Wednesday, October 31, 2012

Wednesday roundup (10-31-12)

Eurozone unemployment hits record high 11.6% (The Los Angeles Times)

The euro is heading for a permanent state of depression: If the euro survives in its current form, then Mario Draghi, president of the European Central Bank, will surely have earned his place in the history books as one of the chiefs of its salvation. (The Telegraph)

Euro Zone Aims for Greek Bailout Deal on Nov 12 (CNBC)

New debt forecasts dash Greece hopes (The Financial Times) Greece Outlines New Austerity as Debt Load Rises (The Associated Press) Greek death spiral raises heat for German-bloc creditors: Greece’s debt-load is rising much faster than expected as the country spirals into a sixth year of depression, ratcheting up the pressure on Germany and Europe’s creditor states to accept debt-forgiveness for the first time. (The Telegraph) The German bloc will have to take its bitter medicine in Greece (The Telegraph blogs)

Billions for Japan tsunami recovery went elsewhere, reports find (The Los Angeles Times blogs)

U.S. is nearing its debt ceiling again, Treasury Department warns: The federal government will probably hit its $16.4-trillion borrowing limit by the end of the year, adding more urgency to efforts to avoid the fiscal cliff. (The Los Angeles Times)

Storm Keeping Millions From Work May Slow Economic Growth (Bloomberg)

FEMA may not have enough for flood damages (CNNMoney)

New Jersey reeling from Sandy's landfall: President Obama witnessed the extent of the damage during a visit to the devastated coastline. Some communities are now uninhabitable, and at times it seems nothing along the coast is where it should be. NBC's Lester Holt reports. (NBC Nightly News with Brian Williams)

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GM Europe Eliminating 2,600 Jobs to Lower Fixed Costs (Bloomberg)

Eircom to shed 2,000 jobs in effort to cut €100m per year (The Irish Times)

Switzerland's Lonza axes 500 jobs to cut costs (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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