Wednesday, July 31, 2013

Wednesday roundup (07-31-13)

Eurozone jobless data ‘horrendous’: official [Agence France Presse and Reuters via] (The Gulf Times) Euro zone unemployment stuck at record high even as economy improves (CNBC) First fall in euro zone unemployment points to muted recovery (Reuters)

Euro-Area Debt-to-GDP Ratio Still Rising (The Big Picture blog)

When a Bank Collapse Sparks the Next Crisis, Blame European Leaders (The Wall Street Journal blogs)

Germany’s Retail Sales Unexpectedly Declined in June (Bloomberg)

France 'on course' to break public deficit limit (The Local)

The Greek Bailout Isn’t Working (The New York Times blogs) Greek bailout has 11 billion euro funding gap (CNNMoney) Eurozone faces £9.6bn hole in Greek finances, warns IMF: The eurozone must plug a £9.6bn black hole in Greek finances and move more quickly to write-off a "substantial" chunk of the country's £282bn debt, the International Monetary Fund has warned. (The Telegraph) IMF Staff Says Greece Needs More Money, Potential Debt Relief (Bloomberg)

Wall Street's Weak Arguments Against a New Glass-Steagall (U.S. News & World Report blogs)

An Unhappy Birthday For Dodd-Frank As Momentum Builds For The Next Meltdown [First of an 11-part series "on the failed promises of the Dodd-Frank financial reform package and the continued, dangerous imbalances in our financial system."] (Forbes) [2] An Unhappy Birthday For Dodd-Frank: The 'Too Big To Fail' Problem Gets Bigger (Forbes) [3] Set Up To Fail: Dodd-Frank Leaves Bank Regulators Overwhelmed, Underfunded (Forbes) [4] Washington Can't Defuse The Ticking Time Bombs Fannie Mae And Freddie Mac (Forbes) [5] To Police Banks, Obama Spins Revolving Door To Bring In More Of Wall Street's Own (Forbes) [6] How Lobbyists And GOP Are Defusing Derivatives Regulation (Forbes) [7] Wall Street Gamblers' Insurance, Courtesy Of Uncle Sam (Forbes) [8] Can Fed Withstand Pressure Of Banks To Weaken New Capital Requirements? (Forbes) [9] Why DOJ Deemed Bank Execs Too Big To Jail (Forbes) [10] Political Will Falters On Fixing Credit Ratings Agencies (Forbes) [11] Dodd-Frank And The Next Financial Meltdown (Forbes)

Growing copper theft 'like an epidemic' sweeping US (CNBC)

Air France says plans to cut 2,500 jobs next year [confirming the union claim posted here yesterday] (Agence France Presse)

Center Partners plans 600 layoffs by end of year (The Associated Press)

The Monsanto Menace: The feds see no evil as a belligerent strongman seeks control of America's food supply (The Village Voice) How Monsanto Controls the Government: Chris Parker: The Daily Ticker's Aaron Task and Henry Blodget interview journalist Chris Parker about his Village Voice article "The Monsanto Menace." (Yahoo!'s The Daily Ticker)

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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