Sunday, March 31, 2013

Sunday roundup (03-31-13)

Clarke and Dawe - Slight problem with the Cypriot Banking System (Youtube)

Monte Paschi says lost billions in deposits after February scandal (Reuters)

Bank Confiscation Scheme for US and UK Depositors by Ellen Brown [Washington's Blog via] (The Big Picture blog) How the U.S. is Planning the "Cyprus" Approach (Cliff Küle's Notes blog)

New sheriff of Wall St. is racking up insider trading convictions: Preet Bharara has carved out a reputation for being a tough prosecutor who has overseen some of the most high-profile white-collar criminal cases since the 1980s. (The Los Angeles Times)

     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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