Tuesday, March 19, 2013

Tuesday roundup (03-19-13


Cyprus Tax: 'Blowing Capitalism's Brains Out': Steve Keen, professor of economics at the University of Western Sydney, argues that if you destroy the trust depositors have in their bank accounts then you destroy the oil of capitalism (CNBC)



Cyprus Raises Risk of EU Breakup, Blanchflower Says: Bloomberg Television contributing editor David Blanchflower, an economics professor at Dartmouth College and a former Bank of England policy maker, talks about an unprecedented levy on Cyprus's bank savings to help fund the cost of the latest bailout. He speaks with Trish Regan and Adam Johnson on Bloomberg Television's "Street Smart." (Bloomberg)



Orphanides on Cyprus Bailout, Europe's Banks: Athanasios Orphanides, former governor of the Central Bank of Cyprus, talks about a proposed unprecedented levy on Cyprus's bank deposits and the potential impact on Europe's financial system. Orphanides speaks with Tom Keene and Sara Eisen on Bloomberg Television's "Surveillance." Megan Greene, chief economist at Maverick Intelligence, also speaks. (Bloomberg)



Cypriot lawmakers reject deposits seizures plan, casting doubt over bailout, financial future (The Washington Post) Cyprus lawmakers reject bank tax; bailout in disarray (Reuters) Cyprus is rejecting its bailout. Now what? (The Washington Post blogs) Cyprus rejects bank levy, bailout in doubt (CNNMoney) Rejection of Deposit Tax Scuttles Deal on Bailout for Cyprus (The New York Times) CYPRUS VOTES AGAINST BAILOUT DEAL — 0 VOTES IN FAVOR (The Business Insider) Cyprus – A Total Fiasco (The Big Picture blog)

Europe Weighs Cyprus’s Fate After Lawmakers Reject Bailout Deal (Bloomberg)

European Car-Sales Drop Accelerates on Decline in Germany (Bloomberg)

Outgoing Bank of Japan head warns no quick fix to Japan's deflation (Reuters)

[In the US] Odd Political Bedfellows Agree: Banks Still Too Big To Fail: There's concern on Washington's far left and right that large banks still pose a risk to taxpayers (National Public Radio)



     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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