Monday, December 17, 2012

Monday roundup (12-17-12)

ECB Chief Defends Austerity Measures (The Wall Street Journal)

Bundesbank sees "noticeable" German GDP shrinkage (Marketwatch)

Merkel Says Euro Crisis Recovery Is Worth Austerity Pain (Bloomberg)

Greece's lenders warn of "very large" risks to bailout (Reuters)

Greek Debt Unsustainable Without Official Sector Losses - Moody's (The Wall Street Journal)

Spanish PM defends year of austerity amid protests (The Associated Press)

Italian president [Giorgio Napolitano] urges austerity as election looms (Agence France Presse) Most Italians oppose second term for PM Monti - poll (Reuters)

Monte Paschi bailout gets preliminary EU clearance (Reuters)

Will Japan’s New Prime Minister Start a Debt Crisis? (Time) Japan's Shinzo Abe prepares to print money for the whole world: Japan’s incoming leader Shinzo Abe has vowed to ram through full-blown reflation policies to pull his country out of slump and drive down the yen, warning Japan's central bank not to defy the will of the people. (The Telegraph)

Five years after the recession, a slow recovery plods on: The recession began in December 2007. Officially, it’s been over for more than three years. The damage remains. (The Miami Herald)

In new 'cliff' bid, Obama seeks $1.2 trillion in revenue - source (Reuters) President Delivers a New Offer on the Fiscal Crisis to Boehner (The New York Times)

Obama, Boehner meet amid hard bargaining over tax hikes, debt ceiling (FoxNews) Obama, Boehner meet again as fiscal cliff talks heat up (CNN)

Manufacturing in New York Area Shrinks More Than Forecast (Bloomberg)

RAIL INDICATORS: The Economy Continues To Soften (Pragmatic Capitalism)

     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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