Friday, October 10, 2014


News Links, October 9-10, 2014

## Global Ponzi meltdown/House of Cards ##
China Overtakes US as World's Single Largest Economy
Koreans are getting in on the trend — renminbi deposits in Korea surge 55-fold
Banks to change rules governing derivatives market: FT
Eighteen banks, ranging from Credit Suisse Group AG (CSGN.VX) to Goldman Sachs Group Inc (GS.N), have agreed to give up the right to "close out" deals on derivatives contracts if a financial institution runs into trouble, the newspaper said, citing people familiar with the matter.
Larry Summers' Goofball Economics
Its no wonder governments are broke and central bank money printers are going wild throughout much of the developed world. They are unfortunately listening to the kind of goofball economics that issues from Keynesian economists like Larry Summers and his clones and confederates at the IMF.
Greenspan Lets His Hair Down; Talks Up Gold
IMF Warns of Financial Crisis, Admits Low Interest Rates Spurred Asset Speculation Not Investment
Serious Financial Trouble Is Erupting In Germany And Japan
German exports plunge by largest amount in five-and-a-half years
World Bank Forecasts US$32.6bn Loss if Ebola Lasts Longer
The World Bank Group has released a second report in less than a week forecasting a devastating economic impact of the Ebola virus in West Africa if the international community fails to move quickly to contain the disease in the sub-region.
Ebola Economic Impact Felt Beyond Affected Countries
With world economy stuttering, governments urged to open purse
Germany's Schaeuble says 'writing checks' won't fix Europe
European Inflation Expectations Collapse To New Record Lows
Contrarian indicator: Gold sentiment at historic low
The Structural Jobs Fiasco No One Knows How to Deal with

## Airline Death Spiral ##
Air France-KLM Sees $632 Million Earnings Hit From Strike
Service without a smile: why airlines aren't nice
As Virgin America weighs a public offering there are warning signs for potential investors. Its brand-new aircraft come with a hefty debt load and the airline has failed to attract big-spending business travelers. To increase revenue - and satisfy shareholders - the airline might eventually be forced to take actions, such as raising fees, which risk alienating passengers.
Travelers From Ebola-Hit Africa Will Be Screened in U.S.
Ebola crisis: Britain urged to bring in airport screening like US
Europe, others weigh risks of West African flights
Americans want flight bans for West African nations
Blackpool closure highlights regional airports' struggles
Manston, Bristol Filton and Plymouth airports have fallen victim to the downturn, shifting airline networks and domestic taxation

## Fault lines/flashpoints/powder kegs/military/war drums ##
U.S. military says air power may not save Syrian town of Kobani
Families torn apart as Western girls join Islamist cause
South China Sea Maritime Dispute: Beijing Pushes Back On US-India Criticism
Japan, Australia may discuss submarine technology cooperation
US firm Raytheon wins $149m Iron Dome contract (Israel)
Kim Jong Un Mystery Deepens; Fuels Suspicion His Sister Kim Yo Jong Is In Charge Of North Korea
Kim Jong Un's Disappearance Due To Leg Injury, Not Military Coup: Report
Suicide Blast in Yemeni Capital Kills Dozens
MH17: one passenger was wearing oxygen mask when he died
Dutch prosecutors say Australian man had mask around neck, raising questions over what passengers may have known of fate

## Global unrest/mob rule/angry people/torches and pitchforks ##
Thailand at 'high risk' of unrest
Yemen's new prime minister quits after Houthis call mass protest
Turkey In Turmoil After Tanks Roll Out To Stop Deadly Protests; Stocks Tumble
Thousands march in Mexico to demand action over massacre
3 Israeli Police Officers Injured in Temple Mount Riot
Syria, Iraq conflicts spark street clashes in Germany
Riot police used batons, pepper spray and water cannon to keep apart hundreds of men, many armed with knives, metal rods and knuckle dusters, in the northern city of Hamburg overnight.
St. Louis policeman shoots, kills black suspect, triggering protests
Right-wing Israelis Rally Against African Immigrants; Raise ISIS-style Flag in Tel Aviv (video here)
Hong Kong Protests: Talks' Cancellation Breathes New Life Into Protests
Protests halt groundbreaking ceremony for mammoth Hawaiian telescope
Chinese workers strike at Foxconn factory after HP cuts orders

## Energy/resources ##
Shale Boom Tested as Sub-$90 Oil Threatens U.S. Drillers
Russian oil boss plans Iraqi visit
U.N.: Ukrainian gas crisis takes humanitarian toll
Energy issues in eastern Ukraine are taking a humanitarian toll as residents grow concerned about supplies for the coming winter, a U.N. report said Wednesday.
Argentina says, then denies, gas deal reached with Gazprom
Russia's Gazprom buys Europe's biggest gas storage facility
China readies for Russian gas pipeline
Iran's top oil tanker firm says EU sanctions lifted
The level of crude oil theft in Nigeria is incredible
Ukraine's southern region to switch to firewood due to fuel shortage
600MW shortage as units close in Delhi
Idle power stations cause severe load shedding in Ctg city (Bangladesh)
Power blackout: Strain on system causes more outages (New Zealand)
Can Saudis beat North Dakota in an oil price war?
The crucial difference between US shale oil ("tight oil") and Saudi oil is that US shale drilling is unprofitable (there has been no shortage of articles on this matter presented here), while KSA oil is profitable. Therefore the question that should be asked is, "How much more debt can the US shale drilling industry accumulate before it collapses?" The Saudis will have the last laugh. -- RF
Price Fall Hastens Decline Of 'Big Oil' As Western Majors Retreat
This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms.
France is doing badly, but German energy sector is a disaster - EDF
In terms of propping up industrial civilization, the only energy system that makes sense is one powered by fossil fuels. Nuclear and renewables are just fossil fuel extenders, and would be unsustainable without fossil fuel inputs. -- RF
Supply Chain Bottlenecks Threaten North Sea Decommissioning
Significant supply chain bottlenecks, including a lack of skilled workers, will prove to be a key challenge for the oil and gas industry as it aims to complete decommissioning work in the UK North Sea during the next couple of decades, according to a new report from engineering consultancy Arup.
Farmers Fight Coca-Cola as India's Groundwater Dries Up
China's coal import tax likely to hit Australia hardest: sources

## Got food? ##
Monsanto posts larger-than-expected 4Q loss
More Than 60,000 Pounds Of Breakfast Meals Shipped To Retailers And Airlines Recalled For Listeria Contamination
Healthy [sic] Food Prices Continue To Rise And Leave Less Hope For Middle Class To Eat Right
Meats lead food prices higher, Farm Bureau say
Maui Residents Put Anti-GMO Ban On The Ballot

## Environment/health ##
Scientist who identified Ebola virus says epidemic will be long
The scientist who's widely credited with discovering the Ebola virus said Tuesday that the world finally was "waking up" to the epidemic sweeping West Africa but that the situation remained dire and was nowhere near being contained.
Ebola Epidemic Could Cost Africa More Than $30B: World Bank
Ebola Outbreak: World Health Organization Says Virus 'Widespread And Persistent' In West Africa
Hazmat suit maker's stock up 50% on Ebola fears
Why Screening for Ebola By Taking Temperature CAN'T Work
Documents Reveal Billions of Gallons of Oil Industry Wastewater Illegally Injected Into Central California Aquifers
Scientists warn sea levels could swamp US coasts
Can California Make It Rain With Drones?
Faced with extreme drought, California continues its experiment with weather modification.
Neonicotinoids Pose Bigger Threat Than DDT: Watchdog
Indonesia to build $263 mln sea wall to protect capital
Time is running out to find a nuclear waste site in Australia

## Intelligence/propaganda/security/internet/cyberwar ##
"Non-Official Cover" – Respected German Journalist Blows Whistle on How the CIA Controls the Media
VP Joe Biden Accidentally Tells A Little of the Awful Truth
Biden Speech Loaded w. Lies About Ukraine
Twitter Sues Justice Department, FBI for Right to Reveal Scope of Government Surveillance
Got $9,000? Social Media Site Caters to the Rich
Fidelity attacked by JPMorgan hackers, no data stolen: FT
Google chief on NSA: 'We're going to end up breaking the Internet'
The integrity of the Internet could be at risk if Congress does not act to rein in the National Security Agency, Google head Eric Schmidt warned on Wednesday.
Missing Plane: Emirates Head Critical of MH 370 Investigation
Why is there still no trace of flight MH 370? In an interview, Sir Tim Clark, head of Emirates Airline, is sharply critical of the investigation thus far. He believes someone took control of the plane and maintained it until the very end.

## Systemic breakdown/collapse/unsustainability ##
End of the Empire
Social Schizophrenia, Social Depression

## Japan ##
Bank of Japan to Significantly Increase Monetary Base
Data Show More Smaller Companies Succumbing to Weak Yen
Japan defense forces to ramp up support of American military
Japan's Self-Defense Forces will provide more support to the U.S. military, including protecting American ships, under revised defense guidelines the two countries are negotiating.
Solar's $30 Billion Splurge Proves Too Much for Japan
At least five of the nation's utilities are restricting the access of new solar farms to their grids. Utilities say two years of rapid expansion has strained their capacity to absorb all the new electricity from sources that generate only when the sun shines.
Three banks to extend uncollateralized loans to recovering Tepco
Japanese retailers stuck in soft patch
Many of Japan's biggest retailers are still crawling out of a gaping hole in consumer spending left by the April 1 consumption tax hike.
Plans to combat dengue fever to be formulated by next spring
Japan-U.S. defense cooperation to have global reach
Expanded Japan-U.S. defense cooperation on a global basis forms the core of an interim report on bilateral defense guidelines released Oct. 8 that was heavily colored by a sharp shift in Japan's policy three months ago.

## China ##
New wrinkle in Hong Kong: Leader was paid millions by Australian firm
China Cuts Thousands of 'Phantom' Workers From State Payroll
Global Alert From Chongqing: Foxconn Strike Is An Epochal Inflection Point
Xi's Remarks on GMO Signal Caution
Ebola could hit China within three weeks without action: US experts

## UK ##
Hospitals 'gearing up' for unlikely case of UK Ebola outbreak
Ebola crisis: disease may already be in Britain as man dies on business trip
Ebola crisis: screening to start at Gatwick, Heathrow and Eurostar terminals
'Appalling situation' as airport runs out of fuel
Flight chaos hitting hundreds of passengers saw planes diverted from closure-threatened Blackpool Airport as fuel suppliers halted deliveries.
Blackpool Airport closure 'will damage the north west'
EU approves Hinkley Point nuclear power station as costs raise by £8bn
EDF believes the project will cost £16bn but the EC claimed construction costs alone by the time the plant is built in 2023 will be more than £24bn with a further possible £10bn of contingency payments.
Elderly could be 'prisoners in their own homes' as street lights turned off by councils at night
BAE Systems warns of job cuts in its U.K. operations
Millions face tax rises or 'derisory' state pension, report claims
A think tank says money to pay pensioners will run out next year after discovering a "flaw" in the national accounts
Britain won't let companies bury their accounting missteps in bulky reports anymore

## US ##
Charts Reveal U.S. Economy Undergoing a Massive Structural Change
New York Times Admits Wages Haven't Grown in 15 Years, Worst Since Great Depression
Outsourced Jobs Are No Longer Cheap, So They're Being Automated
Student Borrowing Increases Among Affluent in U.S., Study Shows
18 Sobering Facts About The Unprecedented Student Loan Debt Crisis In The United States
Lois Lerner's Revenge: Anti-Obamacare Filmaker is Hit with IRS Audit
Amid Soaring Profits, Walmart to Cut Off 30,000 Workers From Health Insurance
JC Penney sinks after warning on sales
Sears plunges on report suppliers backing away
FHA Scales Back Stupid 3.5% Down-Payment Mortgages: New Home Sales Swoon
No indictments for Georgia SWAT team that burned baby with stun grenade
SWAT Team Raids House And Kills Homeowner Because Criminal Who Burglarized The House Told Them To
NYPD video shows officer swiping more than $1,000 cash off man
If you live in these US cities, chronic flooding is coming to a shore near you
The US ranks #36 in the world for respecting property rights. Is this freedom?
People Are Cutting Back On Food And Health Care To Afford Technology
Collateral Damage, Fed-Style: Yield-Hungry Baby Boomers Are on a Death March
Today's forecast: yield-starved investors forced into the market by seemingly permanent low interest rates will continue to be collateral damage. For some, that collateral damage may involve more than the loss of income opportunities… many could be wiped out completely.
Police State USA: Civil Forfeiture Under Presumption of Guilt
30% Of Americans Support Property Seizure
American households are getting wrecked by medical debt

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