Thursday, June 05, 2014


News Links, June 5-6, 2014

## Global Ponzi meltdown/House of Cards ##
Singapore Joins China With Dangerous Debt Level, GMT Says
This New Libor 'Scandal' Will Cause A Terrifying Financial Crisis
The vastly worse Libor "scandal" that I am referring to is the fact that the Libor has stayed at record low levels for the past half-decade, which is helping to fuel a massive economic bubble around the entire world that will end in a devastating financial crisis that will be even worse than the Global Financial Crisis. Instead of causing a few tens of billions of dollars worth of losses like the Libor rate-fixing scandal, the "Libor Bubble" will gut the global economy by trillions of dollars.
ECB hurls cash at sluggish euro zone economy, seeks to force bank lending
ECB Pulls Out Pea Shooter, Fires, Misses Target
Russia, N.Korea to settle trade in roubles in bid to increase trade
Monetary Lunacy Alert: Keynesian Statists Like Kenneth Rogoff Want To Criminalize Cash!
Venezuela Sacrifices Drinking Water to Pay Bondholders
Chinese Slowdown Threatens Global Luxury Boom: Chart of the Day
Central banks and a global soft default: Current interest payments on public debt now exceed $415 billion per year. In 2000 $1 trillion in Fed debt was held by foreigners while today it is up to $6 trillion.
Foreign banks fall out of love with US
Renminbi clearing bank to open in London
Rich-poor divide: Will that be a 6-bedroom suite or just a couch?
Private elevators, personal shopping assistants, six-bedroom suites with their own postal codes. Even helipads. This is what the super-rich have come to expect from hotels. For others, vacation now means renting someone's apartment, a spare room, maybe just a couch - anything to save on the cost of a hotel.
Canary In The Iron Ore Pits: Prices Plunge Below $100; Massive Glut Building
Top 8 Reasons To Be A Little Nervous About Stocks At These Levels
Giant Sucking Sound: Russian Money Yanked From US Banks
Ford expects 'significant' second-quarter loss in South America

## Airline Death Spiral ##
Airlines' summit highlights shift of power to Gulf carriers
American Airlines' Retirees Are Furious Over Changes to Their Flight Benefits
IATA calls for better control of air rage
Clouds in the Singapore sky
EgyptAir Scales Back Flights, Fleet Expansion After Losses Mount
Crater Lake / Klamath Regional Airport loses passenger service
Modesto Airport prepares to end passenger service
Top Ten Airline Cost-Cutting Measures Coming Your Way (Satire)
Glitch grounds 100 JAL flights
A Chinese airline might start letting flyers bid on seat upgrades

## Fault lines/flashpoints/powder kegs/military/war drums ##
Russian Military Jet Intercepted U.S. Plane Near Japan
July deadline for Iran nuclear deal appears in jeopardy: envoys
US Welcomes Coup Leader As Egypt's New President
The Obama administration said Wednesday that it "looks forward to working with" Egypt's new president, Abdelfattah Al Sisi—the country's former army chief who oversaw a military coup and fierce crackdown on dissent that has left thousands dead.
PLA's new Type 056 corvette deployed to disputed Paracels
Reed Bank: South China Sea flashpoint
The Philippines is seeking to develop the seabed hydrocarbon resources of Reed Bank in the South China Sea, an area under dispute with China. Should Manila put plan to action, Beijing is likely to dispatch enforcement vessels to disrupt such activities.
How MERS Could Topple the House of Saud, and Beyond
Libya burning reserves due to oil export blockade
Libya's currency is under heavy pressure as a breakdown in security and a collapse of oil revenues due to port blockades have badly disrupted public finances and an economy already burdened by exploding state salary and subsidy bills... While diplomats agree the central bank can hold out for a while by burning though reserves, the surge of robberies poses an immediate threat to the banking system. Almost every week gunmen rob bank vans or storm branches to force staff to open safes.
U.S. to beef up Black Sea presence after Crimea crisis: Hagel
Ukraine Rebels Seize Three National Guard Bases in Luhansk
Wearing disguise, Boko Haram slaughters hundreds

## Global unrest/mob rule/angry people/torches and pitchforks ##
Threats of LATAM Airlines Strike on Eve of World Cup
Maintenance workers for LATAM Airlines have threatened to delay or cancel flights throughout South America in support of a strike by Peruvian colleagues in the days ahead of the World Cup.
Brazil Readies 'RoboCop' Riot Squads for World Cup Protests
Demonstrators call out government for spending billions on soccer tournament as poor sidelined and public services are diminished nationwide

## Energy/resources ##
FuelCell Energy Loss Widens as Operating Expenses Rise
As Indonesia seeks quick fix to power woes, gas export curbs loom
Peak Oil Revisited…
IEA Says the Party's Over
Brazil builds nuclear sub to patrol offshore oil
Brazil is building five submarines to patrol its massive coast, including one powered by an atomic reactor that would put it in the small club of countries with a nuclear sub.
New Energy Report from I.E.A. Forecasts Decline in North American Oil Supply
Libya exports 'could fall to zero'
Libya's crude exports could fall to zero in days as the state oil company could be forced to divert the only remaining exports to the Zawiya refinery, which provides crucial gasoline to the country's capital, a report Wednesday said.
Focus on Relentless Improvement Needed for Big Oil's Success in Shale
Big oil companies can be successful in shale, but success requires a focus on "relentless productivity improvement", according to the leader of BHP Billiton's U.S. onshore business.
"Relentless productivity improvement"! -- RF
This Major Copper Mine Is Shutting Down
Brazil finds bumpy path on way to becoming world oil power
Serbia says has no plan to delay South Stream construction
Kurds accuse Baghdad of oil grab
Problem in BP Oil Spill Exists in Many Other Rigs, Report Finds
Growth potential draws major water companies to Asia

## Infrastructure scavenging ##
Metal thefts rampant in Port Arthur (includes video)
There's a growing crime epidemic in Port Arthur police are calling a black market: metal theft. Thieves are hitting churches, libraries, homes, vacant buildings and scrap yards.

## Got food? ##
From Field to Flour: How to Grow Wheat
Hungry for land: small farmers feed the world with less than a quarter of all farmland - report
Storms Follow Bugs as Florida Orange Crop at 29-Year Low
Urban Agriculture in Rust Belt Cities

## Environment/health ##
Urban noise fuelling rise in anti-depressants and sleeping pills, expert says
People who think that they have become accustomed to traffic noise are 'in denial', Cheltenham Science Festival hears
Further evidence MERS-CoV in humans acquired directly from camels
Ebola Cases Spike in Guinea, Sierra Leone
Chikungunya Cases Double in Caribbean
Just How Green is Hydroelectric Power?
Australia's Mad Plan to Dredge and Dump in Great Barrier Reef Marine Park
Genetically Modified Crops Fueling Decline of Monarch Butterflies: Report
Fasting for two days can regenerate entire immune system, study finds
A person's entire immune system can be rejuvenated by fasting for as little as three days as it triggers the body to start producing new white blood cells, a study suggests

## Intelligence/propaganda/security/internet/cyberwar ##
US Marshals Seize Copies of Local Cell Phone Tracking Records Requested by ACLU
US marshals in Florida seized copies of local cell phone tracking records from the Sarasota Police Department, which the American Civil Liberties Union (ACLU) chapter in the state had requested. The extraordinarily brazen act was a clear violation of public records law.
In shadow of NSA revelations, Rogers, TekSavvy open up on government data requests
In the wake of blockbuster revelations by former NSA contractor Edward Snowden, Canada's telecommunications companies are starting to pull back the curtains on their relationships with government authorities around the sharing of customer information.
New Gmail data shows the rise of backbone email encryption
Germany opens criminal probe into U.S. tapping of Merkel's phone
New Organization Hangs Sign: 'Whistleblowers Welcome'
Here's what will replace the 'dying' password
Will car-hacking become the new carjacking?
Barack Obama faces new questions over freed prisoner of war Bowe Bergdahl
Edward Snowden calls for greater online privacy in Reset the Net campaign
German committee wants to question Snowden in Moscow
Matt Stoller Destroys Timothy Geithner in His Epic Review of "Stress Test"
10 Surprising Ways Your Daily Life Is Feeding the Big Data Beast
Retailers Use Big Data to Turn You Into a Big Spender
Central African Republic bans phone text messages

## Systemic breakdown/collapse/unsustainability ##
Nobody Wins Elections Promising to Trim Waste/Fraud and Simplify Regulations
The problem in representative democracy is that every instance of waste, graft, fraud and monopolistic racket is somebody's fat paycheck or government contract.
Qatar Emir Finds Money Can't Buy Love as World Cup Woes Increase
Irritated Mumbai sees rise in road rage
Restaurants in Mahoning and Shenango Valleys on delivery route of truck with tainted food
With the advent of warm weather in the northern hemisphere, we will again see such evidence of cold chain breakdown. -- RF
Deep Future: the ultimate destiny of humankind

## Japan ##
Abenomics Nails Japan's Workers: April Real Wages Down 3% Y/Y
There is very little that needs to be said about the April estimates for Japanese wages. The prolonged agony was extended yet again despite the purported "surge" in the Japanese economy.
Abenomics Spells Most Misery Since '81 as Retiree Skimps on Meat
More than 30 Japanese govt agencies and companies target of cyber attacks
SoftBank to put customer-service robots in stores
Japan to seek more foreign maids
Record-low births saw Japan's population plummet at record pace in 2013

## China ##
Graves more expensive than homes in Hong Kong
China City Crash-Lands to Zero Growth on Coal Bust
China Scrambling After "Discovering" Thousands Of Tons Of Rehypothecated Copper, Aluminum Missing
More On China's "Missing Commodity" Scandal: Fallout Spreads As Banks Get Involved
Microsoft Faces China Backlash to Windows Amid U.S. Spat
China's planned shift off coal puts $21 bln investment at risk -report
One Legacy of Tiananmen: China's 100 Million Surveillance Cameras
China Composite PMI Shows First Expansion in Four Months But Employment Declines at Fastest Rate Since February 2009
China Is Flattening Hundreds of Mountains. What Could Go Wrong? 

## UK ##
UK must puncture property bubble, Commission warns
Landlords have a new solution to the housing shortage – live in a garage
Pressure mounts at Tesco as British sales slide worsens
David Cameron's house 'fracked' by protestors
Queen's Speech: Tax avoiders told to pay up front in new guilty-before-trial law
Hackers who threaten national security face life in prison
Assisted dying plan like telling disabled 'it's not worth being alive' – Tanni Grey-Thompson
'Unprecedented': Critics Assail Kafkaesque Secret Trial in UK
Severe heatwaves 'to become the norm'
UK will have to gamble with nuclear safety to provide power, analyst warns

## US ##
Best government money can buy: The Purchase of Our Republic
The massive consolidation of wealth, combined with the removal of any limits on money in campaigns, has allowed for the purchase of our government.
Michigan Legislature OKs $195 million for Detroit
Real Economy Bites Housing Bubble 2
Part 1. The ZIRP Economy Unmasked: Zero Growth In Private Labor Hours Since 1998
Brilliant: Credit Bubble Update – Issuance of CLOs Expected to Hit Record in 2014
My pot and garage are empty: The American Dream is out of reach, say 59%
It was unsustainable from the get-go. -- RF
Half The Country Makes Less Than $27,520 A Year And 15 Other Signs The Middle Class Is Dying
Chris Martenson on our unsustainable economy & how the Fed's [sic] made our eventual fall more painful
It is now illegal in 33 cities to feed homeless people
Are Car Loans Getting Out of Hand?
This family proves just how expensive it is to be poor
Drought vs. legislatures: Drought is winning
Auto Sales Ex-Hype: Recovery Trend Flattening; Inventories Extremely High
Oklahoma Recognizes Gold and Silver Coins as Legal Tender
Rule of law: Judge Tells Lawyer 'I'll Just Beat Your Ass,' Then Does
College Graduates Struggle to Find Employment Worth a Degree
The Rich Get Richest: Household Net Worth Rises To All Time High Courtesy Of $67 Trillion In Financial Assets

And finally...
Canadian man charged after alleged lewd act involving a cucumber at Toronto library
Japanese clothing company labels sizes as 'fat', 'skinny' and 'jumbo'
Oops: Fla. Man Impersonating Police Officer Pulls Over Unmarked Car

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