Saturday, June 22, 2013

Saturday roundup (06-22-13)

EU bank bail-out talks deadlocked over saver protection: The European Union has failed to agree rules on who should pay in the event of a global banking collapse after eurozone countries clashed with those outside the single currency over how flexible the system should be. (The Telegraph) Ecofin fails to agree on wind-down rules for banks: Ministers will now meet on Wednesday in effort to hammer out a deal ahead of summit (The Irish Times)

IMF to Suspend Aid Payments to Greece Unless Bailout Hole Plugged [The Financial Times via] (CNBC) Greek PM Samaras says country on track to meet bailout goals - paper (Thomson Reuters)

Tens of thousands march in Rome against unemployment (Reuters)

U.S. Weighs Doubling Leverage Standard for Biggest Banks (Bloomberg)

Risky derivatives trading comes roaring back (The Washington Post)

Clock is ticking on [Washington] state budget deal as layoffs, shutdown loom (KOMO) Government shutdown would fully close 34 state agencies (MyNorthwest)

Student Loan Debt Endangers Graduates, Economy: Interests rates to double, debt reaches $1 trillion (Epoch Times) Should Student Loan Rates Be Allowed to Double at the End of the Month? (U.S. News & World Report)

Unofficial Problem Bank list declines to 751 Institutions (Calculated Risk blog)

     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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