Thursday, February 28, 2013

Thursday roundup (02-28-13)

European Recovery Path in Danger as Politics Menace Growth (Bloomberg)

Eurozone inflation down, interest rate cut to follow? (EuroNews)

France’s economy: Austerity stakes: A reluctant government faces the imperative of public-spending cuts (The Economist)

Italy election punches hole in ECB's euro defenses (Reuters)

Italy vote arms critics of Berlin's austerity mantra (Reuters)

Monte Paschi says receives state bailout (Reuters)

Spain recession deeper than previously thought after 0.8 percent Q4 contraction (The Associated Press) Spain's economy shrinks ["for the sixth straight quarter"] under debt pressure in 2012 (Reuters)

EU 'Troika' rule in Ireland worse than British Empire: Ireland's trade union chief has accused the EU-IMF troika in charge of Irish austerity policies of tipping the economy into downward spiral and acting as an imperial oppressor. (The Telegraph)

Cyprus president says committed to stability, swift bailout (Reuters)

Slovenia can avoid bailout, PM-designate says (Reuters)

As Sequester Looms, U.S. Set To Repeat Europe's Austerity Mistake (The Huffington Post blog)

Fed: Consumer Debt increased slightly in Q4, "Deleveraging Process Decelerates" (Calculated Risk blog)

Bernanke’s Credibility on ‘Too Big to Fail’ by Simon Johnson (The New York Times blogs)

Internet banking leads Rabobank to close branches, cut 3,000 jobs (DutchNews)

Caterpillar to cut 1,400 jobs at plant in Belgium, blames high labor costs and sluggish growth (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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