Tuesday, November 13, 2012

Tuesday roundup (11-13-12)

Europe Could Still Blow Up, Let's Not Be Complacent (The Brookings Institution)

Large European Banks Stash Cash: Financial Firms Continue to Store Money at Central Banks for Safety, Though Pace Has Slowed (The Wall Street Journal)

Time for euro zone to revisit debt default option (The Irish Times)

Anti-austerity strikes sweep southern Europe (Reuters)

Euro Crisis Weighs on Germany's Economy (The Wall Street Journal) Recession fears in Germany as sentiment slides (Agence France Presse)

EU, IMF clash over Greece revives debt crisis fears (Reuters)

Italian public debt rises to record high in September (Xinhua)

US Conference Board fears BRICS miracle over as world faces decade-long slump: The catch-up boom in China, India, Brazil is largely over and will be followed by a drastic slowdown over the next decade, according to a grim report by America’s top forecasting body. (The Telegraph)

The Fiscal Cliff is a Mole Hill Compared to This (Money Morning)

Xerox slashing 2500 jobs worldwide (WIVB)

Hostess closings to cut 627 jobs (The Philadelphia Inquirer)

Sun Media to slash 500 jobs, shut production in Ottawa, Kingston (The Ottawa Citizen)

7 Habits of Highly Frugal People (Money Ning)

     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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