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Raghuram Rajan Speaks at 2009 Homer Jones Lecture - St. Louis Fed Financial institutions considered "too big to fail" could be asked to develop a bankruptcy contingency plan that would lay out how they would resolve themselves quickly.…

FT Alphaville - The world’s 50 ’safest’ banks UBS as one of the safest? rubbish. Japan suffers first trade deficit since 1980 - guardian.co.uk Exports fell 16.4% last year to ¥71.1 trillion as makers of consumer electronics and…

BBC NEWS - Detroit's long road to ruinThis is a fairly good look at what Detroit faces for itself, its schools and its citizens. Very sobering. Jesse's Café Américain: Break The Big Banks Up, and Let the Insolvent Parts FailThis will…

Willem Buiter's Maverecon - Remembering Eddie George Willem Buiter recounts some personal tales from the late Bank of Egland Governor's life. Fujitsu’s Self-Desctructing USB Drive for Leak-Proof Secrets » My Digital Life This is…

Nearing 100- Katrina Vanden Hevel, The Nation This is a fairly even-handed look back at Barack Obama's first months as President and his prospects going forward Financial Innovation for Beginners - James Kwak How the CDS…

Lifehacker - Gmail Adds Suggested Recipients - Gmail The significance of Obama's decision to release the torture memos - Glenn Greenwald - Salon.com Libor Caps Longest Drop Since November on Bank Gains - Bloomberg.com…

Bring In The Antitrust Division (On Banking) « The Baseline Scenario Obama won't charge CIA interrogators - Josh Gerstein - POLITICO.com Unconscious thought precedes conscious | Incognito | The Economist Bringing up baby…

The first link should be a reminder of how powerful the downtrend has been. Also, regarding the inventory purge now ongoing, inventories do not even actually have to be rebuilt to get a statistical up-move going forward, they have to be…

Europe is a mess right now. I have had a few days to relax and work trough some thoughts about where this global depression is headed. Upon coming back to the site, I was struck by how poorly Europe's economies are doing. As I have said…

As I am away, I thought I would let my blogger brethren do the talking for me. Enjoy. Sign of strength or evidence of weakness? China’s dollar reserves - Brad Setser A Tale of Two Depressions - Vox IMF recommended euroisation to…