bleeding Indian carriers, earning revenue from non-ticket or ancillary sources, a strategy adopted by global peers seem to be the only recourse to turn profitable."

## Fault lines/flashpoints/powder kegs/military/war drums ##
Tanzania: Somali Piracy Costs African States Over U.S. $6 Billion in Revenue
West African pirates shift tactics
"Pirates in the Gulf of Guinea are ranging further from their bases in Nigeria to attack moving ships and are apparently developing ways to force their way into crew quarters in order to take hostages for ransom."
Bangladesh-based pirates pose a growing threat to shipping
Putin announces permanent navy presence in Mediterranean to protect Russia's security
Suspicion and Hate: Racist Attacks On Arabs Increase in Israel
"Arabs are being beaten and insulted in Israel, where the number of racially motivated attacks has risen dramatically. The unresolved conflict, fueled by nationalist politicians, is shifting from Palestinian areas into the Israeli heartland."
Three Americans Killed In Latest Afghanistan 'Insider Attack'
Nuclear hazard in Tokyo, Delhi embrace
US Tests Iran Nuclear 'Bunker Buster'
Israel official: No Palestinian state in '67 lines

## Global unrest/mob rule/angry people/torches and pitchforks ##
Wal-Mart Meeting Spurs Protests Over Low Pay, Safety Issues
Indigenous Peruvians protest state oil company taking over their land
Thousands of Turks defy Erdogan as protests rumble on
Pro- and anti-govt protesters clash in Turkey
Authorities: China Bus Fire That Killed 47 Was Arson-Suicide
Deadly clashes after Libya protest
Ankara protesters clash with Turkish police
Germany: Thousands of 'Blockupy' protesters in Frankfurt
Anti-austerity groups gather in Athens to protest cuts
Unrest in mining sector continues (South Africa)
Russian health official says 68 F too hot for protest demonstrations
Two Yemenis killed during protest against secret service
Tanks in Beirut as Syria protest leaves one dead
Labour unrest surging in Cambodia

## Energy/resources ##
Petrobras's Biggest Oil Discovery Brings Cost Concerns
See? It doesn't matter how much oil is discovered. What matters is how much it will cost to extract it, and what the resulting net energy is. -- RF
Must read: Concerns over Future Oil Production from Iraq
Africans get tough with mineral-hungry China
Fracking Creates Water Scarcity Issues in Michigan
Peak water limiting energy production
Urals Exports Plunge as Russia Refiners Keep Oil: Energy Markets
Maximino Field to Be Largest Yet in Mexican Perdido, Pemex Says
Mexico's Pemex says losing up to 10,000 bpd to oil theft
"Crude oil theft at Mexico's state oil monopoly, Pemex, amounts to as much as 10,000 barrels per day (bpd) and has been rising by nearly a third annually, a top official with the company said on Thursday."
Clouds gather over Mexico's proclamation of new oil dawn
Total CEO Sees Refinery Halts in Europe, France on Overcapacity
High Oil Prices are Starting to Affect China and India
Ethiopia says it won't bow to Egyptian pressure over Nile dam
German experts: Fracking is unnecessary and risky
"German environmental experts doubt that developing shale gas is economically profitable and worthwhile for the country's energy transition. They also question the technology of fracking and call for a European Environmental Impact Assessment  Procedure to be adopted."
Cost of extracting shale gas may outweigh benefit: report (Australia)
"AUSTRALIA may have more than 1000 trillion cubic feet in undiscovered shale gas resource, but the enormous cost of infrastructure needed to extract it may outweigh its economic benefit unless shale gas prices rise, a new report has found."
At least the Germans and Australians are honest about it. Judging by the mainstream US media, you'd get the impression that shale gas is profitable in the US, which it isn't (for example, see here and here).
Calif. nuke plant closure is latest sign of struggle for industry once hoping for wider growth
I'm on record as saying that the "nuclear renaissance" won't happen. Like high-tech renewables, nuclear power was never anything more than a fossil fuel extender, and a very expensive and dangerous one at that. Its legacy will be a few decades of electric power generated at an astronomical price to be paid throughout future centuries. -- RF
Florida Repeals Renewable Fuel Standard; Silly Senator, Corn is for Food!
Google Gobbles Up Entire Output Of New Swedish Wind Farm
Global helium shortage affects many businesses
Daily power outage 6 hrs now (Nepal)
17 states to face power shortage this year (India)

## Got food? ##
Peak soil: industrial civilisation is on the verge of eating itself
"New research on land, oil, bees and climate change points to imminent global food crisis without urgent action"
Farmers brace for major losses from Central European floods
Monsanto Says Rogue Wheat in Oregon May Be Sabotage
Washington farmers file lawsuit against Monsanto
Hog Stock: Inside China's Strategic Pork Reserve

## Environment/health ##
Europe floods: Hungary Danube set for record high

## Intelligence/propaganda/security/internet/cyberwar ##
Does Mining Our Big Data for Terrorists Actually Make Us Any Safer?
Did U.S. Cyberattacks On Iran Backfire On American Banks?
Anonymous Just Leaked a Trove of NSA Documents
Exclusive: Top NSA Whistleblower Spills the Beans on the Real Scope of the Spying Program
The NSA's "Boundless Informant" Collects 3 Billion Intelligence Pieces From US Computer Networks In One Month
Report: NSA contract worker is newspaper's source on US government surveillance program
Israeli Involvement in NSA Spying
Iran ups cyber attacks on Israeli computers: Netanyahu
U.S. surveillance row washes up on Pacific allies' shores
Facebook forensics? What the feds can learn from your digital crumbs
The Motherboard Guide to Avoiding the NSA
How to Shield Your Calls, Chats, and Internet Browsing From Government Surveillance
Can Disposable "Burner" Cellphones Protect You From Government Surveillance?
Secret Intelligence Fuels U.S. Hacking Fight With China
The Government "Quite Literally Can Watch Your Ideas Form As You Type"
UK's GCHQ piggybacking on covert NSA Internet Operation Prism
You're sharing your private data with corporations and governments all the time.
The NSA's Best Tool for Snooping: You Carry It in Your Pocket Every Day
Google CEO refutes reports tying Internet search leader to US government's secret spy program
Obama orders list of foreign cyber targets
"President Barack Obama has ordered his national security team to draw up a secret target list for possible cyber attacks, a major expansion of U.S. planning for disabling and hacking into foreign computer networks, according to a copy of the top secret directive."
Spying on Americans before 9/11: NSA Built Back Door In All Windows Software by 1999
New Xbox by NSA partner Microsoft will watch you 24/7
Holiday Shoppers Beware: The Mannequins Are Watching You

## Systemic breakdown/collapse ##
Collapsing Bridges
Main Street Family Pharmacy: Fungus, Bacteria Found In Drugs From Tennessee Pharmacy
Why we need 202-story skyscrapers
Here we have a typically myopic, energy-illiterate view of the future. Although the suburbs are transforming into slums, it would still be possible for some people to live there, even without electricity. But large structures like this will simply be uninhabitable and impossible to maintain. -- RF
Auto engineers too few or just harder to find? (US)
Fears of engineering brain drain as infrastructure projects dry up
"Australia's engineering industry is undergoing a major contraction with one insider saying up to 7,000 jobs have been lost in the past six months."
Engineers and skilled workers are the people who maintain the infrastructure of industrial society, yet there is a growing worldwide shortage. -- RF

## Japan ##
Japan's Margin Debt Explodes
Richard Koo: "Honeymoon For Abenomics Is Over"
Monju reactor's sodium heater temporarily halted by error
Sea of Japan methane hydrate survey kicks off
This is going to be another loser, just like shale gas. -- RF
Survey: Half of students say working abroad 'impossible'
I would say rather that the globalization mindset is beginning to weaken. -- RF
'Abenomics' hitting consumers from all sides

## China ##
China Export Growth Plummets Amid Fake-Shipment Crackdown
China will buy more than 24 Su-35 fighters from Russia: source
Gas and oil pipelines from Myanmar to China to open soon
China State Council in talks with aluminum smelters to control overcapacity
Chinese steel market unlikely to revive without production cut
China Data Highlights Weak Economy, Remedies in Focus
"China's growth could slow further after data released on Sunday showed subdued activity right across the economy in May in the face of sustained global weakness, raising the possibility of interest rate cuts."
China trade data shows growth worries

## UK ##
Revealed: £2bn cost of failed Sellafield plant
One in five Brits want to ban Google Glass
Government's 55-Year Bonds Set To Raise Billions

## US ##
Meredith Whitney: The 'Shocking' Details Behind California's Budget Surplus
It isn't just California. The whole infinite-growth economy is a ponzi-scheme system based on hocus-pocus devices like fractional reserve lending and fiat currencies. As the smoke clears and the mirrors fall away, we can see that it was all deception and illusion from the outset. And now the chickens are coming home to roost. -- RF
American Households On Foodstamps Climb To New Record
Bread, butter, and food stamp economy: Is the US developing a permanent under-class of citizens economically?
Why Americans' paychecks are shrinking
"Companies' tax dodges result in the biggest drop in wages since the 1940s, and the numbers may be a sign of things to come."
U.S. government shutdown battle looms as budget woes fester
Majority of women, blacks and Latino seniors on cusp of poverty
Report: Wal-Mart's low pay drives employees onto public benefits
Who represents the public at the Foreign Intelligence Surveillance Court? (Short answer: No one.)
7 graphs that prove America is overrated
After battle over safety, Southern Calif. utility will close troubled San Onofre nuclear plant
California official: State will need to conserve energy this summer
The Unemployment News Is Worse For Many
Some companies let employees buy extra time off or sell unused vacation time for cash
Bulk of U.S. Payroll Gain in Jobs Paying Less-Than-Average Wages
As Paul Craig Roberts noted back in 2006, America is turning into "a nation of waitresses and bartenders." -- RF
94% Of April Consumer Credit Goes To Student And Car Loans
The 4th amendment violations will continue until morale improves
As I've observed before, the US has the most successful propaganda system in the world. -- RF
This Rally Has Been Based on a "Fantasy," Says Peter Schiff
What the NSA costs taxpayers
Colorado counties want to secede, form North Colorado
SEPTA engineer shortage leads to canceled trips
"SEPTA doesn't have enough engineers to run all of its trains all of the time. On Saturday, eight Regional Rail trains were canceled because of crew shortages, and engineers say the problem is chronic and may get worse."
Defense Contractors Turn to Border Control for New Profits
Cash Home Sales, Flipping, Offer More Signs of Housing Bubble; Housing Insanity Stage 2
Madoff, other felons say markets are unfair

And finally…
Bras begone: China clamps down on cheating in university entrance exams by banning brassieres
5 craziest crimes of the week
Saudi Prince Sues Forbes for Undervaluing His Fortune
Uh-Oh! 15 Phrases That Tell You to Run
On the Internet, it pays to have a weird name
"People with the same name mistakenly receive love notes and more"
I myself have gotten some interesting misaddressed emails. Unfortunately, no love notes… -- RF

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