Friday, March 1, 2013

Friday roundup (03-01-13)

Eurozone unemployment touches fresh high: Eurozone unemployment touched a fresh high in January, as data painted a far from encouraging picture for the 17-nation bloc. (The Telegraph) Euro-Area Unemployment Climbs to Record on Recession (Bloomberg) "'High and still rising unemployment rates are probably the single most important threat to the mid to long-term economic stability of the eurozone,' said Marie Diron, senior economic adviser at Ernst & Young." (The Associated Press)

Euro zone inflation cools in Feb to around ECB's target (Reuters)

Italy Jobless Rate Jumps to Record High of 11.7 Percent in January (Reuters)

Spain Suffers Worst Corporate Earnings Slide (The Financial Times)

Dutch to cut 4.3 bn euros to hit EU deficit ceiling (Agence France Presse)

Ireland Seeks Easing of Its Debt Terms (The New York Times)

Japan Consumer Prices Fall for Third Month as Deflation Lingers (Bloomberg)

[US] Congress turns to next crisis: Shutdown [on March 27] (Politico)

Cuts Roll In as Time Runs Out (The Wall Street Journal) What Happened Last Time We Had a Budget Sequester? (U.S. News and World Report blogs)

IMF looks to lower US growth expectations on sequestration (The Hill blogs)

Spending Cuts Signal Austere Future for Domestic Programs (Bloomberg)

These Are Some Of The Starkest Comments Yet That Businesses Are Seeing A Slowdown Due To The Sequester (The Business Insider)

Fitch Reiterates U.S. Downgrade Likely on Debt Ceiling Crisis (Bloomberg)

When Will the Federal Debt Cause a Greece-Like Crisis in the U.S.? (Time)

Worst Income Drop In 20 Years Shows Austerity Arrived Long Before The Sequester (The Huffington Post blog) US consumer spending edged up 0.2 percent in January while income fell sharply (The Associated Press)

The Surge in Student Loan Delinquencies (Iacono Research)

The Ongoing and Hugely Risky Bailout of the Housing Market (The Brookings Institution)

New York AG investigating BofA for mortgages: filing (Reuters)

'Pervasive' Fraud by Our 'Most Reputable' Banks by William K. Black (The Huffington Post blog)

Governor declares financial emergency in Detroit, calls it a "sad day" (CBS)

     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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