Thursday, February 7, 2013

Thursday roundup (02-07-13)


Posting will be suspended Friday Feb. 8 and possibly beyond that date owing to predicted weather conditions.

Northeast Readies for 1st Major Snow Storm of Year (The Associated Press)

Europe's Economy Still Weak: ECB's Draghi (CNBC) Euro Falls Most Since July as Draghi Warns of Slowing Inflation (Bloomberg)

Ireland seals ECB deal to slash bank-bailout costs and deficits, extend repayments to 2053 (The Associated Press) 4 Years After Crisis, Ireland Strikes Deal to Ease a Huge Debt Load (The New York Times blogs)

Bank of England holds record-low rates despite recession threat (Agence France Presse) Bank of England Maintains Stimulus Program (The New York Times)

U.K. LESSON: AUSTERITY LEADS TO MORE DEBT (The New Yorker blogs)

George Osborne has one effective growth tool left: cutting taxes: 'Where’s the fiscal austerity?” many have asked, with data on the public finances showing an apparently very different story from the one the Government likes to project. (The Telegraph)

U.S. consumer borrowing rose to $2.78 trillion in December, highest level on record (The Associated Press) Consumer Credit in U.S. Rises on Surge in Non-Revolving Debt (Bloomberg)

The most depressing graph in the new CBO report (The Washington Post blogs)

Fujitsu Advances on [Plans for 5,000] Job Cuts, Chip Reorganization (Bloomberg)

     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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