Tuesday, November 20, 2012

Tuesday roundup (11-20-12)

Morgan Stanley’s Doom Scenario: Major Recession in 2013 (CNBC)

Eurozone risks rising as outlook darkens (CNNMoney)

French Downgrade Widens Gulf With Germany as Talks Loom: Economy (Bloomberg)

Euro zone, IMF fail to strike Greek debt deal (Reuters)

Greek debt can only become sustainable by 2022 if all steps taken - document (Reuters)

Greece Needs Growth, Not Austerity (Bloomberg)

Norway: The Last Haven?: Forget the U.S. dollar, Swiss franc, pound sterling and Japanese yen. Analysts say the krone is the last safe haven currency. (Institutional Investor)

Japan’s Exports Reach Three-Year Low as Recession Looms: Economy (Bloomberg) Japan exports drop again, adds to recession concerns (Reuters) Japan Trade Deficit Stokes Recession Concerns (The Wall Street Journal)

Is this the deal that will end the [US] austerity crisis? (The Washington Post blogs)

Economists React: The Fiscal Cliff ‘Can’t Be Fully Avoided’ (The Wall Street Journal blogs)

Tight Lending Is Choking Nascent Housing Recovery (NBCNews)

Big Banks vs. Elizabeth Warren: It's On (Again!): The fight between the financial industry and Senator-elect Elizabeth Warren heats up again over her possible nomination to the Senate banking committee. (Mother Jones)

Washington Federal CEO: Bring back Glass-Steagall (The Puget Sound Business Journal)

Big problem: Too-big-to-fail banks too big again (Philly Burbs)

Why So Many Americans Don’t Have Bank Accounts (Time)

Austerity: A Violation of Human Rights? (The Nation blogs) [Your blogger wonders: What if debt-driven bubbles were the real violations of human rights?]

Our Dust Bowl Economy by Charles Hugh Smith (Of Two Minds blog) The Dust Bowl (PBS)

Hostess, union fail to reach agreement, bankruptcy plans move forward (The Associated Press) Hostess liquidation likely as mediation fails (CNNMoney)

SAS Pushes Through Plan to Shrink Airline [by 7,000 Jobs] as Unions Sign Up (The Washington Post)

Newcastle Council cuts 1,300 jobs to save £90m (The BBC)

Premier Foods cuts 900 jobs at breads division (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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