Sunday, March 24, 2013

Sunday roundup (03-24-13)


Revamped Cyprus deal to close bank, force losses (Reuters) Cyprus deal terms will protect small depositors: Island’s second largest bank to be wound down, hitting deposits over €100,000 (The Irish Times)

Cash rationed in Cyprus after eurozone inflicts losses on biggest bank: Cyprus's two biggest banks have rationed the amount of cash savers can withdraw every day as the authorities scramble to prevent the collapse of the country's financial sector over the next 24 hours. (The Telegraph) Cypriot economic model is broken, warn financial advisers: Wealthy investors are believed to have put financial advisers under orders to withdraw their funds any way they can (The Guardian)

Head of Cyprus's Orthodox church urges exit before eurozone collapses: Archbishop Chrysostomos II says single currency will not last and appeals to Russian investors not to flee the island (The Guardian)

Banks Still Too-Big-To-Fail: Six Things The Fed Must Do (Forbes)

Senator Elizabeth Warren, encouraged by nonbinding vote, says time to end subsidies for 'too big to fail' banks (The Republican of Springfield MA)

Deregulating Derivatives: What Could Possibly Go Wrong? (The Big Picture blog)

The Extraordinary Science of Addictive Junk Food (Mercola)

     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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