Thursday, July 18, 2013

Thursday roundup (07-18-13)

Germany refuses fresh relief for Greeks as debt ratio spirals out of control: German finance minister Wolfgang Schauble has warned Greek leaders on a heavily guarded trip to Athens not to play with fire by pressing for fresh debt-relief, and brushed aside claims that Greece’s rescue package is falling apart. (The Telegraph)

Italy President warns against endangering government stability -- [if the government were to fall, he said, "The damaging effects on our international relations and on financial markets would be seen immediately and could be impossible to recover from".] (Reuters) Napolitano blinda il Governo: se cade contraccolpi irrecuperabili. Processo Mediaset, no a sovrapposizioni (Il Sole 24 Ore)

U.S. Postal Service renews push for five-day mail delivery (Reuters)

Detroit goes bankrupt, largest municipal filing in U.S. history (The Washington Post) Billions in Debt, Detroit Tumbles Into Insolvency (The New York Times) Detroit just filed for bankruptcy. Here’s how it got there. (The Washington Post blogs) Detroit becomes largest US city to file for bankruptcy: After nearly a month of negotiations between Detroit's emergency manager and the city's creditors, a judge will now oversee the process to resolve the city's debts. NBCâ?Ts John Yang reports.  (NBC Nightly News with Brian Williams)

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An Unhappy Birthday For Dodd-Frank As Momentum Builds For The Next Meltdown (Forbes) An Unhappy Birthday For Dodd-Frank: The 'Too Big To Fail' Problem Gets Bigger (Forbes)

Vanderbilt University Medical Center to cut 1,000 jobs (Nashville 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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