Friday, February 22, 2013

Friday roundup (02-22-13)

EU Says Euro Area to Shrink in 2013 as Unemployment Rises (Bloomberg) Euro zone economy to shrink again in 2013, EU says (Reuters) Renewed Signs of Europe’s Economic Weakness (The New York Times) Eurozone still stuck in reverse thanks to austerity (The Independent)

Another warning signal for European capitals: If the latest economic projections from the European Commission are to be believed, expect greater socio-political fragility in 2013 by Mohamed El-Erian (Fortune)

Fed's Tarullo urges global action on regulating banks (Reuters)

The Central Bank Revolution: Hinde Capital: "Central Bankers are the Devil" (Cliff Küle's Notes blog)

Spain, France to miss debt goals as euro zone stays in recession (Reuters)

Rehn Says Spain Must Convince EU on Deficit to Win Delay (Bloomberg)

Portugal Posts Budget Deficit for January as Spending Rises (Bloomberg) Too early to decide on Portugal deficit deadline, EU's Rehn says (Reuters)

Italy vote may bring opposite of what country needs (Reuters)

Mammoth debt hangs over next Italian government (Reuters) Bersani warns country could go the way of Greece: The frontrunner to become the country's next prime minister has warned of a Greek-style social and economic meltdown if austerity measures are not maintained. (The Telegraph)

Moody's strips UK of coveted triple-A debt rating (Reuters) Moody's downgrades United Kingdom from AAA (CNNMoney) George Osborne under pressure as Britain loses AAA rating for first time: Chancellor vows to stick to course after downgrade by Moody's, which blamed subdued growth and rising debt burden (The Guardian)

Japan Reflation Inspired by Braintrust Created by Shinzo Abe (Bloomberg)

Budget Cuts Seen as Risk to Growth of US Economy (The New York Times)

Fed's Bullard: Fed Policy to Stay 'Easy' for 'Long Time' (CNBC) Fed unlikely to curtail stimulus despite rising doubts (Reuters)

Stanley Druckenmiller: "We Have An Entitlement Problem" And One Day The Fed's Hamster Wheel Will Stop (Zerohedge blog) Generational Theft Needs to Be Arrested: A Democrat, an independent and a Republican agree: Government spending levels are unsustainable. (The Wall Street Journal) Automatic Spending Cuts Are a Joke: Druckenmiller (CNBC) (CNBC)

Nouriel Roubini Is Bullish…For Now: “The Mother of All Bubbles” Has Begun [VIDEO] (Yahoo!'s The Daily Ticker)

Credit Suisse faces U.S. probe into mortgage products (Reuters)

Jon Corzine Avoids Lifetime Trading Ban As Regulator Punts To Feds (The Huffington Post blog)

Four Largest Banks Are Now Almost As Big As US GDP: Accounting Hides Risks - Taleb on Fragility (Jesse's Café Américain blog)

Taleb on Markets, Banking Industry, Fiscal Policy: Nassim Nicholas Taleb, a New York University professor and author of "The Black Swan" and "Antifragile: Things That Gain From Disorder," talks about financial markets, the banking industry and fiscal policy. He speaks with Erik Schatzker and Sara Eisen on Bloomberg Television's "Market Makers." (Bloomberg)

ObamaCare: The Neutron Bomb That Will Decimate Employment (Of Two Minds blog)

Bitter Pill: Why Medical Bills Are Killing Us (Time) TIME’s Best Cover Story Ever: Why are the medical bills so high? (Physicians News Digest)

Steven Brill Extended Interview Pt. 1: In this exclusive, unedited interview, Steven Brill explains the large discrepancy between what hospitals charge and what medical services actually cost. (The Daily Show with Jon Stewart)

Steven Brill Extended Interview Pt. 2: In this exclusive, unedited interview, journalist Steven Brill examines the enormous profits reaped by the not-for-profit health care industry. (The Daily Show with Jon Stewart)

Steven Brill Extended Interview Pt. 3: In this exclusive, unedited interview, Steven Brill warns against the combination of profit motive and no accountability that characterizes the health care industry. (The Daily Show with Jon Stewart)

Commerzbank To Cut 1,800 Retail Branch Jobs By End '15; Aims To Avoid Layoffs (Dow Jones Newswires)

     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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