Thursday, June 13, 2013

Thursday roundup (06-13-13)

60% chance of global recession ["in the next three to five years"]: Pimco (CNNMoney)

Euro zone inflation outlook ebbs, but ECB to stand pat: Reuters poll (Reuters)

Felix Zulauf: Japan Will Be the Root Cause of the Next Global Crisis: Also, if consensus is correct, bond markets are at serious risk (Financial Sense)

The Biggest Economic Mystery of 2013: What's Up With Inflation [in the US]?: Despite QE3, core inflation just hit a 50-year low (The Atlantic)

FDIC’s Thomas Hoenig on bank separation, safety nets and Basel III (Central Banking)

Senator Warren calls for tough cross-border swap rules (Reuters)

FHFA Nominee Melvin Watt Would Prolong Fannie Mae/Freddie Mac Bailout (National Legal and Policy Center)

California, Illinois on Brink of Pension Crisis; New Actuarial Rules Will Force States to Admit Problems (Mish's Global Economic Trend Analysis blog)

A Great Sucking Sound [deals with the siphoning of wealth from global agriculture] Part 1 (Triple Crisis) Part 2 (Triple Crisis) Part 3 (Triple Crisis)

America's Worst Charities: You've given them more than $1 billion. They've given almost nothing to the needy. (Tampa Bay Times)

RBS to cut 2,000 more jobs as shares tumble: Decision comes after surprise exit of chief executive Stephen Hester (The Independent)

Symantec Layoffs Have Begun In Earnest: About 1,700 Jobs Will Be Cut, Sources Say (The Business Insider)

Labeling GMO-Foods Is Not a “Radical, Screwball Commie Plot” Says Mark Bittman (Yahoo!'s The Daily Ticker)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety)

     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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