Friday, March 22, 2013

Friday roundup (03-22-13)


When do we call it a solvency crisis? (Credit Writedowns blog)

France ‘heading into triple-dip recession’ (EuroNews) Le Monde Headline "No, France is Not Bankrupt" (Mish's Global Economic Trend Analysis blog)

Europe Has A Week To Prevent Another Lehman [Brewing in Cyprus] (Project Syndicate) Nightmare scenario awakens euro zone from slumber: Key question now is what will ECB do (The Irish Times) The scary politics of the euro zone (The Washington Post blogs) Eurozone's mistakes could destroy Cyprus, warns former president: Widely respected ex-leader George Vassiliou says whole European system may suffer if corrective measures not taken (The Guardian) Euro Finance Heads Said to Weigh Closing Two Cyprus Banks (Bloomberg)

Cyprus Passes Parts of Bailout Bill, but Delays Vote on Tax (The New York Times) Cyprus passes bills for EU bailout; Greece to take over bank branches (NBCNews) Cyprus closes in on EU bailout, U-turn on levy (Reuters)

Is Cyprus the Canary in the Coal Mine?: Carrington Investment Services' Chris Whalen and Tangent Capital's James Rickards discuss the crisis in Cyprus and Federal Reserve monetary policy with Alix Steel on Bloomberg Television's "Taking Stock." (Bloomberg)



Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke (Yahoo!'s The Daily Ticker)



IMF says resolution of mortgage debt crisis key to recovery [in Ireland]: Fund approves payment of €970m in latest tranche of financial support (The Irish Times)

The truth is that austerity in Britain has barely begun: Why can’t politicians learn to tell it as it is? (The Telegraph)

Recession recedes [in the US], but student debts worsen (The Washington Post)

Fed's Raskin says economy too reliant on low-wage jobs (Reuters)

Postal Service Can’t Cut Saturday Delivery, U.S. GAO Says (Bloomberg) Saturday Mail Delivery: Safe For Now? (National Public Radio blogs)

Bernanke Fails to Answer Concerns about a Cyprus-Style Seizure of American Bank Deposits (Washington's Blog)

Justice Department Probing Whether JPMorgan Traders Tried to Hide 'Whale' Losses (CNBC)

Masked by Gibberish, the Risks Run Amok (The New York Times)

Financial Reform Is Being Dismantled. Why Doesn't President Obama Seem to Care? (The New Republic)

2013 Junk Bonds are to 2006 Home Equity Loans as… (Iacono Research)

Chicago closing 54 schools in face of $1 billion deficit (NBCNews)

Boeing to lay off 800 in Everett, Wash., cut up to 1,500 by attrition and other means (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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