Sunday, September 9, 2012

Weekend roundup (09-08&09-12)

Owing to disruptions in Internet service, your blogger was unable to make the customary Saturday post.

Euro zone enters dangerous week buoyed by ECB (Reuters) A Challenging Week for the Euro Zone (The New York Times)

Suddenly, Nobody In Europe Wants The ECB Bailout (ZeroHedge blog)

Carthaginian terms for Italy and Spain threaten Draghi bond plan: The cold douche begins. Markets will now learn that the European Central Bank's bond plan is a devout wish, not a done deal. Europe's political minefield lies ahead. (The Telegraph) Germans could be consigned to serfdom to save the euro: The proposed rescue fund for Europe not only breaches German law and EU treaties but could condemn a generation (The Guardian)

German Constitutional Court hearing will be day of judgement for the euro: After years of turmoil, pain and fear, the euro's future may finally be decided be not on the streets of Greece but by a panel of grey judges at the German Constitutional Court (The Telegraph)

‘Lead or Leave Euro’, Soros Tells Germany (The Financial Times) Soros tells Germany to lead or leave euro zone (The Irish Times) Why Germany Should Lead or Leave by George Soros (Project Syndicate)

The Tragedy of the European Union and How to Resolve It by George Soros (The New York Review of Books)

Fran├žois Hollande annouces €10bn cut in public spending: French PM uses TV interview to defend himself against critics who complain he has failed to address problems (The Guardian)

Greek gov't fails to agree on spending cuts (The Associated Press)

U.S. Fiscal Cliff Endangers World Economy, Lagarde Tells APEC (Bloomberg)

Four ways President Obama has failed US on the economy (The St. Augustine [FL] Record)

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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