Monday, February 18, 2013

Monday roundup (02-18-13)

ECB's Draghi pushes for European bank bailout fund (The Associated Press)

Eurozone not out of the woods yet: ECB must deal with the banks, output and jobs, or a 'big bazooka' may well be necessary. (The Irish Independent) Celebrating the end of the eurozone affair ignores the heart of the matter: 'We are in the middle of the beginning of the end. The crisis has really hit its peak”, former French economy minister and current IMF chief Christine Lagarde told a broadcaster when asked about the eurozone crisis. The only problem: that was in July 2010. (The Telegraph)

French Cite Recession In Delaying Budget Goal (The New York Times)

The New Spanish Debt Stats Will Give You Chills (The Business Insider) Is Spain’s economic contraction now self-perpetuating? (Credit Writedowns blog)

Berlusconi Win May Prompt Italian ECB Bailout, Mediobanca Says (Bloomberg) Italy Elections Could Derail Economy Further (CNBC)

Only One in Three [Brits] Wants UK to Stay in EU (The Financial Times)

India's rice revolution: In a village in India's poorest state, Bihar, farmers are growing world record amounts of rice – with no GM, and no herbicide. Is this one solution to world food shortages? (The Observer)

G20 currency truce shortlived as Japan mulls foreign bond buys: Japan’s premier has left the door open for outright purchases of foreign bonds to weaken the yen, a move that would risk a serious clash with the US and Europe and a fresh escalation in global currency tensions. (The Telegraph)

[US] Consumers rebound from economic crisis, avoid taking on debt (Bank Credit News) [And yet ...] Walmart Senior VP Asks "Where are All the Customers? And Where’s Their Money?"; "February MTD Sales a Total Disaster" (Mish's Global Economic Trend Analysis blog)

POGO [= The Project on Government Oversight] Sticks It to the SEC (Bill Moyers & Company) Dangerous Liaisons: Revolving Door at SEC Creates Risk of Regulatory Capture (POGO)

Bing, council can't turn Detroit's finances around, state-ordered review finds (The Detroit Free Press)

Reader's Digest parent files for bankruptcy (CNNMoney)

United Technologies plans to cut 3,000 jobs in 2013, filing says (The Republican of Springfield MA)

     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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