Thursday, May 16, 2013

Thursday roundup (05-16-13)

Falling eurozone inflation raises deflation fears (euronews) (Youtube) Cooling prices, falling imports highlight euro zone's malaise (Reuters)

Central banks saved world economy, now beware the fallout: IMF (Reuters)

As Japan Courts Growth, Europe Keeps Up Its Love Affair With Austerity (The New York Times)

Consumer Prices in U.S. Dropped More Than Forecast in April (Bloomberg) U.S. Economy In Second Month Of Deflation Pressures Bernanke On QE (Forbes)  Key Measures show low and falling inflation in April (Calculated Risk blog)

Philly Fed: Manufacturing tumbles (CBSMoneywatch) Philly Fed Manufacturing Survey Shows Contraction in May (Calculated Risk blog)

Housing Starts in U.S. Fell in April to Five-Month Low (Bloomberg) Housing Starts decline sharply in April to 853,000 SAAR (Calculated Risk blog)

If the Fed Knows Banks Are Too Big, Why Doesn’t It Make Them Smaller? by James Kwak, [The Baseline Scenario via] (Truth Out)

The Vicious New Bank Shakedown That Could Seriously Ruin Your Life: JPMorgan Chase and other big banks are accused of running a frightening scam collecting on credit card debt. (AlterNet)

Next Group That May Be Slammed by Debt: Farmers (CNBC)

These California cities could be next in bankruptcy (USAToday)

RBS to Cut 1,400 Jobs in UK Retail Revamp (Dow Jones Newswires)

Alcoa cuts 500 jobs, 2 production lines 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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