Tuesday, October 08, 2013


News Links, October 8-9, 2013

## Global Ponzi meltdown/House of Cards ##
Caviar Off Indian Officials' Menu as Junk Rating Looms: Economy
For Arvind Mayaram, India's push to avoid having its credit rating cut to junk means he'll have to forgo caviar and a two-meter-long flat bed in first class on his flight from New Delhi to Washington D.C. this week.
This is nothing short of heartbreaking. Elites have to fly business class! What's this world coming to? -- RF
India to stick with austerity despite looming election
Indian business activity falls to 4-year low: HSBC
India car sales post steepest half-year drop in decade
World Bank cuts China, East Asia growth forecasts
IMF drops 2013 and 2014 global forecasts
IMF: global economy will be 'seriously damaged' if US fails to raise debt ceiling
Hilarious Charts Of The Day: IMF's "Growth Forecasts" Over Time
A Global Lost Generation: Youth Unemployment 'Epidemic' Is Borderless
Global trade weakening, economy to slow: APEC statement
Alcatel-Lucent Said to Plan to Reduce Staff by 10,000 Worldwide
A U.S. Default Seen as Catastrophe Dwarfing Lehman's Fall
Gold market report: Underlying physical demand from Asian markets remains strong
What if the Norwegian oil economy is a bubble?
World Bank to cut $400 million from budget in reorganization
When skills matter most for recovery, Spain and Italy show largest gaps in developed world
Italy may strengthen powers to intervene in economy
Plunge in US shares coming in early 2014: Societe Generale
U.S. shares are headed for a big drop in the first quarter of 2014, followed by a year-long period of stagnation, Societe Generale predicts.
No end in sight for debt addiction: Paul Singer

## Airline Death Spiral ##
Summit in Indonesia scrubs 673 commercial flights
Odds of AMR Merger Becoming Far More Favorable Again
Ryanair Has Finally Realized It Can't Treat People Terribly Forever
Three airlines file for fuel surcharge hike
Alitalia risks bankruptcy without capital increase: source
Africa's ailing national airlines survive on USD2.5 billion of government subsidy

## Fault lines/flashpoints/powder kegs/military/war drums ##
Are We Shifting to Africa Rather Than Pivoting to Asia?
The importance of Africa is, quite simply, resources. Is the US going to sit idly and watch as China moves in to scoop up the resources? Hell no! Chasing after "militants" and "terrorists" is a great excuse for shoehorning troops and other assets into Africa, where the US has already secured the military cooperation of most countries. Whether they play Monopoly or chess, the big players are moving their pieces into position to lock down everything they can. -- RF
Obama Escalates Bush-Initiated 'War on Terror' in Africa
Explosions across Baghdad kill at least 38 people
With little fanfare, Afghanistan War drags into 13th year
China warns US, Japan & Australia not to interfere in territorial disputes
Did Obama swap controversial 'black' detention sites for warships that sail seas indefinitely?
U.S. to halt Egypt aid after coup, turmoil

## Global unrest/mob rule/angry people/torches and pitchforks ##
India state: Telangana protests trigger power cuts
'Truckers Ride For The Constitution' Plans Beltway Demonstration To Protest Government Shutdown
Report: Chinese police fire at Tibetan protesters
Brazil Rio and Sao Paulo teacher protests turn violent
Lisbon subway strike heralds new wave of protests against Portugal's austerity measures
Dozens arrested in Kyrgyz gold mine protest
IMF Sees Possible Oil-Price Shock From Middle East Unrest
Arab Unrest to Cost $800 Billion as U.A.E. Benefits, HSBC Says
Political turmoil that started in Tunisia in 2011 and swept across the Arab world will cost the seven most-affected countries about $800 billion by the end of next year, according to HSBC Holdings Plc.
Growing wealth gap opens gate to unrest: Our view (US)

## Energy/resources ##
How Iran Plays the Oil Game … and Wins
Brazilian Policies Scare off Oil Majors
Must read: About That Shale Oil & Gas Miracle
US Shale Dealt a Blow as Oil Majors Struggle to Turn a Profit
The handwriting is on the wall. -- RF
Kuwait oil min says $100-$110 is a fair price
Indonesia Faces Bumpy Road as It Seeks Upstream Investments
Oil Theft is Costing Nigeria $1 Billion a Month
Plundering the Planet: a Report to the Club of Rome
Energy Quote of the Day: Russia Will Be Europe's Texas
Chevron Quits Lithuania Shale Gas Exploration Tender
Blackout in 5 AP districts, power crisis hits hospitals, water supply
Australian transport fuel supplies hit by tanker truck shortage
Vale warns less than two years before iron ore overcapacity
While the price of the steelmaking ingredient has so far defied predictions of a slump, producers are now warning that the price probably cannot hold up for much longer.

## Infrastructure scavenging ##
Scrap metal theft is a huge problem for some cities in Michigan

## Got food? ##
Systemic Pesticides: Chemicals You Can't Wash Off

## Lifestyle Solutions ##
To live a longer, healthier life: delay aging, don't just cure disease, study concludes.

## Environment/health ##
US Fracking Industry has Used 250 Billion Gallons of Water Since 2005
Minamata mercury treaty finds skeptics
New encephalitis outbreak in India's Uttar Pradesh
New salmonella outbreak in chicken resists antibiotics
Arctic's Hudson Bay Warming Rapidly, at Tipping Point

## Intelligence/propaganda/security/internet/cyberwar ##
The NSA's Hugely Expensive Utah Data Center Has Major Electrical Problems And Basically Isn't Working
Brazil is tip of the iceberg on Canadian spying, U.S. journalist says
Australian government withheld knowledge of Prism program

## Systemic breakdown/collapse/unsustainability ##
Is Homeland Security Preparing for the Next Wall Street Collapse?
Skyscraper Index is Flashing Red Alert

## Japan ##
Fukushima worker accidentally switches off cooling pumps, backup kicks in
Vice minister suggests making TEPCO's Fukushima sites hold waste since it's uninhabitable
Real Japanese Government Bond Yields Turn Negative
Maglev floats a fine line between success and failure
High radiation levels found at possible Olympic sites; Tokyo dismisses data
Japan Current-Account Surplus Plunges to Record August Low

## China ##
PLA constructing underground submarine base: Japanese media
A Suddenly Nervous China Tells The US To "Earnestly Take Steps" To Avoid A Default
China services firms see slower growth, weaker outlook
China's investment addiction

## UK ##
National Grid warns of winter blackout risk
Anti-drones protesters who broke into RAF base are praised by judge

## US ##
What happens when the U.S. disability fund runs dry?
Social Security issues debt-ceiling warning
Five Shocking Debt-Limit Scenarios
Threat of default overtakes government shutdown as center of attention for Obama, Congress
US consumer debt increased $13.6B in August but credit card use fell for 3rd straight month
Detroiters Living Amid Ruins Resist Moving as City Reorganizes
Shutdown Hits Navy Shipyards Hard
U.S. defense industry jobs at risk from federal government shutdown
Gov't expects most homeowners to pay more for heat this winter; heating oil costs to slip
The government forecast Tuesday that most households will pay more for heat this winter. Heating oil users will catch a slight break, but still pay near-record prices to keep warm.
Creditors back Alabama county's bankruptcy plan
Puerto Rico's debt woes hit muni bond funds
Gatsby Stays on Farm as Income Gap Limits Social Mobility
The End of the 'Layoff'
It's worth adding another data point to the long-term unemployment discussion, and it's the decline of "layoffs." The word layoff became a key part of the national economic vocabulary in the late 1970s and early 1980s, as factories shut down and workers were essentially told not to come in. It's still used frequently in the business press, but now when you read "layoff" it's most frequently a euphemism for workforce-cut.
It's Definitive: We've Reached Peak Jobs
Economic Confidence Collapses Most Since Lehman Bros. Debacle — Gallup
Janet Yellen to be named Fed chair on Wednesday: White House

And finally…
Iranians mock Netanyahu over jeans comment

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