Thursday, February 21, 2013

Thursday roundup (02-21-13)

Europe's Growth Crisis Persists As Debt Crisis Eases (Investors Business Daily)

Austerity Fail: After Massive Spending Cuts, European Countries Fail To Hit Deficit Targets (Think Progress)

GOLDMAN: Europe Needs More Austerity (The Business Insider)

France freezes spending to hit EU targets as slump deepens: France is to freeze spending on defence, higher education and research in a frantic bid to meet European Union deficit targets this year, tightening fiscal policy yet further as the country slides into deep slump. (The Telegraph)

Spain and Italy: The Euro Crisis Gnaws at Europe's Underbelly: The euro crisis may have dropped out of the headlines recently, but Spain and Italy would seem to be doing their best to bring it back. Real estate giant Reyal Urbis' bankrupcy has raised fresh concerns about Spanish banks and many fear that a Berlusconi election victory could drive Rome to seek emergency aid. (Spiegel Online)

EU parliament chief tells Italians not to vote for Berlusconi (Reuters) Berlusconi's last throw of the dice in Italy election (Reuters) A crisis in waiting as Italians prepare to head to the polls (The Globe and Mail of Toronto)

Can Italy Get Back on the Path of Economic Growth? (Yahoo! blogs)

Intesa CEO: 20% of Italy's Firms 'Won’t Make It’ (CNBC)

Italy's best are emigrating at time of crisis (Reuters)

In hard-hit Spain, bartering becomes means of getting by (USAToday)

Don’t Underestimate the Economic and Financial Effects of the Sequester [on the US Economy]: Nouriel Roubini [VIDEO] (Yahoo!'s The Daily Ticker)

Strike Three! The American Consumer Is Out (CNBC)

Credit card debt slows down the economy (WANE)

Chesapeake probe finds no "intentional" CEO misconduct (Reuters)

One In Three Fish Sold At Restaurants And Grocery Stores Is Mislabeled (National Public Radio blogs) Something fishy on your plate: Study finds rampant mislabeling of seafood sold in U.S. (CBSNews) Fake Fish On Shelves And Restaurant Tables Across USA, New Study Says (Forbes) Oceana Study Reveals Seafood Fraud Nationwide (Oceana) [report in pdf] (Oceana)

     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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