Saturday, February 23, 2013

Saturday roundup (02-23-13)

France to pause austerity, cut spending next year instead: Hollande (Reuters)

Why Italy needs to vote for austerity (The Independent) Italians Vote With Berlusconi Challenging Monti Austerity (Bloomberg) Italian poll leader warns of meltdown 'worse than Greece' (The Irish Independent) Q&A: Investors are wary of the outcome of the Italian elections and the effect on the eurozone (The Washington Post)

Cyprus votes for president as clock ticks on bailout deal (Reuters)

[UK's] Osborne To Continue With Austerity Programme Despite AAA Downgrading (The Huffington Post blog)

Obama on Sequester: "Budget Cuts Will Slow Economy, Eliminate Good Jobs": President Obama pushes alternate plan for avoiding budget cuts in weekly address. (ABCNews)

Unofficial Problem Bank list declines to 809 Institutions (Calculated Risk blog)

Thin Snowpack in West Signals Summer of Drought (The New York Times)

     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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