Monday, May 6, 2013

Monday roundup (05-06-13)

Euro zone business downturn points to deeper recession in second-quarter: PMI (Reuters) Eurozone recession set to deepen as private sector shrinks for 15th month: Data for April also shows contraction in Germany's business activity, with prospects for service sector 'increasingly gloomy' (The Guardian) German service sector contraction sounds alert for recovery in eurozone: Fears that the recession in the crisis-hit eurozone could deepen accelerated on Monday after German service companies joined the other big-four euro nations in contraction territory. (The Telegraph)

Spain and Italy team up to demand eurozone help to ease youth unemployment, speed bank reforms (The Associated Press)

The Spanish perspective (The Telegraph blogs)

China services growth slows sharply, adds to recovery risk (Reuters) Policy battle rages in China as slowdown feeds 'sense of crisis': Anti-reform hardliners in China's Communist Party have become seriously alarmed by the sharp slow-down in economic growth, creating a "task-force" to crank up production. (The Telegraph)

Austerity Has Cost The U.S. Economy 2.2 Million Jobs: Study (The Huffington Post)

ROSENBERG: The Fed Is Trying Like Crazy, But Nothing It's Doing Can Save The Economy (The Business Insider)

Glass-Steagall Gets New Push On Capitol Hill This Week: As America’s workforce continues to shrivel in a stalled economy, a political activist group is calling for a “National Week of Action,” beginning today. (Talk Radio News Service)

     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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