Wednesday, June 12, 2013

Wednesday roundup (06-12-13)

The euro zone looks anxiously to Karlsruhe (The Economist blogs)

Hollande to Ask French to Work More as Pension Deficit Balloons (Bloomberg)

Greek PM faces coalition revolt over state TV shutdown (Reuters)

Italian showdown with Germany over euro looms closer: Italy’s simmering revolt against Germany, austerity and its own ultra-European elites is coming to a head again, in a reminder that the deep clash of interests between the euro’s north and south remains as bitter as ever. (The Telegraph)

Nation's CEOs say [US] economic recovery still on slow road (The Los Angeles Times)

Backdoor Bailouts Begin (The Heritage Foundation blogs)

Insurers fattening books with loads of risk (CBSMoneyWatch)

RBS To Unveil 2,000 Investment Bank Job Cuts: The latest slew of cuts will take total number of jobs lost at RBS since the 2008 crisis to nearly 40,000, Sky News learns. (SkyNews)

JPMorgan Cutting 1,800 More Jobs in Mortgage Unit (CNBC)

Sacramento County sheriff warns of big patrol cuts at budget hearing (The Modesto Bee)

WA [= Western Australia's] Government to slash 1200 public sector jobs (The Australian Broadcasting Commission)

TVA cuts 530 jobs, spending on Ala. nuclear plant (The Atlanta Journal-Constitution)

LA County court to eliminate more than 500 jobs (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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