Saturday, November 24, 2012

Saturday roundup (11-24-12)

European banks urge one-year delay for Basel III rules (Reuters)

European Bankruptcies, Held at Bay, May Soon Jump (CNBC)

10,000 anti-austerity protesters march in Dublin against government plans for more cuts, taxes (The Associated Press)

Thousands of Italians rally against Monti's austerity (Reuters)

Top Culprit in the Financial Crisis: Human Nature: Kenneth Rogoff and Carmen Reinhart, who wrote This Time Is Different, say coming up with regulations to ward off financial disasters is a lot easier than getting people to keep them in place as years pass. (Barron's)

‘Be Careful What You Wish for’ Regarding Fiscal Cliff: Jim Rickards (Yahoo!'s The Daily Ticker)

Unofficial Problem Bank list unchanged at 857 Institutions (Calculated Risk blog)

Creating Shareholder Value (The Big Picture blog)

     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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