Sunday, May 19, 2013

Sunday roundup (05-19-13)


BIS and IMF attacks on quantitative easing deeply misguided warn monetarists: Monetarists across the world have warned that the International Monetary Fund and the Bank for International Settlements are making an historic error by calling for a withdrawal of emergency stimulus before the global economy has fully recovered. (The Telegraph)

Bundesbank Chief Says France Must Take Deficit Cuts Seriously (Reuters)

Sir Mervyn King: don't demonise bankers: Outgoing Bank of England governor blames regulatory failure for banking crisis and not individuals (The Guardian) Sir Mervyn King: stop 'demonising' bankers: Sir Mervyn King, the outgoing head of the Bank of England, has called for an end of banker bashing saying it’s wrong to “demonise individuals” for the failure of the financial system. (The Telegraph)

MORGAN STANLEY: And Now It's Time To Worry About Deflation Again (The Business Insider)

Rogue banks remain too big to fail: Our view: 15% cash cushions would force them to break up or be conservative. (USAToday)

Angry JP Morgan shareholders seek to strip Jamie Dimon of chairmanship: US banking giant facing revolt by dissidents in wake of $6bn London Whale trading loss last year (The Guardian)

Everything Is Rigged: The Biggest Price-Fixing Scandal Ever: The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix by Matt Taibi [magazine article associated with Rolling Stone blog post linked here on April 26] (Rolling Stone)

     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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