Saturday, April 27, 2013

Saturday roundup (04-27-13)

As Europe rebels against austerity, Berlin shows signs of giving way: Confronted by furious voters and soaring youth unemployment across southern Europe, it looked as if the tide had finally turned on Berlin's policy of austerity. (The Telegraph)

French attacks on Merkel up heat on Hollande (Agence France Presse)

French minister says Merkel's austerity drive has failed: Benoit Hamon says the German leader is the only one still backing the policy (The Observer)

Italy Forms New Government After 2-Month Stalemate (The Associated Press)

Euro zone set to approve 2.8 billion euros for Greece on Monday (Reuters)

Fresh Slovenian protests amid bailout fears (Reuters)

LAKSHMAN ACHUTHAN: Yes, It's Possible [For the US] To Be In A Recession With GDP Growth At 2.5% (The Business Insider)

The Government’s Mortgage Fix Is Failing [at an "alarming rate"] (CNBC)

Unofficial Problem Bank list declines to 775 Institutions (Calculated Risk blog)

     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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