Thursday, May 30, 2013

Thursday roundup (05-30-13)

OECD: Europe's Recession Threatens Entire Global Economy (The Associated Press)

Eurozone Debt Crisis Exposes What EU Leaders Fear Most (Money Morning)

Eurozone retreats from austerity - but only as far as 'austerity lite': Recession, social unrest and political necessity force shift in eurozone, but its economic future remains deeply uncertain (The Guardian)

Hollande, Merkel call for full-time eurozone boss (The Associated Press)

Rising Oil Prices: The Euro Zone's Next Big Problem? (CNBC)

Italy's debt costs rise in hint rally of the vulnerable may be over (Reuters)

Economy in U.S. Grew at 2.4% Rate, Less Than First Estimated (Bloomberg) First quarter GDP revised slightly lower; austerity bites (Reuters)

Americans have rebuilt less than half of wealth lost to the recession, study says (The Washington Post) U.S. households far from regaining their wealth (The Associated Press) How Much Household Wealth Has Been Recovered? (Federal Reserve Bank of St. Louis)

America’s Misplaced Deficit Complacency (Project Syndicate)

The huge misconception at the heart of “too big to fail” ["making banks smaller was never what legislators — most of them, anyway — had in mind."] (Quartz)

David Stockman: We're Blind to the Debt Bubble (PBS Newshour)

Homeowners Got ‘Screwed’ Once Before, Now It’s Happening Again: Barofsky (Yahoo!'s The Daily Ticker)

Roiled by mystery GMO wheat, US races to reassure buyers (Reuters)

GM salmon can breed with wild fish and pass on genes (The BBC)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety)

Panasonic to cut 5,000 workers from automotive and industrial division (Reuters)

     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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