Saturday, March 30, 2013

Saturday roundup (03/30/13)


Cyprus details heavy losses for major bank customers (Reuters) Bank of Cyprus depositors get costly ‘haircut’; Bailout could shave off 60 percent (The Associated Press) Cyprus: Big depositors will lose up to 60% of savings (EuroNews)



Cyprus, Luxembourg, Italy or Malta: Which country will unravel the euro zone? (The Washington Post blogs)

Unofficial [US] Problem Bank list declines to 791 Institutions (Calculated Risk blog)

ZeekRewards scam leaves N.C. town millions poorer (The Associated Press) A look at the key facts in what authorities say was a $600M Ponzi scheme (The Associated Press)

Income At Home, Herbalife, and the $8 billion pyramid: Exposing the iconic brand behind Scamworld’s most visible ‘biz opp’ (The Verge)

     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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