Monday, July 1, 2013

Monday roundup (07-01-13)

Eurozone unemployment hits fresh high: Jobless rate reached 12.1% across the region in May, with youth unemployment nearing 24% (The Guardian) Eurozone unemployment at record high in May (The Associated Press)

European commission suspects banks of collusion over credit default swaps: RBS and HSBC, with data provider Markit and the International Swaps and Derivatives Association accused by the watchdog (The Guardian) EU Accuses 13 Banks of Hampering CDS Competition (Bloomberg)

Stakes raised as Greece, lenders resume talks on bailout loan (Reuters)

Jim Rickards* on The Bryan Callen Show (Cliff Küle's Notes) Ep48 – Jim Rickards (Bryan Callen) (LAUNCH AUDIO)

Sprott Warns - This Will Crash The Financial System (Cliff Küle's Notes) (LAUNCH AUDIO)

Natuzzi lays off 1,726 employees in Italy (Furniture Today)

St. Vincent Health eliminating about 865 jobs in Indiana (Indianapolis Business Journal)

     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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