Tuesday, July 30, 2013

Tuesday roundup (07-30-13)

Euro Jobless Rate Seen at Record Even as Recession Ends (Bloomberg)

IMF approves $2.3 billion aid for Greece (Reuters)

Spain Remains in Recession in Q2 but Only Just (The Associated Press)

U.S. Recession Began in 2012, ECRI's Achuthan Says: Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, talks about the U.S. economy. Achuthan speaks with Tom Keene and Sara Eisen on Bloomberg Television's "Surveillance." (Bloomberg) ACHUTHAN: The Recession Began Last Year (The Business Insider) U.S. Economy Looking More Japanese (The Wall Street Journal blogs)

Monetarists see recovery danger from 'Summers Fed': Monetarist economists across the world have reacted with alarm to the emergence of Larry Summers as front runner to take over the US Federal Reserve, fearing that he will push for withdrawal of monetary stimulus and endanger America’s fragile recovery. (The Telegraph)

Sorry, Secretary Lew, But Soaring Debt Is A Real Crisis — Not A 'False' One [Editorial] (Investor's Business Daily) And you thought $16.7trillion was bad... Leading economist says U.S. national debt is actually $86.8TRILLION (The Daily Mail)

American Dream Slipping as Homeownership at 18-Year Low (Bloomberg)

Air France could cut 3,000 more jobs: union (Reuters)

Entergy to cut [800] jobs, mulls future of wholesale nuclear (Reuters)

     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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