Wednesday, March 27, 2013

Wednesday roundup (03-27-13)

Shredded Social Safety Net: European Austerity Costing Lives: As the euro crisis wears on, the tough austerity measures implemented in ailing member states are resulting in serious health issues, a study revealed on Wednesday. Mental illness, suicide rates and epidemics are on the rise, while access to care has dwindled. (Spiegel Online)

Cyprus: Last-Minute Bailout Doesn’t Address Eurozone’s Underlying Systemic Issues (The Heritage Foundation blogs)

Cyprus has finally killed myth that EMU is benign: The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived. (The Telegraph)

Illegal bank withdrawals could cripple Cyprus bailout (CBSMoneywatch)

France Is Still In Trouble (the bonddad blog)

'Surge' in Britons mulling euro transfer, says firm (Agence France Presse)

Another Call To Break Up Big Banks [in the US] But Don't Expect Much Action (Forbes)

‘Too big to fail’ fears rise as banks bulk up; lessons from past forgotten? (The Washington Times) The White House’s dangerous stance on ‘too big to fail’ (The Washington Post blogs)

NZ's Telecom to slash over 1,000 jobs, more cuts to come (Reuters)

Cisco lays off 500 or 1% of workforce (NetworkWorld)

     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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