Wednesday, April 10, 2013

Wednesday roundup (04-10-13)

IMF chief says easy monetary policy should stay for now (Reuters)

Which Dominoes Are Next to Fall in Europe? by Charles Hugh Smith (Of Two Minds blog)

Germans Among the Poorest in Europe: ECB Study (CNBC)

Germany Must Accept Eurobonds or Leave Euro: Despite a period of relative calm last year, the euro crisis is creeping back in 2013. In an essay for SPIEGEL ONLINE, star investor George Soros argues that the situation would improve dramatically were Germany to accept Eurobonds. Absent such acceptance, Berlin should consider leaving the euro zone, he argues. (Spiegel Online) Soros: Germany headed for self-made recession (CNNMoney)

French failure to reform threatens euro, warns Brussels: France, the eurozone's second biggest economy, has been singled out for harsh criticism by the European Commission with a warning that low French competitiveness and high debt threaten the EU's single currency. (The Telegraph)

Charles Gave: "France Is On The Brink of A Secondary Depression" (ZeroHedge blog)

Spain and Slovenia told to reform economies now or risk financial crisis: Brussels identifies 13 countries, including France, in need of urgent action, underlying growing scale of eurozone crisis (The Guardian)

Italy and France Pose Grave Risks to Euro Zone, Report Says (The New York Times)

Italy’s Debt to Rise to Record in 2013 as Recession Lingers (Bloomberg)

Portuguese Banks Need Extra 8 Billion Euros: Moody's (Reuters)

Fitch warns on China debt (CNNMoney)

US homeless numbers expected to rise as spending cuts deepen: More than 630,000 Americans currently homeless, figures show, but fears grow that $85bn cuts will make problem even worse (The Guardian)

'Easy money' policies divide Federal Reserve (USAToday)

Fed’s Lockhart Says Too-Big-to-Fail Bailouts Still a Risk (Bloomberg)

High Student Debt Poses Risk To Growth, Federal Reserve Says (The Huffington Post)

FHA may need $943-million bailout: The Obama administration's proposed budget projects that the FHA would need a $943-million bailout this year to stabilize its shaky long-term finances. (The Los Angeles Times)

Saturday Mail Service Saved, for Now, USPS Says (CNBC) Postal Service backs off plan to stop Saturday delivery, hints at layoffs, price hikes (FoxNews)

GE Plans to Cut 950 Jobs at 100-Year-Old Train Plant (Bloomberg)

[UK supermarkets chain] Morrisons to cut 700 jobs after installing cash-counting machines in stores (The Finance Pages)

     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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