Tuesday, June 18, 2013

Tuesday roundup (06-18-13)

European Car Sales Fall to 20-Year Low Amid Unemployment (Bloomberg) EU car sales slide to 20-year low: European car sales slumped to a 20-year low in May as record unemployment took its toll and the eurozone’s recession spread to the core, with drastic falls in a string of countries. (The Telegraph)

REPORT: Cyprus Wants To Redo The Massive Bank Bailout (The Business Insider)

China Stimulated Its Economy Like Crazy After The Financial Crisis ... And Now The Nightmare Is Beginning (The Business Insider)

[In the US:] Key Measures show low and falling inflation in May (Calculated Risk blog)

If the Fed can’t rein in big banks, breaking them up won’t work either (MacLean's)

Ruinous promises: States cannot pretend to be in good financial health unless they tackle pensions (The Economist)

Commerzbank to shed more than 5,000 jobs: source (Reuters)

Stora Enso lays off 2,500 workers worldwide (The Associated Press)

     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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