Saturday, August 25, 2012

Saturday roundup (08-25-12)

Broken promises [regarding fiscal discipline] hinder euro zone’s recovery (The Washington Post)

Merkel and Hollande sidestep Greece's plea for breathing space: Angela Merkel and Francois Hollande pledged to keep Greece in the eurozone, but offered Greece no immediate relief from its current regime of painful austerity measures. (The Telegraph) German Finance Minister rejects more time for Greek reforms again (Reuters)

GM seeks to expand credit line: WSJ (Reuters)

Cash Moves by HSBC in Inquiry [by US Prosecutors] (The New York Times)

Unofficial Problem Bank list declines to 898 Institutions (Calculated Risk blog)

This Year's Drought Is So Severe, You Can See Its Toll on the Mississippi River From Space (The Atlantic)

GM's Opel may cut 30 pct of jobs in Germany - report (Reuters)

Carrefour unions see [500 to 600] job cuts in France (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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