Saturday, July 27, 2013


News Links, July 25-27, 2013

## Global Ponzi meltdown/House of Cards ##
One-Third Of Europe's Unemployed Are Spanish
French unemployment hits new record as economy struggles
Jobless Parisians Mean Fewer Peugeots in Slumping France
No End in Sight to Italy's Economic Decline
Only Hope For Italy is Bankruptcy
Debt Levels Are Skyrocketing To Extremely Dangerous Levels – How Long Can This Possibly Keep Going?
Alphaliner: Rate malaise spreads as overcapacity continues
"As a series of new ships have been delivered to the container freight routes from Asia to Europe, older ships on the routes have been moved to other routes, what is referred to as 'cascading.' This has put freight rates under pressure across the board, writes industry analyst Alphaliner on Tuesday."
Cyprus Deposits Plunge At Fastest Rate In History
Canadian bankers feeling the pain of 'decimated' mining sector
Iron ore miners face headache
Roche: Tough times ahead for the mining industry (Australia)
IMF and US worry Argentine debt default case may complicate debt relief for other countries
General Electric to cut 600 jobs in France: union
Spain Levies Consumption Tax on Sunlight
S&P cuts rating on 18 medium-sized Italian banks
Bankers Own the World, and are ultimately destroying it
Seoul Looks to Mine Gold Trade
"The South Korean government is mining for gold in the nation's underground economy as it hunts for revenue to pay for President Park Geun-hye's spending pledges."
Progress In Internationalizing The Renminbi
JPMorgan Mulls Physical Commodities Exit Amid U.S. Review
I walked into a bar and watched as people swapped thousands of dollars for bitcoins

## Airline Death Spiral ##
A summer of discontent for airlines (India)
Tiger losses widen
Chinese Airlines Face New Tax Hike For Airport Costs
"Last year 139 of the country's airports posted a combined loss of $300.2 million, amounting to an increase of 13.1 percent over the previous year."
Airlines Grounded Due To Aviation Fuel Shortage
"Thousands of air travellers were, yesterday, stranded in Lagos and other airports across the country, following scarcity of Jet A1 commonly known as aviation fuel, crippling flight operations in most parts of the country."
Tiger Airways Philippines wants up to 90% increase in fuel surcharge
Nigeria: Rwandair Decries High Cost of Operation in Industry
Qatar grounds a 787 as glitches pile up on Boeing jet
Ana Says It Found Damaged Wire in Boeing 787 Beacon
Oven on Boeing 787 Overheats During Air India Flight
Air France-KLM cuts losses, says more cost-saving needed
"Struggling airline group Air France-KLM said on Friday it had reduced net losses in the first half of this year but that more cost-saving would be needed to pull it out of the red."

## Fault lines/flashpoints/powder kegs/military/war drums ##
Clashes in Mexico's Michoacan state leave 22 dead
Egypt crisis: 'One killed' in Mansoura police blast
Egyptian army threatens to shoot violent protesters
Obama halts delivery of F-16s to Egypt amid unrest
US plans to bring Iran oil exports down to zero
Japan scrambles jets after China plane flies by southern islands
Turkey Jails 64 Journalists For Coverage of People's Protest
Evidence Mounts Agent Provocateurs Used by Brazilian Police
Protection for Snowden Russia's latest affront to U.S.
Senate Moves for Sanctions on Nations Helping Snowden
Sweden Proposes Nordic Battalion Force Plan
"A potential joint Nordic Battalion Force (NBF) will be on the table when defense ministers and commanders from Sweden, Finland, Norway and Denmark meet to discuss the Swedish proposal this fall."
Why the CIA Is Worried About Geoengineering
Caribbean Nations Demand Reparations for Slavery and Native Genocide
Israeli military exports hit record $7.5B
Israeli navy grapples with defending Med gas fields
"Amid signs Israel's effort to patch up relations with onetime ally Turkey is in difficulties, the prospect of exporting gas from offshore fields to Europe via a pipeline under the eastern Mediterranean to Turkey would seem to be dimming."
U.N. mulls use of private security groups
"The United Nations announced a panel discussion on the use of mercenaries and private security companies is scheduled next week at the U.N. headquarters."
China Coast Guard ships confront Japanese cutters

## Global unrest/mob rule/angry people/torches and pitchforks ##
Egypt crisis: Deadly clashes at pro-Morsi Cairo protest
Assassination of Leftist Leader Sparks Mass Protests in Tunisia
Petrobras Workers Strike, Shut Down Some Oil Platforms
"Petrobras oil workers affiliated with the North Rio Petroleum Workers Union, Sindipetro, went on a 24 hour strike and shut down 40 out of 48 deep sea oil platforms currently floating far off the coast of Rio de Janeiro and Espirito Santo states."
Protesters block British fracking campaign
Americans' frustration with gridlocked Washington grows
Villagers' fracking revolt leads to arrests (UK)
Brazilian protesters wreck banks in Sao Paulo
"Some 300 Brazilian protesters ransacked around 10 banks and set fire to a television news van in Sao Paulo on Friday before police dispersed them with tear gas."
With more Capitol protesters arrested Friday, both sides dig in their heels (US)
Protracted power cuts: 'City of Pirs' erupts in violent protests (Pakistan)
"Irate protesters burnt and vandalised Multan Electric Power Company (Mepco) offices and police stations on Friday in protest against unscheduled load-shedding and non-replacement of obsolete electricity transformers."

## Energy/resources ##
Must read: Peak oil isn't dead; it just smells that way
Long, but filled with facts and informed opinion, unlike the recent cornucopian hit pieces that are filled with ignorance and propaganda, and falsely claim that TOD is shutting down because peak oil was proved wrong. I'll say it again: In terms of net energy, peak oil is already in the rear-view mirror. -- RF
Must see: Peak oil per capita was 1979 (graph)
And in per capita terms it is in the rear-view mirror. It's all downhill from here. -- RF
Saudi Aramco's Oil Push to Raise Rig Count to Record
"Saudi Arabian Oil Co., the world's largest crude exporter, is set to add more drilling rigs than expected this year and hire more in 2014 as new fields are drilled to counter dwindling output from aging deposits."
Gulf rig partially collapses in fire off Louisiana: U.S. government
Australia May Contain World's Next Major Oil Find
Solar Industry Integration Limited, Overcapacity Hurting Margins
Is the Sun Setting on Middle East Oil Production?
From an investor, some realistic talk about field depletion in the Middle East and the need to employ more costly extraction techniques to maintain production. In particular, the remark about the need for reservoir management in Iraq is a real eye-opener, given the widely held belief that Iraq was supposedly going to be the new Saudi Arabia. Add to that the sorry state of Iraq's oil infrastructure. All things considered, it's no wonder that these days we no longer hear the prediction that global oil production will reach 120 million bpd. -- RF
Analysis: As Canada's junior miners flounder, long-term damage looms
"Hundreds of small mineral exploration companies may have their stock delisted by Canada's TSX Venture Exchange in the coming months, choking off a development pipeline that has long supplied major miners with new projects."
A Bad Time to Lose Iranian Oil
Sahara solar project fades, but sunpower shines in gulf
Abu Dhabi Boosts Oil Output in $40 Billion Plan
Teo urged immediate action to resolve diesel woes (Indonesia)
"The Department of Domestic Trade, Co-operatives and Consumerism must take immediate action to resolve the acute shortage of subsidized diesel, otherwise all economic sectors that require diesel fuel will be at a standstill in the next one week, thereby causing huge losses to the State."
Fuel retailers in price squeeze (South Africa)
Luzon faces power shortage in 2015 (Philippines)
Is the future bright for shale oil? Depends on whom you ask
The cost of exploiting Australia's new-found gas supplies is soaring
The world might be drifting into an oil price shock
Texas oilman George P. Mitchell, billionaire philanthropist and fracking pioneer, dies at 94
Here we can see that fracking was under development a long time, contrary to media reports that it is a "new" technology. -- RF
Where Is All Of The Water Going? A Look At Which Energy Resources Are Gulping Down Our Water
Leaks prompt concern over bitumen extraction methods (Canada)
Energy Crunch newsletter
Those who still don't believe net energy is falling fast should check out the graph. Effort (number of wells) to get natural gas in the US is skyrocketing while productivity is plummeting. And the resulting net energy decline is dismantling the economy, piece by piece. Do not fall for the hype and propaganda. -- RF
Iran on verge of electricity shortage, again
"Iranian Energy Ministry warned that, if citizens do not decrease electricity consumption, electrical outages will be inevitable, Jahanesanat daily quoted Iran's Energy Ministry as saying."

## Got food? ##
EPA raises the acceptable pesticide levels on US crops
Portable Chicken Mini-Coop Plan
Dry area expands in western U.S. Corn Belt -Drought Monitor
For India's Inflation Crisis, See Onion Prices
China eyes food security options in Venezuela
"China is considering investment in Venezuela's agriculture industries as part of a global strategy to secures diverse sources of food supplies for its burgeoning population."

## Lifestyle Solutions ##
The Brief, Tragic Reign of Consumerism—and the birth of a happy alternative
Living Fences: How-To, Advantages and Tips

## Environment/health ##
Honeybee Health Damaged by Common Fungicides, Study Finds
Brazil's new generation of Thalidomide babies
Climate change slowdown is due to warming of deep oceans, say scientists
Pooping Canada geese may have spread GM wheat seeds
Shale formations may be ideal for depositing Nuclear waste: USGS
Outbreak of foodborne parasite spreading across US
Los Angeles-area campgrounds closed after squirrel found with plague
Blaming Full Moon for Sleep Troubles May Not Be Lunacy
Consider the Cannibal Lobster: In warming seas, even lobsters think lobster is delicious.

## Intelligence/propaganda/security/internet/cyberwar ##
The NSA Says It Can't Search Its Own Email
Ahem. -- RF
Researchers 'physically' hijack cars
US: 4 Russians, 1 Ukrainian hacked corporations over 7 years, losses in hundreds of millions
Researchers to show new ways to hack oil, gas and water plants
"Cybersecurity researchers next week will demonstrate how hackers can potentially wreak havoc on critical U.S. infrastructure, even causing explosions by altering the readings on wireless sensors used by the oil and gas industry."
The Mind-Boggling Implications of a Bitcoin Economy
Don't get excited. The internet looks like something permanent and reliable, but that will change readily due to events such as infrastructure damage and power outages. And then your bitcoin currency will be inaccessible and worthless. -- RF
How Protecting Your Privacy Could Make You the Bad Guy
Your Car's Contribution to the "Big Data" Cloud
UK Porn Filter Will Censor Other Content Too, ISPs Reveal
Feds put heat on Web firms for master encryption keys
"Whether the FBI and NSA have the legal authority to obtain the master keys that companies use for Web encryption remains an open question, but it hasn't stopped the U.S. government from trying."
Securities and Exchange Commission wants to search private emails without a warrant

## Systemic breakdown/collapse ##
Could door-to-door Postal Service delivery end soon? (US)

## Japan ##
Nuclear renaissance: Fukushima decontamination and cleanup estimated at $50 billion, five-times gov't budget
Tepco reform committee chairman: contaminated water threatens Fukushima plant recovery
The Systematic, Unrelenting Deterioration Of Japan's Trade
Japan's Future: Less Sex, More Shoplifting
Retirees resort to robbery to eat
Japan might seek provision to allow pre-emptive strikes
Meiji to hike milk shipment prices by up to 4%
"Other dairy product companies are expected to follow Meiji, Sankei Shimbun reported Wednesday."
Japan Seen Needing $50 Billion to Cushion Sales-Tax Rise
Report: Japan Eyeing Marines, Drones
"Japan should acquire amphibious units like the US Marines and surveillance drones, newspapers on Thursday reported a government paper will say this week, as a territorial dispute with China rumbles on."
Abe tells Biden Japan will create own National Security Council
Japan finds traces of US Agent Orange components on Okinawa

## China ##
Platts Report: China Oil Demand Rises 11.7% in June Versus a Year Ago
Greenpeace says Chinese coal company exploiting water
"A major Chinese state-owned coal producer is exploiting water resources in Inner Mongolia at a "shocking scale," says a Greenpeace report."
Is China's debt nightmare a province called Jiangsu?
"The nightmare scenario for China's leaders as they try to wean the country off a diet of easy credit and breakneck expansion is a local government buckling under the weight of its own debt. Few provinces fit that bill quite like Jiangsu, home to China's most indebted local government."
Is China about to launch a new round of stimulus?
Overcapacity vexes Chinese steel industry in H1
China Cuts Capacity in Some Industries to Reshape Economy
PLA said to have built world's largest conventional submarine
Power, water usage reaches peak level (Shanghai)
Despite Volume Drop, Hong Kong Real Estate Prices Get Even More Ludicrous
World's Tallest Skyscraper Remains a Hole in Chinese Ground
The great wall of China worries is getting higher, BRIC by BRIC

## UK ##
Wind farm companies warn against wild land ban
"Wind farm companies have warned Alex Salmond they must be allowed to build on wild land and near homes if his green energy targets are to be met."
Flooding in winter to get worse, scientists warn
U.K. Economic Growth Quickens to 0.6% as Recovery Gains
All right! Growth is up to 0.6%… it's a recovery! -- RF
Shetland shellfish sites close after high toxin levels found
"All shellfish harvesting sites in Shetland have closed and mussels from the islands withdrawn from sale after unusually high levels of toxins were detected."
UK Serious Crimes Agency buried evidence of massive criminality by major corporations, rich people -- wouldn't even tell the cops
Civil servants told not to take electric fans to work
"Whitehall officials told air coolers could have 'potential impact on electrical supplies' and present a 'risk to electric shock'"
Thousands of unexplained and unexpected deaths among elderly revealed in leaked Government analysis
Chinese firm Huawei controls net filter praised by PM
Energy-efficiency squads will visit UK households
"Sending installers out to properties street by street is the latest stage of the green deal scheme to curb rising bills"

## US ##
Pentagon: Cost of operating Guantanamo in 2013 is $454 million
A bleak forecast from heavy equipment maker Caterpillar sours the mood on Wall Street
Five Signs That Housing Market Recovery Is Caving In
The Mythical American Manufacturing Renaissance in Three Charts
300 layoffs expected Spirit Aerosystems, union says
"Spirit Aerosystems (SPR.N), a major supplier to Boeing (BA.N), Airbus (EAD.PA) and other aircraft makers, is expected to lay off about 300 people on Thursday, a union leader said."
The Nightmare Ahead: 19 US Cities Have More Public Workers per Resident than Detroit
Social Security can't fund your retirement
Will your pension disappear, post-Detroit?
"Create a 'what if' plan that assumes pension is cut by half"
Business Executives Call Political Giving 'Pay to Play'
GM stock must nearly triple for taxpayers to break even
Blimps to Defend Washington D.C. Airspace
Halliburton Admits It Destroyed Gulf Spill Evidence, Pays 0.0007% of Revenue Fine
Local food bank shelves face summer shortage
Hedge funds ruled the finance playground; now SAC Capital is just the latest black eye
3 More Reasons To Be Wary Of Muni Bonds
Municipal bonds 'hemorrhage' $1.2 billion on Detroit fears
It Is Happening Again: 18 Similarities Between The Last Financial Crisis And Today
Some Hard Truths Become Apparent When One Faces Muni Bond Realities
Who Are We at War With? Sorry, That's "Classified"
Lawsuit: SWAT Officers Dragged 10-Year-Old from Bathtub, Made Him Stand Naked Next to 4-Year-Old Sister, Terrorized Family
The rise of the mooching millennial

And finally...
Women sensing a woman moving in on her man flash Gucci, Fendi
Half-hour version of Monopoly launched, but jail space remains

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