Tuesday, April 23, 2013

Tuesday roundup (04-23-13)

US witness claims BP gas explosion cover-up: Massive oil spill in Gulf of Mexico in 2010 caused one of world's worst environmental catastrophes. (Al Jazeera)

Factory orders slide across the world, despite booming stock markets: A rash of weak manufacturing data from America, Europe and Asia has cast serious doubts on the strength of the global economy and was starkly at odds with surging stock markets in the West. (The Telegraph) Slowing Growth Around the World (The Mess That Greenspan Made blog)

CONFIRMED: The Economic Crisis Has Infected Europe's Core (The Business Insider) Euro zone slump moderates but German worries appear: PMIs (Reuters)

ECB rate-cut odds rising as fears of deeper recession intensify (Marketwatch) ECB Should Not Cut Rates: Top German Adviser (CNBC)

Angela Merkel: 'Austerity makes it sound evil, I call it balancing the budget': Angela Merkel tried to contain her irritation when asked at a podium discussion in Berlin whether southern European countries could take much more German-ordered austerity. (The Telegraph)

Spain cuts deeper, brushing aside IMF warnings over deficit reduction: Prime minister Mariano Rajoy announces further round of austerity even as EU pledges to cut savings target (The Guardian)

Even Abenomics can't ignore Japan debt (CNNMoney)

Factory data a new sign of slowing U.S. economic growth (Reuters)

Just As People Were Starting To Relax, The Sequester News Has Taken A Turn For The Worse by Mohamed El-Erian (The Business Insider)

Too-Big-to-Fail Bill Would Boost Big-Bank Capital Standards (Bloomberg)

Corzine sued by MF Global trustee over firm's collapse (Reuters)

Senator Warren Questions Consultants On Illegal Foreclosures (The Big Picture blog) Senator Elizabeth Warren Continues Ruthless Questioning Of Panelists On Illegal Foreclosures (Youtube)

HSBC to shed 1,149 UK jobs in new round of cutbacks (Reuters)

     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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