Friday, December 21, 2012

Friday roundup (12-21-12)

Euro-Zone Consumer Spending to Remain Weak (The Wall Street Journal)

Italian Consumer Confidence Remains Near Record Low on Recession (Bloomberg)

Mario Monti resigns as austerity budget passed:
Mario Monti has resigned as [Italian] prime minister just hours after his 2013 budget was approved, but could be launching an electoral bid over the weekend. (The Telegraph)

IMF: French growth weak, will miss 2013 3% deficit target
(Agence France Presse)

UK budget deficit worsens, credit rating at risk (Reuters)

Osborne's banking reforms "fall well short of what is required", warn [UK] MPs: Banks must be broken up if they try to get round the new ring-fence, says the banking standards commission. (The New Statesman blogs)

Municipal debt in Alberta jumps to $7.7 billion (Edmonton Journal)

[US House Speaker] Boehner Drops ‘Plan B’ as Budget Effort Turns to Disarray (Bloomberg) Boehner has few options in fiscal cliff mess (Reuters)

Fiscal Cliff: Ugh, Recession is Now More Likely by Mohamed A. El-Erian (The Huffington Post blog) What going over the ‘fiscal cliff’ means . . . (The Big Picture blog)

With Farm Bill Stalled, Consumers May Face Soaring Milk Prices
(The New York Times) 'Dairy cliff': Milk prices may double in New Year (CNNMoney) US milk price worry boils over in sour farm bill debate (Reuters)

Another Fine Moment from Glenn Hubbard
(Iacono Research) "Give it your best shot" - Glenn Hubbard (from Inside Job) (Youtube)

EnBW to cut 1,350 jobs and speed up cost cuts

     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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