Economic news - 30 December, 2012

Well, it is nearly the end of 2012.

Here is a compilaton of stories related to economic collapse from Rice Farmer, with his end-of-year comments.

Well, that ends it for this year. It is abundantly clear that expensive energy and accumulated debt — the two horsemen of the apocalypse — are dragging the industrial world inexorably into a quagmire of decline in all respects. Keep making your preparations, and do not be distracted by the frothing-at-the-mouth rantings of government officials, politicians, Mayan calendar/alien invasion doomsayers, or investment gurus who insist that you put your nest egg in the stock market. And by all means, avoid falling into a bunker mentality. Active engagement with the world around us, building mutually supportive communities, and living on the Earth (not under it) will pave the road to the future.

-- RF

Meltdown of the global ponzi scheme

Eurocoin Points to Another Quarter of Contraction

Greece: Licences handed in as austerity hits car owners

Unemployment reaches 3.13M in France

Spain struck in recession in final months: Central Bank

Spain $18.1 billion behind on its bills

"Spain's local and national government agencies are $18.1 billion behind on paying their bills, a government report said."

Spain to cut 52 percent of train routes

"The Spanish government has decided to do away with medium-distance train lines and replace them with buses to save money, officials said."

System D: Informal Economy Exceeds 30% in Bulgaria

System D: 60 Percent of Mexicans Working in Informal Sector

India Suffers $123 Billion Black Money Losses

Yuan Sets Tone for Asia as Japan Dethroned by China: Currencies

Singapore bond issuance up 108 pct to US$31.1 billion

Singapore Proposes Consumer-Credit Rules to Limit Bad Debt

Municipal debt in Alberta jumps to $7.7 billion

Out Of Desperation, North Korean Women Become Breadwinners

"Imagine going to work every day and not getting paid. Then, one day, you're told there's no work to do — so you must pay the company for the privilege of not working."

Peering Over Fiscal Cliff, Marketers Cut Global Ad Spending

European PMI Retail Sales Collapse: Near-Record Drop in Italy Retail

Sales; French Retail Sales Drop 9th Consecutive Month; Germany Retail

Sales Back in Contraction

France Teeters on the Brink of Recession

France Council Blocks 75% Tax on Millionaires

2013 would be survival year for steel mills - Duferco chairman

"Business Spectator reported that the global steel sector is expected to recover only slightly next year as weak demand and low prices continue to squeeze company earnings, according to an industry survey conducted by the Financial Times."

China's Least-Favorite Short Seller Targets Singapore

Gold heads for 12th straight year of gains, mixed outlook for 2013

Egypt's president warns against unrest

Egypt to Start Foreign Exchange Auctions as Reserves Plunge

"Egypt’s central bank will start foreign-exchange auctions tomorrow in order to preserve foreign reserves after they plunged to “minimum and critical” levels."

Sales Approaching $4 Trillion in Stimulus Repast: Credit Markets

"Corporate bond sales worldwide are approaching an unprecedented $4 trillion this year as yields touch all-time lows and investors pump record amounts of cash into fixed-income securities."

EU clears Dexia's €90bn restructuring plan

"The European Commission has approved the latest, €90bn restructuring plan for Dexia, a Franco-Belgian bank bailed out at the height of the financial crisis which has struggled ever since."