Monday, November 5, 2012

Monday roundup (11-05-12)

Global regulators push ahead with plans to curb "shadow banks" (Reuters)

Greece: More Austerity Despite Strikes, Dissent (The Associated Press)

IMF warns over-taxed France risks slipping behind Italy and Spain: The International Monetary Fund has told France to take urgent measures to head off national economic decline, warning that the country risks being left behind as southern Europe embraces reform. (The Telegraph)

French debt-to-GDP ratio concerns analysts: Warnings on French economy from managers and economists as debt-to-GDP ratio climbs. (FT Adviser)

France readies response to shock therapy industry call (Reuters)

Retail sales stall raises fears of triple-dip recession [in the UK]: BRC reports weakest sales growth in 11 months as shoppers shy away from spending on big-ticket and luxury items (The Guardian) Weak services data raises triple-dip risk: The economy may have contracted again in October, raising the spectre of a triple-dip recession, after activity in the services sector tumbled to its weakest level in 22 months. (The Telegraph)

Waiting for housing to drive the U.S. economy (Reuters)

Not Too Big to Jail (The Huffington Post blog)

Warren takes aim at ‘too big to fail’: Reinstating Glass-Steagall a ‘top three’ priority (The Raw Story) Elizabeth Warren says Glass-Steagall would have prevented JP Morgan loss [Posted May 22] (Youtube)

Banks Going Low-Tech in Aftermath of Sandy (The Wall Street Journal) Google Crisis Map: Power, Gas, Damage from Sandy Damage (The Big Picture blog)

Avoid scams: Never volunteer cash, personal information, bank account numbers (The Contra Costa Times)

112-year-old Pennsylvania apparel maker to close (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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