Thursday, March 28, 2013

Thursday roundup (03-28-13)


Cyprus bank controls to last a month, minister says (Reuters) Suspicious Transactions: Cypriot Parliament Investigating Capital Flight: Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank. (Spiegel Online)

Mobius: 'You Have to Have a Default': Mark Mobius, executive chairman at Templeton Emerging Markets Group, says the only way to solve the euro zone's debt crisis is for a default to happen (CNBC)



'Run for the Hills' Now, I'm Doing It: Jim Rogers (CNBC) (CNBC)


Slovenia’s borrowing costs have rocketed over recent days as it grapples with a festering financial crisis, becoming the first victim of contagion from Cyprus. (The Telegraph) Slovenia could be next candidate for eurozone bailout: Former Yugoslav republic is struggling with troubled banking sector that threatens to bring down economy (The Guardian)

France's Leader Lashes Out at Austerity (The Wall Street Journal)

Portugal deficit at 6.4 percent, exceeding target (The Associated Press)

British Banks Told to Raise $38 Billion in Capital (The New York Times blogs) Doubts over Bank of England's £25bn confidence game: Is Britain on the right path to make the financial system safer? (The Telegraph)

BoJ chief slams Japan debt as ‘abnormal’ [and 'not sustainable']: Maintaining confidence in financial and bond markets extremely important, says Haruhiko Kuroda (Agence France Presse)

Are Food Stamps Becoming a De Facto Guaranteed Minimum Income [in the United States]? (The Daily Beast) The Most Important Thing to Remember About America's Food Stamp Boom: The reason a record number of Americans are on food assistance is that a record number are in poverty. (The Atlantic)

Middle-class folk need to stop spending like they are rich—and start saving instead (Quartz)

Madoff email to MarketWatch: Banks knew all along (Marketwatch blogs)

     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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