Thursday, August 1, 2013

Thursday roundup (08-01-13)

Top Fed economist slams 'incoherent' ECB: The US Federal Reserve has launched a blistering attack on the European Central Bank, calling for quantitative easing across the board to lift the eurozone fully out of its slump. (The Telegraph) James Galbraith on Social Breakdown and Financial Stress in Europe and Why the Word “Stimulus” Needs to be Banned (Naked Capitalism blog) Glance: Key ECB Measures to Calm Eurozone Crisis (The Associated Press) Indications that eurozone recession may end suggest ECB will leave key interest rate unchanged (The Associated Press)

Bank of England and ECB leave interest rates unchanged: UK interest rates left at their current record low of 0.5%, as are borrowing costs in the eurozone area (The Guardian) ECB 'S Draghi Holds Door Open for Lower Rates (The Associated Press)

A QE taper trap for southern Europe (Business Spectator of Australia)

IMF counting on Europe to help Greece slash debt (The Associated Press) Greece should defy the gunboat creditors (The Telegraph blogs)

Berlusconi conviction leaves Italian government hanging (Reuters)

Italy Banks Bad Loans Underline Southern Europe Malaise (Bloomberg)

India's short-term yield goes vertical; RBI struggling (Sober Look blog)

Japan will try to avoid rise in debt issuance over next 2 years: draft report (Reuters)

Sadly, Too Big to Fail Is Not Over [in the US] by Simon Johnson (The New York Times blogs)

For Every New U.S. Job Created: More Are Dropping Out Or Going On Food Stamps or Disability (Cliff Küle's Notes blog)

GOP prepares bill to cut food stamps by 5 percent (The Associated Press)

Congress OKs cheaper student loans (CNNMoney)

Student Loan Crisis Can't Be Fixed Without Write-offs and Writedowns: Robert Kuttner: The Daily Ticker's Aaron Task talks with Robert Kuttner, author of "Debtor's Prison: The Politics of Austerity Versus Possibility," about the student loan debt crisis. (Yahoo!'s The Daily Ticker)



Rental Nation: US Home ownership rate continues to decline to multi-decade lows while rental vacancies continue to decline. Record prices in a few areas. (Dr. Housing Bubble)

House Of Raeford Farms Closing With 1,000 Layoffs (The Associated Press)

     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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