Thursday, June 20, 2013

Thursday roundup (06-20-13)

Time to sober up as America and China remove punch bowl (The Telegraph blogs) Bernanke Stumbles Into a Major Policy Mistake as Deflation Is in the Air (The New York Sun)

Chinese, U.S. factories struggle, Europe still in slump (Reuters) As the US economy soars, the eurozone slumps ever deeper: French President Fran├žois Hollande is deluding himself if he thinks the crisis in the eurozone is over (The Telegraph)

Eurozone finance chiefs agree on last resort bank recapitalizations by bailout fund ESM (The Associated Press)

Cyprus must stick to its bailout plan, Eurogroup says (Reuters)

Greek coalition in disarray, small party considers quitting (Reuters)

REPORT: IMF Playing Hardball With EU — Threatens To Suspend Greek Bailout Payments (The Business Insider) Greece to avoid funding problems if it delivers on bailout program: IMF (Reuters)

How Austerity Has Failed [particularly in the UK] (The New York Review of Books)

The [US] housing 'recovery' is built on false confidence: The housing numbers seem encouraging, until you look a little closer and see investment firms are doing much of the buying (The Guardian) Housing Recovery is “Precarious,” Says Economist Gary Shilling (Yahoo's The Daily Ticker)

     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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