Friday, April 5, 2013

Friday roundup (04-05-13)

Soros: Europe faces 'slow death' Japan is trying to escape: George Soros, the billionaire investor, said Europe is adopting the same policies that led Japan into a quarter of a century of "slow death" that it is desperately trying to escape with "dangerous" new monetary expansion. (The Telegraph)

Bridgewater Asks "Could Italy Blow Up The Euro?" (ZeroHedge blog)

Portugal court strikes down portion of austerity measures (CNNMoney)

European funding for banks could be ‘invaluable’ to recovery [in Ireland], says IMF: Ninth review of Ireland’s bailout programme warns of significant obstacles ahead (The Irish Times) Draghi signals support for debt deal after push by IMF (The Irish Independent)

S&P says Britain's AAA at risk if growth, deficit disappoint (Reuters)

Weak job gains hurt economic outlook (Reuters) A Disastrous Employment Report Is Even Worse When You Look Behind The Headlines (The Golden Truth blog)

Obama budget would cut entitlements in exchange for tax increases (The Washington Post)

Two U.S. senators want banks to hold more capital (Reuters) Senate Bill Would Rein In Too Big To Fail Banks, Draft Reveals [Quartz via] (The Huffington Post) Leak of ‘Too Big to Fail’ Draft Bill Riles Sen. Vitter (The Wall Street Journal blogs)

Fisher: Cyprus Shows Danger of Too Big to Fail: Federal Reserve Bank of Dallas President Richard Fisher talks about monetary policy, financial regulation and Bank of Japan's decision to double monthly bond purchases. Fisher, speaking with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "Market Makers," also discusses Cyprus's banking crisis. [April 4] (Bloomberg)

What a Collapsed Banking System Looks Like (Problem Bank List)

Judge Approves MF Global Liquidation Plan (The New York Times blogs)

Regulators close small lender in Arizona, represents fifth bank failure of 2013 (The Associated Press) Gold Canyon Bank of Gold Canyon AZ had a troubled assets ratio of 230.5%. (BankTracker) Gold Canyon Bank, Arizona, Closed By Regulators (Problem Bank List)

U.S. Cellular plans 600 layoffs in latest WARN report (The Chicago Tribune)

     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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