Thursday, March 10, 2016

 

News Links, March 11, 2016

## Global Ponzi meltdown/House of Cards/global cooling/deflationary collapse ##
Dry Bulk CEO Warns Of Coming Bankrupcies
Too Many Boats for Too Little Cargo Leaves Shippers High and Dry
China Trade Collapses, Global Demand Is Far Weaker Than 'Lackluster'
The World Economy Wreckers Of Beijing
The New Danger From Derivatives
Kiwi Plunges As New Zealand Announces "Surprise" Rate Cut, Warns On China
Do Any of the Current Rallies Pass "The Sniff Test"? No.
More Dopey Drivel——Larry Summers 'Splains' Low Inflation
Strap yourself in: Bank for International Settlements Warns a Catastrophe Is Coming
European Central Bank President Mario Draghi Unveils A Bigger Bazooka To Counter Economic Challenges
Draghi's Shock and Awe Bazooka Backfires With Huge Whipsaw
German bank that almost failed now being paid to borrow money
Don't Let Rally Fool You: Commodity Firms Still Face Debt Cliff
Chart Of The Day: Household Savings Deposits Dwarf Company Cash In Europe
Peter Schiff: Dollar Collapse Will Be the Single Biggest Event In Human History
Global Liquidity Falls to 2008 Crisis Levels
Europe's Pension Reckoning Approaches
Winter is coming for the blue social model in Europe as well the United States.
Thinking about retirement? -- RF
Saudi job creation dries up as oil price slump hits broader economy
Saudi Arabia Wants To Borrow Up To $8 Billion To Close Budget Gap Amid Oil Glut That's Battering Riyadh's Finances
Consumer watchdog sounds alarm on extended auto loans (Canada)

Bank of America and U.S. Bank sign up for exchange system as calls from bankers around laud cashless society

## Fault lines/flashpoints/powder kegs/military/war drums ##
North Korea 'has miniature nuclear warhead', says Kim Jong-un
Taking Aim at Russia's 'Underbelly'
While loudly complaining about "Russian aggression," the U.S. government escalates plans for encircling Russia in a modern "Great Game."
Revolutionary Guards commander says Iran's missile work will not stop: state TV
Defense Industry center opens in South Australia
A center that brings together government and industry to strengthen and grow Australia's defense industry is being established.
"We don't know who they are, but luckily they were all bad."
EU leaders Recoil from Merkel's Deal With the Devil
It took precisely one day for the rest of Europe to realize Merkel has gone mad with her "Deal with the Devil" that would have granted visa access to 79 million Turkish citizens in return for Turkey halting 2 million Syrian refugees from moving into Greece.

## Global unrest/mob rule/angry people/torches and pitchforks ##
Video of the Day – Carrier Employees React to Being Informed Their Jobs Are Going to Mexico

## Energy/resources ##
Global Rig Count Continues To Tumble
I disagree, however, that peak oil has been disproved. The surge in oil production came not because of "new technologies" (hydrofracturing and other techniques have been improved, but they are certainly not new), but because of the ultra-cheap debt that drillers gorged on to maintain their treadmill operations even under cash-negative conditions. Now the chickens are coming home to roost. In a financially sane world, fracking operations would never have happened on this scale. And if oil prices rise to the point where producers are actually making money, the energy expense will crush the global economy. So the thinking that underlies peak oil still holds. We're at the point where it doesn't matter whether oil prices are high or low because either way the system is unsustainable.  -- RF
No one actually runs out of oil. They run out of easy-to-produce oil. That's what peak oil is all about. -- RF

## Got food? ##

## Environment/health ##
The Case for Setting Aside Half the Planet
In his latest book, Pulitzer Prize–winning scientist Edward O. Wilson argues for a bold step in conservation
It will never happen on purpose, because brain-dead governments are committed to "growth," but there's a very high probability that it will happen as a consequence of the collapse that is already underway. -- RF 

## Intelligence/security/internet/cyberwar ##
Scientists pinpoint the part of the brain that hides the 'root of all evil'
The study authors, from New York University, say it may be possible to spot early warning signs of premeditated violence, stalking, bullying and even sexual aggression, and prevent it occurring for good.
A short guide to supercookies: whether you're being tracked and how to opt out
New FOIA Documents Confirm FBI Used Dirtboxes on Planes Without Any Policies or Legal Guidance
EFF recently received records in response to our Freedom of Information Act lawsuit against the Department of Justice for information on how the US Marshals—and perhaps other agencies—have been flying small, fixed-wing Cessna planes equipped with "dirtboxes": IMSI catchers that imitate cell towers and are able to capture the locational data of tens of thousands of cell phones during a single flight.


## Systemic breakdown/collapse/unsustainability ##
US Air Force Faces 500 Fighter Pilot Shortfall
This is an interview with the author of The Rise and Fall of American Growth. I have not read the book, but judging by the article and interview, consideration of one essential element is missing: energy. In the introduction, the article says that the author "lays out the case that the productivity miracle underlying the American way of life was largely a one-time deal. It was driven by a flurry of technologies—electric lights, telephones, automobiles, indoor plumbing—that fundamentally transformed millions of American lives within a matter of decades." Certainly this is so, but the question of why these things all came at this time, and on such a large scale, is not satisfactorily answered. These technologies were invented and deployed on a large scale right at the time when humanity was ramping up its energy usage. We had shifted from wood to coal, and then added petroleum and natural gas. Highly dense energy sources were at our disposal, in great quantities and at unbelievably low cost. Fossil fuels — millions of years of stored solar energy — were the primary driver behind the rapid technological innovation of the time, and also made it possible to implement those technologies on an unprecedentedly vast scale. But now, as observed, productivity is rapidly declining, and there is an admission that the good old days are not coming back. Here too, the primary reason is energy. Contrary to what the public may conclude from low oil prices, the cost of energy production is now high and going higher, leaving society with lower net energy, so the halcyon days of industrial civilization aren't coming back. Truly, the article is correct in saying that "the American way of life was largely a one-time deal." -- RF

## Japan ##
Consumers increasingly find that keeping money in the bank is simply not worth the trouble. Large banks are paying a mere 0.001% interest on deposits -- 10 yen per year for an account holding 1 million yen. ATM fees and other charges would put many savers at a loss.
Today, the radiation at the Fukushima plant is still so powerful it has proven impossible to get into its bowels to find and remove the extremely dangerous blobs of melted fuel rods.
Abe says Japan cannot do without nuclear power
NIRP Kills Off All Money Market Funds in Japan
All 11 Japanese asset managers that offer money market funds have stopped accepting new investments into them and are planning to scuttle them after returning their remaining assets to investors. This marks another big accomplishments of negative interest rates.

"It's hard to see how this doesn't end poorly."
"A strong desire to get assets out of renminbi and into a foreign currency is distorting China's official trade data at present," economists at Fathom Financial Consulting Ltd. in London wrote in a note. "Our analysis suggests the scale of the problem may have grown exponentially in recent months."
China to allow commercial banks to swap bad debt for equity stakes in firms - sources
China's central bank is preparing regulations that would allow commercial banks to swap non-performing loans of companies for stakes in those firms.


## The candidates ##
America celebrates freedom of speech. -- RF
Lowest common denominator: Candidates' low speaking levels




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