Monday, January 14, 2013

Monday roundup (01-14-13)

Italy's public debt hits new record of 2.02 trillion [euros] (ANSAmed)

Austerity [in the UK] 'could last for ten more years as Government struggles to bring spending under control' (The Daily Mail)

Obama: Congress Must Increase Debt Ceiling or Else (CNBC)

US Treasury says it could hit debt ceiling by mid-February (Reuters)

Bernanke urges Congress to raise the debt limit (The Los Angeles Times)

The Disastrous Consequences Of Not Raising The Debt Limit (Comstock Partners)

Bernanke: 'We're Not Out of the Woods' Despite 'Fiscal Cliff' Deal (CNBC)

A Living Room Conversation to Reinstate Glass-Steagall (The Huffington Post blog)

SKF to cut 2,500 jobs as European markets weaken (Reuters)

Vodafone to slash 1,000 jobs in Spain – report (Telecompaper)

NXP plans to cut 700 to 900 jobs worldwide: The bad economy and stiffer competition are the main reasons to cut jobs, NXP said (IT World)

     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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