Wednesday, April 24, 2013

Wednesday roundup (04-24-2013)

ECB says ditching austerity would not help euro zone (Reuters)

Italy's President Invites Letta to Form Government (CNBC) Italy needs Churchillian leader to fight 'war damage' of EU austerity: Old ways die hard. Two months after Italian voters rebelled in fury against the establishment, the country’s elites have chosen yet another insider to be leader. (The Telegraph) Relief in Italy, but the challenges ahead are huge: After weeks of undignified political scrapping, a grand coalition government led by Enrico Letta could offer a glimmer of hope (The Guardian)

OECD says Japan should pay down debt (United Press International)

[US] Durable goods orders plunged in March as demand for aircraft fell (The Los Angeles Times)

Bill stands up for smaller banks (Politico) Too-Big-to-Fail Bill Seen as Fix for Dodd-Frank Act’s Flaws (Bloomberg)

     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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