Thursday, June 6, 2013

Thursday roundup (06-06-13)

ECB holds rates, sees gradual recovery this year (Reuters) Hard-line ECB washes hands of jobless crisis, sees no 'Japanese' deflation: The European Central Bank has refused to take any further measures to lift the eurozone out of recession and curb rising unemployment, counting on spontaneous recovery later this year to do the job. (The Telegraph)

Down So Long, It Looks Like Up to the Euro Zone (The New York Times)

Olli Rehn should resign for crimes against Greece and against economics (The Telegraph)

German Factory Orders Fall; Economy Struggles to Recover (Bloomberg)

French Unemployment Climbs on Recession, Insee Estimate Shows (Bloomberg)

Bank of England says no to more QE: The Bank of England has left interest rates at a record low and decided against re-starting its bond buying programme, marking a final defeat for Sir Mervyn King - the retiring governor who has been arguing for more stimulus. (The Telegraph)

El-Erian: Growth Not Coming Quickly Enough [in the US]: Mohamed El-Erian, Pimco CEO & co-CIO, explains what's driving market volatility, as the markets hope "real growth" will begin to replace "artificial growth." (CNBC)

Austerity To Cost U.S. Economy 2 Million Jobs By 2019: Study (The Huffington Post)

Employment is still near a 30-year low (CNNMoney)

The Hidden Jobless Disaster: At the present slow pace of job growth, it will require more than a decade to get back to full employment defined by prerecession standards. (The Wall Street Journal)

Fed Reports American Households Have Regained Ground Lost in the Recession (The New York Times)

$179,000 Each--In Debt by Charles Hugh Smith (Of Two Minds blog)

Housing: Recovery … Or Artificial Bubble Which Is About to Pop? [Washington's Blog via] (The Big Picture blog)

A Portent Of Peril For Muni Bondholders (The New York Times)

Meredith Whitney: The ‘Shocking’ Details Behind California’s Budget Surplus (Yahoo!'s The Daily Ticker)

Regulators close small bank in Nevada; brings this year’s US bank failures to 15 (The Associated Press) 1st Commerce Bank of North Las Vegas NV had a troubled assets ratio of 146.2%. (BankTracker)

     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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