Thursday, July 11, 2013

Thursday roundup (07-11-13)

Renewed fear of global recession as companies rein in spending plans: Growth in spending on machinery and investment by the world’s 2,000 biggest companies has begun to contract for the first time since the Lehman crisis, led by sharp falls in China and a near collapse in Latin America. (The Telegraph)

Europe's debt crisis simmers (The BBC)

Portugal president throws politics into disarray (Reuters) Portugal requests delay of bailout review due to crisis (Reuters) Portugal's political turmoil puts bailout at risk - economy: Portugal's political crisis has continued to deepen, moving it closer to needing a second bailout.... (EuroNews)

Greeks protest job cuts, unemployment hits new high (Reuters)

Nearly one million households [in the UK] face a debt timebomb and may spend HALF their income on repayments as interest rates rise (The Daily Mail)

[In the US] Warren Joins McCain to Push New Glass-Steagall Law for Banks (Bloomberg) Senators Introduce Bill to Separate Trading Activities From Big Banks (The New York Times blogs) Senators introduce bill to break up megabanks (Reuters) 21st Century Glass Steagall [the bill] (The United States Senate) Mr. Smith Goes to Washington (1939) - James Stewart (Youtube)

What Every Student in America Needs to Know About the Federal Reserve (Of Two Minds blog)

Study raises new concern about earthquakes and fracking fluids (Reuters)

Uni-Select closing locations, eliminating 600 jobs in U.S. restructuring (Times Colonist of Victoria, British Columbia)

     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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