Wednesday, December 26, 2012

Wednesday roundup (12-26-12)

'Europe will fail if struggling countries cannot leave euro', warns grandson of man behind the EU (The Daily Mail)

Japan Abe taps allies for cabinet, pledges deflation fight

Geithner: U.S. to hit debt ceiling on Monday (CNNMoney)

Governments are Not Like Households, But… (Iacono Research)

Will 2013 Mark the Beginning of American Decline? by Simon Johnson (Bloomberg)

Poll: Majority expect recession in 2013 (The Hill blogs)

      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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