Tuesday, November 04, 2014

 

News Links, November 4-5, 2014

## Global Ponzi meltdown/House of Cards ##
How The Petrodollar Quietly Died, And Nobody Noticed
Vicious Circle of Bad Loans Ensnaring Italian Companies
Italian borrowers are becoming trapped in a vicious circle. As bank loans turn sour at the rate of about 2 billion euros ($2.5 billion) a month, corporate lending is dwindling to the least in more than a decade.
BoJ bazooka to spark currency war
EU Headed For Recession? Growth Forecasts Scaled Back
Expectations for growth in the 18-country eurozone were already low earlier this year at 1.2 percent, but the European Commission scaled that back to 0.8 percent as larger countries such as Germany and France have struggled in recent months.
EC Slashes Eurozone GDP Forecasts (But Not Enough); Goldman's Model Shows Europe in Recession Now
Sisyphean Fed Struggle to Create Inflation; Faber on Gross' Deflation Theory, Japan's Bond Ponzi Scheme, and Gold
Japan's The Tinder That Set The World's Bad News On Fire
U.S. Exports Decline in Sign of Global Slowdown: Economy
Singer's Elliott Says U.S. Growth Optimism Unwarranted as Data 'Cooked'
Paul Singer's Elliott Management Corp. said optimism on U.S. growth is misguided as economic data understate inflation and overstate growth, and central bank policies of the past six years aren't sustainable.
Europe In Triple-Dip Recession, Goldman's Internal Model Finds
It's not a triple-dip; it's the next leg down in Europe's ongoing economic collapse. -- RF
How to Shrink the Economy without Crashing It: A Ten-Point Plan
Unfortunately, the probability of this prescription being followed is practically nil. -- RF
Oil Price Slump Threatens Kazakhstan's Stability
European Harmony? Merkel Hands Cameron an Ultimatum and for First Time Ever Sees Britain's Exit from the EU
Bill Gross warns that deflation is a growing possibility
October world factory activity expands slowly, stimulus still needed
It's Currency War! – And Japan Has Fired The First Shot
Holy Smokes! BOJ Proves Money Printing Is The Grift That Keeps On Giving
Bank of Japan Buying Over 100% of Japanese Bond Issuance; Steen Jakobsen Expects "FantasyLand Will Give Way to RealityLand"
New Junk-Bond Derivatives Are Hot as Traders Get Creative
German Precious Metal Dealers Report Huge Run on Silver Coins
Bursting of S&P 500 Bubble Fast Approaching! Here's Proof

## Cut, baby, cut! ##
Sprint cuts 2,000 jobs, stock falls 4 percent
Engine-maker Rolls-Royce to cut 2,600 jobs
Scotiabank's cost reductions could be signal of banking industry changes
P&G has cut more than 10K jobs since 2012
As IBM reportedly cuts 50,000 India jobs, CEO replaces Global Services leader

## Airline Death Spiral ##
Lufthansa Cuts Profit Guidance for Second Time
Less Legroom, No Rafts: Qantas Airways Tries Extreme Diet
ATF prices leave airlines seething
We're Paying an Extra $5 Billion in Airline Fees This Year
A new study projects that travelers will pay $28.5 billion in a la carte airline fees globally this year, an increase of roughly $5 billion over 2013.
Buffett's Right--Again; 60% of Asian Airline IPOs Lose Money
Virgin America Seeks $1 Billion Valuation in U.S. IPO
America's most-hated airline creates 'State of Hate' report

## Fault lines/flashpoints/powder kegs/military/war drums ##
Iraqi Government Confirms Over 300 Members From Single Sunni Tribe Killed By ISIS
Is Islamic State Group Getting Into the Piracy Business?
The Caliph fit to join OPEC
Caliph Ibrahim's Islamic State is now for all practical purposes an oil major worthy of OPEC membership, with US$2 million in profits a day from juicy energy deals and prices to die for. All its gains would not even be remotely possible without US/Western overt/covert complicity, proving once and for all that The Caliph is the ultimate gift that keeps on giving in the Global War On Terror.
Iraqi military, bolstered by Shiite militias, poised to attack idled oil refinery
ISIS Beheads Four Journalists In Mosul: Reports
Libyan Army Urges Residents Of Benghazi Port Area To Evacuate
Burkina Faso's Military Promises Transitional Government Amid Continuing Protests
Burkina Faso Update: Protester Killed In Clashes Over Military Rule, UN Threatens Sanctions
Coup leader in Burkina Faso received U.S. military training
Russia lays keels for new submarines
Spanish air force disrupts British Airways flight landing in Gibraltar
Aquino says China's map only complicates South China Sea dispute

## Global unrest/mob rule/angry people/torches and pitchforks ##
Thousands protest against austerity in Athens
Woman Sets Herself On Fire In Front Of Presidency Of Europe's Poorest Country

## Energy/resources ##
The Oil Crash: it is happening now!
Oil Price Collapse Ricochets Around the World, Hits US Drillers, the Ruble … and Russia's Probability of Default
Oil Erases $8.4 Billion for Junk Traders After Debt Binge
As oil prices plunge, so goes the value of high-yield bonds. Traders are dumping dollar-denominated notes of speculative-grade energy companies today as oil reaches a three-year low.
Energy investors should prepare for $60 oil
Joburg, PE, Pretoria, Cape Town hit by blackouts
Low oil prices send chills through oil patch
Venezuela, with world's largest reserves, imports oil
Saudi Arabia Raises Asia, Europe Prices; Cuts US Prices
TransCanada Boosts Keystone XL Cost Nearly 50% To $7.02B
TransCanada Corp, Canada's No.2 pipeline company, on Tuesday raised estimated capital costs for its controversial Keystone XL project to C$8 billion ($7.02 billion) from an initial projection of C$5.4 billion, citing lengthy delays.
Overcapacity driving China's coal industry into the ground
With coal prices spiraling downward, major Chinese coal firms are going to sink even further into the red unless they can improve and adapt their operations to the new industry climate, reports Shanghai's China Business News.
'Game of drones' highlights France's nuclear vulnerability
BHP To Sell US Shale Assets, Expects $5 Billion Gains By 2017
Kuwait and Saudi in new row over energy: report
Kuwait and Saudi Arabia are locked in a new energy row, this time over a jointly operated offshore natural gas field also shared with Iran, a newspaper reported Sunday.
Japan tells China to stop coral poaching after 200 boats spotted
Growth in Global Total Debt sustained a High Oil Price and delayed the Bakken "Red Queen"
When the Shale Runs Dry: A Look at the Future of Fracking
Kuwait To Raise Crude Oil Exports To Egypt, Could Send Diesel
Hungary attempts to bypass EU law on South Stream

## Infrastructure scavenging ##
Copper wire theft blacks out half the city

## Got food? ##
Insects could be on your dinner menu, soon
Milk Is Now More Expensive Than Gasoline (US)
Thousands Break Ebola Quarantine to Find Food in Sierra Leone

## Lifestyle Solutions ##
Fast, cheap and out of control: How hyper-consumerism drives us mad

## Environment/health ##
In North Korea, fear takes hold over new foreign threat: Ebola
Ebola hits health care access for other diseases
The Ebola outbreak has spawned a "silent killer," experts say: hidden cases of malaria, pneumonia, typhoid and the like that are going untreated because people in the countries hardest hit by the dreaded virus either cannot find an open clinic or are too afraid to go to one.
Singapore requires visas for travelers from Ebola-hit African states
Garden birds in 'alarming' decline (UK)

## Intelligence/propaganda/security/internet/cyberwar ##
Boris Johnson says 'less fortunate' countries have had not had benefit of colonial rule
Security contractor breach not detected for months
Obama Administration Praises Freedom of the Press … While GUTTING It in the U.S.
GCHQ chief accuses US tech giants of becoming terrorists' 'networks of choice'
Privacy has never been "an absolute right", according to the new director of GCHQ, who has used his first public intervention since taking over at the helm of Britain's surveillance agency to accuse US technology companies of becoming "the command and control networks of choice" for terrorists.
Pentagon's plans for a spy service to rival the CIA have been pared back
Verizon Wireless Injects Perma-Cookies to Track Mobile Customers, Bypassing Privacy Controls
Navy SEALs told to shun spotlight as ex-team member talks to Fox
Banks to launch new tool to fight hackers: WSJ
A group of cybersecurity firms funded by big banks plan to launch a platform that will allow financial companies to communicate faster about potential cyber breaches, the Wall Street Journal reported.
From Afghanistan to Texas, Surveillance Blimps Are on the Rise

## Systemic breakdown/collapse/unsustainability ##
ELECTRICITY: Researchers predict spreading blackouts as cities grow larger
Peak Empire, Take Two
Murder capitals of the world: how runaway urban growth fuels violence
San Pedro Sula, Honduras, is the most dangerous city on the planet – and experts say it is a sign of a global epidemic
Most People Cannot Even Imagine That An Economic Collapse Is Coming
Americans Are Working So Hard It's Actually Killing People
Amid the economic recovery, speedups are turning work into a hazard, with increasing numbers of injuries and dangerous levels of stress.
Recalled GM cars remain unrepaired
Nearly nine months after General Motors began recalling millions of its cars for a dangerously defective ignition switch, almost half of the vehicles still have not been fixed.
Toyota recalls 5,850 cars, mostly in US, for possible steering issue
Ford issues 5 recalls covering 202,000 vehicles
Nissan recalls over 14,000 Infiniti hybrid sedans for software, transmission issues
Secessionist movements in America refuse to die
Dozens of Virgin Galactic investors ask for money back on tickets after crash

## Japan ##
Faber: Japan Is Engaged in a Ponzi Scheme (video)
Shocker: Japan does something monumentally absurd
Japan's Monetary Pearl Harbor
Trying to "fix" a sclerotic, inefficient state-cartel economy by boosting inflation--the ultimate goal of Japan's Monetary Pearl Harbor-- is a self-liquidating path to destruction.
Dementia Crisis Roils Japan as 10,000 Seniors Go Missing 
Anatomy of a Failing State: Japan's Budgetary Nightmare
Once the global economy rolls over into contraction, the tide will recede and Japan's fiscal and monetary bankruptcy will become painfully apparent.
"Japan's Debt Market Could Crash In Ways That Make The Collapse Of Lehman Look Like A Warm-up"
Lower Oil Prices May Not Boost Japan's Gasoline Demand
Warm Biz campaign kicks off across Japan
After months of being told to wear less to keep cool for summer, workers are now being urged to wrap up for winter as the energy-saving Warm Biz campaign gets into gear.
Gone are the days of excessive space heating and cooling. -- RF
Panel warns of negative growth from 2040s
Japan's economic growth rate may turn negative from the 2040s if the nation's birthrate does not recover and the productivity of its workers does not improve, according to a government panel on the aging and declining population.
Panel members should have their heads examined. -- RF
Survey: More young Japanese feel efforts won't bear fruit
Medical costs to surge for 75 and older
Tepco completes removal of reactor 4 pool's spent fuel rods

## China ##
China Services Gauge Joins Manufacturing in Showing Slowdown
J-31 could bring one-two punch to China's air power: expert
China's power consumption growth forecast down by half in 2014
The growth of China's power consumption is expected to halve to between 3.5 percent and 4 percent in 2014, the China Electricity Council forecast, marking the slowest growth in at least a decade.
China starts building new billion-dollar ultra-high voltage power project
Weaker orders at Canton Fair signal China export boost may not be sustainable
Macau gambling revenue falls sharply
China Hosts Development Celebration. No, Really.

## UK ##
UK GAS-Colder weather, low supplies lift British prompt gas prices
People living near windfarms to be offered stakes from £5 to counter opposition
More than one fifth of UK workers earn less than living wage
300,000 more people live in poverty than previously thought, study finds
The number of people living in dire poverty in Britain is 300,000 more than previously thought due to poorer households facing a higher cost of living than the well off, according to a study released on Wednesday.
UK faces punitive interest charges if Cameron ignores £1.7bn EU bill
UK infrastructure crumbling due to Government's short term political concerns
Deal to save Milford Haven oil refinery collapses
4G phone network loses nearly half its speed

## US ##
The government is already in a soft default and is addicted to low interest rates
Government expenses at $3.87 trillion while receipts enter at $3.29 trillion.
Millennials Aren't Cheap, They're Broke
Video of the Day – In North Carolina, Voter Fraud is THIS Easy
First-time homebuyers hit lowest level in nearly 30 years
GM Channel Stuffing Surges Most Since November 2013
As Infrastructure Crumbles, Trillions Of Gallons Of Water Lost
Starbucks CEO: Someday, we won't carry cash
Thoughts on Election Day: Relax—Both Parties Are Going Extinct
Election 2014: Deep-Pocket Dark Money Bulldozing Democracy
Here Are the Most Politically Influential Billionaires in U.S.
National Economic Suicide: The U.S. Trade Deficit With China Just Hit A New Record High
The White House is paying attention to oil supply
The White House is monitoring the global oil supply and demand situation but has no comment on whether it might look at replenishing the Strategic Petroleum Reserve, presidential spokesman Josh Earnest said on Tuesday.
US air force fires two more nuclear commanders amid leadership crisis
Why There Is No Escape Velocity: Household Spending Is Chained To Income Absent A Credit Bubble
There are plenty of charts here to illustrate the writer's point, but the title alone is a succinct summation of basic Ponzi "growth economics": debt expansion is needed for economic growth. -- RF

And finally...
Pianist demands bad review be removed from Google under EU 'right to be forgotten' censorship ruling




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