Tuesday, August 6, 2013

Tuesday roundup (08-06-13)

Euro Zone Looks Better. But Don’t Ignore Debt (The Wall Street Journal blogs)

Eurozone crisis is just on hold for the summer: This summer's sense of normality in Europe is neither natural nor necessarily tenable in the long term by Mohamed el-Erian [Project Syndicate via] (The Guardian)

IMF crosses swords with Germany over crisis handling: The International Monetary Fund has exhorted Germany to stop dragging its feet on eurozone crisis measures, refuting claims that austerity is working and that Europe is on the road to recovery. (The Telegraph)

MORGAN STANLEY: The Fed's Decision To Taper In September Is Now Dependent On A Single Data Release [the August jobs report] (The Business Insider)

2 Fed Presidents [Evans and Lockhart] Hint Tapering of Stimulus Could Begin Next Month (The New York Times) Fed’s Evans sees tapering, pickup in second half: Fundamentals really are better, Chicago Fed chief says (Marketwatch) Fed’s Evans Sees Labor Improvement With September Taper Possible (Bloomberg) Fed could taper in September but doesn't have to: Lockhart (Reuters) Fed should cut bond buys next month unless data worsens: Fisher (Reuters) Fed's Fisher says stimulus tapering should begin this fall (The Los Angeles Times)

The Case for Fed Tapering Sooner Rather Than Later by Charles Hugh Smith (Of Two Minds blog)

U.S. accuses Bank of America of mortgage-backed securities fraud (Reuters)

Study: Half of $1 trillion federal student debt unpaid (CBSNews)

The Detroit Bail-In Template: Fleecing Pensioners to Save the Banks by Ellen Brown (The Web of Debt blog)

The Financial Crisis Cost More Than $14 Trillion: Dallas Fed Study (The Huffington Post)

     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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