Thursday, January 17, 2013

Thursday roundup (01-17-13)

A new Gold Standard is being born (The Telegraph blogs)

S&P sees deeper house price falls in eurozone as slump engulfs core: Europe’s housing slump is engulfing large parts of the eurozone core as recession deepens, with prices to keep sliding for another two years, Standard & Poor’s has warned. (The Telegraph)

Germany’s Entire Gold Hoard At The Fed May Already Be Gone (King World News blog)

Britain has more debt than the eurozone, says Germany's Wolfgang Schaeuble: Germany's finance minister Wolfgang Schaeuble has said that the problem of high indebtedness is not limited to the crisis-hit eurozone and that the situation in Britain and the US is worse. (The Telegraph)

U.S. Financial Position Worsened in 2012 on Higher Debts (Bloomberg)

Philly Fed Manufacturing Survey Shows Contraction in January (Calculated Risk)

Debt-ceiling economics and politics (Econbrowser)

Fed's Fisher: Reorganize banks that are 'too big to fail' (Reuters)

Banking Safety Net Makes Wall Street Dangerous by Thomas M. Hoenig, vice chairman of the Federal Deposit Insurance Corp. (The American Banker)

The Legacy of Timothy Geithner by Simon Johnson (The New York Times blogs)

Social Security Cliff in Sight; Retirees Will Outlive Trust Fund; Ramifications of Nonmarketable IOUs and Privatization (Mish's Global Economic Trend Analysis blog)

Commerzbank to Propose Cutting Around 6,000 Jobs (Dow Jones Newswires)

Deutsche Telekom to Cut 1,200 Jobs in Germany (Dow Jones Newswires)

Nokia slashes another 1000 jobs in Finland (Neowin)

[Finland's] UPM to slash nearly 900 jobs worldwide (YLE)

     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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