Tuesday, September 4, 2012

Tuesday roundup (09-04-12)


Eurozone is running out of options and time to solve debt crisis (NBCNews)

ECB’s Draghi Criticizes Global Regulators’ Bank Liquidity Rule (Bloomberg)

'The Eurozone is a construction that is collapsing' (Russia Today)

French, Italian Leaders Call For Economic Growth To Stabilize Eurozone (The Voice of America blogs)

Brinkmanship as Spain warns over bail-out terms: Spain has issued a veiled warning that it will not accept a full bail-out from Europe if the terms are too harsh, a move that would paralyse the European Central Bank and call the euro’s survival into question. (The Telegraph)

Spain's Capital Flight Now Worse Than Asian Financial Crisis (CNBC)

Greece’s Debt Not Sustainable Without Interventions, KEPE Says (Bloomberg) Greek austerity plan needs softening - KEPE think tank (Reuters)

We'll never get out of debt, say one in three: The vast majority of British adults are currently in debt, new figures have shown, and a third expect to remain in the red "indefinitely". (The Telegraph)

Record 46 Million Americans Are on Food Stamps (CNBC) Check Out The Number Of Americans Who Now Eat On The Food Stamps Paul Ryan Wants To Cut... (The Business Insider) Food-Stamp Use Climbs to Record, Reviving Campaign Issue (Bloomberg)

Manufacturing another headache for U.S. economy -- ["shrank at its sharpest clip in more than three years last month"] (Reuters) Manufacturing index, construction spending weaken (USAToday) That Was An UGLY ISM Report: New Orders Fall And Costs Are Spiking (The Business Insider) ISM Index: Manufacturing Is Sluggish For 3rd Straight Month (The Capital Spectator blog) Manufacturing In U.S. Shrank In August For Third Month (Bloomberg)

US construction spending fell 0.9 percent in July, biggest drop in 12 months (The Associated Press) Decline in Home Improvements Pushes Down Construction Spending (The Wall Street Journal blogs)

Ryan: Debt topping $16 trillion 'serious threat to our economy' (The Hill blogs)

Bill Clinton Speech At Democratic Convention: GOP 'Built' National Debt (The Huffington Post blog)

14 Things Obama Doesn't Want You To Know About The Last Four Years (The Huffington Post blog)

Transcript: The Great Fiscal Cliff of 2012-13, Part I (Money and Markets)

Central Bankers Fail to Understand Forces Holding Back the Economy; Ten Major Economic Headwinds (Mish's Global Economic Trend Analysis blog)

Merck KGaA to axe 1,100 jobs in Germany by end 2015 (Agence France Presse)

     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 an energy shock may be coming much closer in time than is generally imagined.

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