Saturday, August 10, 2013

Saturday roundup (08-10-13)

City economists say eurozone recession is 'over': The eurozone has exited its longest recession since records began, official figures are expected to show this week. (The Telegraph)

Russian Economy Unexpectedly Slows as Recession Specter Returns (Bloomberg)

[In the US,] Half the Country Under Threat of Floods: ABC News' Ginger Zee shows you how to stay safe in a flash flood. (ABCNews)

Deadly floods hit several states: Heavy rains have hit several states across the middle of the country with more in the forecast -- and in Colorado, the flash flooding was deadly. NBC's Leanne Gregg reports. (NBC Nightly News with Brian Williams)

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10 years after record blackout, U.S. electrical grid faces new and emerging threats (The Associated Press)

New Study Finds High Levels of Arsenic in Groundwater Near Fracking Sites (ProPublica)

Postal Service loses less, but cash crunch looms (CNNMoney)

The $1M Check That Sat in a Drawer: How Detroit Went Bust (Bloomberg)

Unofficial Problem Bank list declines to 723 Institutions (Calculated Risk blog)

     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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