Monday, December 31, 2012

Monday roundup (12-31-12)

Austerity has made Europe worse, says Cyprus President Demetris Christofias: Cyprus President Demetris Christofias has hit out against the harsh austerity measures being meted out to struggling eurozone members as the Mediterranean island faces a bleak new year. (The Telegraph)

The Human Toll of Europe’s Economic Statistics (The New York Times blogs)

Weimar 2013?: In Europe, where economic failure once led to the collapse of democracy, people are asking if it could happen again (Project Syndicate)

Merkel warns Germans of tough economic times ahead:
Chancellor Angela Merkel has warned that the German economic climate in 2013 will be "even more difficult". (The BBC)

Greek retail sales slump as austerity-hit consumers rein in spending:
Greek retail sales fell 18.1pc year-on-year in October, recording the steepest drop in almost two years, as the deep recession and record-high unemployment took a toll on consumer spending. (The Telegraph)

UK 'faces a 50-50 risk of suffering triple-dip recession' say economists as they warn of eurozone risk (The Daily Mail)

It's official: Deal reached on "fiscal cliff" (CBSNews) White House, Senate Republicans Reach a "Fiscal Cliff' Deal (CNBC)

Modest deal on ‘fiscal cliff ’ is least Congress could do [editorial] (The Boston Globe)

It's official: U.S. hits debt ceiling (CNNMoney) Debt ceiling is the next fiscal cliff (CNNMoney) Lindsay Graham: I Will Destroy America’s Solvency Unless The Social Security Retirement Age Is Raised (Think Progress)

Farm bill remains in limbo (The Washington Post blogs)

Will Dodd-Frank Kill Small Banks? (The Columbia [Missouri] Business Times)

500 layoffs looming for Detroit employees (Michigan Radio) More layoffs mean fewer city services, unions say: Mayor Dave Bing's plan to cut work force will lower costs, but still hurt taxpayers, they say (The Detroit News

     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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