Monday, March 25, 2013

Monday roundup (03-25-13)

Sir Mervyn King warns that the crisis in the global economy is 'far from over' (This is Money)

IT'S OFFICIAL: Banks In Europe May Now Seize Deposits To Cover Their Gambling Losses (The Business Insider) Saving Cyprus Means Nobody Safe as Europe Breaks More Taboos (Bloomberg)

El-Erian: Cyprus Fix to Be 'Very Challenging' (CNBC)

Cyprus banks remain closed to avert run on deposits (Reuters) Stricter Rules but Signs of Disarray in Cyprus Deal (The New York Times) With or Without Bailout, Cypriots Lose Trust in Banks (The New York Times)

After UPS takeover fails, [Dutch company] TNT Express to restructure, cut 4,000 jobs (The Associated Press)

Cold weather makes triple-dip recession [in the UK] more likely, economists fear: Heavy snow may be crucial factor in whether economy expands or contracts in first three months of 2013 (The Guardian)

[US] Senators Give Unanimous Support [in a Non-Binding Measure] to Ending Too-Big-to-Fail Banks (Bloomberg)

Top Economists, Financial Experts and Bankers Say We Must Break Up the Giant Banks (The Big Picture blog)

JP Morgan Is Out Of Control (Cliff Küle's Notes blog)

Pension Funds Wary as Bankrupt City [of Stockton CA] Goes to Trial (The New York Times)

perfect storm: energy, finance and the end of growth (Tullet Prebon)

Teen's multimillion-dollar Yahoo payday before 18th birthday (The Sydney Morning Herald)

     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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