Saturday, April 13, 2013

Saturday roundup 04-13-13

IMF frets on sidelines while global economic divides widen: A 'three-speed' world is emerging, and the International Monetary Fund fears the consequences (The Observer)

G20 to consider cutting debt to well below 90 percent/GDP: document (Reuters)

ECB struggles with "D" word as price rises slow - even fall (Reuters)

EU's six largest members [Germany, France, Britain, Italy, Spain and Poland] agree to fight tax havens (Reuters)

EU Set to Clash on Bank Deal as Germany Sees Treaty Limit (Bloomberg)

The Wheels Are Coming Off In Cyprus - This Is Bad News For the U.S. (The Golden Truth blog)

Thousands rally against poverty in Portugal (Agence France Presse) Portugal's people paying the price as PM promises more austerity: On Friday night Portugal managed to wring concessions from the eurozone and was granted an extension on paying back its bailout. But with further austerity measures still on the horizon, the people are wondering how much more they can take. (The Telegraph) Portugal's fed-up youth pack and go as their nation slides into reverse: Job prospects are grim, health and education are in crisis and, with more austerity to come, emigration is increasingly the only solution (The Observer)

Spain to rescue its indebted regions with 15 billion euros (Reuters)

Austria defies mounting pressure to end bank secrecy (Reuters)

DERIVATIVES: WALL STREET'S TICKING TIME BOMB That could blow up your bank account by Ellen Brown (The Sky Valley Chronicle of Monroe WA)

Are We Heading Towards Cyprus or Socialism? (The Huffington Post)

Unofficial Problem Bank list declines to 786 Institutions (Calculated Risk blog)

Drought risk alive this year in U.S. crop belt - meteorologist (Reuters)

     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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