Monday, July 2, 2012

Monday roundup (07-02-12)

Eurozone unemployment rises to 11.1 percent in May, highest rate since euro was established (The Associated Press) Eurozone unemployment climbs to record high in May (The Los Angles Times blogs) Eurozone Recession: Record Unemployment, Manufacturing Shrinks (Calculated Risk blog)

WILLEM BUITER: There's One Big Problem With Dreams Of A European Banking Union (The Business Insider)

France Signals More Austerity (The Wall Street Journal) French PM: France's 2012 Growth Weaker Than Forecasted (The Wall Street Journal) Fran├žois Hollande struggles to rebrand austerity as French budget looms: Socialist president must find up to €10bn in savings if eurozone's second biggest economy is to meet deficit-reduction targets (The Guardian)

Bailout envoy urges Greece to speed up reforms (The Associated Press) ECB warns Greece as ministers plan softer bailout bid (Reuters)

Greek Diaspora Tapped for Donations to Cancel Greek Debt (Bloomberg)

Slovenia Heads for Sixth Euro-Area Bailout Request to Aid Banks (Bloomberg)

Ireland’s economic collapse worst global crash since the Great Depression: Country still in the grip of the banking crisis (Irish Central)

In shadow of debt crisis, demands grow for UK to consider severing ties with European Union (The Associated Press) What if Britain left the EU?: Eurosceptics want a vote on the ultimate question – and the PM does not seem entirely opposed. Ben Chu examines the consequences of saying bye bye to Brussels (The Independent)

Grim UK factory data adds to pressure for cash (Reuters)

Extreme Heat and Thunderstorms Wreak Havoc: At least 22 people have died, and millions of Americans are still without power. (ABCNews)

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US manufacturing shrinks for first time in 3 years (MSNBC) ISM Manufacturing index declines in June to 49.7 (Calculated Risk blog)

Economists React: ISM Indicates ‘Economy Is Going Nowhere’ (The Wall Street Journal blogs)

Recession Now More Likely (The Wall Street Journal blogs)

Vital Signs: Americans Saving More (The Wall Street Journal blogs)

California lawmakers pass historic foreclosure protections (The Los Angeles Times)

The Libor Scandal and the Price of Prosperity (The Harvard Business Review blogs) The global scam that may prove terminal for Barclays, Lloyds and RBS (Ian Fraser) the wages of sin ... (The Herald of Scotland)

How the New York Times Hides the Truth About Wall Street's Catastrophic Misdeeds: The paper of record is in serious need of a fact checker when it comes to whether the Glass-Steagall Act could have prevented the financial crisis. (AlterNet)

Corn Crop Withers Away: 'Thought It Was Onions' (CNBC)

5,800 frontline police jobs to go [in Northern Ireland] (The Belfast Telegraph)

Verizon laying off nearly 950 at Houston facility (The Associated Press)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats that exist today could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. This blog further attempts to show that the financial crisis of 2008 was largely a result of the devastating consequences of excessive risk taking and the absence of effective regulation of such behavior. Furthermore, this blog maintains that not only have the lessons that should have been learned from this experience not been learned, but that the risks to the economy, including the persistent building up of "too big to fail" institutions, have actually increased since the crisis began. Finally this blog also brings to light, from time to time, reports of a parallel threat to economic well-being developing in the energy industry, which suggest that an energy shock may be coming much closer in time than is generally imagined.

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