Tuesday, December 18, 2012

Tuesday roundup (12-18-12)

"Peak farmland" is here, food crop area to fall - study (Reuters)

Euro zone rescuer Draghi faces daunting 2013 (Reuters)

What To Expect From The Eurozone In 2013 (Forbes)

IIF warns of large risks to Greek bailout (Agence France Presse)

Berlusconi says Italy may be forced to leave the euro zone (Reuters)

European austerity measures reach the Vatican budget (Religion News Service)

Incoming Bank of England governor warned to stay out of British politics: Liberal Democrats call for clear demarcation lines between governor and parliament to maintain Bank's independence (The Guardian)

Boehner Invokes ‘Plan B,’ Dismissing Obama’s Offer (The New York Times) White House rejects Boehner's 'fiscal cliff' Plan B (USAToday) John Boehner's fiscal cliff ‘Plan B’ going nowhere in Senate (Politico) Boehner’s backup tax plan shakes up ‘fiscal cliff’ negotiations (The Washington Post) Budget Plan Offers Laid Out in Negotiations, But Deal Remains Elusive: President Obama raised the threshold for higher tax rates to households making $400,000 annually and offered spending cuts, but Republicans held that the White House's plans don't go far enough on spending cuts. Judy Woodruff talks to The Wall Street Journal's Carol Lee and WNYC's Todd Zwillich about the battle for an agreement. (PBSNewshour)

Uncertainty in Washington hurting economic recovery (The Hill blogs)

Outrageous HSBC Settlement Proves the Drug War is a Joke (Rolling Stone blogs)

Pfizer to cut 600 jobs as Lipitor sales decline: report (Reuters)

Texas Instruments To Cut 517 Jobs In France (The Associated Press)

     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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