Wednesday, March 13, 2013

Wednesday roundup (03-13-13)

Euro zone factory output shows surprisingly big fall in January (Reuters)

Germany has one last chance to really save the eurozone: Europe's largest economy must try harder. It has far more to lose from a collapse than any other country in the union (The Guardian)

Italy's companies face slow 'death' as credit crunch deepens: Italy's industry chiefs have warned that the country faces a "full credit emergency" as thousands of companies run out of critical funding, threatening a slide into deeper depression. (The Telegraph)

Italian Billionaire Says Bankers Must Follow Lawmakers Out Door (Bloomberg)

Everything you need to know about Pope Francis’s macroeconomic views (The Washington Post blogs)

Spain unveils 3.5 bln euro plan to get young back to work (Reuters)

The Stock Market Is a Debt-Fueled Bubble: Steve Keen [VIDEO] (Yahoo's The Daily Ticker)

Kyle Bass Warns "The 'AIG' Of The World Is Back" (ZeroHedge blog)

JPMorgan’s Internal Control Problems, or HSBC’s Got Nothing On Us! (The Big Picture blog)

Renault to Cut Jobs, Keep Factories Open: Renault signed a deal with unions to cut 7,500 jobs and increase working hours in exchange for a pledge to avoid factory closures. (Industry Week)

Lloyds Banking Cuts 550 Jobs in Insurance and Consumer Units (Bloomberg)

     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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