Tuesday, July 2, 2013

Tuesday roundup (07-02-13)

OECD Says Japan, US, UK Face Toughest Choices In Cutting Debt (The Wall Street Journal blogs)

Greece has three days to deliver or face consequences - EU officials (Reuters) Greece could be denied IMF aid: Greece faces the prospect of being denied vital aid from the International Monetary Fund (IMF), as the country battles to convince European debt inspectors that it can deliver on promised reforms. (The Telegraph)

Portugal Throws New Curve Ball in Euro Debt Crisis (CNBC) Portuguese government at risk of collapse as foreign minister resigns: Portugal's political crisis has deepened with the resignation of foreign minister Paulo Portas, in a move which could trigger the collapse of the ruling coalition government. (The Telegraph)

Bank of England snubs banks to press on with capital rule (Reuters)

Loan Practices of China’s Banks Raising Concern (The New York Times)

Federal Reserve adopts tougher rules on bank reserves: The rules make it more expensive to be a very big bank while going easier than originally proposed on small and medium-size banks. (The Los Angeles Times)

R.B.S. to Cut 1,800 Jobs in Irish Unit (The New York Times 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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