Saturday, January 12, 2013

Saturday roundup (01-12-13)

Germany's ambitions aren't the problem: its love for austerity is: Berlin bends over backwards to reassure Europe that it has no desire for domination. But its championing of misguided fiscal orthodoxy is dragging the whole continent down (The Observer)

U.S. December budget deficit $260 million: Year to date, deficit down 9% versus prior fiscal year (Marketwatch)

Treasury, Fed rule out trillion-dollar coin in debt-ceiling fight (Politico) White House: $1 trillion coin off table: A possible way around the debt ceiling fight is rejected by the administration (Salon) [Earlier in the day:] Experts Agree: U.S. May Become A 'Simpsons' Episode And Need Platinum Coins Or IOUs (Forbes)

AIG Ex-CEO's Bailout Lawsuit Should Be Laughed Out of Court (U. S. News & World Report blogs)

Unofficial Problem Bank list declines to 832 Institutions (Calculated Risk blog)

Westside Community Bank, Washington, Closed By Regulators – First Bank Failure of 2013 [as posted yesterday here] (Problem Bank List)

     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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