Thursday, April 11, 2013

Thursday roundup 04/11/13

EU Economics Chief Calls for Faster Banking Union (Dow Jones Newswires)

Lagarde: 'Too big to fail' banks 'dangerous' -- [in fact, "more dangerous than ever"] (United Press International)

‘Nobody in Europe’ Sees a ‘Contradiction’ Between Austerity and Growth by William K. Black (EconoMonitor)

Wood: The fuel of the future: Environmental lunacy in Europe (The Economist)

France Threatens to Blacklist Austria on Bank Secrecy (CNBC)

Debt spiral could push Portugal into new bail-out, admits EU-IMF: Portugal could face a second bail-out as the country, mired in recession and deeply divided over eurozone austerity measures, is caught in a debt spiral of soaring costs and borrowing to pay back EU-IMF loans. (The Telegraph)

Cyprus Bailout Swells to $30 Billion (The Associated Press) Cyprus bailout: Eurozone finance ministers discuss crisis (The BBC) Cyprus confirms gold sale an option in bailout, eases controls (Reuters)

Next Domino?: Slovenia Totters Toward Euro-Crisis Brink: Could Slovenia become the next euro-crisis victim? A new OECD report highlights the deep problems facing the Slovenian banking industry and economy. While both Brussels and Ljubljana insist that a bailout won't be necessary, difficult times are in store for the country. (Spiegel Online)

China's shadow banking boom rings alarm bells: Loan growth in China’s shadow banking system surged to near record levels in March, prompting fresh warnings that the country’s credit bubble is spinning out of control. (The Telegraph)

Ex-FDIC Chair Sheila Bair: Too Big To Fail May Be Over [in the US] (The Huffington Post)

Siemens Industry Unit Plans 3,000 Job Cuts to Meet Savings Goal (Bloomberg)

Eli Lilly to lay off hundreds of sales reps [but, they claim, fewer than 1,000]: Drugmaker says reductions are due to expected falling revenues in key products (The Journal and Courier of Lafayette, Indiana)

Hacker Claims He Can Hijack a Plane With an App (CNBC)

     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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