Friday, March 29, 2013

Friday roundup (03-29-13)


France misses budget deficit target: Latest budget blow comes as President Hollande attempts to reassure voters he can steer France out of economic rut (The Guardian) Hollande faces major challenge in curtailing France’s budget deficit: Strong pressure to cut public spend bill in country without balanced budget since 1974 [The Financial Times via] (The Irish Times)

The real mistake over the Cyprus bail-out would be to think it can’t happen here in Britain: The financial omens that led to the banking crisis in Cyprus are only too familiar (The Telegraph)

Canada Discusses Forced Depositor Bail-In Procedures for "Too Big To Fail" Banks in 2013 Budget (Mish's Global Economic Trend Analysis blog)

The Debate on Bank Size Is Over by Simon Johnson (The New York Times blogs) The White House’s dangerous stance on ‘too big to fail’ (The Washington Post blogs)

How the Banking System Is Destroying America [Washington's blog via] (The Big Picture blog)

Mystery Malady Kills More Bees, Heightening Worry on Farms (The New York Times)

     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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