Wednesday, July 17, 2013

Wednesday roundup (07-17-13)

Fitch downgrades French banks, regions (The Associated Press)

Greece to cut thousands of public sector jobs: Latest austerity measures could pave way for more than 20,000 layoffs by end of next year, despite days of protests. (Al Jazeera)

Italy's central bank sees even steeper decline for economy (CNBC)

Bank of Portugal Lowers 2014 Growth Forecast on Budget Cuts (1) (Bloomberg)

Spain's public debt rises to nearly 90 per cent of GDP (dpa)

OBR warns on costs of ageing UK population: Office for Budget Responsibility says health spending will become one of the biggest extra burdens on the public purse and governments will need to make further cuts or increase taxes  (The Guardian)

IMF: China’s economy is ‘unsustainable’ without major reform (The Washington Post) China defies IMF on mounting credit risk and need for urgent reform: If you think China's Communist Party fully understands the mess it has created by ramping credit to 200pc of GDP and running the greatest investment bubble know to man, read its shockingly complacent response to warnings from the International Monetary Fund. (The Telegraph)

U.S. housing starts fall to 10-month low -- "further evidence of a sharp slowdown in economic activity in the second quarter" (Reuters)

Elizabeth Warren’s new fight: Why even the Tea Party backs it!: Banks that try to take private losses and pin them on taxpayers may have a new problem. Here's what you should know (Salon) A Brief Refresher on Glass Steagall by Barry Ritholtz (The Big Picture blog) Senator Warren Discussing Glass Steagall (The Big Picture blog) Sen. Warren on CNBC's "Squawk Box" (Youtube)

New York to hold public hearing on proposed GMO labeling law: The New York Assembly’s Committee on Consumer Affairs and Protection has scheduled a public hearing to debate a bill to mandate labeling of food ingredients developed from genetically engineered products. (The New York Daily News)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety)

     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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