Wednesday, June 19, 2013

Wednesday roundup (06-19-13)

Taper Tipoff? Bernanke Hints Easing End Is Nearing (CNBC) [But ...] "Deflation is a central banker’s worst enemy, and the Fed is expecting prices to fall to dangerous levels this year." (Forbes)

California To Wal-Mart: Enough! No More Taxpayer Subsidized Profits For You (Forbes) The Low-Wage Drag on Our Economy (Democratic staff of the U.S. House 
Committee on Education and the Workforce)

Turk - Global Markets & Banking System Face Major Collapse (King World News)

Climate change threatens trouble in the near future, World Bank says (The Washington Post)

Germany's ascendancy over Europe will prove short-lived: Germany has peaked. Its hegemony in Europe is a “power illusion”, a confluence of fleeting advantages soon to be overwhelmed by the delayed effect of error and the crush of historic forces. (The Telegraph)

Commerzbank to Eliminate 5,200 Jobs by 2016 to Boost Profit [confirming the rumor of more than 5,000 jobs, as posted here yesterday] (Bloomberg)

Bank of Cyprus to slash 2,500 jobs (Famagusta Gazette)

Unemployed Texas teacher returns lost bag containing $20G (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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