Friday, May 3, 2013

Friday roundup (05-03-13)


How nations are repeating mistakes of the 1930s: Globalization is in decline, and the world is poorer for it by Satyajit Das (Marketwatch)

EU sees deeper euro zone recession in 2013, slower deficit cuts (Reuters)

France to relax austerity as recession bites (CNNMoney) France to get more time to cut deficit as euro zone recession bites (Reuters)

EU Expects ‘Mild Recovery’ for Italy This Year With Debt Rising (Bloomberg)

Portugal to slash 30,000 public sector jobs and raise retirement age: Portugal's prime minister has announced that the government plans to slash 30,000 public sector jobs as part of a sweeping package of spending cuts to satisfy international creditors. (The Telegraph)

Slovenia can avoid a bailout if it moves quickly - EU's Rehn (Reuters)

UK Election Loss May Force Austerity Rethink (CNBC) [But ...] Britain can't abandon austerity for fiscal stimulus - EC: Britain's increasing debt burden and poor growth prospects means it cannot abandon austerity for fiscal stimulus measures, the European Commission has warned in its spring economic forecast. (The Telegraph)

[US] Factory orders fall sharply in March (Reuters)

Understanding the painfully slow jobs recovery (Reuters blogs)

A New Fed Thought for ‘Too Big to Fail’ Banks: Shrink Them (The New York Times blogs)
Fed governor calling for stronger capital at megabanks (The Washington Post)

Jeff Sachs: The Movie (Jesse's Café Américain blog)

Why We Should Be Worrying About Deflation (The Fiscal Times)

Excessive Household Debt, Low Savings Rate Still The Major Problem (Comstock Partners)

Loss of honeybees has many causes (The Associated Press)

     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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