Thursday, February 14, 2013

Thursday roundup (02-14-13)

Euro-Area Economy Shrinks Most Since Depths of Recession (Bloomberg) Euro zone economy falls deeper than expected into recession (Reuters) Eurozone dragged further into recession as German economy shrinks: The 17-nation bloc slipped far deeper than expected into recession in the fourth quarter as economic giant Germany suffered its sharpest contraction since the height of the global financial crisis in 2009. (The Telegraph) Eurozone economy deeper in recession (EuroNews)

Child poverty rising in five EU countries [Ireland, Greece, Spain, Portugal and Italy] (The Irish Times) Austerity's children becoming Europe's "lost generation" (Reuters)

Europe Is Not "Fixed": Two Charts (Of Two Minds blog)

The US Federal Reserve bailout of Europe: Who knew? (The Washington Times)

German Economy Contracted More Than Forecast in 4Q (Bloomberg)

France Gives Up Lowering Its Budget Deficit (Time) Which way for Mr Hollande?: Elected on the left, France’s president seems to be veering towards the centre (The Economist)

Italian Economy Shrinks Most in Almost Four Years Before Vote (Bloomberg)

Monte Paschi's former finance chief held in Italy (Reuters)

Portugal's recession worsens, tax hikes set to further weigh on demand (Reuters)

Japanese Economy Shrinks and Remains in Recession (The Associated Press) Japan remains stuck in recession as GDP shrinks 0.1pc: Japan's economy contracted for the third consecutive quarter in October-December, showing the country is struggling to escape from a mild recession and adding weight to the new government's push for radical policy steps to revive growth. (The Telegraph)

Small Businesses [in the United States] Still Struggle, and That’s Impeding a Recovery (The New York Times)

Bullard Says Balance Sheet Growth Raises Fed Exit Concern (Reuters)

Senate panel presses financial regulators on Dodd-Frank progress (Reuters) Regulators Urged to Focus on Dodd-Frank Before Too-Big-to-Fail (Bloomberg)

Eight states join lawsuit challenging Dodd-Frank Lawsuit: System to dismantle a big failing bank is unconstitutional: Attorneys-general from eight states have joined a lawsuit challenging the constitutionality of regulations setting up a system to dismantle a big failing bank. (Marketwatch)

Gangster Bankers: Too Big to Jail: How HSBC hooked up with drug traffickers and terrorists. And got away with it (Rolling Stone)

At Senate Hearing, Warren Comes Out Swinging (The New York Times blogs)

Postal Service Debt Set to Hit $45 Billion (The Fiscal Times)

US Airways Leads AMR Merger to Create Largest Airline (Bloomberg) New American Airlines Means 'Big 4' [American, United, Delta and Southwest] Control US Skies (CNBC)

Central bank gold buying highest since 1964 – World Gold Council (Mining Weekly)

     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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