Saturday, December 8, 2012

Saturday roundup (12-08-12)

Italy PM Monti says he will resign when budget passed (Reuters) Monti Plans to Resign as Berlusconi Seeks Return to Power (Bloomberg) Disgraced Berlusconi confirms return to politics (France24) Monti calls time after restoring credibility to Italy (Reuters)

Ireland needs more time to repay EU bailout (Agence France Presse)

Boehner: Obama Walking Economy to Edge of 'Cliff' (CNBC)

NY mostly ignored reports warning of superstorm (The Associated Press)

Unofficial Problem Bank list declines to 849 Institutions (Calculated Risk blog)

Keiser Report: Hollywood Accounting: In this episode, Max Keiser and Stacy Herbert look at how Hollywood accounting has turned the global financial system into one in which money and wealth melt like so much congealed snow. And so from Pontiac, Michigan to the Australian outback, zero percent interest rates and jobs that never materialize are the new normal. In the second half, Max Keiser talks to Matt Taibbi of Rolling Stone magazine about banksters who can't recall a single thing about their crimes, including everything from Libor rigging to defrauding monoline insurers (RussiaToday)



     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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