Saturday, December 15, 2012

Saturday roundup (12-16-12)

Economic slowdown throughout euro zone a worry for ECB: Liikanen (Reuters)

Galbraith: ‘I cannot imagine how a sane person can believe in austerity’: Leading economist slams austerity policies (New Europe)

UN economist: Portugal needs partial debt renegotiation

Portugal’s unemployment up since bailout (The Washington Post)

On Capitol Hill, Fiscal Talks Now Turn to U.S. Borrowing Limit (The New York Times)

Potential fiscal cliff deal still being debated (The Washington Post)

Number of the Week: Popular Policies Won’t Balance Budget (The Wall Street Journal blogs)

Community Bank of the Ozarks, Sunrise Beach, MO, Closed By Regulators [as posted in yesterday's blog] (Problem Bank List)

Unofficial Problem Bank list declines to 845 Institutions (Calculated Risk blog)

     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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