Friday, July 26, 2013

Friday roundup (07-26-13)

Banks shiver as UBS swallows $885 million U.S. fine (Reuters)

Euro bailout fund chief warns Ireland not to ease up on austerity plans (Reuters) [One writer from Ireland begs to differ, however:] Time to tell Germans: enough of all this austerity nonsense (The Irish Independent)

Americans’ frustration with gridlocked Washington grows (McClatchy Newspapers)

General Electric to cut 600 jobs in France - union (Reuters)

Scientists discover what’s killing the bees and it’s worse than you thought (Quartz)

     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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