Monday, October 8, 2012

Monday roundup (10-08-12)

IMF sees 'alarmingly high' risk of fresh global slump: The International Monetary Fund has slashed its growth forecast for large parts of the world economy and warned of a full-blown global slump if policymakers in Europe or the US mishandle serious threats. (The Telegraph) IMF Sees ‘Alarmingly High’ Risk of Deeper Global Slump (Bloomberg) Global Recession Risk Rises: IMF Lowers Growth Forecasts, Warns New Downturn Would Be Tougher to Tame (The Wall Street Journal) Global economic recovery weakening , says IMF (The BBC)

ECB May Need to Cut Rates Given Deflation Risk, IMF Says (Bloomberg)

UK Reins in Deficit to Avoid Overtaking Greece (CNBC)

U.S. must avoid fiscal cliff, Canada quell housing boom: IMF (Reuters)

Budget Deficit Estimated At $1.1 Trillion For 2012: CBO (The Associated Press)

Vital Signs Chart: Americans Add to Credit-Card Debt (The Wall Street Journal blogs)

Supermarkets to be hurt by Wal-Mart's small stores (The Associated Press)

Bill Black: Lanny Breuer has Set Out a Roadmap for Bankers to Avoid Prosecution, London Pulls Ahead in the Regulatory Race to the Bottom (Capitalism Without Failure) Keiser Report: Mr. Gold vs Chump 'Economists' (E350) (Russia Today)

     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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