Thursday, August 8, 2013

Thursday roundup (08-08-13)

ECB forecasters cut view for euro-zone growth (Marketwatch)

What Angela isn’t saying: Euro-zone rescues have left sovereign debt too high to be sustainable (The Economist)

'Germany Is Critical': IMF Calls on Berlin to Loosen Pocketbook: Germany has passed its annual fiscal health check by the International Monetary Fund, but the watchdog is warning that the country's overreliance on exports still makes it susceptible to external shocks. (Spiegel Online)

Obama calls on Greece to balance austerity with growth as it emerges from recession (The Associated Press)

Greek unemployment hit new record in May of 27.6 percent (Reuters) Amazingly Greek unemployment is actually getting worse (Quartz) Every Country In Europe Should Be Glad It's Not Greece (The Business Insider)

Greece becoming new Kosovo as youth jobless hits 65pc: Greek youth unemployment has soared to a record 64.9pc as the country’s downward spiral continues almost unchecked. (The Telegraph) Defend Europe, if you still dare (The Telegraph blogs)

Here Is Why Italy Keeps Bailing Out Monte Paschi Again And Again And Again (ZeroHedge blog)

British firms cannot rely on eurozone to boost exports as single currency bloc is still at risk, warns Bank of England governor (This is Money)

Banks must help businesses create jobs or become 'socially useless' says Bank [of England] chief Mark Carney (The Independent)

US Consumer Spending Flat Since March - Gallup (Mish's Global Economic Trend Analysis blog)

Real Personal Income Points to Recession by Charles Hugh Smith (Of Two Minds blog)

Consumer credit numbers show the same frightening trend (Sober Look blog)

Cuts for Food Stamps, More Welfare for Farmers (Bloomberg)

Wall Street will cut 15% of its jobs over 18 months: Meredith Whitney (Marketwatch blogs)

Wall Street Banks Have Still Never Been Held Accountable, Says Tavakoli: JP Morgan Chase (JPM) revealed through a regulatory filing this week that it faced a civil and criminal investigation into whether it sold shoddy mortgage-back securities in the run-up to the financial crisis, Dealbook reports. Add it to the list. Just earlier this week, we learned the Justice Department and Securities and Exchange Commission sued Bank of America (BAC), accusing BAC of defrauding investors in a 2008 deal for $850 million in mortgage-backed securities. (Yahoo!'s The Daily Ticker)

Deaths of Manatees, Dolphins and Pelicans Point to Estuary at Risk (The New York Times)

     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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