Thursday, July 4, 2013

Thursday roundup (07-04-13)

2 Central Banks [ECB and the Bank of England] Promise to Keep Rates Low (The New York Times) ECB's Draghi: "ECB interest rates to remain at present or lower levels for an extended period of time" (Calculated Risk blog) ECB, Not Portugal, Is Main Threat to Euro (CNBC)

Boom! The ECB and Bank of England join the ‘forward guidance’ party (The Washington Post blogs) ECB, abandoning tradition, commits to record low rates (Reuters)

Italy’s Economic Recovery Still Faces Headwinds, IMF Review Says (Bloomberg)

Spain, France debt costs rise on new euro crisis fears (Reuters)

Portugal PM says found formula for government stability (Reuters)

Elizabeth Warren Tackles Wall Street: The reform-minded senator talks tough, and she knows where the bodies are buried. (The Nation)

Meet the “Journalists Against Journalism” club!: The clique of media figures outraged when news outlets challenge power has a new member: Washington Post higher-ups (Salon)

     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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