Friday, July 19, 2013

Friday roundup (07-19-13)

G20 to chart road to recovery as growth fears mount (Deutsche Welle)

Italy, Twinned With Japan (The Wall Street Journal blogs)

Record Bankruptcy for Detroit (The Wall Street Journal)

CNBC pulls video of Elizabeth Warren smacking down anchor over Glass-Steagall [posted on this blog two days ago] (America Blog) Elizabeth Warren fights for Glass-Steagall on CNBC! (Youtube)

CPS [Chicago Public Schools] to lay off 2,113 teachers, staff; CTU [Chicago Teachers Union] calls it ‘a bloodbath’ (The Chicago Sun-Times)

Greece's Piraeus bank aims to cut around 1,500 jobs: source (Reuters)

     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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