Thursday, March 7, 2013

Thursday roundup (03-07-13)

Eurozone risks Japan-style deflation trap as ECB stays tight: The European Central Bank has cut its eurozone growth forecast to minus 0.5pc this year and warned of glacially-slow recovery in 2014, but refused any fresh stimulus to mitigate the slump. (The Telegraph) Draghi Keeps Gradual Recovery Faith as ECB Cuts Forecasts (Bloomberg)

ECB Keeps Rates Unchanged as Italy Turmoil Threatens Recovery (Bloomberg) Bank of England votes against QE boost: Monetary policy committee decides against expanding its £375bn quantitative easing programme (The Guardian) If the Bank won't act at times like these, let's pray Mark Carney gets here soon: We needed more quantitative easing; we didn't get it. It's hard to believe the MPC looked at the economy and liked what it saw (The Guardian blogs)

French Unemployment Climbs to 13-Year High as Growth Stalls (Bloomberg)

Bank of England Keeps Interest Rate at Record Low (The New York Times)

Barclays' Antony Jenkins foresees 40,000 fewer jobs at bank: Chief executive said to have told investors of broad plans to reduce costs and automate services in the years ahead (The Guardian) Barclays could cut up to 40,000 jobs: Barclays chief executive Antony Jenkins has suggested that up to 40,000 jobs could be cut at the bank as customers switch to automated banking, according to reports. (The Telegraph)

Japan’s New Leader Takes On Old Order to Jolt Economy (The New York Times)

U.S. net worth back to pre-recession level (The Associated Press)

Fed's Q4 Flow of Funds: Household Mortgage Debt down $1.2 Trillion from Peak (Calculated Risk blog)

U.S. Productivity Fell in Fourth Quarter as Labor Costs Rose (Bloomberg)

ECRI Still Insists We’re In A Recession–We Just Don’t Know It Yet [VIDEO] (Yahoo!'s The Daily Ticker)

J.C. Penney Cutting 2,200 Jobs as Sales Plunge (Bloomberg)

550 employees laid off at Chase Home Mortgage in Florence [South Carolina] (SCNow)

30 Facts About The Coming Water Crisis That Will Change The Lives Of Every Person On The Planet (The Economic Collapse blog)

     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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