Monday, March 11, 2013

Monday roundup (03-11-13)

Barroso Urges E.U. to Keep Cutting Debt (The New York Times)

Sputtering global economy belies stockmarket boom: Asia's economic recovery is losing momentum and Europe's slump is proving deeper than expected, raising concerns that soaring stock markets globally have jumped ahead of economic reality. (The Telegraph)

Banks saved, but Europe risks "losing a generation" (Reuters)

One in four Germans would back anti-euro party (Reuters)

Fears of triple-dip recession in France as motor industry sales slump: French industrial production dropped by 1.2% in January as carmakers Peugeot Citroen and Renault reported lower sales (The Guardian) French Industrial Output Tumbles as Recession Looms (Bloomberg)

Why Italy Could Be the Next 'Bad Boy of Europe' (CNBC) Joe Rundle, head of trading at ETX Capital, tells CNBC that a 'blow up' of the Italian yield could prove to be the big risk this week. (CNBC)

Italy's economy shrinks as EU leader warns of lost generation: Italy slid deeper into recession during the fourth quarter of last year, official figures showed on Monday, as the European Parliament's president warned that Europe risks losing an entire generation. (The Telegraph)

Italy to seek some budget flexibility at EU summit: minister (Reuters)

Italy may delay stability plan due to politics - source (Reuters)

Italy Did Not Just Send in The Clowns: Why The Political Stalemate Is a Warning to Democracies Everywhere -- ["The economic crisis in Europe is threatening the very survival of the mainstream political parties. "] (Foreign Affairs)

Greek GDP Shrank in Fourth Quarter [for an 18th straight quarter] as Investment Falls (Bloomberg)

Portugal hit by worst recession in 37 years as slump deepens amid austerity measures (The Associated Press)

Portugal's deficit cutting timetable 'to be eased' (EuroNews)

A short history of austerity: it almost never works: You have to be one of [UK politician] Vince Cable's 'austerity jihadists' to believe you can cut your way out of a slump (The Guardian)

[In the US,] SEC charges state of Illinois with securities fraud (CNNMoney)

Why Can’t Washington Balance the Checkbook?: Former U.S. Comptroller General David Walker says it is time for a state-led constitutional convention that will reform the major problems with today ... [There is a VIDEO, which I have embedded, but which refuses to show up on this page at the time of posting.] (FoxBusiness)

     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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