Saturday, August 24, 2013

Saturday roundup (08-24-13)

Is Europe still in crisis?: "Eurogeddon" was the buzzword on everyone’s lips in 2011. But is a euro recovery real or imagined? (The Telegraph) Reform is still needed in recovering eurozone: Financial calm. Economic recovery. No dramatic European Central Bank interventions. No EU crisis summits. (The Telegraph)

Merkel Says G20 Needs to Push Harder to Control Hedge Fund Risks (Bloomberg)

[In Ireland] Sharp rise in numbers struggling to pay mortgages (The Irish Independent) Nearly 100,000 mortgages in arrears by over three months: Central Bank figures show over 200 homes repossessed by banks in second quarter of year (The Irish Times) Repossessions up as 30,000 homeowners over two years in arrears with repayments: Lenders take control of 223 properties between April and June (The Irish Times) Main lenders defy orders to tackle mortgage crisis: Slow response 'astounding' as homeowners sinking in debt (The Irish Independent)

Unofficial Problem Bank list [in the US] declines to 714 Institutions (Calculated Risk blog)

Sunrise Bank of Arizona Closed By Regulators, Fifth Bank Collapse For Capitol Bancorp in Three Months [news of the bank failure was posted here yesterday] (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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