Monday, May 20, 2013

Monday roundup (05-20-13)

France must reform or face punitive measures: EU's Oettinger (Reuters)

Italy's industrial output falls back to 1970s: Italy’s president Giorgio Napolitano has called for immediate measures to combat a “dramatic crisis” after the country’s industrial output fell back to levels reached in 1979. (The Telegraph)

Portugal's Banks Fear 'Cyprus Virus' [The Financial Times via] (CNBC)

[UK] Energy bills 'could overtake mortgages in five years’: Energy bills are rising so steeply that they could overtake mortgage repayments in parts of Britain in just five years’ time, the chief executive of supplier, First Utility, has claimed. (The Telegraph)

Japan panel warns of dangers if debt not addressed (Reuters)

Shrinking [US] deficit reduces pressure for budget deal (Reuters)

Fed up with Ben: Econ in depression (The New York Post)

Fed's Fisher: Dodd Frank Law 'Horribly Complex': Dallas Federal Reserve President Richard Fisher explains the importance of simplifying bank regulations. (CNBC)

Is EVERY Market Rigged? [Washingon's Blog via] (The Big Picture blog)

Suburban poverty soars (CNNMoney)

For Detroit in crisis, next six weeks determine bankruptcy fate (Reuters)

Shaw’s to Lay Off 700 People in New England (Valley News of White River Junction, Vermont)

Alcoa Cuts 500 Jobs In Canada (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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