Tuesday, July 16, 2013

Tuesday roundup (07-16-13)

OECD fears jobless threat to social fabric as Europe left behind: The unemployment gap between the US and eurozone states will reach the highest levels in modern history next year, according to a report by the OECD. (The Telegraph) OECD: Unemployment [in Europe] to stay high next year (The Associated Press)

Europe to call for U.S., Japan fiscal consolidation [= cut government debt to spur global growth] at G20 (Reuters)

Europe's car sales hit 17-year low – but a recovery is far off (CNBC) European car sales sink to 20-year low in first half (Reuters)

Thousands of Greeks join strike against public sector layoffs (Reuters)

Italy's public debt hits new record of 2.0747 trillion (Gazzetta del Sud)

[In the US] Key Measures show low inflation in June (Calculated Risk)

A Jobless Recovery Is a Phony Recovery: More people have left the workforce than got a new job during the recovery—by a factor of nearly three. by Mort Zuckerman (The Wall Street Journal) The Wages of a Phony Recovery: It is imperative that we focus on innovative and creative economic policies (U.S.News & World Report)

     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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