Tuesday, May 7, 2013

Tuesday roundup (05-07-13)

EU Ministers to Grapple Over Bank Creditor Loss Rules (Bloomberg) Bank deposits of over €100,000 may be at risk: Proposals under Irish presidency to deal with European bank collapses likely to ‘bail-in’ large depositors (The Irish Times)

Germany Backtracks on Banking Union [= may drop opposition to it] (CNBC)

Italy came to brink before being saved by "King George" (Reuters)

Slovenian bank crisis could require €8-billion bailout (The Globe and Mail of Toronto)

Netherlands seeks another year to reduce deficit (Marketwatch)

IMF chief Christine Lagarde says U.S. debt reduction plans may hurt economy (The Associated Press)

Lilly's sales-force restructuring to affect 1,600-plus (The Indianapolis Business Journal)

Societe Generale to cut [more than 1,000] jobs as part of cost cuts (Marketwatch)

EMC to cut more than 1,000 jobs (The Boston Herald)

     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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