Sunday, April 14, 2013

Sunday roundup (04-14-13)

Euro zone bank troublespots don't come down to size (Reuters)

German 'Wise Men' push for wealth seizure to fund EMU bail-outs: Two top advisers to German Chancellor Angela Merkel have called for a tax on private wealth and property in eurozone debtor states to force the rich to fund rescue costs, marking a radical new departure for EMU crisis strategy. (The Telegraph)

Wealth tax to pay for EU bail-outs: Wealthy households would face new taxes on property and other assets under German plans to prop up the struggling eurozone. (The Telegraph)

Leading German economist calls for dissolution of eurozone to save EU: Joachim Starbatty speaks out as breakaway Eurosceptic party Alternative für Deutschland holds founding conference (The Guardian) Anti-euro party offers alternative to German voters frustrated by bailouts and Nazi jibes (The Associated Press) German Elites Drawn to Anti-Euro Party, Spelling Trouble for Merkel (The New York Times) 1,000 Germans abandon Angela Merkel for Eurosceptic party: More than 1,000 Germans have abandoned Angela Merkel's ruling coalition to join a new Eurosceptic party, as its founder claimed a "double digit result" in the election was within grasp. (The Telegraph)

     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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