Saturday, January 26, 2013

Saturday roundup (01-26-13)

Davos summit ends with warnings on global economy (The Associated Press)

Carney says next two years decisive for banks (The BBC)

Italy central bank approves Monte Paschi bailout request (Reuters)

George Osborne's austerity plan 'risks lost decade' for UK economy: Top Goldman Sachs banker Jim O'Neill joins growing criticism of chancellor's pursuit of deficit reduction in face of stagnation (The Guardian) Soros hits out at Osborne's austerity programme: Economies face a prolonged period of “go-stop” as the massive injections of liquidity to deal with the financial crisis are unwound, George Soros, the billionaire financier and philanthropist said at the World Economic Forum in Davos, Switzerland. (The Telegraph)

Carney to put growth top of list: The new Governor of the Bank of England has signalled that he will put growth at the heart of his approach to the job and is willing to see higher inflation for longer in order to support the economy. (The Telegraph)

Exposed: The regime of fear inside Barclays - and how the boss lied and shredded the evidence (The Daily Mail)

Staggering Debts Have Wrecked Our Economic Future [in the US] (Problem Bank List)

S&P cuts Illinois credit rating to A-minus over pensions -- ["to the lowest level among all states and said it could fall further"] (Reuters)

Unofficial Problem Bank list declines to 825 Institutions (Calculated Risk blog)

Through The Wire: Reuters Layoffs [Amount to 3,000] (The New York Observer)

     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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