Saturday, December 22, 2012

Saturday roundup (12-22-12)

EU to give Spain, France more time to cut deficit-press (Reuters)

Chilling economic report strikes fear into CEOs [in the UK]: Over an early-morning coffee with the chief executive of a FTSE 100 business last week, talk turned to the outlook for 2013. Where I had expected some guarded optimism, instead I heard a chilling analysis. (The Telegraph)

The Upside of the Fiscal Cliff [in the US] by Charles Hugh Smith (Of Two Minds blog)

Number of the Week: Without Unemployment Extension, Millions to Lose Benefits (The Wall Street Journal blogs)

Delta Air Gets 22,000 Applications for 300 Attendant Jobs

[Meanwhile Ohio State University President] Gee Takes Jets as $1.9 Million Payday Roils Ohio Students (Bloomberg)

Unofficial Problem Bank list declines to 841 Institutions (Calculated Risk blog)

Engineered Fish Moves a Step Closer to Approval (The New York Times)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety)

     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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