Monday, October 22, 2012

Monday roundup (10-22-12)

Western World in 'Colossal Mess' in 5-10 Years: Marc Faber (CNBC) Faber: 'Reduce Government by 50 Percent' (CNBC)

Despite Push for Austerity, European Debt Has Soared (The New York Times) Europe’s Debt Surged to Record Last Year, Led by Greece: Economy (Bloomberg)

Greece revises up its 2011 budget deficit, debt figures, citing deeper recession (The Associated Press)

Greece Austerity Diet Risks 1930s-Style Depression: Euro Credit (Bloomberg)

Eurostat says Italy's debt almost 121% [of GDP], second in Europe [to Greece] (ANSAmed)

Japan Exports Tumble 10% as Maehara Presses BOJ to Ease: Economy (Bloomberg)

Japan to join currency wars as exports slump: Japan is poised to join the world's "currency wars" as it battles a triple crisis of crashing exports, recession and a suffocatingly-strong yen. (The Telegraph)

Why debt is a threat to [US] national security (CNNMoney)

Vital Signs Chart: Fed Holding More on Its Balance Sheet (The Wall Street Journal blogs)

US risk panel eyes Prudential as 'systemically important' [Oct. 19] (Reuters)

Caterpillar Sees Sales Growth Slowing Next Year on Economy (Bloomberg)

     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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