Monday, December 24, 2012

Monday roundup (12-24-12)

Schäuble's Secret Austerity Plan for Germany: The German government and opposition are pledging higher benefits for pensioners, families and the long-term unemployed ahead of elections next year, but Finance Minister Wolfgang Schäuble is secretly planning cutbacks to prepare for a weakening economy and possible fallout from the euro crisis. (Spiegel Online)

Britain feels strain as austerity bites (CNNMoney)

U.K. Home Prices Fall as Hometrack Sees Further Decline: Economy (Bloomberg)

Dozens of [UK] retailers on the brink as rents fall due: Insolvency specialists warn of more trouble for high streets shunned by many shoppers (The Independent)

[US] Lawmakers Say Time Short to Reach Deal on Fiscal Cliff (Bloomberg)

Despite Hints of Economic Recovery, Optimism’s Scarce for the Year Ahead (ABCNews blogs)

Debt limit must not threaten US economy again [editorial] (The Boston Globe)

Majority of Wealthy Support Taxing Themselves: Poll (CNBC)

     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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