Monday, April 29, 2013

Monday roundup (04-29-13)

JEREMY GRANTHAM: We Are In A Race To Prevent The Collapse Of Civilization (The Business Insider)

The era of austerity is over (for now) (The Washington Post blogs)

In Europe, widening impatience over austerity hits politicians hard (The Washington Post) OECD Fears Euro-Zone May Snatch Defeat From Jaws of Victory (The Wall Street Journal blogs)

EU votes for two year ban on pesticides to protect bees (The BBC)

France to keep defence budget stable, cut 34,000 jobs (Reuters) Crisis-hit France to slash defence jobs: Nearly 10 percent of armed forces jobs to go, with 24,000 military posts to be axed by 2019, according to white paper. (Al Jazeera)

‘Selfish’ Merkel phrase reveals French rift with Germany: Row over leaked document threatens Franco-German relations (The Irish Times)

Moody's says Italy may still eventually need bailout (Reuters)

Italian showdown with Germany as Enrico Letta rejects 'death by austerity': Italy’s new premier Enrico Letta is on a collision course with Germany after vowing to end death by austerity, and warned that Europe itself faces a “crisis of legitimacy” unless it charges course. (The Telegraph) Italy’s new PM rips up austerity plans (The Globe and Mail of Toronto) Italy's Letta wins confidence vote after pledging growth drive (Reuters)

S&P sees deepening house slump in Spain, France and Holland: Spanish house prices are to fall a further 13pc by the end of next year as the authorities flood the market with a backlog of repossessed properties, Standard and Poor’s has warned. (The Telegraph)

El Erian: Fed will struggle to unwind its giant trade (CNNMoney)

Brown-Vitter Rearranges Financial-Reform Battlefield by Simon Johnson (Bloomberg) Big Banks’ Tall Tales by Simon Johnson (Project Syndicate)

A grand bargain is still possible. Here’s how by Erskine Bowles and Alan Simpson (The Washington Post)

For the unemployed, no reprieve on budget cuts (CNNMoney)

     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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