Wednesday, December 12, 2012

Wednesday roundup (12-12-12)

Euro zone factory output falls again, recovery far off (Reuters) Eurozone factory output continues to fall steeply: Industrial production drops by 1.4% in October across the bloc despite expectations among economists of modest growth (The Guardian) Euro zone recovery hopes fade further into 2013: Reuters poll (Reuters)

Berlusconi Adds to Italy Turmoil by Signaling He’d Step Aside (Bloomberg) What Mario Monti’s Exit Tells Us About Europe’s Debt Crisis (Time) The Bungover 4: Six weeks after being convicted of tax fraud, controversial former Italian Prime Minister Silvio Berlusconi announces his intention to seek reelection. (The Daily Show with Jon Stewart)



U.S. budget deficit reaches $172B in November (The Associated Press)

Fed ties stimulus to jobs, inflation in unprecedented steps to bolster economy (The Washington Post) Fed Links Rates to Joblessness, Expands Bond Purchases (Bloomberg) QE4 Could Be The Cure For The Coming Austerity Of The Fiscal Cliff (Forbes)

Boehner: Serious differences in U.S. "fiscal cliff" fight (Reuters) Republicans say Obama is risking new recession: Battle over budget as spending cuts and tax increases loom (The Independent)

While The Fiscal Cliff Keeps You Distracted, The AMT Will Rob You Blind
(Forbes) On a Clear Day in D.C., You Can See the AMT… (The Wall Street Journal blogs)

The GOP’s dangerous debt-ceiling gamble (The Washington Post blogs)

Too Big to Jail: Our Banking System's Latest Disgrace by Neil Barofsky (The New Republic blogs)

Elizabeth Warren assigned to Senate banking committee (CBSNews)

Consumer Confidence Continues to Fade (Iacono Research)

Peugeot to Cut 1,500 More Jobs: This cut is in addition to 8,000 cuts announced recently. (Agence France Presse)

Cosmetic giant Avon will cut 1,500 jobs globally (Reuters)

The Hollowing Out of America (History News Network) Looking backward, 2000-1887 by Edward Bellamy (Archive)

     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.

No comments:

Post a Comment