Sunday, March 3, 2013

Sunday roundup (03-03-13)

Time to act again, Mr. Draghi? (CNNMoney)

Euro Leaders Demand Austerity as Italy Nears New Vote (Bloomberg)

Anger builds in Italy as old guard plots fresh technocrat take-over: Italy’s president Giorgio Napolitano is exploring the creation of a second technocrat government to break the political log-jam and calm markets after key parties failed to reach an accord, risking a serious popular backlash. (The Telegraph)

CITI: The Italian Elections Reflect The Collision Of Two Big Macro Trends We've Been Warning About For A Long Time (The Business Insider)

Cash airlift helped avert Greek bank run during debt crisis-paper (Reuters)

Cypriot Finance Minister Says Bailout Deal Is Near (The New York Times)

Britain on course for 'triple-dip' recession, data shows (The Irish Independent)

Kuroda Pledges to Do Whatever Needed to Combat Japan Deflation (Bloomberg)

Obama signs order to begin spending cuts (CBS) Obama Orders Cuts That Will Be ‘Slow Grind’ on Economy (Bloomberg)

Obama renews budget offer to cut social safety nets (Reuters)

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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