Monday, February 25, 2013

Monday roundup (02-25-13)

Split Vote Sends One Clear Message in Italy: No to Austerity (The New York Times) Italy vote shows backlash against political establishment: An inconclusive outcome may unnerve investors. Pier Luigi Bersani looks likely to be prime minister, and comedian Beppe Grillo has a stunning success. (The Los Angeles Times) Italy Voters Stay Home as Turnout on Pace for Post-WWII Low (Bloomberg) Elezioni 2013, i risultati dello spoglio: alla Camera maggioranza di centrosinistra. Senato spaccato, è stallo. 5 Stelle primo partito (La Repubblica)

After election win, Anastasiades tackles Cyprus bailout (Reuters)

Is Asia Heading for a Debt Crisis? (Time)

GOP pushes back on Obama sequester warnings, says he should seek deal (The Washington Post) White House releases state-by-state breakdown of sequester’s effects (The Washington Post)

Chicago Fed: "Economic Growth Moderated in January" (Calculated Risk blog)

High Debt Threatens Economic Growth (The Heritage Foundation blogs)

CaixaBank Says 3,000 Jobs May Be Affected by Cost-Cutting Plan (Bloomberg)

Crédit Agricole could cut 1,400 jobs: report (Agence France Presse)

QBE Insurance to Cut 700 Jobs (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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