Monday, June 17, 2013

Monday roundup (06-18-13)

G8 urges Europe to move on bank reform, Japan to fix budget (Reuters)

Lines Blur in U.S.-Europe Debate on Austerity (The New York Times)

Germany now biggest threat to euro: EU's biggest economy wants all the benefits of currency but none of the responsibilities. (The Irish Independent)

German economic growth likely to slow over the summer: Bundesbank (Reuters)

Silvio Berlusconi Urges Italian Government to Break EU Austerity Measures: Italy’s ex-PM said Enrico Letta’s government should exceed EU's 3% deficit limit (International Business Times)

Why [Spanish telecom] Telef√≥nica’s debt is a grave European problem (Quartz)

IMF approves $1.27 bln disbursement to Ireland (Reuters)

UK's Co-op Bank agrees 1.5 bln stg "bail-in" rescue plan (Reuters)

Japan's Deflationary Destiny Ordained By Demographics And The BOJ (Forbes)

Japan PM Abe's true test; rising government bond yields (Reuters)

Detroit default, restructuring plan break new ground - Moody's (Reuters) In Embattled Detroit, No Talk of Sharing Pain (The New York Times) Detroit’s Recovery Plan Dips Into Pensions to Keep City Afloat (Bloomberg) Detroit Recovery Plan Threatens Muni-Market Underpinnings (Bloomberg)

[Also in Michigan:] Pontiac’s Emergency Manager To Lay Out Plans To Avoid Bankruptcy (CBSDetroit)

Illinois’ failing economic model: more food stamps, fewer jobs (Illinois Policy Institute)

Illinois gov. signs tough fracking regulations law (The Associated Press)

Pa. woman sues McDonald's store owners over prepaid debit card used for wages: Natalie Gunshannon worked at a Shavertown, Pa., McDonald's location when she learned that the franchise required employees to accept payment on a J.P. Morgan Chase payroll card. But the card, she contends, imposes fees on virtually every transaction, creating a monetary and physical barrier to her hard-earned cash. (The New York Daily News)

Broker on 'Million Dollar Listing' Caught Photoshopping Apt. Pictures (ABCNews)

OneWest to lay off 725 Austin workers (KXAN)

Staffing execs: 650 layoffs planned linked to unpaid DPS contract (Crain's Detroit Business)

     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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