Friday, August 9, 2013

Friday roundup (08-09-13)

Some thoughts on 'international reserves' by Hugo Salinas Price (Plata)

French industry output shrinks in June, recovery seen tentative (Reuters)

German Regulators Said to Review Off-Balance-Sheet Loans (Bloomberg)

Japan’s Debt Looks Like This: 1,000,000,000,000,000 Yen (The New York Times) Japan’s Debt Exceeds 1 Quadrillion Yen as Abe Mulls Tax Rise (Bloomberg) Just set fire to Japan's quadrillion debt (The Telegraph blogs)

U.S. wholesale inventories fall for second straight month (Reuters)

Has Obama Forgotten the Danger of Loose Mortgage Lending? [Editorial] (Bloomberg)

Obama Fraud Task Force Takes on the Big Banks (Bloomberg)

Authorities Plan to Arrest 2 Former JPMorgan Employees (The New York Times blogs) SEC seeks admission of wrongdoing from JPMorgan in ‘London Whale’ case (The Washington Post)

The Big Bank Fury: The SEC settles with big banks involved in the 2008 global financial crash and then brags about it. (Comedy Central's The Daily Show with John Stewart [and John Oliver])

The Big Bank Fury - Fabrice Tourre & Same Financial Misconduct: Goldman Sachs trader "Fabulous Fab" faces a potential life ban from the securities industry, and New York Attorney General Eric Schneiderman warns of repeat bad behavior. (Comedy Central's The Daily Show with John Stewart [and John Oliver])

SEC vs. Fabulous Fab: Sleuths at the SEC prove mid-level Goldman Sachs trader Fabrice Tourre misled his investors during the global financial crisis. (Comedy Central's The Colbert Report)

The Colbert Report
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Regulators seize bank in Wisconsin; brings this year’s US bank failures to 18 (The Associated Press) Bank of Wausau of Wausau WI had a troubled assets ratio of 216.9%. (BankTracker) Bank of Wausau, WI, Closed by Regulators – 18th Bank Failure of 2013 (Problem Bank List)

     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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