Tuesday, March 12, 2013

Tuesday roundup (03-12-13)

Austerity threatens stability in Europe: US (The Associated Press) Rehn hits back at critics of EU austerity policies (Reuters)

Banks’ Debt Addiction Said to Face Scrutiny at Basel Group (Bloomberg)

German central banker warns eurozone crisis not over, says more reforms needed (The Associated Press)

France to miss deficit target, President Hollande says (The BBC)

Greece: Debt inspectors delay meeting with PM after talks stall on tax arrears, state jobs (The Associated Press)

Greece Faces 150,000 Job-Cut Hurdle to Aid Payment: Euro Credit (Bloomberg) In debt-ridden Greece, further military cuts are hard to make: Operations have been scaled back and paychecks have been cut, but the defense budget is still comparatively high because of geopolitical threats. (The Los Angeles Times)

Private Debt Is a “Rock of Damocles” Hanging Over the Economy: Steve Keen [VIDEO] (Yahoo's The Daily Ticker)

America’s relapse into debt addiction is actually driving economic growth (Quartz)

Big Banks May Be Getting Too Big to Jail (The New York Times)

Mary Jo White Says Her S.E.C. Would Be Tough on Wall St. (The New York Times blogs) Mary Jo White faces no opposition at SEC confirmation hearing (The Washington Post)

Illinois settles SEC charges over pensions (Reuters) Illinois: From deadbeat to fraud (The Chicago Tribune)

     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.

No comments:

Post a Comment