Tuesday, August 27, 2013

Tuesday roundup (08-27-13)

Dutch Budget Deal to Impose More Austerity Despite Resistance (Dow Jones Newswires) Dutch agree more budget cuts for 2014 - finance minister (Reuters)

Portugal’s recovery isn't really a recovery at all: Earlier this month Portugal surpassed expectations when it reported the strongest quarterly growth in the European Union, seemingly confirming its position as “the good student” of the EU-IMF-ECB “troika”. (The Telegraph)

El-Erian: [US] Economy Can't Handle More Uncertainty: Mohamed El-Erian, CEO and co-CIO at PIMCO, examines the impact of the Federal Reserve on growth in the United States, potential economic disruptions due to the pending battle over the debt ceiling in Washington and his eight questions for markets to watch. He speaks on Bloomberg Television's "In The Loop." (Bloomberg)

G20 body says U.S. could improve financial risk spotting (Reuters)

US demands more than $6 billion from JPMorgan to settle claim [The Financial Times via] (CNBC)

Bank Executive Admits to Using Bailout Money to Buy Condo (The New York Times blogs)

JPMorgan's former 'London Whale' supervisor arrested in Spain (Reuters)

Fiat said to extend layoffs for 5,300 Turin factory workers (Bloomberg)

Sprint Cuts 800 Jobs After Nextel Network Shutdown (Bloomberg)

PeaceHealth to eliminate 500 jobs (Portland Business Journal)

     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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