Thursday, April 4, 2013

Thursday roundup (04-04-13)

Draghi: Eurozone recovery faces 'downside risks': European Central Bank leaves key rate at 0.75 percent despite doubts about recovery (The Associated Press) ECB "ready to act" to help languishing economy (Reuters) Draghi Signals ECB Stands Ready to Ease Policy If Needed (Bloomberg)

[Head of Italy's] UniCredit Says Global Rule Needed to Bail In Big Deposits (Bloomberg)

Bank of England keeps interest rate at record-low 0.5% (Agence France Presse)

Japan Initiates Bold Bid to End Years of Tumbling Prices (The New York Times) BOJ to pump $1.4 trillion into economy in unprecedented stimulus (Reuters) Japanese bank governor Haruhiko Kuroda makes history with monetary blitz: The Bank of Japan has launched the most daring monetary experiment of modern times, aiming to double the money base within two years to overpower deflation and catapult the economy out of slump. (The Telegraph) Japan’s central bank enters bold ‘new dimension’ of monetary policy (The Globe and Mail of Toronto)

Bank of Japan Policy Is Huge, Risky Experiment: Fund Manager (CNBC) Kyle Bass: Japan About to 'Implode' Under Debt: CNBC's David Faber talks with Kyle Bass on Japan's aggressive monetary plan and the likely outcome from its attempt to devalue its currency. (CNBC)

[US Defense Secretary] Hagel warns of deep, new cuts to defense budget (The Washington Post)

Fed's Fisher: "Too big to fail" banks have unfair advantage (Reuters)

Brooksley Born Said A Bunch Of Stuff [on Wednesday] That Actually Made A Lot Of Sense About Banking Regulation (The Huffington Post)

Corzine slammed in Freeh report on MF Global collapse (Reuters) Another Report Blames Corzine In MF Global Failure, Are Criminal Charges On The Way This Time? (Forbes) Report Hints at Possible MF Global Suit (The New York Times blogs) Report of the Investigation of Louis J. Freeh [Zero Hedge blog via] (Scribd)

Doug Casey: All Banks Are Bankrupt (Casey Research)

     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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