Monday, March 18, 2013

Monday roundup (03-18-13)


Resistance in Cyprus Grows to Europe’s Bailout Plan (The New York Times) Cyprus bailout plan re-ignites eurozone fears (CBSMoneyWatch) 5 reasons Cyprus bailout matters (CNNMoney)

The Deeper Meanings of Cyprus by Charles Hugh Smith (Of Two Minds blog) Daylight robbery in Cyprus will come to haunt EMU (The Telegraph blogs) German Economist: 'Europe's Citizens Now Have to Fear for Their Money':For the first time, bank customers in a crisis-plagued euro-zone country are being forced to contribute to its bailout. In an interview, German economist Peter Bofinger warns the strategy is "extremely dangerous" and could lead to a run on banks. (Spiegel Online) Cyprus Bailout Proposal 'Unprecedented': O'Neill: "This is not a good idea at all," said Jim O'Neill, Goldman Sachs Asset Management chairman, explaining how the euro zone's bailout plan for Cyprus could impact global markets (CNBC)



Japanese students deep in debt with $5 billion in loans (The Japan Daily Press)

The long slog ahead for jobs [in the US]: We are 9.45 million jobs short of where we should be and are unlikely to reach normal levels of employment before 2019. (MyBudget360)

Report: HSBC Eyes Another 5K Job Cuts as Part of $1B Savings Plan (FoxBusiness)

Drugmaker AstraZeneca will cut 1,600 jobs (The Associated Press)

STMicroelectronics, Ericsson to Dissolve Joint Venture, Expects 1600 Layoffs (Wireless Week)

     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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