Wednesday, May 15, 2013

Wednesday roundup (05-15-13)

Euro zone economy shrinks in first-quarter, marks longest ever recession (Reuters) Recession in eurozone is now the currency bloc’s longest, surpassing even 2008-2009 crisis (The Associated Press) Eurozone now in its longest recession: Economic output across the single currency area fell by 0.2% in the first three months of 2013 (The Guardian) Eurozone's Struggling Economies Mired in Recession (The Associated Press)

Euro Zone Politics Hinder Response as Slump Persists (The New York Times)

Germany in 'Stagnation,' Top Merkel Advisor Warns (CNBC) Crisis Is Spreading to Europe's Core: Economic Expert: Peter Bofinger, economist from the German Council of Economic Experts, tells CNBC that he is concerned that the worst of the euro zone crisis is not over and it is spreading to the core. (CNBC)

France Slips Into Recession, Adding Pressure on Hollande (Bloomberg) German Economy Barely Expands While France Contracts (Bloomberg) Pain spreads to the heart of Europe (The Globe and Mail of Toronto)

France given two extra years to reach deficit targets: European Commission urges France to speed up enactment of structural reforms (The Irish Times)

France Must Lead Breakup of Euro (Bloomberg)

Heroic Spain is damned if it does, and damned if it doesn't: My colleague Jeremy Warner has set off a storm in the Spanish press and something close to a diplomatic incident by asserting in a blog that Spain is insolvent. (The Telegraph)

Wholesale Prices in U.S. Decrease by Most in Three Years (Bloomberg)

Production Falls as U.S. Feels Global Weakness: Economy (Bloomberg) Industrial Output In April Slumps The Most In Eight Months (The Capital Spectator)

A generation drowning in debt: More students and grads falling behind in loan payments, study shows: A study by the Federal Reserve Bank of New York shows that student loan debt is growing at an alarming rate as a stagnant job market and other signs of a poor economy take their toll. (The New York Daily News)

Steelmaker ThyssenKrupp to Cut 3,000 Office Jobs (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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