Tuesday, January 1, 2013

Tuesday roundup (01-01-13)

Stocks to soar as world money catches fire, Calvinst Europe left behind: Bears beware. A monetary revolution is underway. (The Telegraph)

Spain: the pain of austerity deepens:
Unemployment in Spain already stands at 26%. Crowds scavenge the streets at night for food. And life is about to get tougher still (The Guardian)

Japan plans 'nationalisation' of factories to save industry:
Japan's government is to take the unprecedented step of buying factories and machinery directly with taxpayer funds, the latest in a series of radical steps to lift the country out of its deep slump. (The Telegraph)

Cliff deal hits a new snag with House Republicans
(The Washington Post) House Republicans balk at "fiscal cliff" deal (Reuters) House Republicans sharply divided on 'fiscal cliff' deal (The Los Angeles Times) Senate bill stops many tax hikes, but leaves big issues pending (CNNMoney) G.O.P. Anger Over Tax Deal Endangers Final Passage (The New York Times) U.S. Fiscal Cliff Deal Leaves House Republicans Angry, Deal In Jeopardy (The Huffington Post blog) What do Tea Party Republicans really want? (All Voices)

Fiscal cliff deal welcome but the US has a debt crisis and leadership deficit: Americans will be delighted that recession is averted, but now the hard work of reforming the tax code and entitlements begins (The Guardian)

Senate's "fiscal cliff" bill adds $4 trillion to deficits: CBO (Reuters)

AIG uses ad campaign to thank taxpayers for bailout
(Politico)

     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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