Friday, May 31, 2013

Friday roundup (05-31-13)

Euro-Area Jobless Rate Rises to Record Amid Recession: Economy (Bloomberg)

Record unemployment, low inflation underline Europe's pain (Reuters) Europe's Record Youth Unemployment: The Scariest Graph in the World Just Got Scarier: The new number that should terrify Europe is 62.5 percent. (The Atlantic) EU leaders sound the alarm on youth unemployment (The Associated Press)

PIMCO braces for euro zone debt writedowns as revival disappoints (Reuters)

El-Erian's 4 Global Transitions: Pimco's Mohamed El-Erian explains how higher Treasury yields and Japan's economic experiment are impacting global markets. (CNBC)

More Greek debt relief possible says Eurogroup chief (Agence France Presse)

Italy Jobless Rate Reaches 12%, 36-Year-High Amid Recession (Bloomberg) Italy Youth Unemployment Hits Record 40.5% (Reuters)

Some Italian banks risk problems, central bank chief (Reuters)

Spanish wages depressed amid eurozone crisis: Mariano Rajoy's government believes wage devaluation is one of the few options left to make the country more competitive (The Guardian)

[US] Data signal soft economy but not abrupt slowdown (Reuters)

ACHUTHAN: 'The Explanation Is Simple: Recession Kills Inflation' (The Business Insider)

Regulators seize small bank in Wisconsin; brings this year’s US bank failures to 14 (The Washington Post) Banks of Wisconsin d/b/a Bank of Kenosha of Kenosha WI 35386 had a troubled assets ratio of 279.2%. (BankTracker)

FDIC Problem Bank List Includes Almost 9% of All Banks (Problem Bank List)

     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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