Wednesday, May 8, 2013

Wednesday roundup (05-08-13)

Eurozone's recession may deepen this quarter (The Irish Independent)

ECB says has tools left if eurozone economy continues to weaken (The Irish Independent)

Results of stress tests on euro zone banks could be ‘worrying’, says eurogroup chairman: Jeroen Dijsselbloem underlines need to have common bank resolution rules in place to govern wind-down of banks if needed (The Irish Times)

European banking union? Don't hold your breath (Reuters)

KYLE BASS: Japan's Adding A Ponzi Scheme To A Ponzi Scheme (The Business Insider)

China may not overtake America this century after all: Doubts are growing about whether China can pass the US to become the world's biggest economy this century amid warnings that the country’s 30-year miracle is nearing exhaustion. (The Telegraph) China Export Gains Spur Renewed Skepticism of Figures (Bloomberg)

Sen. Elizabeth Warren wants student loans to get Fed discount rate (The Los Angeles Times)

CA cuts outlook for year ahead, plans [1,200] layoffs: CA's outlook for the fiscal year ahead is light. The company plans to cut workers and replace them with new folks with skills better suited for growth businesses. (ZDNet)

     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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