Wednesday, May 22, 2013

Wednesday roundup (05-22-13)

Europe’s Leaders Say No to Austerity, Don’t Say Yes to Stimulus (Bloomberg)

Cyprus central bank sees 'substantial' risks to economy (Reuters)

Germany's Bundesbank chief says France must cut deficit (Agence France Presse)

Millions of Italians Stuck in Poverty: Report (CNBC)

IMF says Britain 'a long way' from recovery (Agence France Presse) Austerity is a task for another day, IMF tells George Osborne: International Monetary Fund advises chancellor to defer cuts programme and instead stimulate faltering economy (The Guardian)

Kyle Bass: Japanese Bond Market Is Teetering on Epic Ruin (MoneyNews)

Bernanke Says Premature Tightening Would Endanger Recovery (Bloomberg) Fed Endorses Stimulus, but the Message Is Garbled (The New York Times)

IMF says Washington cutting budget deficits too quickly [May 20] (Reuters)

Ben vs. Bernie on Too Big to Fail (The Street)

Student loan defaults rising despite a way out (CBS Moneywatch)

Ford Australia to close Broadmeadows and Geelong plants, 1,200 jobs to go (The Australian Broadcasting Commission)

     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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