Thursday, October 4, 2012

Thursday roundup (10-04-12)

Multiplying Europe's fiscal suicide (technical) (The Telegraph blogs)

Linde Says Spain May Miss Deficit Goal, Optimistic on Growth (Bloomberg)

Transport strikes in Portugal herald new wave of protests over government austerity plans (The Associated Press)

Austerity has worsened Greek crisis, says institute: Institute of International Finance says politicians put desire for debt reduction ahead of efforts to spur growth (The Guardian)

Greece says still seeking more time to pay off debt (Reuters)

Italy's sovereign debt bigger than expected (Deutsche Welle)

Deeper cuts [nearly 1,500 jobs] coming to LSU public hospitals (The Associated Press)

     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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