Thursday, April 25, 2013

Thursday roundup (04-25-13)


Euro may only last five years, says senior German government advisor: The euro has a “limited chance of survival” and may only endure another five years, Kai Konrad, one of the German government’s closest economic advisers, has claimed. (The Telegraph)

Austerity blamed as unemployment soars in Spain and France: More than 6 million without jobs in Mariano Rajoy's Spain while figure in François Hollande's France is 3.2 million (The Guardian)

Southern Europe’s Recession Threatens to Spread North (The New York Times)

Schaeuble Ready to Give France More Time to Cut Budget Deficit (Bloomberg)

Spain Jobless Rate Breaches 27% on Recession Woes (Bloomberg)

The great Spanish nation can end its crucifixion at will by leaving EMU (The Telegraph blogs)

Italy's New Leader Throws Down Gauntlet on Austerity (CNBC)

As Forewarned, The Irish Savers Have Just Been "Cyprus'd", And There's MUCH MORE "Cyprusing" To Come (ZeroHedge blog)

Japan’s Bigger Price Decline [the Most in Two Years] Shows Size of Kuroda Task: Economy (Bloomberg)

Wealth of nearly all Americans fell after the recession: The richest 7% of U.S. families saw their average wealth soar 28% from 2009 to 2011, while the remaining households lost 4% of their net worth over the same period, a new report finds. (The Los Angeles Times)

Everything you ‘know’ about the Fed is wrong: 5 misconceptions about the effects of QE and monetary policy (Marketwatch)

Two Senators Just Introduced A Bill That Could Neuter Wall Street (The Business Insider)

David Rosenberg: 12 Signs the Economy is Weaker Than we Think (Pragmatic Capitalism)

Lawmakers, aides may get Obamacare exemption (Politico)

Michael Pollan: Home Cooking Will Solve America’s Obesity Epidemic (Yahoo!'s The Daily Ticker)



Sugar industry's secret documents echo tobacco tactics: Sugar Association's intent to use science to defeat critics uncovered by dentist (The Canadian Broadcasting Corporation)



Is the Press Too Big to Fail? (The Nation)

Outokumpu cuts 2,500 jobs to save $455 million: Finnish metals group Outokumpu Oyj says it will slash 2,500 jobs worldwide in the next four years to cut costs by 350 million euros ($455 million) and improve profitability as stainless steel demand continues to fall. (The Associated Press)

     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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