Thursday, February 23, 2017

Thursday roundup (02-23-2017)

IMF warns against pretending 'unpayable debts' can be paid (Agence France Presse)

How France scrapping the euro could go beyond a ‘Lehman moment’ (CNBC)

Saudi Arabia Shrugs Off Concerns About Deflation, Despite Weak Outlook For Economy (Forbes)

U.S. financial regulators meet next week, discuss systemically important firms (Reuters)

Boehner: Republicans won't repeal and replace Obamacare: 'They’re basically going to fix the flaws and put a more conservative box around it,' Boehner said. (Politico)

Trump attack on press is 'biggest threat to democracy' says ex-Navy Seal chief: To the president they are ‘the enemy’ but William McRaven, an architect of the Bin Laden raid, called the media the republic’s ‘single most important institution’ (The Guardian) Retired Navy admiral: Trump's remark about media 'the greatest threat to democracy' (The Hill blogs)




Bannon Talks Pres. Trump's 'Economic Nationalist Agenda': In a rare public appearance, top Trump adviser Steve Bannon talked to the CPAC audience about the early days in the Trump White House. He was joined by Chief of Staff Reince Priebus. (NBCNews)



How Steve Bannon helped bring a nationalist, populist agenda to the White House (PBSNewshour)



Trump has a problem: Americans increasingly think he's incompetent (The Business Insider) [McClatchy-Marist] Poll: Majority finds Trump 'embarrassing' (The Hill)

Quinnipiac poll: Trump approval hits new low (The Hill blogs) Poll: Trump's approval rating continues to dip (CNN)

[Quinnipiac] Poll: Majority of voters oppose border wall, ObamaCare repeal (The Hill)

America’s utterly predictable tsunami of pension problems by George F. Will (The Washington Post)

Alan Greenspan: Ron Paul Was Right About The Gold Standard (ZeroHedge blog)

Board: Puerto Rico to Be Hit With Painful Austerity Measures: The newly appointed head of a federal control board that oversees Puerto Rico's finances is warning the U.S. territory will be hit with painful austerity measures in upcoming months. (The Associated Press) Puerto Rico Governor Says Years Needed to Fix Island Budget (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, 02-23-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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 U.S. workers who applied for unemployment benefits in late February rose slightly to 244,000, but layoffs remained near ultralow levels last seen in the early 1970s." (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 22, 2017

Wednesday roundup (02-22-2017)

EU orders Italy to tackle debts or face SANCTIONS as deficit reaches ALL TIME HIGH: BRUSSELS has threatened to hit Italy with stinging sanctions if the beleaguered country doesn't implement unpopular austerity measures. (The Express)

Italian banks struggle to break free from soured debt cycle (Reuters)

Greece will need a fourth bailout due to unsustainable debt pile says former finance minister (The Telegraph)

‘Spain is RUINED FOR 50 YEARS’ Economist predicts crisis and slams ECB over ‘crazy’ loans: A LEADING Spanish economist has hit out at the European Central Bank (ECB) saying "crazy" loans will ruin the lives of the population for the next 50 years. (The Express)

[United States] Homeland Security unveils sweeping plan to deport undocumented immigrants (USAToday) Trump Plan: Deport to Mexico Immigrants Crossing Border Illegally, Regardless of Nationality: The idea is part of a raft of immigration proposals signed by Homeland Security Secretary John Kelly that are likely to spur international and legal challenges. (ProPublica)

Thousands of emails detail EPA head’s close ties to fossil fuel industry (The Washington Post)

McDonald's to Cut Prices on Drinks as Industry Slumps [= deflationary trend] (Bloomberg)

Lowe's announces 525 layoffs; [of these,] 430 [are] at corporate office in Mooresville (WSOC)

     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 21, 2017

Tuesday roundup (02-21-2017)

EU tax chief admits Le Pen winning would be the end of the European project (CNBC)

Shocking extent of Greece’s poverty REVEALED as EU-enforced austerity CRIPPLES nation: THE economic situation in Greece is worsening despite massive bailout funds from the European Union with 22.2 percent of the population now “severely materially deprived”, according to the shocking research. (The Express)

Portuguese public debt rises to 130.6 pct of GDP in 2016 (Xinhua)

[In the United States,] New Trump Deportation Rules Allow Far More Expulsions (The New York Times) A nation of immigrants enters dark chapter (CNN)

President Pence: While Donald Trump is campaigning, Mike Pence is doing the president's job. (US News & World Report)

Democrats seek to quell Trump impeachment talk: Party leaders caution against rushing into a political trap. (Politico) If Trump is Impeached, it Might Be the End of America (Medium)

CSX to layoff 1,000 management positions (WTLV)

     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 20, 2017

Monday roundup (02-20-2017)

Italy: Drowning not Wading (National Review) The European Union at a Crossroads (London School of Economics blog)

Greece's creditors dash hopes for quick deal as debt inspectors prepare to return to Athens (The Telegraph)

Pence: Trump White House supports 'free and independent press' (Politico)

Household debt to hit new record in 2017: All categories of debt increased in Q4 (HousingWire) Household debt is dangerously close to 2008 levels [Feb. 16] (CNNMoney)

Student Debt in America Has Hit a New Record: President Trump has called student debt an "anchor" weighing down young Americans. (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.

Sunday, February 19, 2017

Sunday roundup (02-19-2017)

EU Commission to warn Italy on Wed over rising debt (Reuters)

[United States Senator John] McCain says a free press is essential to a healthy democracy (The Associated Press)

Carl Bernstein: Trump's attacks on the press 'more treacherous' than Nixon's (CNNMoney) Carl Bernstein: Trump's Press Attacks 'Worse Than Nixon' (Crooks and Liars blog)



Chris Wallace: Trump 'crosses a line' calling media the enemy [around the 0:50 mark, Thomas Jefferson is quoted saying the press is the only "tocsin" of a nation; the word means "alarm bell" and is not synonymous with toxin or poison] (Youtube)



Rickards: This is a Rigged Financial System [I ignore the advertising within the article] (Daily Reckoning) Keiser Report: Trump/Abe Golf Diplomacy (E1030) (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.

Saturday, February 18, 2017

Saturday roundup (02-18-2017)

ALAN GREENSPAN: 'The eurozone is not working' (The Business Insider)

Washington PR offensive fails to quell Europe's anxiety over Trump (Reuters)

Marine Le Pen could 'blow up' the European Union, and the fear's starting to show (CNBC)

‘From bad to worse’: Greece hurtles towards a final reckoning: With another bailout set to bring more cuts, quitting the euro is back on the agenda (The Observer)

Fed President Admits US Banks Have Only "Half The Equity They Need" (ZeroHedge 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.