Sunday, December 2, 2012

Sunday roundup (12-02-12)

Even without U.S. "cliff," world economy teeters (Reuters)

Greek deal puts euro zone in slow recovery room (Reuters)

Merkel does not rule out Greek haircut after 2014 (The Associated Press) Report: Germany to eventually consider Greek Losses (Calculated Risk blog) Angela Merkel hints at future writedown of Greek debt: German chancellor's comments likely to bolster critics who accuse her of concealing the full cost of Greece's latest aid deal (The Guardian)

European Financial Officials Will Meet, Again, to Address the Greek Crisis (The New York Times) Euro finance bosses to tackle EU-wide issues (Agence France Presse)

Spain's Rajoy says it may be difficult to meet deficit target (Reuters)

Osborne Says He Needs More Time to Rid U.K. of Budget Deficit (Bloomberg) Austerity drive will go on until 2018, hints Osborne as he plans pension raid on rich and fresh benefits cuts (The Daily Mail)

UK manufacturing exports hit by eurozone crisis: Survey finds that orders fell in past three months for majority of firms, with those exposed to European markets hardest hit (The Guardian)

‘Fiscal cliff’ talks at a stalemate over tax hikes (The Washington Post) ["Things are getting worse."] (Politico)

     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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