Thursday, May 9, 2013

Thursday roundup (05-09-13)


ECB Ponders Buying Toxic Debt of the Periphery; Don't Worry, It Will Be "Fiscally Neutral" and Temporary (Mish's Global Economic Trend Analysis blog)

Stodgy Netherlands is nation that’ll blow up euro: Overindebted Dutch heading deeper into recession (Marketwatch)

Portugal's unemployment rate hits 18%: Portugal's first quarter figures reveal spike in unemployment rates, with government cuts expected to harm growth further (The Guardian)

Nearly two-thirds of Greek youths are unemployed (Reuters)

Cyprus considered exiting the euro zone in March (The Washington Post)

Slovenia on verge of bailout as State to sell 15 firms (The Irish Independent) Eurozone Slovenia announces austerity measures to avoid international bailout (The Associated Press)

Ireland's lenders want action on unemployment, bad debt (Reuters)

Bank of England Leaves Benchmark Interest Rate Unchanged (The New York Times) Bank of England opts against further monetary stimulus (The Associated Press)

Economists See Deficit Emphasis as Impeding [US] Recovery (The New York Times)

Fed's Fisher on What's Holding Back the Economy: Richard Fisher, Dallas Federal Reserve Bank president & CEO, explains how uncertainty is impacting the economy; weighs in on the Fed's exit strategy, and explains why he believes "too big to fail" needs to be reformed. -- ["No central bank anywhere on the planet has the experience of successfully navigating a return home from the place in which we now find ourselves"] (CNBC)



Fed's Plosser adds voice to too-big-to-fail criticisms (Reuters) Can We End Too Big to Fail? (The Federal Reserve Bank of Philadelphia)

Fed's Lacker gives lukewarm backing to higher U.S. bank capital (Reuters) Fed’s Lacker: Living wills best solution to ending too-big-to-fail (HousingWire)

California accuses JPMorgan of fraud in credit-card-debt collection (CNNMoney)

Student Debt a 'Roadblock' for Wider Economy: Report (CNBC)

U.S. citizens ditch passports [= renounce citizenship] in record numbers: If the recent quarter's pace continues, 2013 will become a landmark year for saying goodbye to America, tax-wise. (Fortune)

Lloyds Banking Cuts 850 Jobs in Insurance and Consumer Units (Bloomberg)

Degrowth, Anti-Consumerism and Peak Consumption by Charles Hugh Smith (Of Two Minds blog)

11 Reasons Why The Federal Reserve Should Be Abolished (ZeroHedge blog)

Why Did The U.S. & The World Leave The Gold Standard? (Cliff Küle's Notes blog) What Is a Gold Standard? (Youtube)



     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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