Thursday, March 14, 2013

Thursday roundup (03-14-13)

Greek unemployment reaches record 26 percent (The Associated Press)

Dispute over job cuts imperils Greece's hopes of more aid: Troika of international lenders leaves country after failing to agree over future of 25,000 civil servants (The Guardian)

Ireland mulls selling forests to pay debt (AlJazeera)

U.S. Fed balance sheet grows to record large size (Reuters)

Headwind to Housing Recovery? Foreclosures Flare-Up Again (CNBC)

Michigan takes over Detroit in "Olympics of restructuring" (Reuters)

Big Banks Have a Big Problem by Simon Johnson (The New York Times blogs)

Too-big-to-fail Banks Will Kill the Global Economy (The Huffington Post blog) Awaiting Our Archduke Ferdinand Moment? (Iacono Research)

JPMorgan: MF Global-like Segregation of Client Funds (The Big Picture blog) ‘London Whale’ Isn’t Dead Yet: JPMorgan Is Out of Control, Rosner Says (Yahoo!'s The Daily Ticker)

     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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