Wednesday, January 16, 2013

Wednesday roundup (01-16-13)


The World Bank Just Slashed Its Forecasts For Global Growth (The Business Insider)

Europe drawn into global currency wars as slump deepens: The world is edging closer to all out currency conflict as Europe’s politicians join a chorus of policy-makers across the globe pushing for devaluations to fight for market share. (The Telegraph) Russia Says World Is Nearing Currency War as Europe Joins (Bloomberg)

EU launches search for most dangerous financial product (The Telegraph) Competition: Europe seeks the most dangerous financial product (Dangerous Financial Products)

The Re-emergence of Europe: The Fallout From Europe's Debt and Banking Crisis (The Huffington Post blog)

Deutsche Bank co-CEO says eurozone crisis not over (Reuters)

Germans to Repatriate Much of their Gold [numerous links presented in this report] (Iacono Research)

Draghi’s Bond Rally Masks Debt Doom Loop Trapping Spain (Bloomberg)

Irish PM warns UK exit from EU would be 'catastrophic' (Agence France Presse)

Lloyds and RBS need billions more capital, BoE says: Britain's bailed-out banks need billions of pounds more capital to shore up their balance sheets and support the economy, senior Bank of England officials have warned. (The Telegraph)

Too big to fail and too big to bail out: New report argues that the financial crisis [in the UK] has exposed the risks associated with a large financial sector. (FT Adviser) Don’t bank on it: The financialisation of the UK economy (The Institute for Public Policy Research)

IMF’s Zhu Says Japanese Debt Overhang Is Getting More Serious (Bloomberg)

GOP holding U.S. economy hostage on debt (CNN) Now It's the Debt, Politicians and the Economy, Stupid (CNBC)

Geithner expects debt ceiling breach in February or March (USAToday)

In latest debt-ceiling move, Treasury to tap Thrift Savings Plan money (The Washington Post)

BofA sees recession threat from ‘few weeks’ at debt ceiling (Marketwatch)

Debt ceiling: Is Social Security at risk? (CNNMoney)

Freshmen in Congress worth $1 million more than you (CNNMoney)

Reports foresee trillion-dollar spending gap for U.S. infrastructure (The Washington Post) The Cost of America's Crumbling Roads and Bridges (CNBC)

Crop insurance could cost record $16 billion: Taxpayer-subsidized program has drawn widespread criticism, but Congress has resisted efforts to reduce spending. (The New York Times)

Unfunded retirement obligations for Alaska at $11 billion (Alaska Dispatch)

[Japan's] Renesas to Cut More Than 3,000 Additional Jobs Under Rescue Plan (Bloomberg)

     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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