Thursday, November 8, 2012

Thursday roundup (11-08-12)

Austerity May No Longer Be Solution for Euro (The Wall Street Journal blogs)

Greek Aid Payment Call Won’t Be Made Next Week, EU Official Says (Bloomberg)

IMF and EU face tough choices on Greece debt (Reuters)

Who will stop the Sado-Monetarists as jobless youth hits 58pc in Greece? (The Telegraph blogs)

China's Hu Jintao clings to socialist economy in Mao nostalgia speech: China’s Communist Party is to stick "unswervingly" to state control over Asia’s largest economy, dashing hopes for deep free-market reform over the next decade. (The Telegraph)

Why US Economy May Be Headed for Another Recession (CNBC)

Obama Won Because Voters Understand Economics: Unemployment is unacceptably high, but voters grasp that the U.S. is not recovering from a normal recession, but from the worst crisis since the Depression (The Atlantic)

Obama, Boehner again prepare to tackle national debt (The Washington Post) Boehner Exclusive: Raising Tax Rates 'Unacceptable' but Will Put New Revenue on Table (ABCNews)

Congress Sees Rising Urgency on Fiscal Deal (The New York Times) The Brutal Arithmetic of the Budget Deficit (Bloomberg Businessweek)

S&P sees small, but growing, risk of US fiscal cliff (Reuters)

CBO: 'Fiscal Cliff' Could Trigger Recession (The Wall Street Journal) Recession worry: Tax rate dispute is major hurdle in looming battle over the ‘fiscal cliff’ (The Associated Press) CBO Releases a Report on the Economic Effects of Policies Contributing to Fiscal Tightening in 2013 (Congressional Budget Office)

CEO Drumbeat for Tax Reform Grows Louder (CNBC)

What Is the Fiscal Cliff? (The Wall Street Journal blogs)

Vital Signs Chart: Americans’ Credit-Card Debt Shrinks (The Wall Street Journal blogs)

America's deleveraging: Still a long way to go (The Economist blogs)

Banking's 'Worst Nightmare' Takes Her Fight to Senate (The Wall Street Journal)

McDonald's monthly sales fall for first time in nine years: Sales at stores open more than a year fell 2.2% from October a year earlier in the U.S. (The Los Angeles Times)

Energizer to cut more than 10 percent of workforce [1,500 people] (Reuters)

Ameridose lays off hundreds of workers [= 650] (The Boston Globe)

Appliance parts plant closing to cut 620 NC jobs (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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