Monday, January 28, 2013

Monday roundup (01-28-13)

Court backs Iceland over failed bank's debts (Reuters) News Iceland was not to blame for catastrophic 2008 bank collapse, rules European court (The Daily Mail) Iceland wins compensation case: Iceland does not owe money over Icesave collapse. (New Statesman)

Scandal of Italy's Monte Paschi means questions for Draghi (Reuters)

Postage Prices Rise, But USPS Teeters on Edge of Ruin (NBCNews)

JCPenney Is Eliminating All The Receptionists At Its Salons — Perhaps 1,000 Employees (The Business Insider)

VMware to cut 900 jobs, focus on strengths: The cloud infrastructure company will exit of certain lines of business and consolidate facilities. (ZDNet)

Lufthansa Technik to cut 650 jobs by 2015 (Air Transport 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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