Tuesday, August 18, 2015


News Links, August 19, 2015

## Global Ponzi meltdown/House of Cards ##
Weaker yuan deals Asia's casinos a losing hand
Euroland: The Place Where Growth Goes to Die
World Shipping Slump Deepens As China Falters
The Americanization Of Australia: Housing Bubble, Central Bank Panic, Low Wage Growth
Doomsday clock for global market crash strikes one minute to midnight as central banks lose control
Huge Shipping Delays for Toyota, Deere, Walmart, etc. in Wake of Tianjin Warehouse Explosion
Banks braced for billions in civil claims over forex rate rigging
Global banks are facing billions of pounds-worth of civil claims in London and Asia over the rigging of currency markets, following a landmark legal settlement in New York.
23 Nations Around The World Where Stock Market Crashes Are Already Happening
This is Sparta – 1,000 Bitcoin ATMs are Coming to Greece
3rd Bailout Is Not A Charm: Greece's Government's On Its Last Legs, Merkel Faces Growing Rebellion In Berlin
More Trouble In Turkey As Lira Plunges To New Lows, Bond Yields Soar
Brazil's Political Crisis Puts the Entire Economy on Hold
Indonesia Impaled: Currency Crashes To 1998 Asian Crisis Low As Exports Crater
Amazon: Devastating expose accuses internet retailer of oppressive and callous attitude to staff
What Silicon Valley Thinks of the New York Times' Amazon Story
Jeff Bezos Defends Amazon After Scathing New York Times Article
Think Amazon's Bad? Here are 6 Companies with Worse Culture
Away From Dollar: Russia, China to Create Entirely Different Gold Market
Where Do I Store My Wealth?
China and the Decline in Quality (and Soon in Profits)
Automation poses an insurmountable obstacle to China's full employment and spells the end of Corporate America's vast skimming operation based on low wages and zero-regulatory costs in China.
Canada "Getting Clocked" by Something Far Bigger than Oil
CFOs themselves say earnings are fudged
Romanek reports that, according to the research, CFOs believe that in any given year 20% of companies intentionally misrepresent their earnings using discretion within GAAP. The magnitude of the typical misrepresentation is quite material — about 10 cents on every dollar.

## Airline death spiral ##
Critics say Delta Air Lines is shaming passengers to spend more
Airlines Passengers Have More Complaints Than Ever
Passengers upset with how Spirit Airlines treated them
Indonesia airline safety hurt by inadequate staff: sources
Indonesia scored poorly on a 2014 safety audit by the U.N. aviation agency largely because its Ministry of Transportation is understaffed, said two sources familiar with the matter, as the country struggles to cope with the expansion of air travel.
Not-so-cheap tickets: Two airlines fined for misleading customers
Airline / Airport Fees Under Scrutiny at World Routes
The world may face a shortage of vital airport infrastructure in the next 15 years unless regulatory change sees airlines paying a fairer share of airport costs, according to Airports Council International (ACI World).
Price for TSA's failed body scanners: $160 million
How bad are the machines at catching threats? So bad that Sen. Ron Johnson suggests adding metal detectors.
Watch the journey your bag takes once you check it at the airport
Get a load of this infrastructure! -- RF

## Fault lines/flashpoints/powder kegs/military/war drums ##
Iran Nuclear Deal: 340 Rabbis Sign Letter Calling On Congress To Endorse Nuclear Accord
Russia Supplied Syria With MiG-31M Fighter Jets To Help Fight Against Islamic State
Additional Details Emerge on How U.S. Government Policy Created, Armed, Supported and Funded ISIS
Bangkok explosion: deadly blast near popular shrine kills at least 19
2nd Bangkok bombing day: Explosive device thrown in Thai capital's river
America plans to send up more drones
The Pentagon is planning a sharp increase in daily drone flights over conflict zones around the globe in the next four years as it tries to meet the reconnaissance and air strike needs of combatant commanders, a spokesman said on Monday.
Nuclear experts fall in behind Obama
Dozens of arms control and nuclear nonproliferation experts have signed a statement endorsing the Iran nuclear deal, the latest salvo in a lobbying campaign battle ahead of a congressional vote next month on President Barack Obama's landmark agreement with Tehran.
Russia adds three California wines to import ban list
Air Force admits big F35 problems and Think Tank says F35 is visible to China and Russia Sensors
Russia To Introduce 'Obligatory Fingerprinting' For European Tourists
Saudi-led coalition bombs Yemen 'aid port' Hodeida
Jets from a Saudi-led coalition targeted rebel Houthi positions in Yemen's Red Sea port of Hodeida early on Tuesday, port officials said, destroying cranes and warehouses at a main import hub for critical aid supplies to the country's north.
Amid Russia Tensions, NATO Preps For Massive Military Drill In Spain
US Launches Biggest Allied Airborne Drills Since Cold War
Army, SOCOM to take on daily drone missions
Don't Ask, Don't Tell: The U.S. Military Is in Africa—But What Is It Doing There?
Officials: Philippines Can't Afford Full Military Modernization
Australia's amphibious ready force makes debut
Exercises leading to possible initial operational capability status for Australia's new amphibious ready group are being conducted this month.
Protection Vessels International Weekly Report: Robbers target at least three yachts in the Seychelles

## Migrants/refugees ##
Migrant Crisis May Eclipse Greek Debt Problem: German Chancellor Angela Merkel
I'm on record as saying that this problem is going to get MUCH bigger. -- RF
Summer crisis tests Europe's new nationalisms
EU migrant arrivals pass record 100,000 in July: border agency
Europe struggles to respond as migrants numbers rise threefold
Germany expecting 650,000 refugees this year: report

## Global unrest/mob rule/angry people/torches and pitchforks ##
Long quiet, Japanese youths find their voice in protesting defense reforms
Man attempts self-immolation outside Columbus, Ohio city hall
Demanding Water Rights, Indigenous Protesters Tell McCain 'Get Off Our Land'
Watch Native American Activists Literally Chase John McCain Off Navajo Land

## Energy/resources ##
Germany Struggles With Too Much Renewable Energy
Peak of Gas Production in the Barnett Shale
Swiss without nuclear power after shutdown
Switzerland on Monday was temporarily without nuclear power because all of its reactors were out of service for repairs or maintenance.
Fed's Involvement May Limit Banks during Fall Review of Energy Loans
Banks that loan vast sums of money to keep the oil and gas industry churning ahead this fall are expecting anew the eagle eyes of Uncle Sam over their shoulders during the semi-annual base borrowing redetermination.
Default Wave Looms As Energy Sector Credit Risk Surges To Record High
With oil prices pushing cycle lows and Shale firms as loaded with debt as they have ever been, the spike in energy sector credit risk should come as no surprise as the hopes of the last few months are destroyed. At 1076bps, credit risk for the energy sector has never been higher. As UBS recently warned, more defaults are looming and, as we discussed this week, private equity is waiting to pick up the heavily discounted pieces.

When nitrates from agricultural runoff seeps into groundwater, a series of chemical and bacterial reactions can work to oxidize the uranium and make the radioactive mineral water soluble.

## Intelligence/security/internet/cyberwar ##
Attacks on Fiber Networks in California Baffle FBI
World's Nuclear Facilities Vulnerable to Cyber-Attacks
Stuxnet, the computer virus introduced into the Iranian nuclear program by Israel and the US has now escaped into other countries
Assange and Democracy's Future
Democracy rests on citizens getting real facts and applying rational analysis. The ability of governments, including the U.S. government, to suppress facts and thus manage perceptions represents the opposite, a power over the people that WikiLeaks' Julian Assange threatened.

## Propaganda ##
New Yorker Decides US Has Too Much Free Speech; Dismisses 'Free Speech Extremists'
Propaganda, Intelligence and MH-17
Propaganda is the life-blood of life-destroying wars, and the U.S. government has reached new heights (or depths) in this art of perception management. A case in point is the media manipulation around last year's Malaysia Airlines shoot-down over Ukraine.

## Systemic breakdown/collapse/unsustainability ##
Restaurant cook shortage (US)
Each "dip" is in reality another episode in the collapse of the economy. -- RF

## China ##
China, the Hollow Dragon
In terms of profitability and trade-generated wealth, China is a hollow dragon.Its gains have come on the coattails of the yuan's peg to the U.S. dollar and an unprecedented four-fold expansion of debt from $9 trillion in 2008 to $28 trillion today.
Huge rise in diabetes cases threatens to bankrupt the NHS, charity warns
More than one million adults have been diagnosed with the disease in the past 10 years, bringing the total number of sufferers to 3,333,069

American Apparel raises going concern doubts
Troubled teen retailer American Apparel Inc (APP.A) on Monday raised going concern doubts, saying it may not have enough capital to sustain operations for the next 12 months as losses widened and cash flows turned negative.
GAO report shows that half of Americans 55 and older have no retirement savings at all.

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