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Mass S&P downgrade as Greek debt impasse hit euro zone (Reuters 1/13/2012, by  Matthias Sobolewski and Dina Kyriakidou) - Standard & Poor's downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single currency area. 

Analysis: Obama speech frames a 2012 choice for the country  (The Washington Post 1/13/2012, by Dan Balz)  Under pressure from Republicans, President Obama offered a broad vision for solving the nation’s long-term fiscal problems Wednesday. This was not a speech about dollars and cents as much as it was an appeal for Americans to think about what kind of country they want and how they define shared sacrifice. 

Occupy Wall Street - The revolution continues worldwide!   (OccupyWallSt.org) NYC Protest for World Revolution 

(Where is it now? Why?)  

When the Wealthy Sneeze, the Economy Catches Cold     (To the Point 12/15/2011 Host: Warren OlneyThe wealthiest Americans are a changing breed as conservative savers turn into manic spenders. Risk-taking millionaires can find themselves living out of their cars. What does that mean for the rest of us? Can government programs be sustained if they depend on taxing the least stable segment of the consumer economy?   

Euro in Crisis  (The Financial Times) In depth news, commentary and analysis of the eurozone bail-out. 

 IMF chief warns over 1930s-style threats (FT.com 12/15/2011) ... warned that the global economy faces the prospect of “economic retraction, rising protectionism, isolation and . . . what happened in the 30s [Depression]”, as European tensions again flared over suggestions in Paris that the UK’s credit rating should be downgraded before France’s. ... Separately, a draft prospectus prepared for the eurozone bail-out fund includes investor warnings that the euro could break apart or cease to be a “lawful currency” entirely. 

Stocks can't shake eurozone worries. How low can the euro go? Should you invest in China? (CNNMoney 12/14/2011) U.S. stocks tumbled Wednesday as the European debt crisis continued to weigh on the markets and a stronger dollar dragged do. Euro drops below key $1.30 mark/Like it or not, the euro is doomed.  ...euro go? (DVD) ...China? (DVD) 

 When the Wealthy Sneeze, the Economy Catches Cold     (To the Point 12/15/2011 Host: Warren OlneyThe wealthiest Americans are a changing breed as conservative savers turn into manic spenders. Risk-taking millionaires can find themselves living out of their cars. What does that mean for the rest of us? Can government programs be sustained if they depend on taxing the least stable segment of the consumer economy?   

Euro in Crisis  (The Financial Times) In depth news, commentary and analysis of the eurozone bail-out. 

 IMF chief warns over 1930s-style threats (FT.com 12/15/2011) ... warned that the global economy faces the prospect of “economic retraction, rising protectionism, isolation and . . . what happened in the 30s [Depression]”, as European tensions again flared over suggestions in Paris that the UK’s credit rating should be downgraded before France’s. ... Separately, a draft prospectus prepared for the eurozone bail-out fund includes investor warnings that the euro could break apart or cease to be a “lawful currency” entirely. 

Stocks can't shake eurozone worries. How low can the euro go? Should you invest in China? (CNNMoney 12/14/2011)  U.S. stocks tumbled Wednesday as the European debt crisis continued to weigh on the markets and a stronger dollar dragged do. Euro drops below key $1.30 mark/Like it or not, the euro is doomed.  ...euro go? (DVD) ...China? (DVD) 

$$$The Pledge: Grover Norquist's hold on the GOP (11/20/2011 CBS News Online/YouTube) Steve Kroft takes a look at Grover Norquist, the man many blame for holding up the deficit-reduction process because of the anti-tax pledges he has obtained from nearly all the Republican politicians in Washington. "The most powerful person in Washington". 
$$$ Robert Frank: "The Darwin Economy: Liberty, Competition, and the Common Good"   (10/27/2011 NPR The Diane Rehm Show) 

The dreams of a male dummy (9) Landmark U.S. Supreme Court ruling on campaign spending    (11/02/2010 www.lifeofAmerican.com)

Italy: Definitely too big to fail, maybe too big to bail (including 'Protect your money --- dodge Europe's crisis' Video) (11/9/2011 CNNMoney, by  Douglas J. Elliott)

$$Eurozone crisis (RT) (Click this just to see the titles of the articles linked)  (7/24/12)‘Fall of EU could help a new Hitler come to power’ The political and economical crisis of the EU might help a new European Hitler to emerge, warns historian Geoffrey Roberts. He believes the current rise of ultra-nationalism in Europe resembles that one of 1930s as history tends to repeat itself.

   (7/24/12)  Moody’s cuts Germany's outlook to ‘negative’Moody’s credit rating agency has downgraded its outlook on Germany, the Netherlands and Luxembourg to negative. Some view the decision as the first step in stripping Europe’s three top-rated economies of their AAA credit rating.

Robert Frank: "The Darwin Economy: Liberty, Competition, and the Common Good"   (10/27/2011 NPR The Diane Rehm Show) 

* Robert Frank: economics  professor at Cornell's Johnson Graduate School of Management, regular "Economic View" columnist for the "New York Times" and author of many books, including, "Principles of Economics" (with Ben Bernanke). 

For centuries, economists have believed in the power of Adam Smith’s “invisible hand” to steer the markets. But the global financial crisis and a rising income gap has many reconsidering Smith’s theory: that competition channels self-interest for the common good. One economist proposes a new intellectual giant of economics – Charles Darwin. He argues the naturalist’s understanding of competition describes economic reality far more accurately than Adam Smith . And he warns that failing to recognize that we live in Darwin’s world is putting our economy at risk. What Charles Darwin can teach us about economics.

REHM So how does Darwin fare as a better model for what we ought to be striving for?

FRANK Well, as I said, Darwin had a vision of competition. I think it includes the invisible hand as a special case, but also goes far beyond it. If you think of some traits -- well, the main claim Darwin made was that traits evolve because they help individuals survive and reproduce. That's what natural selection favors and sometimes you get examples that play out exactly analogous to the invisible hand.

FRANK Another mutation would come along and add to the first and so the process has stabilized now. We have antlers that are four feet across, not 40 feet across. That's a compromise, if you will, between the imperative of being able to fight effectively for females and not being killed too early in life by wolves when you're chased into the woods.

 FRANK Okay. Darwin's key insight really was that life is graded on the curve. It's not how smart you are, how strong you are, how fast you are, it's whether you perform well relative to the people you're competing against. And when you're competing for scarce slots in a hierarchy, the contestants invariably engage in mutually-offsetting positional jockeying things that end up in the end being wasteful.

$$$The dreams of a male dummy (9) Landmark U.S. Supreme Court ruling on campaign spending    (11/02/2010 www.lifeofAmerican.com)y books, including, "Principles of Economics" (with Ben Bernanke). 

 Debt committee: Market reaction a big unknown (11/17/2011  CNNMOney, by Jeanne Sahadi)

 America's Jobs Crisis  (CNNMoney Economy)

The U.S. Economic Outlook   (10/8/2011 Chairman Ben S. Bernanke At the Economic Club of Minnesota Luncheon, Minneapolis, Minnesota --- Board of Governors of theFederal Reserve System) 

$$$ Jeremy Rifkin: "The Third Industrial Revolution"   (10/10/2011 NPR Diane Rehm Show Jeremy Rifkin says we’re now on the cusp of a third industrial revolution merging intenet technolgy and renewable energy. He’s president of the Foundation on Economic Trends and an advisor to the European Union on climate change and energy security. He joins Diane to discuss how this new economic vision can create millions of new jobs and transform society in the twenty-first century.)   

In the nineteenth century, the first industrial revolution brought together print and literacy with coal and rail. In the twentieth century, a second industrial revolution combined the telegraph and telephone with oil and nuclear power. Jeremy Rifkin says we’re now on the cusp of a third industrial revolution merging internet technology and renewable energy.(A HOPE)

$$$ How The Financial Crisis Created A 'New Third World'    (10/4/2011 NPR Fresh Air from WHYY)  Investment w./out return, i.e. War, Irish's investment in housing, Califonia (as a nation, its debt is 3rd biggest one).

"This was not a one-off situation," he says. "You look at the financial crisis in Europe, and the fingerprints of American investment bankers are everywhere.

 

$$$ A Lost Decade?    (9/27/2011 NPR  On Point with Tom Ashbrook)   Is the U.S. economy heading for a Japan-style lost decade? And if it is, what would that look like? What would it mean?$$$ Euro Crisis (Special Online International)

 

American wages have been in a slump for years. Then came the crash of ’08. The Great Recession. We bailed out and stimulated and waited for the bounce-back — that hasn’t come.Now, we’ve got storm clouds again. And fear that it may be years before a real upturn comes. Who else has done that? Japan has. It’s Lost Decade was really two. And it’s still struggling.What’s it mean for a country, for its people, when -– if — a downturn lasts that long?This hour On Point: Is the US economy headed for a Japan-style “lost decade”? What would that look like? What would it mean? 

$ Europe's debt crisis: 5 things you need to know  (9/19/2011 CNNMoney, by Ben Rooney)  

 

$ BERNANKE: Debt Ceiling Failure Would Be Disaster That Would Cause Ratings Downgrades And Hurt The Dollar  (6/14/2011 Business Insider) "... The task of developing and implementing sustainable fiscal policies is daunting, and it will involve many agonizing decisions and difficult tradeoffs. But meeting this challenge in a timely manner is crucial for our nation. History makes clear that failure to put our fiscal house in order will erode the vitality of our economy, reduce the standard of living in the United States, and increase the risk of economic and financial instability."

House Soundly Rejects Increase in Debt Ceiling  (5/31/2011 The Wall Street Journal) The vote was 318-97. All Republicans who voted and 82 Democrats opposed the bill. Seven Democrats voted "present.'' a symbolic vote that House GOP leaders said demonstrated that Congress will not increase the debt ceiling unless it is linked to a deficit-reduction plan.

Report: Treasury Could Avoid Shutdown, Default Over Debt Ceiling  (5/26/2011 FoxNews.com)

As the Federal Government Hits Its Debt Limit, Lawmakers Spar Over Solution   (By and  5/16/2011 New York Times)

Debate Over Raising the Debt Ceiling   (4/20/2011 NPR The Diane Rehm Show)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Central bankers to the rescue? (8/13/2011 The Economist )

 

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