Wednesday, January 2, 2013

Wednesday roundup (01-02-13)

Euro zone factory slowdown deepens (The Irish Times)

Greek debt crisis 'far from over': Country faces year of destiny, with doubts about survival of government and of its eurozone membership as austerity bites (The Guardian)

Portugal warns EU-IMF troika to back off on austerity demands:
Portugal's president has ordered a legal inquiry into the country’s austerity policies and threatened a showdown with creditors over the draconian terms of its EU-IMF bail-out. (The Telegraph)

UK 'to lose top credit rating' as Treasury warns on national debt struggle
(This is Money)

[US] Congress approves ‘fiscal cliff’ measure
(The Washington Post) Bipartisan House Backs Tax Deal Vote as Next Fight Looms (Bloomberg)

Simpson, Bowles bemoan 'missed opportunity' on deficit (The Hill blogs)

‘Fiscal cliff’ deal does little to tame threats from debt ceiling, high unemployment rates
(The Washington Post) Short-term relief, and little else (The Economist)

Morici: Budget Deal Will Push Up Unemployment (CNBC)

Wall Street Economists React: Full Fiscal Cliff Not Avoided (The Wall Street Journal blogs) IMF: US 'cliff' actions not enough (Agence France Presse)

Bigger fights loom after "fiscal cliff" deal (Reuters) It’s Not HBO, It’s Reuters (Iacono Research)

U.S. now on pace for European levels of austerity in 2013 (The Washington Post blogs)

The Failure of Peterson-ism: Why Peter Peterson and 20 years of anti-deficit campaigns have barely moved the needle. (Slate)

Memo to GOP From an Ex-Conservative: The Eighties Are Over:
Republicans cling to an outdated ideological mandate at their own risk. (Mother Jones)

More Americans Think Our Best Times Are Behind Us
(Iacono Research)

Drought conditions dry out Mississippi River: Water levels in the Mississippi River have dropped so low that the U.S. Army Corps of Engineers is blasting the river bottom to create enough room for the shipping lanes to remain open. NBC's Kevin Tibbles reports. (NBC Nightly News)

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RBS to cut a further 500 jobs in the Netherlands (Dutch News)

     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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