From Jenna Orkin in New York
That's what happens when the others collapse. - JO
From Rice Farmer in Japan
## Global Ponzi meltdown/House of Cards ##
"Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one."
"EUROFER's Q4 2012 Economic & Steel Market Outlook shows that the outlook for the EU steel market has darkened further in recent months."
Airline Death Spiral
"The world’s second-largest carrier, Delta Air Lines Inc. plans to withdraw its older jets, allowing it to save $1 billion but forcing it to cut back its flights."
The airline industry is doing the same thing as businesses in other industries have done in the last few years, and that is to downsize themselves into profitability. -- RF
## Fault lines/flashpoints/powder kegs/military/war drums ##
"The Pentagon has told the Obama administration that any military effort to seize Syria’s stockpiles of chemical weapons would require upward of 75,000 troops, amid increasing concern that the militant group Hezbollah has set up small training camps close to some of the chemical weapons depots, according to senior American officials."
Global unrest/mob rule/angry people/torches and pitchforks
"A group of Wal-Mart workers are planning to stage a walkout next week on Black Friday, arguably the biggest holiday shopping day for the world's largest retail store."
"The world’s most ambitious renewable energy project suffered another blow yesterday when the Germany technology supplier Bosch announced it was pulling out of the DESERTEC solar project."
"As recently as three years ago, many thought that it was only a matter of time before solar thermal plants in North Africa supplied a significant portion of Europe's energy needs. But Desertec has hit a road block. Industrial backers are jumping ship, political will is tepid and a key pilot project has suddenly stalled."
"With flooding, theft and corruption plaguing the country's oil sector, the Nigerian government said the estimated oil reserves were on the decline."
## Got food? ##
"There are only a few people who get it: the era of cheap food is over."
## Environment/health ##
## Intelligence/propaganda/security/internet/cyberwar ##
## Systemic breakdown ##
A debt jubilee is fine, but it won't make a difference in the long run unless the economy is restructured. Our current system involves growth through steady debt expansion, so unless that system is changed, debt will just pile up again because expensive energy hinders debt repayment. I'm pleased to see that the article touches on this reality. -- RF
## Japan ##
"Japan's lawmakers have approved a crucial bill that will ensure that the government does not run out of money at the end of this month. It will allow the government to borrow additional money by selling bonds to pay for a large chunk of its expenses."
This doesn't avert anything. It just puts off the inevitable by kicking the can. -- RF
"Japan Friday reduced the forecast for its economy, the fourth straight monthly downward revision, as threat of another recession loomed."
"Electricity sales of 10 major power suppliers in October logged their first year-on-year decline in three months on sluggish demand from large-lot industrial users, industry data showed Friday."
## China ##
"CHINESE banks suffered the longest streak of bad loans worsening for the fourth consecutive quarter since data were released in 2004, increasing pressure on asset quality as the economy cooled."
## UK ##
"A rising number of law enforcement officers are required to wear body armor after two consecutive years in which police were being killed by gunfire with increasing frequency, a new Justice Department study has found."
"The Federal Reserve is asking 30 big banks to make sure their capital can withstand a deep recession in which the unemployment rate rises to 12%."
Video: Wild turkeys attack car on roadway