Sunday, February 17, 2013

Sunday roundup (02-17-13)

Saxo Bank Says Euro Doomed as Currency Woes Resurface (Bloomberg)

German Recovery Hinges on Euro Zone: Company Investment Will Resume if Bloc Is Stable, Economy Minister Rösler Says, as Cyprus Aid Question Looms (The Wall Street Journal)

Anti-austerity protests on Portugal's streets (EuroNews)

Cyprus votes for new president as euro area country seeks bailout to stave off bankruptcy (The Associated Press) Runoff called in Cyprus' presidential election (The Associated Press) Cypriot conservative chief leads in vote, faces runoff (Reuters)

Welcome to Debt Anonymous: Why America Needs to Act Now: Overspending less is still overspending. The deniers ignore the damage reckless government borrowing is doing to our future. Can Obama finally move to do something about the problem? (The Daily Beast)

Federal worker furloughs could start in April: Government says 2.1 million federal workers could begin facing layoffs as early as April. (CNNMoney)

31 days of higher gas prices comes at tough time (CNNMoney)

Fiscal trouble ahead for most future retirees (The Washington Post)

Before Greed: Americans Didn’t Always Yearn for Riches (The Boston Review) An Embarrassment of Riches: Literature and the Ethics of Wealth in the Gilded Age (The Boston Review) Walden: or, Life in the Woods by Henry David Thoreau (Archive) The Rise of Silas Lapham by William Dean Howells (Archive) Ragged Dick: or, Street Life in New York with the Boot-blacks (Archive) The House of Mirth by Edith Wharton (Archive) Tales of New England (containing "Marsh Rosemary) by Sarah Orne Jewett (Archive)

Fewer bees a threat to world's almond supply (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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