Tuesday 19 June 2012

Today's stories

 Global Ponzi meltdown/House of Cards  
 
China Abandons Role Of Global Engine As Wen Tempers Stimulus
"Premier Wen Jiabao has an unspoken message to his Group of 20 counterparts in Mexico today: This time, don’t count on a growth bailout from China."
 
"As elections in Greece reduced the immediate risk of the euro area’s breakup, China and Indonesia signaled growing exasperation with more than two years of European crisis- fighting that has failed to stem the threat of global contagion."
 
 Market Revolts Already as Spain 10-Year Yield Hits Record High 7.28%
 
 
 
 
 
IMF urges Europe to help refinance Irish bank bail-out
"The International Monetary Fund on Friday urged Europe to help Ireland refinance its crippling bank bailout and consider taking equity in state-owned banks to help Dublin return to bond markets and avoid a second bailout next year."

 
 
 
 
 
 
 
"With prices for oil, its main export, sliding, Russia is already gearing up for economic troubles, laying plans for spending cuts and a weaker ruble if the global situation worsens further, according to First Deputy Prime Minister Igor Shuvalov."
 
 

Airline Death Spiral
"The airline that gave most Malaysians their flying experience is now technically bankrupt."

SAA to raise fuel surcharge on EU flights
flying experience is now technically bankrupt."

 Fault lines/flashpoints/powder kegs/military/war drums
 
 

 
 
 
At least two killed in attack on Israel-Egypt border
"An Israeli citizen and at least one militant were killed in an attack on the Egyptian border on Monday, Israeli media said."
 
India moves to start rupee payments for Iran oil
"Reuters reported that India removed a hefty tax and took other steps to ease payments in its rupee currency for some imports of Iranian oil as it seeks to continue purchases in face of Western sanctions that blocked an earlier payment method."
 
 
 

 
"Two Russian navy ships are completing preparations to sail to Syria with a unit of marines on a mission to protect Russian citizens and the nation’s base there, a news report said Monday."
 
"By its own admission, the U.S. Navy is straining to meet its operational demands. Regular deployments routinely exceed the old six-month standard, and increasingly, ships are away from home for seven and eight months. The high operations tempo, particularly hard on aircraft carriers and amphibious ships, is expected to continue for the foreseeable future."
 
 Global unrest/mob rule/angry people/torches and pitchforks 
 
Southwestern Chinese Villagers ‘Savagely’ Beaten During Drain-Pipe Protest
"Ten Langnan Town villagers were injured and another three arrested in a dispute over a large natural gas pipeline near their town in China’s southwestern Guangxi Province."
 
 
 
Police clash with about 150 people in suburb of Greek capital; 6 officers injured
"Authorities say police have clashed with about 150 people who attacked a public bus and  shops in a western Athens suburb and that six officers were hospitalized with gunshot wounds."
 
Protesters, Sudan police clash over spending cuts
"Anti-regime protesters clashed with police in Sudan's capital on Monday, witnesses said, as President Omar al-Bashir announced a raft of austerity measures aimed at propping up the country's ailing finances."
 
S. Korea warns of social unrest without job growth
"South Korean President Lee Myung-Bak called Monday on world leaders to address the gap between rich and poor, warning that growing disparities could lead to social unrest."
 
Energy/resources 
 
 
RWE stops building nuclear power plants
"German energy giant RWE, once a staunch advocate of nuclear power, says it will stop building nuclear power plants."
 
"The crisis surrounding the German solar power industry deepened on Thursday with equipment maker Centrotherm saying it could no longer use existing credit lines and was talking to its banks, a day after smaller peer SolarWatt filed for insolvency."
 
 
Indonesia's oil reserves down faster than others in region
"Indonesia's crude oil reserve has been in a steady decline during the past two decades, faster than that in other ASEAN member countries, which is unable to replenish to meet growing demand, the Jakarta globe reported Monday."

Petrol shortage hits commuters hard in Lahore
"An acute shortage of petrol in the provincial capital hit motorists and drivers hard on Sunday and many resorted to fights and heated exchanges at petrol pumps, sources confirm." 
 
 Got food?
 
 
 

Systemic breakdown 
 
Trade Off: Financial system supply-chain cross contagion: a study in global systemic collapse
"This new study explores the implications of a major financial crisis for the supply-chains that feed us, keep production running and maintain our critical infrastructure. I use a scenario involving the collapse of the Eurozone to show that increasing socio-economic complexity could rapidly spread irretrievable supply-chain failure across the world."
 
 
 Japan 

 
 
 
 

Shikoku reactor seen as next restart candidate
"The No. 3 reactor at Shikoku Electric Power Co.'s Ikata nuclear power plant is considered a key candidate to be restarted after two reactors in Fukui Prefecture become the first to be brought back online since the nuclear crisis that began in March 2011, according to informed sources."
 
 
 
 China

China to Start Trial Program to Boost Banks'&n bsp;Lending
"China is expected to soon kick-start a trial program that would allow banks to turn loans into securities and free up funds for lending at a time when Beijing is seeking ways to bolster growth."
 
China Home Prices Fall in More Than Half Cities Tracked
 
 UK 

U.S. household net worth falling sharply
"Falling stock markets and home values contributed to a 35 percent drop in the U.S. median household net worth from 2005 to 2010, the Census Bureau said Monday."
 
 
 
 

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