Saturday, November 17, 2012

Saturday roundup (11-17-12)

World Production Stagnates (The Big Picture blog)

As eurozone economy shrinks, govt debt loads grow (The Associated Press)

Europe’s New Fascists (The New York Times) Niall Ferguson on Europe’s New Fascists [Oct. 8] (Newsweek)

Euro zone, IMF make progress on Greece: Juncker (Reuters) [But] Lagarde says Greek program should be "rooted in reality" (Reuters)

German central bank chief: Greece will eventually need debt haircut, after cuts and reforms (The Associated Press)

Italy's austerity may have saved the euro, says Mario Monti: Mario Monti, the Italian prime minister, says the country's austerity effort may have prevented a eurozone break-up, as the problem of Greece stokes international tensions. (The Telegraph) Monti says Italy austerity may have saved eurozone (Agence France Presse)  [But] Italy's Berlusconi says Monti's policy "disastrous" (Reuters)

Export grain prices soar as US shippers fear Mississippi closure [owing to low water levels] (Reuters)

Unofficial Problem Bank list declines to 857 Institutions (Calculated Risk blog)

Florida prison health care system to cut 1,890 jobs (The Tampa Bay [FL] Times)

Kaiser Permanente lays off 530 employees in Southern California (The Press-Telegram of Long Beach CA)

     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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