Monday, June 27, 2016

Monday roundup (06-27-2016)

After Brexit, French right-wingers have their own E.U. exit hopes (The Washington Post) Is Brexit The First Of Many Dominoes? A Few Charts (ZeroHedge blog)

Italy prepares to shield its banks from Brexit fallout (Reuters) Italy eyes €40bn bank rescue as first Brexit domino falls by Ambrose Evans-Pritchard (The Telegraph)

Brexit May Well Never Happen: The victors are already looking sheepish about leaving the EU. Maybe they won’t! (Slate)

OPEC’s Pain Is Only Getting Worse As Revenues Continue To Fall (OilPrice)

Here’s what [United States Presidential Candidate] Bernie Sanders has won in the Democratic platform (so far) (The Washington Post)

Rickards & Ritholtz Debate Gold [Bloomberg via] (The Big Picture blog) Gold's Role in the Financial System: James Rickards, editor at Strategic Intelligence, and Barry Ritholtz, founder and chief investment officer at Ritholtz Wealth Management, discuss investing in gold and its role in the financial system. They speak to Bloomberg's Joe Weisenthal on "What'd You Miss?" [June 23] (Bloomberg)



Tech distributor [Ingram Micro] cutting 937 Fort Worth jobs amid Chinese buyout (The Fort Worth Star-Telegram)

Metro General Manager Paul J. Wiedefeld to eliminate 500 jobs [at District of Columbia transit agency] (The Washington 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 exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Daily Posting Still Tentative

I am still experiencing loss of Internet service at regular intervals.

Sunday, June 26, 2016

Sunday roundup (06-26-2016)

Shilling: World Facing High Probability of Panic Deflation (Financial Sense)

Nomura Warns "Do Not Underestimate The Global Contagion" From Brexit (ZeroHedge blog)

Tough Choices and Hard Lessons for E.U. After ‘Brexit’ Vote (The New York Times)

Six More Countries Want Referendums to Exit EU [= France, the Netherlands, Italy, Austria, Finland and Hungary] by Martin Armstrong (Armstrong Economics blog)

Rajoy Wins as Spain Cleaves to Establishment Amid Brexit Mayhem (Bloomberg) Spanish vote delivers more uncertainty for Europe after Brexit (Reuters)

Spain struggles to reduce unemployment, debt despite growth (Agence France Presse)

Tsipras blames Brexit on austerity, deficiencies in EU leadership (Reuters)

Petition to hold second EU referendum reaches 2.5m signatures: House of Commons website sees unprecedented traffic for record-breaking petition (The Observer)

The tea party spirit crossed the Atlantic during the Brexit campaign (The Washington Post)

U.S. business spending weak in May, Brexit seen adding more pressure (Reuters)

‘Trump Presidency Unthinkable’ Says Bush Bailout Architect Henry Paulson; Endorses Clinton (Breitbart) Republican ex-Treasury chief Paulson slams Trump, to vote for Clinton (Reuters) When it comes to Trump, a Republican Treasury secretary says: Choose country over party by Henry M. Paulson Jr. (The Washington Post)

June 2016: Unofficial Problem Bank list declines to 203 Institutions, Q2 2016 Transition Matrix (Calculated Risk blog)

Home Is Where the Fraud Is: At the height of the housing crisis, one woman’s bureaucratic odyssey to discover who really owns her home leads her to startling revelations about the housing market. (LongReads blog)

Obama Declares Major Disaster In West Virginia After Historic Flooding (National Public Radio)

     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 exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, June 25, 2016

No update 06-25-16

Experiencing (temporary) Internet issues. Will be back soon.

Friday, June 24, 2016

Friday roundup (06-24-2016)

"It's An Alice In Wonderland World" - GRI Warns "Debt Is Being Piled Upon Debt Being Piled Upon Debt" (ZeroHedge blog)

UK PM Cameron says will step down by October after Brexit vote (Reuters) British Prime Minister David Cameron's resignation to set off leadership scramble (The Associated Press) David Cameron’s Austerity Bomb Finally Went Off: After years of failed economic policy, the British public was ready to lash out. (Foreign Policy)

Multinationals warn of job cuts and lower profits after Brexit vote: JP Morgan, Airbus and Ford say they will review UK operations as analysts warn of serious implications for City workforce (The Guardian) Banking giants consider moving thousands of jobs out of Britain after Brexit vote as big businesses warn of a profits slump (The Daily Mail)

Brexit won’t shield Britain from the horror of a disintegrating EU: Bringing democrats together across borders is needed now to prevent a slide into a xenophobic, 1930s-like abyss by Yanis Varoufakis (The Guardian)

Elizabeth Warren Should Stay in the [United States] Senate: Her agenda is fundamentally different from the one Hillary Clinton will pursue. by Dean Baker (The Nation)

Memphis Man Raises $103K for Teen Who Offered to Help Carry Groceries (ABCNews)

     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 exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, June 23, 2016

Thursday roundup (06-23-2016)

Here's Just How Bad the Global Economy's Debt Problem Is: Global debt is skyrocketing, but what has all this money done for the global economy? (TheStreet)

G7’s political battle is all about deflation (Asia Times)

Keiser Report: Economic Anxiety in Divided America [-- interview with Chris Whalen on negative interest rates, etc.] (E930) (Youtube)



Euro zone business growth slows in June as services struggle (Reuters)

ECB to guide banks on working off bad debt before setting targets - sources (Reuters)

French strike action drags economy into contraction as eurozone growth stumbles (The Telegraph)

Marine Le Pen Hopes To Use The Brexit Debate To Push Her Own Agenda (The Huffington Post)

Early votes give huge boost to Brexit chances [-- This is a live link and the headline will no doubt change as more votes are counted] (The Telegraph) Why Brexit Could Be Just the Beginning for an Angry Europe (Time)

China says debt won't pose systemic risk if [!] economic growth reasonable (Reuters)

[In the United States,] Social Security trust fund projected to run dry by 2034 (CNNMoney)

Dodd, Frank blast ruling that MetLife not too big to fail (Reuters)

About 70% of voters say Trump should cut business ties while running for president (CNN)

Will Bernie Sanders Voters Support Hillary Clinton?: Plenty of those who backed the Vermont senator still don’t feel warmly toward the presumptive Democratic nominee. (The Atlantic)

Deutsche Bank to shut 188 German branches and cut 3000 staff (Reuters)

Zimbabwe’s Hwange Coal Mine to Cut 1,500 Jobs, Minister Says (Bloomberg)

     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 exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 06-22-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"There were 259,000 initial claims, a decline of 18,000 from the prior week." (Marketwatch)

U.S. jobless claims fall to near 43-year low (Reuters)

SEE LAST WEEK'S POST HERE.

     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 exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.