Friday, March 8, 2013

Friday roundup (03-08-13)


European recession further slowed global manufacturing – UN report (UN News Centre)

Unemployment Remains a Stumbling Block in the Eurozone (The Heritage Foundation blogs)

Another step towards an East-West trade war (The Telegraph blogs)

German Industrial Production Unexpectedly Stagnates (Bloomberg)

France asks EU to promote growth, ease austerity (The Associated Press)

Fitch cuts Italy rating to BBB plus after election impasse (Reuters)

Nouriel Roubini: Italy a ‘Tsunami’ Risk (CNBC)

Italian Vote Is Wake-Up Call on Austerity, O’Neill, Roubini Say (Bloomberg)

Italian Banks’ Bad Loans Seen Rising as Gridlock Hampers Growth (Bloomberg)

U.K. Austerity Isn’t Working, Goldman’s O’Neill Says (Bloomberg)

Roach Says BOJ, Fed Currency Weakening Won’t End in ‘Pretty Way’ (Bloomberg)

U.S. Recession Began Middle of 2012, Achuthan Says: Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, talks about the U.S. economy. Achuthan speaks with Tom Keene and Sara Eisen on Bloomberg Television's "Surveillance." John Silvia, chief economist at Wells Fargo Securities LLC, also speaks. (Bloomberg)



Poverty rate is highest in 15 years, says professor: The Great Recession leaves behind the largest number of long-term unemployed people, or 4.7 million, since records were first kept in 1948, according to research from the University of Michigan. (Phys Org)

Too big to jail (The Seattle Times blogs) Some banks 'too big to jail'? Maybe yes, attorney general says (The Philadelphia Inquirer blogs)

Sen. Warren slams regulators' failure to prosecute crooked banks (The Los Angeles Times) Elizabeth Warren takes off the gloves: The freshman senator is on a roll, taking on Wall Street at every opportunity (This Week) Warren starts taking on banks and regulators: Warren beginning to emerge from shadows after taking low-profile approach as freshman senator (The Associated Press) Lawmakers rip into regulators over money-laundering prosecution (The Washington Post)

[In Georgia] LaGrange bank is state’s first failure in 2013 (Atlanta Journal-Constitution) Frontier Bank of LaGrange GA had a troubled assets ratio of 637.9 percent. (BankTracker)

Google said to cut another 1,200 jobs at Motorola Mobility unit (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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