Wednesday, August 14, 2013

Wednesday roundup (08-14-13)

Eurozone escapes recession, debt crisis clouds outlook (Agence France Presse) Watch out: euro zone recovery faces ‘serious headwinds’ (CNBC) Greece, others still struggling with unemployment, debt despite end to eurozone recession (The Associated Press) Eurozone crisis over? The single currency bloc's long recession has finally ended... ... but it would be dangerous to assume that the eurozone's troubles are now all in the past (The Independent) Eurozone's longest-ever recession ends (The Associated Press)

Has Austerity Failed in Europe? (Project Syndicate)

Cyprus recession deepens after bailout (Agence France Presse)

Tokyo Time Bomb: Japan's Looming Debt Disaster (The National Interest)

China Banks’ Bad Loans Rise for Seventh Quarter as Economy Slows (Bloomberg)

[Meanwhile] China Engineers a Credit Crisis to Deleverage Shadow Banking [July 17] (EconoMonitor blogs)

Bullard: Premature taper [by US Federal Reserve] could increase threat of deflation (Reuters) Fed's Bullard advocates caution in tapering bond buying (Reuters)

Obama’s dangerously heroic view of the Fed (Reuters blogs) Four Questions for Fed Chair Candidates by Sen. Bernie Sanders and Sen. Elizabeth Warren (The Huffington Post)

Dire Consequences Await as U.S. Debt Nears a Tipping Point (Money Morning)

New normal returns to DC this fall: Fiscal chaos (CNBC)

The credit crunch is officially over: Banks are finally lending more than when Lehman fell, but much of the new lending is going to corporations. (Fortune)

Government Charges Two Former JPMorgan Employees (The New York Times blogs)

Cisco cutting 4,000 jobs, CEO sees 'slow' progress (Reuters) Cisco Cutting Jobs as Revenue Forecast Misses Estimates (Bloomberg)

[German steelmaker] Salzgitter Plans to Cut More Than 1,500 Jobs (Bloomberg)

Hungary Steel Maker Dunaferr to Lay Off 1,500 People (The Wall Street 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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