Friday, March 15, 2013

Friday roundup (03-15-13)

I.M.F. Says Euro Zone Remains Vulnerable (The New York Times) Europe financial sector is fragile, says IMF (CNNMoney) IMF tells EU to act boldly and fix the banks (Reuters)

European leaders change views on austerity: Signs grow that cuts retarding growth (The Associated Press)

Bailout lenders grant ailing Portugal easier debt targets amid recession, rising unemployment (The Associated Press)

[Bank of England Governor] King Sees Case for Supporting Recovery With More Stimulus (Bloomberg)

Consumer Sentiment in U.S. Falls to Lowest Point in Year (Bloomberg)

JPMorganChase CEO Jamie Dimon is accused of hiding information about big losses (The Washington Post) JPMorgan Faulted on Controls and Disclosure in Trading Loss (The New York Times blogs)

‘Too Big to Fail’: Conservatives and Liberals See Eye to Eye (Yahoo!'s The Daily Ticker) Greenspan Says Too Big To Fail Problem 'Is Getting Worse, Not Better' (The Huffington Post blog)

Bankistan Vanquishes America (The Big Picture blog)

'It's not just Detroit,' hundreds of Michigan cities face huge unfunded liabilities (Michigan Radio)

BP Seeks to Block Gulf Spill Settlement Payments (The Associated Press)

How Monsanto outfoxed the Obama administration: The inside story of how the government let one company squash biotech innovation, and dominate an entire industry (Salon)

Turkey plant closing in Raeford will eliminate 950 jobs (The News & Observer of Raleigh NC)

PVH says expects to cut 900-1000 jobs (Reuters)

     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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