Friday, April 26, 2013

Friday roundup (04-26-13)


Everything Is Rigged: The Biggest Price-Fixing Scandal Ever: The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix by Matt Taibi (Rolling Stone) Is He A Conspiracy Theorist? or Is He Telling You How The World Really Works? (Cliff Küle's Notes blog)

Europe More Divided Than Ever Over Austerity (FoxBusiness) Pace of EU austerity is slowing, says Rehn: Commissioner signals eurozone move towards growth policies (The Irish Independent) Shrinking EU Economies Deepen Austerity Divisions (The Voice of America)



Germany's Merkel: austerity is part of solution to Europe's problems, but reforms needed too (The Associated Press)

Bundesbank declares 'war' on Mario Draghi bond bail-out at Germany's top court: Germany’s Bundesbank has issued a devastating attack on the bond rescue policies of the European Central Bank, rendering the eurozone’s key crisis measure almost unworkable. (The Telegraph) Bundesbank confirms sent ECB report to German court (Reuters)

Spain Says Deficit Target Must Wait 2 More Years Amid Slump (Bloomberg) Spain admits recession worse but gets deficit leeway (Reuters) Spain needs more time to meet austerity targets (CNNMoney)

Plan to Jail Bankers Who Behave Recklessly Eyed by UK Lawmaker (The Financial Times via) (CNBC)

Bank of Japan stands firm while deflation worsens (CNNMoney)

[US] Economy grew at 2.5 percent in 1st quarter, amping fears of a stalled recovery (The Washington Post) Growth too fragile to gamble with austerity: U.S. economy poised for long slog (Marketwatch) Oops! Economic Growth Wasn't So Great After All (Reuters) Current Slow-but-Steady Recovery Still Dismal by Historical Standards (The Wall Street Journal) Economists React: ‘Persistent,’ but ‘Underwhelming’ Growth (The Wall Street Journal blogs)

Regulators shutter banks in North Carolina, Georgia; brings this year’s US bank failures to 10 (The Associated Press)

Parkway Bank of Lenoir NC had a troubled assets ratio of 204.5%. (BankTracker) Parkway Bank, NC, Closed By Regulators (Problem Bank List)

Douglas County Bank of Douglasville GA had a troubled assets ratio of 2085.8%. (BankTracker) Douglas County Bank, GA, Biggest Bank Failure of 2013 (Problem Bank List)

An Post to cut another 1,300 jobs in major shake-up after €17.5m loss: Pension plan under microscope and price of stamps may be linked to inflation rises (The Irish Independent)

Bristol Twp.'s Jones Group to close 170 stores, cut 800 jobs (PhillyBurbs)

Suzlon’s German REpower to Cut 23% of Jobs [as many as 750] on ‘Volatile’ Outlook (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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