Monday, July 22, 2013

Monday roundup (07-22-13)

Euro-Area Government Debt Increases to 92.2% of GDP (Bloomberg) Europe's crisis states should fight back with a 'debtors' cartel': Public debt levels are rocketing in almost every country of the eurozone periphery. Debt ratios are already crossing the point of no return in Portugal and Italy, and is nearing the danger zone in Ireland. (The Telegraph) Eurozone debt hits record high - economy (Euronews)

Unemployment set to rise further in euro zone's hardest hit: Reuters Poll (Reuters)

Euro Zone Stagnating, So Why No Deflation? (The Wall Street Journal blogs)

France in a 'worrying' situation: Moscovici (CNBC)

How debt-laden French cities avoid Detroit’s fate: sue the banks (Reuters blogs)

[In the US] Detroit not alone under mountain of long-term debt (The Detroit Free Press) Detroit’s mayor sees other cities facing bankruptcy: No calls for federal bailout as city grapples with $19B debt (The Washington Times)

Cities Really Are Too Big to Fail (The Nation blogs)

Detroit’s Bankruptcy Reveals Dysfunction Common in Cities (Bloomberg)

Dueling explanations for Detroit collapse reflect ideology (The Deseret News of Salt Lake City, Utah)

Cries of Betrayal as Detroit Plans to Cut Pensions (The New York Times) After Detroit bankruptcy filing, city retirees on edge as they face pension cuts (The Washington Post)

Does Dodd-Frank work? We asked 16 experts to find out (The Washington Post blogs)

     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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