Wednesday, April 3, 2013

Wednesday roundup (04-03-13)

I.M.F. and Europe Set Tough Terms for Cyprus Bailout (The New York Times) IMF to Contribute 1 Billion Euros to Cyprus Rescue (Bloomberg)

IMF Urges Ireland to Retain Austerity Program (Dow Jones Newswires)

The Most Insane Chart Ever: Irish Mortgage Arrears (The Big Picture blog)

Britain's debt mountain reaches £1.39TRILLION, equivalent to 90% of the entire economy, ONS reveals (The Daily Mail)

Bank of Japan set to launch war on deflation (CNNMoney)

Ottawa weighing plans for bank failures: Federal government looking at 'Cyprus solution' (Canadian Broadcasting Corporation)

Obama administration pushes banks to make home loans to people with weaker credit (The Washington Post)

The Growing Sentiment on the Hill For Ending 'Too Big To Fail' by Matt Taibi (Rolling Stone blogs)

Bank Website Attacks Reach New Highs (CNBC)

Bank of America to Lay Off 1,320 Employees in Upstate New York (Dow Jones Newswires)

     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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