Tuesday, May 28, 2013

Tuesday roundup (05-28-13)

EU leaders sound the alarm on youth unemployment (The Associated Press) France, Germany declare war on job crisis for the young in eurozone (Agence France Presse) Europe's 'new deal' for jobless dismissed as rhetoric: The Prado in Madrid has become the unlikely symbol of Europe’s unemployment curse. The museum recently advertised for 11 low-level jobs, mostly guarding paintings by Velasquez, El Greco and Picasso from enthusiastic tourists. {And ...] (The Telegraph)

Austerity could only ever bring Europe so far: There can be no solution to the European Union's crisis without restructuring economic and monetary union (The Guardian)

Germany fears revolution if Europe scraps welfare model (Reuters)

Austerity About-Face: German Government to Gamble on Stimulus: With the euro crisis refusing to relent, the German government is backing away from its austerity mandates and planning to spend billions to stimulate ailing economies in Southern European. But can the program succeed? (Spiegel Online)

Germany to Blame for Euro Zone Crisis: Study (CNBC)

Why a German exit from the euro zone would be disastrous – even for Germany (Reuters blogs)

French Consumer Confidence Slumps, Matching 2008 Record Low (Bloomberg)

French Central Bank Chief Urges Spending Cuts (CNBC)

France's central bank head warns FTT could 'destroy' jobs: France's central bank boss has warned that a planned financial transactions tax could “destroy” parts of the country’s banking industry, cost jobs, and damage the public finances. (The Telegraph)

Portuguese bestseller calls for euro exit (The Telegraph blogs) Book Supporting Euro Exit Becomes Instant Bestseller in Portugal; AfD Update (Mish's Global Economic Trend Analysis blog)

Under austerity, Italians are scrapping cars for bikes (Quartz)

Eurozone fears for Slovenia as bad debt brings economy to a standstill: Semi-privatisation and crony capitalism threaten 'catastroika' for the Balkan state (The Guardian)

Why hasn’t austerity been more of a drag on the U.S. economy? (The Washington Post blogs) Homes See Biggest Price Gain in Years, Propelling Stocks (The New York Times) Consumers more optimistic about economy than any other time since recession (The Associated Press)

Quantitative Easing, Central Bank Purchases and Corporate Buybacks Account for Much of the Rise In Stock Prices [Washington's Blog via] (The Big Picture blog)

Krugman Feud With Reinhart-Rogoff Escalates as Austerity Debated (Bloomberg)

Bond Vortex In The Works? (ZeroHedge blog) Some Interesting Facts Not Being Reported By The Media -- "I can guarantee you that the smart 'inside' money sees something really ugly coming ..." (The Golden Truth blog)

On QE, inflation and Deflation (Credit Writedowns blog)

Citi settles U.S. suit over $3.5 billion in mortgage securities (Reuters)

7 million students brace for surge in loan rates (CNNMoney)

Highway Technologies' abrupt bankruptcy affects 740 employees nationwide (Houston Business Journal)

     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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