Saturday, October 13, 2012

Saturday roundup (10-13-12)

I.M.F. Urges Leaders to Act Decisively on Debt (The New York Times)

ECB's Draghi urges euro zone to keep up reforms (Reuters)

Euro zone mulls new ways to cut Greek debt mountain (Reuters)

Greece makes progress, but should get more chances: Merkel (Reuters)

Greece poised to leave euro, Swedish finance minister says: Greece could leave the eurozone within the next six months, the Swedish finance minister Anders Borg has warned. (The Telegraph) Sweden Predicts Greece May Quit Euro (The Wall Street Journal) Greece Will Probably Leave Euro Within Six Months, Borg Says (Bloomberg)

[From Ireland:] Barclays praises our progress but insists deficit plan is 'ambitious' (The Irish Independent)

Spain Austerity Protests: Thousands March In Madrid (The Associated Press) Thousands protest in Spain, Portugal against austerity cuts (Agence France Presse)

Switzerland arming in preparation for European meltdown? (Russia Today)

The Zero Bound: Japan’s economy is stuck in a trap from which there is no clear escape. Is this what America’s future looks like? (Foreign Policy) On IMF Sidelines, Host Japan Debt Worries Lurk Beneath Europe (The Wall Street Journal)

Pricey [US] election bails out Postal Service: Political mail is helping the U.S. Post Office through a cash crunch in October. (CNNMoney)

Fed actions to reduce mortgage rates may be helping banks more than borrowers (The Washington Post)

Questions From a Bailout Eyewitness [= Sheila Bair] (The New York Times) Truthdigger of the Week: Sheila Bair (Truth Dig)

Unofficial Problem Bank list declines to 872 Institutions (Calculated Risk blog)

UBS set to cut 2,000 jobs in IT department-report (Reuters)

     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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