Friday, May 10, 2013

Friday roundup (05-10-13)

Eurozone in Crisis: Euro under Threat as Never Before [VIDEO REPORT] (International Business Times) The Eurozone Financial Crisis - Pathways to Stability (International Business Times)

Schaeuble Signals Support for Easier European Austerity (Bloomberg)

IMF Likely to Renew Call for Relaxation of UK Austerity [The Financial Times via] (CNBC)

Fed's Bernanke warns shadow banking risks persist (Reuters) Bernanke: ‘Shadow banking,’ other financial sectors still pose risks (The Washington Post) Monitoring the Financial System by Ben S. Bernanke (Board of Governors of the Federal Reserve System)

Too-Big-To-Fail Banks Have Raked In $102 Billion In Subsidies Since 2009: Report (The Huffington Post) No Lehman Moments as Biggest Banks Deemed Too Big to Fail (Bloomberg)

Can two senators end ‘too big to fail’? by Barry Ritholtz (The Washington Post)

Regulators seize banks in North Carolina, Georgia; brings this year’s US bank failures to 12 (The Associated Press)

Pisgah Community Bank of Asheville NC had a troubled assets ratio of 260.4%. (BankTracker)

Sunrise Bank of Valdosta GA had a troubled assets ratio of 369%. (BankTracker)

U.S. Postal Service loses $1.9 billion in second quarter (Reuters) U.S. Postal Service lost $1.9 billion in 2nd quarter (The Los Angeles Times)

Student Debt Slows Growth as Young Spend Less (The New York Times)

[Emergency Manager] Kevyn Orr: Detroit Is In Worse Shape Than I Thought (CBS Detroit)

Amplats scales back South African job cuts to 6,000: Anglo American has bowed to pressure from the South African government and unions over job losses at its platinum mining arm in the country, more than halving the scale of planned cuts. (The Telegraph) Amplats to slash platinum production, 6,000 jobs, in South Africa (The Globe and Mail of Toronto)

Sharp to Cut 5,000 Jobs Under Revival Plan (Dow Jones Newswires)

UK's Lloyds to cut 850 jobs in plan to reduce costs (Reuters)

Feds [in Canada] to slash 800 civil servant positions (The Ottawa Sun)

The man who makes his living whittling wooden spoons (The BBC)

Heat-Trapping Gas Passes Milestone, Raising Fears (The New York Times) Carbon dioxide levels highest in recorded human history (CBSNews)

     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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