Friday, February 5, 2016

Friday roundup (02-5-16)

The World’s Most Famous Case of Deflation (Part 1 of 2) [The Visual Capitalist via] (Equities)

Toxic Loans Around the World Weigh on Global Growth (The New York Times)

Oil market spiral threatens to prick global debt bubble, warns BIS: An 'illusion of sustainability' has blinded borrowers and debtors, lulling them into a false of security. The BIS says liquidity is now drying up by Ambrose Evans-Pritchard (The Telegraph)

Citi: The Global Economy Is Trapped in a ‘Death Spiral’ (New York Magazine) Citi: 'We Should All Fear Oilmageddon': A feedback loop of the U.S. dollar, crude, capital flows, and emerging markets. (Bloomberg)

U.S. jobs growth slows to 151,000, but jobless rate hits 8-year low (Marketwatch) Chart of the Day: Net New Jobs in January (Mother Jones) Sluggish jobs report raises questions about the direction of U.S. economy (The Los Angeles Times) The big question: How long can our little-recovery-that-could keep chugging along? (The Washington Post blogs)

The Unemployment System Can’t Handle Another Recession (The Fiscal Times)

HSBC Reaches $470 Million Accord Over Foreclosure Abuses (Bloomberg)

Hillary Clinton and Bernie Sanders Brawl Over His “Insinuation” That She’s Corrupt (The Intercept) What Clinton and Sanders Are Really Fighting About: The Democratic candidates have revived an old progressive debate about whether big business can be regulated, or must be broken up. (The Atlantic) Sanders sounds like FDR on banks (The Hill blogs)

Hillary Clinton Losing Her National Lead Over Bernie Sanders, [a national Quinnipiac] Poll Shows (ABCNews) Presidential hopefuls Sanders, Clinton in dead heat - Reuters/Ipsos poll (Reuters)

The Conservative Playbook for Keeping ‘Dark Money’ Dark: In internal memos, groups opposing tighter state campaign finance rules coach their local supporters on how to battle disclosure of political donors. (ProPublica)

     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, February 4, 2016

Thursday roundup (02-4-16)

Euro zone cuts economic growth forecast (The Sydney Morning Herald) EU Slashes 2016 Inflation Forecast to 0.5% as Growth Seen Slower (Bloomberg)

France, Italy, Spain, Portugal seen breaking EU deficit rules-Commission (Reuters)

Bank of England votes 9-0 to keep interest rates on hold: Prospect of UK rate rise recedes further as Bank cuts forecasts for economic growth, wages and inflation (The Guardian)

Negative rates in US? Here's why it could happen (CNBC)

Announcing the Formation of the Bank Whistleblowers United by William K. Black (The Huffington Post) An Explanation of the Bank Whistleblowers United 60-Day Plan (New Economic Perspectives blog) Sanders vs. Clinton on Wall St. Reform: Former financial regulator Bill Black and Roosevelt Institute Fellow Mike Konczal take on the policies of the two contenders for the Democratic nomination (The Real News) Sanders vs. Clinton on Wall St. Reform (Youtube)



Weatherford to cut 6,000 jobs in first half of 2016 (FuelFix blog)

Credit Suisse announces 4,000 job cuts (USAToday)

Peugeot to cut 850 jobs at Poissy factory-sources (Reuters)

     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, 02-04-16)

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.)

"New claims rose by 8,000 a seasonally adjusted 285,000 in the seven days stretching from Jan. 24 to Jan 30, the government said Thursday." (Marketwatch)

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, February 3, 2016

Wednesday roundup (02-3-16)

Euro-Area Price Cuts Intensify Pressure on Draghi to Act (Bloomberg)

Eurozone Economy 'Losing Steam' Amid Market Turmoil (The Associated Press)

Consumer debt default risk at post-crisis high: According to official figures, the average British household will owe £24,000 more by 2020 (The Week) Average Briton will be in debt until they are SIXTY-NINE - 12 years longer than they think says new study (The Daily Mail)

How large is the UK’s national debt, and why does it matter?: George Osborne has made it his mission to start paying down the Government's debts - why is he so devoted to this cause? (The Telegraph)

The World Bank is contemplating bailouts for two of the most corrupt petro-states on the planet (Quartz)

[In the United States,] Rand Paul suspends presidential campaign (The Washington Post) With Rand Paul gone, which candidate will ask the tough questions? (The Los Angeles Times) With Rand Paul out of the race, is there anyone left to fight the NSA? (The Verge) A Lament for Rand Paul: Without the Kentucky libertarian, the 2016 GOP race is all about more and bigger military interventions. (U. S. News & World Report)

Autodesk to cut jobs by 10 percent [= about 925] as it transitions to cloud (Reuters)

Dow Chemical to cut [500] more jobs ahead of DuPont merger [Reuters via] (CNBC)

British Gas to cut 500 jobs as it shuts insulation business: Supplier seeks cost efficiency by shutting down energy efficiency division (The Telegraph)

     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, February 2, 2016

Tuesday roundup (02-2-16)

New financial MELTDOWN set to sink EU as German banks lose £14,292,610,000.00 in 90 DAYS: EUROPE'S biggest economy was plunged into fresh chaos tonight amid warnings a new financial crisis in Germany could destroy the EU. (The Express)

Iowa Caucus Results [in Race for President of the United States] (The Des Moines Register) New Hampshire Is Next: Here Are 5 Things To Know (WBUR) Polls Were Way Off on Donald Trump. Here’s What It Means. (The New York Times) Coin toss broke 6 Clinton-Sanders deadlocks in Iowa — and Hillary won each time (Marketwatch) Democracy of the Billionaires: The Most Expensive Election Ever Is A Billionaire’s Playground (Except for Bernie Sanders) by Nomi Prins (CommonDreams)

White House says Republicans co-own legacy of record $19 trillion debt (Marketwatch)

Recent SEC Actions Charging Dark Pools (The Big Picture blog)

Exxon Faces First [Credit] Downgrade Since Depression as Oil Rout Worsens (Bloomberg)

Is Yahoo up for sale? CEO Marissa Mayer fires 1,700 workers, closes five offices and 'explores strategic alternatives' as she fights for her job (The Daily Mail)

BP to cut another 3,000 jobs after $5.2 bln loss (Marketwatch)

Sanofi plans to cut 600 jobs in France over 3 yrs (Marketwatch)

     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.

Monday, February 1, 2016

Monday roundup (02-1-16)

Global factories parched for demand, need stimulus (Reuters)

World index of economic freedom tells us that EU should be broken up: The startling finding of the Heritage Foundation index for 2016 is how chronically 'unfree' the European Union still is by Ambrose Evans-Pritchard (The Telegraph) 2016 Index of Economic Freedom (The Heritage Foundation)

Euro-Area Factories Cut Prices as Deflation Risks Loom Large (Bloomberg)

Welcome to AUSTERITY Saudi Arabia: Crashing oil prices sends economy into meltdown: SAUDI Arabia faces financial ruin if it fails to undergo severe austerity measures in the coming years, as the oil price crash continues to rage, according to the International Monetary Fund (IMF). (The Express)

Time running out for China on capital flight, warns bank chief: 'The Chinese have not been very convincing. There is a perception that the renminbi could weaken drastically,' warns the Institute of International Finance by Ambrose Evans-Pritchard (The Telegraph)

U.S. factories show signs of stabilization [though still contracting]; consumers hibernate (Reuters)

Consumer Spending Cooled in December as Americans Padded Savings (Bloomberg) Cautious consumers hold back on spending in December as concerns rise about U.S. economy (The Los Angeles Times)

Cruz beats Trump in Iowa; Rubio comes in a strong third (The Washington Post) [On the Democratic side,] Hillary Clinton and Bernie Sanders were locked in a tight battle in Iowa's leadoff presidential caucuses Monday as the two rivals offered Americans a stark choice between political pragmatism and revolution (The Associated Press)

Venezuela is on the brink of a complete economic collapse (The Washington Post blogs)

Vallourec cuts [more than 2,500] jobs, seeks capital as oil slumps (Marketwatch)

Yahoo to cut 15 pct jobs [roughly 1,600 jobs], close several units - WSJ (Reuters)

More than 700 layoffs set for Wednesday at Newport News Shipbuilding (The Virginian-Pilot)

     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.

Sunday, January 31, 2016

Sunday roundup (01-31-16)

Baltic index continues fall to new record low (Reuters)




"Pandora's Box Is Open": Why Japan May Have Started A 'Silent Bank Run' (ZeroHedge blog) Negative Interest Rates Show Desperation of Central Banks (Washington's Blog)

America's Democracy Is Dominated By Powerful Business Organizations & A Few Affluent Americans (Cliff Küle's Notes blog)

[Democrat] Hillary Clinton, [Republican] Donald Trump Narrowly Ahead In Final Poll Before Iowa (National Public Radio) How does the Iowa caucus work? (The Baltimore Sun) Everything you need to know about the Iowa caucuses and why they matter (The Los Angeles Times)

Elizabeth Warren Challenges Clinton, Sanders to Prosecute Corporate Crime Better Than Obama (The Intercept) Sen. Warren slams 'shockingly weak' punishments for corporate crime (Reuters) Elizabeth Warren: One Way to Rebuild Our Institutions (The New York Times) Rigged Justice: 2016: How Weak Enforcement Lets Corporate Offenders Off Easy by the staff of Sen. Elizabeth Warren (D) of Massachusetts (The United States Senate)

January 2016: Unofficial Problem Bank list declines to 238 Institutions (Calculated Risk blog)

     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.