Thursday, January 31, 2013

Thursday roundup (01-13-13)


[Global] Water Demand for Energy to Double by 2035 (National Geographic)

Cyprus Presents Systemic Threat to Euro Area, Merkel Ally Says (Bloomberg)

France could join list of eurozone casualties in a fresh crisis: New figures lay bare growing disparity with Germany as jobless rate hits 15-year high and consumer spending stagnant (The Guardian blogs)

Suspension of [US] debt limit wins final congressional approval (Reuters) Congress passes debt ceiling increase that prevents nation going broke - but lawmakers must pass budget or lose their pay (The Associated Press)

No Budget, No Pay Act: A small step on the deficit, a giant leap toward accountability (The Hill blogs) The Senate May Have Passed 'No Budget No Pay,' But Congress Will Still Get Paid No Matter What (The Business Insider)

Ken "Ain't Different" Rogoff Crushes The Infinite Dream Of Crude Keynesian Stimulus (ZeroHedge blog)

Student Loan Debt: New Reports Find 'Unsustainable' Trend Dragging Economy (The Huffington Post blog)

Critical Warning No. 7: Banks crash economy again: Time to jail the bankers (Marketwatch)

Ex-Peregrine Chief Sentenced to 50 Years in Prison (The New York Times blogs)

Alps Electric Jumps on 3,000 Jobs Cuts to Stem Losses (Bloomberg)

Harman Intl FY Q2 Misses; To Cut Up To 1,000 Jobs (Forbes)

Sears Canada lays off 700 workers (The Canadian Press)

For 40 Years, This Russian Family Was Cut Off From All Human Contact, Unaware of World War II: In 1978, Soviet geologists prospecting in the wilds of Siberia discovered a family of six, lost in the taiga (Smithsonian Magazine)

     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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