Sunday, May 5, 2013

Sunday roundup (05-05-13)

German euro founder calls for 'catastrophic' currency to be broken up: Oskar Lafontaine, the German finance minister who launched the euro, has called for a break-up of the single currency to let southern Europe recover, warning that the current course is "leading to disaster". (The Telegraph)

Jose Manuel Barroso says Angela Merkel not to blame for harsh austerity policies: The president of the European Commission has defended German Chancellor Angela Merkel against criticism that she is to blame for harsh austerity measures being implemented across Europe. (The Telegraph)

Far-left protesters reject austerity on Hollande anniversary (Reuters) Thousands protest against 'Mr Weak' Fran├žois Hollande: Fran├žois Hollande faced calls for a "big stroke of the broom" against his unpopular presidency, as thousands took to the streets to vent anger against the French leader's first year in office. (The Telegraph) Austerity-weary French turn on once-favoured Hollande (The Financial Times)
French finance minister says Europe's deficit move marks end of "austerity dogma" (Reuters) France Declares Austerity Over as Germany Offers Wiggle Room (Bloomberg) Italy's new PM joins Hollande in opposing Merkel's austerity (Radio France International)

In Europe, Growing Concern Slovenia Is Next to Need Bailout (The New York Times) Crisis-hit Slovenia scrambles to avert bailout (Agence France Presse)

Warren Buffett sees 'brutal' damage for savers from central bank money printing: Veteran investor Warren Buffett has warned that savers and bondholders are suffering a "brutal" erosion of their money as the US Federal Reserve and other central banks force yields to historic lows. (The Telegraph)

Austerity never works: Deficit hawks are amoral — and wrong: The 1 percent and the financial class caused the Great Recession. So why do we keep allowing them to shape policy? (Salon)

Bail-out Is Out, Bail-in Is In: Time for Some Publicly-Owned Banks by Ellen Brown (Web of Debt blog)

     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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