Thursday, May 2, 2013

Thursday roundup (05-01-13)

ECB Cuts Interest Rates to Record Low as Recession Lingers (Bloomberg) German bond yields hit record low after ECB rate cut falls short: The European Central Bank cut interest rates a quarter point to a record low of 0.5pc and threatened to punish banks for hoarding funds, but was faulted for doing too little to pull Europe out of deep recession. (The Telegraph)

ECB's Draghi: Easy Monetary Stance as Long as Needed (CNBC)

Mario Draghi Calls for Continued Austerity, Lower Taxes (CNBC)

What taxpayer bailouts? Euro crisis saves Germany money (Reuters)

OECD urges Italy stick with debt reduction measures as new PM Letta seeks to focus on growth (The Associated Press) Grim OECD forecasts on Italy underline task for new PM Letta (Reuters)

Italy should use its gold reserves to force a change in EMU policy (The Telegraph blogs)

Deflation Is 'Persistent Risk': Money Manager Dan Arbess (CNBC)

Stockman: The Fed Is a ‘Central Bank Gone Crazy’ (The Fiscal Times)

Reinhart, Rogoff Backing Furiously Away From Austerity Movement (The Huffington Post) Reinhart, Rogoff: Austerity Is Not the Only Answer (CNBC)

Dodd-Frank a total failure, bipartisan panel agrees (The Daily Caller)

Too-Big-to-Fail Takes Another Body Blow by Matt Taibi (Rolling Stone blogs) Vitter, Brown Introduce "Too Big To Fail" Legislation [posted April 24] (Youtube)

Duke is cutting 585 jobs at Crystal River nuclear plant (Tampa Bay Times)

Pesticides, parasites and poor forage hurting bee pollinators (The Los Angeles Times)

     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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