Thursday, March 21, 2013

Thursday roundup (03-21-13)

Euro zone economic downturn deepening, even before Cyprus - PMI (Reuters) Euro Zone Economy’s Slide Accelerates, Data Show (The New York Times)

Euro Area Said to Weigh Closing Two Cyprus Banks, Asset Freeze (Bloomberg)

European Central Bank gives Cyprus 4 days to find bailout solution (The Associated Press) EU gives Cyprus bailout ultimatum, risks euro exit (Reuters) Mood Darkens in Cyprus as Deadline Is Set for Bailout (The New York Times) With Bailout in Question, Cyprus Teeters on Financial Ruin (FoxBusiness) It's Austerity That's Causing Chaos in Cyprus (The Daily Beast)

How Did Cyprus Become This Important? (the bonddad blog) Cyprus poses 'systemic risk': Eurogroup chief (Agence France Presse) Exclusive: Euro zone call notes reveal extent of alarm over Cyprus (Reuters)

Outgoing government hikes Italy's deficit, debt targets (Reuters)

Bank of Japan vows 'all means available' to smash deflation: The Bank of Japan's new governor Haruhiko Kuroda vowed to deploy "all means available" to end two decades of stagnation and kick-start economic revival, but insisted that there would be no attempt to steal a march on trade competitors by driving down the yen. (The Telegraph)

Fox News Poll: Voters say [US] debt is immediate problem, nervous about economy (FoxNews)

With JPMorgan Settlement, MF Global Clients Move Closer to Payout (The New York Times blogs) JPMorgan Pays $100 Million in MF Global Trustee Accord (Bloomberg)

AstraZeneca To Cut 2,300 More Jobs, Now Sees $2.3 Bln Restructuring Charges (RTTNews)
AstraZeneca to Cut 5,050 Jobs by 2016 (FoxBusiness)

Coca-Cola to Fire 750 Workers After Paring Distribution Regions (Bloomberg)

Eating locusts: The crunchy, kosher snack taking Israel by swarm (The BBC)

[Owing to your blogger's need to have the rest of the day off, this post is being made notably earlier than the usual daily roundup.]

     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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