Friday, October 12, 2012

Friday roundup (10-12-12)

'Wartime' [levels of] debt threat to global economy: Lagarde (Agence France Presse)

Discontent Over Euro-Zone Debt Crisis Response Mounts (The Wall Street Journal) Critics Voice Frustration With Pace of Action (The Wall Street Journal)

ECB's Coeure: Eurozone Deflation Greater Risk Than Inflation (MNI) [Ex-ECB board member] Bini Smaghi: Euro Zone Faces Risks of Deflation, Not Inflation (The Wall Street Journal blogs)

Despite debt crisis, E.U. wins Nobel Peace Prize (The Associated Press) The wrong Europe wins the Nobel Peace Prize (The Telegraph blogs) NASSIM TALEB: 'The European Union Is A Horrible, Stupid Project' (The Business Insider)

IMF: Austerity is much worse for the economy than we thought (The Washington Post blogs)

IMF and Europe in dangerous game of brinkmanship over failing Greek bailout: Showdown likely to come to a head next month when report set to confirm Greece's debt could hit 145% of GDP by 2020 (The Guardian)

Citi lowers probability of "Grexit" to 60 percent from 90 percent (Reuters) [Green shoots?]

OECD: Japan Public Debt in 'Uncharted Territory' (The Wall Street Journal)

[US] Budget deficit tops $1 trillion for fourth straight year (Reuters) U.S. Posts Fourth-Largest Budget Deficit Since WWII (Bloomberg)

US ‘Fiscal Cliff’ Is ‘Major Concern’ for World: IMF’s Zhu (CNBC)

The Growing U.S. Public Debt (Iacono Research)

Too big to maintain? by George F. Will (The Washington Post)

"Legalized Plunder of the American People" - G. Edward Griffin: G. Edward Griffin discusses the Federal Reserve and it's role in the declining economy at the recently concluded conference, Navigating the Politicized Economy. (Casey Research)

Housing Recovery? Not Yet, Says Home Depot (Barron's blogs)

DAVID ROSENBERG: This Is The Defining Chart Of The Ongoing Economic Crisis (The Business Insider) 5*David Rosenberg Special: This is David Rosenberg's (AA) presentation at this week's Barry Ritholtz' (AA) Big Picture Conference this week in NYC .. (Cliff Küle's Notes blog)

Advanced Micro Devices Said to Plan Up to 2,340 Job Cuts (Bloomberg) AMD preps layoffs that could hit 30 percent of its workers: The chipmaker could announce the move as soon as next week, CNET has learned. (CNET)

Aircel to cut 600 jobs amid surging costs, severe margin pressure (The Economic Times of India)

POLL: BY WIDE MARGIN, DEMOCRATS WANT BIDEN IN ALL REMAINING DEBATES -- ["... constitutional scholar Davis Logsdon ... [says] 'According to the Constitution, the Vice-President steps in when the President is unable to fulfill his duties. Based on the first debate, that seems to be the case.'"] (The New Yorker)

Food Sickens Millions as Company-Paid Checks Find It Safe (Bloomberg Markets Magazine)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety)

     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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