Sunday, May 1, 2016

Sunday roundup (05-01-16)

Why we should all be worried about the global economy: Since 2007, global debt has grown by US$57 trillion and it's had disastrous results by Satyajit Das (The Independent)

Vijay Mallya, Indian ‘King of Good Times,’ Dethroned by Debt (The New York Times blogs)

MACQUARIE: China's $1 trillion in bad debt puts it at risk of a financial crisis (The Business Insider)

Puerto Rico Will Default on Government Development Bank Debt (Bloomberg)

Puerto Rico debt rescue plan engulfed in Great Recession ‘bailout’ politics (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.

Saturday, April 30, 2016

Saturday roundup (04-30-16)

Jim Bianco Warns "The Risk Of An 'Accident' Is Very High" (ZeroHedge blog)

The Euro's Failure: Eurozone GDP Now Only Just Back To 2008 Levels (Forbes)

Why Japan’s battle to end its deflationary slump matters (The Telegraph)

April 2016: Unofficial Problem Bank list [in the United States] declines to 214 Institutions (Calculated Risk blog)

Trust Company Bank, Memphis, TN, Closed by Regulators [as posted here yesterday] (Problem Bank List)

     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.

Friday, April 29, 2016

Friday roundup (04-29-16)

The global economy’s wild ride is being fueled by too much debt: Countries need to return to growth without the aid of debt-fueled overconsumption by Simon Johnson (Marketwatch)

Dallas Fed cautions on fresh oil bubble as [global] glut keeps building by Ambrose Evans-Pritchard (The Telegraph)

RBS plunges to a £1bn loss on bailout-era costs (The Telegraph) RBS's loss more than doubles, dividend prospects darken (Reuters)

Bank of England likely to keep rates unchanged until early 2017: Reuters poll (Reuters)

Debt bubble fears increase as consumer credit [in the UK] soars to 11-year high (The Telegraph) The chart that shows we put more on our credit cards in March than in any month in 11 years: Credit card debt grew by more in March than in any month since March 2005 according to new figures from the Bank of England (The Independent)

IMF agrees $1.5 billion bailout for Sri Lanka to avert balance of payments crisis (Reuters)

Freddie Mac may need another taxpayer bailout next week (Marketwatch)

Millions Face Pension Cuts Thanks to Wall Street Recklessness: The big bank executives who gambled away working Americans' benefits are still getting lavish packages as the social safety net collapses. (Moyers & Company)

Regulators close small Tennessee bank (The Associated Press) Trust Company Bank of Memphis TN had a troubled assets ratio of 297.9 percent. (BankTracker)

Chevron to Cut More Jobs [= Another 1,000] as It Reports Wider-Than-Expected Loss: Exploration and drilling business hit hard by plunge in oil price (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 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, April 28, 2016

Thursday roundup (04-28-16)

Greek deal closer, euro zone finance ministers to meet May 9 (Reuters)

Yanis Varoufakis: Bailouts of Greece are Pretense for Massive Payout for German and French Banks (Democracy Now!) Former Greek Finance Minister: Massive IMF Bailouts are "Ponzi Austerity" Scheme (Democracy Now!)

Deutsche Bank Q1 'most challenging in several decades': CFO (CNBC)

Japan's Abenomics 'dead in the water' after US currency warnings by Ambrose Evans-Pritchard (The Telegraph)

U.S. economy stalls in first quarter as activity weakens broadly (Reuters) Sluggish US growth forms part of a worrying global trend: The global economy is running out of steam and the conventional weapons are increasingly ineffective (The Guardian)

Americans' confidence in economy at 2016 low (CNNMoney)

Atlantic City, America’s Worst-Rated Town, Stares at Default: ‘We’re down to a couple of million dollars on any given day,’ mayor says (The Wall Street Journal)

Brazil Posts Worst Primary Budget Deficit for March on Record (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, 04-28-16)

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.)

"The number of Americans who applied for unemployment benefits last week rose by 9,000 to 257,000, but initial claims continued to cling near a four-decade low." (Marketwatch)

Weekly Initial Unemployment Claims increase to 257,000, Lowest 4-Week Average since 1973 (Calculated Risk blog)

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.

Wednesday, April 27, 2016

Wednesday roundup (04-27-16)

EU Says Deal on Greek Bailout Reforms Needed Within Days (The Associated Press) Greek bailout talks stall on impasse over austerity measures: Raises prospect of default by Athens on debts due in July [The Wall Street Journal via] (Marketwatch)

Graduate debt 'higher in England than in US': Sutton Trust report warns finding is 'cause for concern' (Times Higher Education)

Fed signals no rush to raise rates as pace of U.S. recovery moderates (Reuters)

Clinton, Trump Win Big, Look Toward November (The Voice of America) Trump and Clinton: It's time (CNBC)

Puerto Rico poised for default, draws tough talk from governor (Reuters)

Brazil banks brace for fresh wave of loan refinancing deals (Reuters)

Lockheed Martin announces layoffs [of up to 1,500 positions] (WBNG)

     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.

Tuesday, April 26, 2016

Tuesday roundup (04-26-16)

Obama should tell Merkel to let Greece restructure its debt: U.S. should pressure IMF to refuse to go along with the same old failed austerity (Marketwatch)

Greece is asking for an emergency Eurozone Summit (euronews)

Lessons from Japan: Decades of Decay, Unavoidable Collapse by Charles Hugh Smith (of two minds blog)

Last Week Tonight with John Oliver: Puerto Rico (HBO) [includes some vulgarity] (Youtube)



     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.