Tuesday, June 11, 2013

Tuesday roundup (06-11-13)

The euro zone crisis is over (apparently) (Reuters blogs) [The preceding is a somewhat sardonic comment on the French position, but then there's this headline just in from Italy:] Euro zone debt crisis largely over, Bank of Italy says (Reuters)

Germany's brother gladiators battle over euro destiny in constitutional court: Germany's two heavyweight members on the European Central Bank have fought an unprecedented duel at the country’s top court, taking opposing sides in a landmark case that could make or break the euro. (The Telegraph) Debate on the Euro’s Future in a German Courtroom (The New York Times)

Underpaid and underworked: Real legacy of recession [in Britain] is falling wages and productivity: Workers settling for less just to stay in a job, survey claims (The Independent)

[In the US:] Jefferson Parish Sheriff's Office projecting $1 million budget deficit next year (The Times-Picayune of New Orleans)

Comment: Senator Elizabeth Warren and Short Sale Fraud (Calculated Risk blog)

Crazy Eddie fraudster says SEC can’t keep up: Corporate audits don’t work, give investors false sense of security (Marketwatch)

Siemens to scrap 1,000 energy jobs: Report (Agence France Presse)

The Amish Are Getting Fracked: Their religion prohibits lawsuits—and the energy companies know it (The New Republic)

     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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