Wednesday, March 6, 2013

Wednesday roundup (03-06-13)

Euro Zone Economy Shrank at Year-End (The New York Times)

Euro zone sentiment falls in March after Italy election deadlock (Reuters)

Citizens in Europe are rejecting austerity policies as deeply misguided: The eurozone needs reform, but devaluation, lower output and rising debt across the continent are nothing but a toxic brew (The Guardian blogs)

Italy’s Bersani on collision course with Germany and ECB over austerity: Italy’s Pier Luigi Bersani vowed to break free of the country’s austerity regime as he laid out plans for a centre-Left government, risking a serious clash with Germany and the European Central Bank. (The Telegraph)

Britain's Cameron says no turning back on deficit reduction plan (Reuters)

BOE’s King Says Government Should Split Up RBS, Accept Loss (Bloomberg)

ACHUTHAN: Look At These Charts And Tell Me We're Not In Recession [in the US] (The Business Insider)

Is a 'grand bargain' on the budget deficit still possible? President Obama is meeting with moderate Republicans in the hopes of salvaging a deal (This Week) Obama faces skepticism from Democrats on budget deal (Reuters)

Too-Big-to-Fail Banks Limit Prosecutor Options, Holder Says (Bloomberg) Attorney general says big banks’ size may inhibit prosecution (The Washington Post) Elizabeth Warren Takes On Eric Holder's 'Too Big To Jail' Statement (The Huffington Post blog) I SERIOUSLY CAN NOT BELIEVE THAT THE ... (The Golden Truth blog)

Sequester to result in 4,800 Hanford layoffs, furloughs (KPLU)

Thomas Cook to cut 2,500 jobs in UK (Reuters)

Sweden's Vattenfall to cut 2,500 jobs (Deutsche Welle)

Telefonica Brasil to cut 1,000 jobs in fixed line overhaul: union (Reuters)

     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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