Sunday, June 18, 2017

 

News Links, June 19, 2017

## Global Ponzi meltdown/House of Cards/global cooling/deflationary collapse ##
Fear of Contagion Feeds the Italian Banking Crisis
At first, deny, deny, deny. Then taxpayers get to bail out bondholders.
We're in a Boiling-Point Crisis of Exploitive Elites
The "fixes" to the stagnation of postwar Capitalism in the 1970s were financialization, globalism, and the sustained expansion of debt--all have run out of steam.
The Pin To Pop This Mother Of All Bubbles?
A worsening shortfall in new credit creation
Remember: economic expansion requires debt expansion. It works until it doesn't. -- RF
Stockman: This is the Most Hideously Overvalued Market in History

## War on cash/cashless society ##
The War On Cash Is Now Becoming The War On Cryptocurrency
LCCs want to cancel service due to few bookings
Japan's transport ministry is considering whether to allow low-cost carriers to cancel flights when only a small number of seats are sold.

## Fault lines/flashpoints/powder kegs/military/war drums ##
Afghan soldier's insider attack wounds 7 American soldiers
US Intervention in Syria at Crossroads
The U.S. has stumbled into a trap in the Syrian desert town of Al-Tanf, and the big question now is whether it will stay, leave, or try to save face by putting on a show of force. Given the crisis mentality in Washington these days, the answer is likely the last. If so, the effect will be to take a bad situation and make it much, much worse.
Service stations, rest stops, and cafés! You can't make this stuff up. -- RF 
Saudi declines offer of Turkish military base
Saudi Arabia has said a Turkish military base, similar to that built in neighbouring Qatar, would not be welcome in the kingdom, insisting it is "not needed".
Donald Trump's 'free Cuba' plan could actually hurt Cubans

## Energy/resources ##
The piece includes the standard claptrap about how the fracking revolution has pushed break-even prices to absurdly low levels.  But another article in the same newspaper on the same day described how producers are losing $0.33 on every dollar in the red hot Permian basin shale plays. Oops.
California hits the solar wall
Drought may expand its grip on north-central US this summer
It's June, and already, North and South Dakota are experiencing a severe drought, while portions of Minnesota, Illinois, Iowa, Missouri, Indiana, and Michigan are experiencing abnormally dry conditions. And according to the forecast, it could get worse.
Singapore's farmers raise rare voices
These peri-urban farms supply around 10% of Singapore's vegetables and fish. The remaining 90% of the city-state's food is imported, as is 60% of its water. That dependency is increasingly a cause for concern.
Singapore is one of the last places you want to be when the bottom falls out. -- RF

## Intelligence/security/internet/cyberwar ##

## Systemic breakdown/collapse/unsustainability ##
Summer of Hate: The Arrival of the Crisis and The Second Civil War?
Officially begun in 2001, with roots extending back to the late 1980s, the F-35 program is nearly a decade behind schedule, and has failed to meet many of its original design requirements. It's also become the most expensive defense program in world history, at around US$1.5 trillion before the fighter is phased out in 2070.

## US ##
Official warns Illinois finances in 'massive crisis mode'
San Francisco Bay Area Sheds Jobs and Workers
Commercial and residential real estate bubbles choke the economy. The upper bounds of hype and craziness have been reached.
Cab Drivers Union Says Chicago Taxi Industry Is Nearing Collapse
America's most successful companies are killing the economy
Winner-take-all companies, including Alphabet and Wal-Mart, are driving down wages and destroying communities




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