Wednesday, January 23, 2013

Wednesday roundup (01-23-13)

I.M.F. Forecast: Global Economic Growth Modest at Best (The New York Times) IMF: Pace of global economic growth is slowing (The Washington Post) IMF Cuts Global Forecasts on Second Year of Europe Contraction (Bloomberg)

Global jobless to hit record 200 million this year: ILO (Reuters)

Eurozone debt burden stayed high in 3rd quarter, barely changed at 90 percent of output (The Associated Press)

Austerity Fails: European Nations See Debt Grow Despite Deep Spending Cuts (Think Progress)

Ireland’s debt levels make for sobering reading (The Irish Independent) Eurostat says Irish debt growing faster than any other EU state (The Irish Times)

Bank of Spain Says Recession Deepened After Latest Cuts (Bloomberg)

Spain's Catalonia misses 2012 public deficit target: Catalonia posted Tuesday a 2012 public deficit equal to 2.3 percent of its gross domestic product, surpassing the 1.5 percent target set by Madrid for Spain's 17 autonomous regions. (Agence France Presse)

U.S. Budget Discord Is Top Threat to Global Economy in Poll (Bloomberg)

House Votes to Temporarily Suspend U.S. Debt Ceiling (Bloomberg) House votes to suspend debt limit (The Washington Post)

Does The U.S. Have Enough Water to Frack Its Way to Energy Independence? (Cliff Küle's Notes blog)

Italy's Unipol plans to shed 2,200 jobs: trade union (Reuters)

[Italy's] Unicredit to cut up to 1,000 jobs in Germany by end-2014: source (Reuters)

Lloyds Confirms 940 More Banking Job Cuts: Lloyds Banking Group confirms it is to axe more jobs, taking the estimated total of redundancies to 1,300 within just a few days. (Sky News)

[Off topic:] Beyoncé DIDN’T lip-sync at the inauguration. BUT… [while ". . . she did sing along with a pre-recorded backing . . . the live vocal is the one most people heard."] (Production Advice) Beyoncé Wasn’t Lip-Syncing: A professional musician goes deep in on the inaugural non-scandal. [warning: article contains gratuitous obscenity] (Slate) Raw: Beyonce's National Anthem Performance (The Associated Press)

     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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