Wednesday, March 20, 2013

Wednesday roundup (03-20-13)

Why Global Economies Face an Age of Deflation by A. Gary Shilling (Bloomberg)

A very clear explanation of why the euro zone keeps exploding (The Washington Post blogs)

Cyprus scrambles to avert meltdown, EU threatens cutoff (Reuters) As Bailout Deadline Approaches, Cyprus Scrambles to Find Funds (The New York Times) Cypriot banks on brink in Icelandic flashback (Reuters)

Darling: Cyprus savings raid could trigger bank runs across Europe: Bank runs and financial panic could spread across Europe after Cyprus proposed raiding people's savings for a new bail-out, Alistair Darling has said. (The Telegraph)

Britain's growth halved, Osborne turns to Bank of England for help (Reuters) U.K. Gambles on Yet More Debt (The Wall Street Journal) UK to borrow more than expected, debt to rise longer: Osborne (Reuters)

Federal Reserve sees slow [US] recovery for years to come (CNNMoney)

Ben Bernanke: 'I Agree With Elizabeth Warren 100 Percent' On Too Big To Fail (The Huffington Post blog) Bernanke: 'Too big to fail' remains a problem (The Hill blogs)

ScooterStore seller implements [1,800] Texas layoffs (KHOU)

Veolia Environnement to Cut 1,500 Jobs at French Water Division (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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