Monday, July 01, 2013


News Links, June 27-29, 2013

## Global Ponzi meltdown/House of Cards ##
Ireland Slumps Back Into Recession, As Exports Fall
"Despite hopes of an economic recovery, Ireland has fallen back into a recession, after its gross domestic product was found to have contracted for the third quarter in a row. The country's consumer spending fell prodigiously early this year, and exports are down, as well."
Jobs crisis: Europe's great migration
France Jobseekers Hit Another All-Time Record
France's Public Auditor Says 2013 Deficit May Be Higher Than Thought
Italy Risks Billions in Losses Over Derivatives
"Italy faces potential losses worth billions of euros on derivatives contracts it restructured at the height of the euro-zone crisis, the Financial Times reported Wednesday, citing a confidential report by the Rome Treasury."
Italy Seeks to Fight High Youth Unemployment
Euro-Zone Lending Falls Further in May
New EU Plan Will Make Every Bank Account In Europe Vulnerable To Cyprus-Style Wealth Confiscation
The gold and silver crash is artificial
"So both the U.S. government and the banks that they've bet our future on are now in a position where they need to get their hands on as much physical gold and silver as they can and the easiest way to do that is by plundering the wealth of the world's people by artificially crashing gold and silver here to try to induce them to sell away their physical gold and silver coins and bullion at lower prices."
Available Gold Supply Disappearing As Gold Price Plunges
Gold Premiums Double In India As Demand Outstrips Supply
Brazil riots raise questions over sporting mega-events
"Brazilian anger against the cost of staging the World Cup could undermine the argument that host countries benefit from sporting mega-events as they become too big for most countries to handle."
Everyone has wanted the Olympics and other big sport events to create huge cash flows, but under the expensive energy regime of recent years, hosting the events and maintaining facilities after events are turning into a huge economic drag, and spawning unrest. -- RF
Brazil Burns With Bus Fares Double NYC: Chart of the Day
Mexico aims to bring shadow economy into the light
The Trigger Has Been Pulled And The Slaughter Of The Bonds Has Begun
World's Most Indebted Households Face Rate Pain: Nordic Credit
Ben Bernanke's Real Message for Gold Investors, Translated by John Williams
"Don't fall for propaganda from the Federal Reserve about tapering quantitative easing, says ShadowStats editor John Williams in this interview with The Gold Report. His corrected economic indicators show the U.S. is nowhere near a recovery and the Fed will have to increase rather than decrease bond buying to prop up the banks and push off inevitable dollar debasement. That could be very bad for savers, but good for gold."
Global Ponzi Scheme
Australian Mining Jobs Fall Amid Slowdown
IBM layoffs pass 3,000, says labor group
Shipping capacity growth drops but outpaces demand, negative for tanker stocks
Shipping rates for tankers continue to fall, outlook remains negative
Toll warns of looming job cuts
"Transport and logistics group Toll Holdings has warned it will cut jobs due to the poor performance of its global freight services business. The comments came as the company announced a $200 million writedown on the value of its global forwarding business, which handles sea and air freight."
Vietnam devalues currency to aid exports, reserves
What Slowdown? Rich Europeans Only Getting Richer

## Airline Death Spiral ##
Fewer Flights and Higher Fares: Is This the Future of Air Travel?
"If the American Airlines and US Airways merger goes through, four carriers will control nearly 85 percent of U.S. air travel, leading to higher fares, fewer flights, and less choice for many fliers. In fact, industry-wide, fares are rising, planes are packed, and flying has never been more of a hassle."
Shifting global airline puzzle raises question about how travelers benefit
American Airlines cut 4,800 jobs in last year
"American Airlines and its regional carrier have shed 4,800 jobs in the last year, more than any other carrier during a period of widespread industry layoffs, according to a federal report Tuesday."
Kenya Airways reports a shock USD92 million loss for FY2013, but grows its Asian markets
General strike to affect flights to Portugal
Air India Seeks $500 Million Bridge Loan - Executive
ANA says Dreamliner jet had problem with AC power supply
Airline Reservation and Bag Fees Soar Above $1 Billion

## Fault lines/flashpoints/powder kegs/military/war drums ##
Syria war exerts growing strain on Lebanon tinderbox
Natural Gas Discoveries in the Eastern Med Reignite Old Rivalries
China resettles two million Tibetans, says Human Rights Watch
Israel may withdraw from '90 percent' of West Bank
Iraqi official says Baghdad would welcome more US military help; bombs hit cafes, killing 16
Ecuador Cancels US Trade Pact Over Repeated Threats
"Offers 'Aid' to US to Train Them Not to Attack Peoples' Privacy"
Diplomats from Several Countries Set Up Meeting to Discuss Snowden Case
US spooks stockpile arms for Syrian rebels in Jordan for August onslaught – report
Russia to Build 100 New Military Bases and Airfields
Russia reports pullout from small base in Syria
Shipping companies brace for Suez Canal disruption
Bombings in Baghdad cafés leave at least 22 dead
Missing nuclear material may pose attack threat: IAEA
"Nuclear and radioactive materials are still going missing and the information the United Nations atomic agency receives about such incidents may be the tip of the iceberg, said a senior U.N. official."
The increasing inability to manage nuclear materials, nuclear installations, and radioactive waste bodes ill for life on Earth. Contamination will only increase through natural processes and theft. -- RF
Japan pledges to help Philippines in territorial row with China
Saudi Arabia Barricades Its Border, U.S.-Style

## Global unrest/mob rule/angry people/torches and pitchforks ##
Violence in China's Xinjiang 'kills 27'
China calls Xinjiang unrest a 'terrorist attack', ups death toll to 35
Brazilian protesters clash with police outside stadium
Egypt's President Morsi warns unrest risks paralysis
Clashes erupt as Egyptian president's backers, opponents rally ahead of big weekend protest
Egypt Clerics Warn of 'Civil War' as Rallies Begin
Rising middle class fuels Brazil's protests (CNN)
The real story is that, like many other countries, Brazil promised its people extravagance and then found that it could not deliver. Despite its offshore oil fields, Brazil too is caught with the rest of the world in the downward energy spiral. -- RF
Will Brazil-style protests spread throughout Latin America?
Portuguese trade unions strike over austerity
Protests, Riots: Why Investors Should Brace for More
Chile student protest turns violent
Peru peasant squads rally against U.S. firm's $5 billion gold mine

## Energy/resources ##
Chinese secure foreign oil in $100B buying spree
"In recent weeks, state-owned Chinese oil companies have paid $1.5 billion for a stake in an Angolan oil field and bought a $4.2 billion share in an offshore Mozambique gas field, part of a global spending binge by Beijing to secure foreign oil resources."
Argentina struggles to raise cash for shale development
Exciting New [Expensive] Method for Turning CO2 Directly into Methanol Fuel
Fusion energy dreams smash into hard economic realities
Power restored after big outage hits Toronto's downtown core
Massive blackout hits Sarawak
Coal Crippled by Supply in Worst Quarter in Year: Energy Markets
Renewables to create quarter of world's electricity by 2018-IEA
Shale, the unfinished revolution
Laughably absurd. As we've seen, net energy continues its inexorable decline, which is chipping away relentlessly at the crumbling foundation of industrial society. Peak energy is therefore in the rearview mirror, while "managing abundance" is all about how much money governments and corporations can drum up to keep subsidizing a losing game. Remember when oil was $10/bbl? If this is really an energy "revolution" worthy of the name, why do oil prices stubbornly stay so high? The answer is that junk hydrocarbons aren't bringing any "revolution," just declining net energy. -- RF
U.K. Wave Energy Needs Strike Price Six Times Higher Than Coal
"Technologies that make electricity from waves need subsidized prices almost six times tariffs paid for coal-fired power if British developers are to bring their devices to market, an adviser to the government said."
As Gaza heads for water crisis, desalination seen key
Lakes dry. Reservoirs empty. There's just not enough water (India)
European Resistance to Gazprom is Futile
Norway overtakes Russia as EU's biggest gas supplier
Shtokman delayed 'indefinitely'
"Russian giant Gazprom has reportedly placed the development of the Shtokman gas field, in the Barents Sea off Russia, on hold. Agence France-Presse (AFP) reported that Gazprom was placing the project on ice until new technology was available to make the project more viable."
Deepwater Drilling Spend to Rise to $114B by 2022
"Global expenditure on drilling deepwater oil and gas exploration wells is expected to almost triple to $114 billion by 2022 from $43 billion in 2012, Wood Mackenzie said in a statement Thursday. Deepwater exploration has eclipsed onshore and shallow water exploration in the last decade by around 41% in discovered volumes and $351 billion in value created, the consulting firm said, adding that deepwater drilling is expected to grow at 9% a year over the next decade."
EU smart meter roll-out lags behind ambition
Is a Commercial Aviation Biofuel Industry Around the Corner?
No. The biofuel industry is powered by fossil fuels. -- RF
Kinder Morgan pipeline shut down again
Egypt endures fuel crisis
No relief for consumers, businesses as power prices soar (Australia)
There is No 'Free Energy'
How Gazprom's $1 trillion dream has fallen apart
But Gazprom can rest assured that the "shale revolution" is only a short-term threat. -- RF
Shale Truth Interview Arthur Berman (video)
Shale oil feasibility remains controversial now
World spare oil capacity slips, production up - EIA

## Got food? ##
Seek and ye shall find; counterfeit food more widespread than suspected
Genetic modification: Seed companies fight back
Flooding costs farmers €1 billion as damage tally continues (Europe)
Argentine bread price rise from wheat shortage leads government to consider suspending exports
Argentina sees sharp rise in apple and pear production costs
"The dollar cost of producing the fruit has doubled over the last six years."
Water shortage hits food supply (Pakistan)
New Bugs In Florida Stymie Researchers, Threaten Crops
Food Buyers Beware: Bad Government Policies Turning Farmlands to Dust (US)
It isn't just government policies, but the whole unsustainable industrial agriculture system. Falling aquifers, drought due to shifting rainfall patterns, topsoil loss, skyrocketing input costs… Anyone can see that this won't end well. -- RF
June Farm Prices Still Lag Rising Costs (US)
Very Little Soy is Actually Sustainably Produced
World Bank Sees 'Vulnerable' Food System on Climate Change
Dwindling stocks buoy soyameal prices
"Soyameal, the key ingredient for feeding chickens and pigs, hit a seven-month high on concerns over the low levels of soyabean inventories in the aftermath of last year's severe drought."
Food prices far outpace consumer price index (Canada)
Biofuels Are Raising the Cost of Food
"The impact of biofuel production on food prices has been disputed not so much on the basis of whether there is such an impact, but rather about the dimension of that impact. Many have argued that the effect is relatively small. A new study by a panel of experts for the United Nations Committee on World Food Security finds that the impact is substantial."

## Environment/health ##
Rising seas washing away Pacific leader's home island
Dangerous heat wave forecast in Southwest
U.N. appeals for funds to fight locust outbreak in Madagascar
Massive tar mat dug up off Louisiana coast, 3 years after Gulf spill
U.S. Megadrought a Bad Omen for Forests Globally
Untreated sewage closed U.S. beaches for 20,000 days
The scariest infectious diseases right now
Beware the 'crazy ants': They'll destroy your electronics

## Intelligence/propaganda/security/internet/cyberwar ##
U.S. energy companies seen at risk from cyber attacks: CFR report
"U.S. oil and natural gas operations are increasingly vulnerable to cyber attacks that can harm the competitiveness of energy companies or lead to costly outages at pipelines, refineries or drilling platforms, a report said on Wednesday."
US-UK intelligence-sharing indispensible, says Hague
NSA Deletes Fact Sheet On NSA Spying After Senate Points Out It's Actually NSA Lying
Bush spy program continued under Obama gathered American citizens' Internet data until 2011
NSA surveillance: don't underestimate the extraordinary power of metadata
"The Obama administration gathered U.S. citizens' Internet data until 2011, continuing a spying program started under President George W. Bush that revealed whom Americans exchanged emails with and the Internet Protocol address of their computer, documents disclosed Thursday show."
How the NSA is still harvesting your online data
As Health Records Go Digital, Where They End Up Might Surprise You
Cyber 'Pearl Harbor' Fears Put Oil Industry on Alert
Ex-Pentagon general target of leak investigation, sources say
"Legal sources tell NBC News Cartwright has been notified he's the target of a Justice Department criminal investigation into a leak about a covert U.S. cyberattack on Iran's nuclear program."

## Systemic breakdown/collapse ##
Employers struggling to find engineering, IT and technical recruits (UK)
Why Centralization Leads to Collapse

## Japan ##
Oil Imports From Iran Double in Japan Despite Western Sanctions
Reality Will Clobber Japan: Peter Schiff
Renesas to cut more than 1,000 jobs in Europe
Radiation Levels Skyrocket at Fukushima
Fallout decontamination efforts falling short
"'Cleaned' Fukushima municipalities find radiation failing to drop"
Post-Fukushima radioactive iodine spread shown in map
Fukushima Watch: Staff Shortage May Delay Reactor Restarts
Melted fuel removal at Fukushima plant seen optimistically starting in 2020
Japan's first MOX fuel since Fukushima disaster arrives to protests in Takahama
Japan unlikely to use MOX fuel in nuclear reactors
Funds from disaster relief budget given to nuclear operators

## China ##
Wenzhou Shadow Banks Unhurt by China Crunch as Rates Steady
China's campaign to clean up risky bank lending threatens credit for entrepreneurs
Riots in Xinjiang Kill 27
China Industrial Profits to Show Worsening Economy
In China, Full Employment No More
Chinese aluminum smelters suffer overcapacity
China steel firm goes bust as slowdown, supply glut bite-report
What Does China's Dr. Doom Foresee?
Hong Kong Stocks Fail to Lure JPMorgan With Worst Developed Drop
China Manufacturing - Getting From Bad to Worse?
Beijing land auction highlights China property dilemma
PBOC Head: China to Speed Up Yuan Convertibility
China: 'Too Government To Fail'

## UK ##
NHS hospitals asked to generate own power amid blackouts fears
"Four hospitals already signed up to deal under which they reduce demand from National Grid by using diesel generators"
As Domestic Production Falls UK Fossil Fuels Imports Reach Record Level
UK energy regulator warns of increased blackout risk by 2015/16
Millions told they will have to work longer or cut spending to pay the mortgage
UK Households Disposable Income Sees Biggest Fall In 26 Years
Economic data revised to erase double dip recession
Direct Line set to cut 2,000 UK jobs
Police 'spying' on almost 9,000 extremists
Britain's high-speed rail project cost rises by 10 billion pounds
Spending review: George Osborne targets benefits and slashes public sector jobs
Bee crisis: UK government launches 'urgent' review

## US ##
Biggest cause of personal bankruptcy: Medical bills
"Rising medical bills are expected to push 1.7 million American households into bankruptcy this year—making health expenses the single biggest cause of such filings, outpacing bankruptcies due to credit-card bills or unpaid mortgages."
What Recovery? Americans on Food Stamps Outnumber Population of Spain
Galveston residents asked to restrict water usage due to drought
Nuclear Waste: A $1 billion Energy Department project overshoots its budget by 600 percent
U.S. first-quarter growth cut to 1.8 percent
Teen brawl closes South Florida mall
The Single Largest Driver of the US Economy is About to Collapse
Real Disposable Income is Falling at 2008 Rates
Hot, Dry Winds Help Spread Deadly Valley Fever Infections
The Foreign Companies That Are Buying Up America
The Fed has built a financial pyramid based on unsustainable low rates.
Student-Loan Rates Set to Double Unless Congress Acts
Financial Stress Index Hits Scary Level
Consumer Metrics Institute: Recovery Is a Sham
Ethanol Mandate Drives Up Food Prices, Hurts Restaurants
In Phoenix, 'Zombie' Subdivisions Rise From The Dead
Blistering heat, water shortage… Count me out. What a disaster this will be. -- RF
Heat wave strikes western US as temps approach 120 in Phoenix, Las Vegas
Spotted Owl Listing Pushes Oregon County Near Insolvency
The real story is that there are too many people chasing after too few resources. -- RF

And finally...
5 craziest crimes of the week

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