Friday, January 25, 2013

Friday roundup (01-25-13)

Quote of the Day:

[Speaking of Britain:] "What is blatantly evident is that the economy continues to find it very hard to generate even modest sustainable growth." -- Howard Archer, chief economist at research firm IHS Global Insight. (CBSNews)

Britain's economy flirts with "triple dip" recession (Reuters) UK heading for triple-dip recession as GDP shrinks 0.3% in fourth quarter: UK economy not expected to regain peak level for another two years – marking slowest recovery in a century (The Guardian) Britain halfway to triple-dip recession as manufacturing sector stalls: Government aim of rebalancing economy away from financial services towards manufacturing appears to have foundered (The Guardian) George Osborne firm on austerity as UK growth contracts: George Osborne said a deeper-than-expected contraction in UK growth in the fourth quarter would not deter him in his drive to reduce Britain's deficit. (The Telegraph) George Osborne ignores IMF's warnings on austerity plans: Chancellor advised to moderate austerity programme as Nick Clegg concedes that capital spending was cut too quickly (The Guardian)

'Stealing to eat' cases increase as [UK] austerity bites: Charities and police report rise in people shoplifting for groceries such as baby milk and food (The Guardian)

Defying campaign to beat deflation, Japan’s consumer prices fall 0.1 percent in 2012 (The Associated Press)

[US] Economy Feeds on Workers Who Delay Retirement (USAToday)

The jobs numbers have been terrific lately. Can we believe them? (The Washington Post blogs)

Hurricane Sandy, drought cost U.S. $100 billion (USAToday)

Choice of Mary Jo White to Head SEC Puts Fox In Charge of Hen House (Rolling Stone blogs)  [versus] Mary Jo White Is a Great Appointment: Chris Whalen [VIDEO] (Yahoo!'s The Daily Ticker)

Tim Geithner’s legacy: an unpopular bailout that helped save the economy (The Washington Post) Geithner's Legacy: Contention Through Financial Storms (The Associated Press)

The Road to Debt-Serfdom by Charles Hugh Smith (Of Two Minds blog)

Lufthansa Maintenance Unit Outlines 650 Job Cuts by 2015 (Bloomberg)

Hasbro 4Q revenue misses, to cut [about 550] jobs (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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