Sunday, April 7, 2013

Sunday roundup (04-07-13)

Central Banks Move Into Riskier Assets [The Financial Times via] (CNBC)

What is a bail-in? (The Economist blogs)

EU poses risk to US, global economies: US official (Agence France Presse) Lew to Press for European Policy Changes (The New York Times)

Data Leak Shakes Notion of Secret Offshore Havens and, Possibly, Nerves (The New York Times) German minister says tax haven report will "increase pressure" (Reuters) Secrecy for Sale: Inside the Global Offshore Money Maze: Dozens of journalists sifted through millions of leaked records and thousands of names to expose offshore secrecy. (AlterNet) International Consortium Of Investigative Journalists (ICIJ): Release Of ‘Secrecy For Sale: Inside The Global Offshore Money Maze’ Ignites Worldwide Reaction (International Business Times) SECRECY FOR SALE: INSIDE THE GLOBAL OFFSHORE MONEY MAZE (The International Consortium of Investigative Journalists) Investigation Reveals Trillions Hidden in Tax Havens (The Real News)

Cyprus reaches end of a long and sleazy road: The island grew rich on the misfortunes of its neighbours (The Financial Times)

Greek PM intervenes in 'difficult' talks with creditors: Finance minister reportedly lashed out at mission chiefs from EU, ECB and IMF as pressure builds over next repayments (The Guardian)

Eurozone faces new challenge as Portugal blocks cuts: The eurozone crisis threatens to flare up again this week after Portugal's constitutional court blocked the country's planned austerity programme. (The Telegraph) Portugese government crisis to endanger eurozone: Portugal was teetering on the brink of a new political crisis after its high court blocked austerity plans presented in the 2013 budget, a move that threatened to derail its bailout commitments with European partners. (The Telegraph) Portugal govt sticks to bailout goals despite court ruling (Reuters) Europe warns Portugal over austerity measures (Marketwatch) Portugal's prime minister plans more cuts to health and education spending: Pedro Passos Coelho chooses not to raise taxes again in order to meet stringent targets set by international lenders (The Guardian)

ECB's rate cut will deepen bank debt [in Ireland] (The Irish Independent)

Bosses [of Irish companies] see austerity as main threat to recovery: Business leaders split on prospects (The Irish Independent)

Tiny Luxembourg's outsized financial sector under increased scrutiny following Cyprus bailout (The Associated Press)

Doubling Down On What Caused the Financial Crisis [Washington's Blog via] (The Big Picture blog)

Sorry, Libertarians, History Shows Bitcoin Isn't the Future (Bloomberg)

Lawrence Lessig: We the People, and the Republic we must reclaim (TED)

     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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