Monday, November 26, 2012

Monday roundup (11-26-12)

If These Two Brilliant Investors Are Right About Future Growth, The World Is Screwed (The Economist)

European Finance Ministers and I.M.F. Reach Agreement on Greek Bailout Terms (The New York Times) Euro zone, IMF agree on Greece aid deal (The Washington Post) Euro zone, IMF reach deal to cut long-term Greek debt (Reuters)

Why Europe Debt Defaults Are About to Rattle Stocks (CNBC)

Britain names Canadian to head Bank of England: Mark Carney, Canada's central bank chief, is to start in July as governor of the Bank of England. His tasks include reviving the British economy. (The Los Angeles Times) UK Names Carney as New Bank of England Chief (CNBC) Mark Carney: new age is dawning for the Bank as George Osborne bags his man: Something of a coup for Britain’s beleaguered coalition Government or more evidence that Goldman Sachs is taking over the world? (The Telegraph)

[On the bright side:] Too-big-to-fail bank problem may still exist, says FSB head [= Mark Carney, Nov. 8] (Reuters) BOC Gov Carney: Need More Regulation World's Biggest Banks [Nov. 8] (MNI)

[But ... not so fast ...] Mark Carney's 'shock' appointment means more of the same: Osborne's choice for governor of the Bank of England will do nothing to prevent the next collapse of the financial system (The Guardian) "Business leaders [in the UK] welcomed the decision." (The Daily Mail) Goldman's Global Domination Is Now Complete As Its Mark Carney Takes Over Bank Of England (ZeroHedge blog)

Italian Consumer Confidence Falls to Record Low on Recession (Bloomberg)

With "fiscal cliff" deadline nearing [for the US], parties still at odds (Reuters)

Walter to Become SEC Chairman After Schapiro Steps Down -- ["a move industry observers say will bring little change at the agency"] (Bloomberg) [Or, more directly stated:] Expect Wall Street's Crime Spree To Continue Unabated (The Golden Truth blog)

Economist Kaufman calls for breakup of banks (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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