Monday, August 20, 2012

Monday roundup (08-20-12)

Lord Rothschild in $200 Million Bet Against Euro: Report (CNBC)

Germany backs Draghi bond plan against Bundesbank: Germany’s director at the European Central Bank has thrown his weight behind mass purchases of Spanish and Italian debt to prevent the disintegration of the euro, marking a crucial turning point in the eurozone debt crisis. (The Telegraph)

German central bank warns country’s financial health not a given (The Washington Post)

German foreign minister: Greece should stay in eurozone and follow through with reforms (The Washington Post)

Greece Is About To Seriously Negotiate Its Bailout — Here's What Samaras Can Aim For (The Business Insider)

Dutch Socialist Leader Says Doubtful Euro Will Survive Crisis (Bloomberg)

Chicago Fed: Growth in Economic Activity below trend in July (Calculated Risk blog)

Fed Studies Show Damage To Labor Market Is Reversible (Bloomberg)

Cautious Moves on Foreclosures Haunting Obama (The New York Times)

Cities near a tipping point: [New York] State's municipalities face stark choices as officials cope with reduced funding (The Times Union of Albany)

Quelle Surprise! SEC Plans to Make the World Safer for Fraudsters, Push Through JOBS Act Con-Artist-Friendly Solicitation Rules (Naked Capitalism blog)

'Shadow Bank' System Will Thrive Under New Rules: Bove (CNBC)

Standard Chartered and Why We Must Change the Way We Police Banks (Time)

11-mile stretch of Mississippi River closed (The Associated Press)

Sharp to cut 8,000 jobs through plant sales: paper (Reuters)

     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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