Thursday, April 18, 2013

Thursday roundup (04-18-13)

Monetary Fund Chief Warns Against ‘3-Speed’ Recovery (The New York Times)

Cyprus bail-out vote stirs fresh jitters as slump fears grow in Europe: Cyprus has stunned EU officials by ordering a vote in its parliament on the terms of the EU-IMF Troika bailout for the country, risking a rejection by angry lawmakers and a fresh eruption of the crisis. (The Telegraph)

German MPs vote in favour of bail-out for Cyprus: German MPs have voted in favour of a bail-out for Cyprus, after the country’s finance minister said that the island’s banking sector would be “sharply down-sized”. (The Telegraph) Schaeuble says Cyprus bailout averts contagion (Reuters)

More Children in Greece Are Going Hungry (The New York Times)

Bailed-out Portugal launches another round of spending cuts to meet deficit target (The Associated Press)

Lagarde Says Spain Needs More Time to Bring Down Budget Deficit (Bloomberg)

George Osborne told by IMF chief: rethink your austerity plan: Christine Lagarde says IMF has changed its mind on UK's deficit reduction strategy due to weak economic figures (The Guardian) If the IMF is criticising UK austerity, things must be bad: Britain has been singled out by one of the troika for its weak growth, proving the failure of Tory ideology and economic policy (The Guardian)

BOJ's Miyao: QE has risks, but needed to end deflation (Reuters)

The Commodities Market Sell-Off Stinks Of Deflation (The Business Insider)

Why the Fuss Over Reinhart and Rogoff Is Overblown (CNBC)

Insurer Aviva to cut 2,000 jobs and redundancy payouts (Reuters)

Boeing Plans to Cut 1,700 Engineer Jobs Amid Gap in Work (Bloomberg)

     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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