Tuesday, September 27, 2016

Tuesday roundup (09-27-2016)

IMF warns central banks could lose deflation fight (Agence France Presse)

Growing tide of protectionism threatens already weak outlook for global trade (The Washington Post) World Trade Set For Slowest Yearly Growth Since Global Financial Crisis: WTO cuts world trade growth forecast to 1.7% in 2016 (The Wall Street Journal)

Europe risks disintegrating at great human cost, Greece’s Varoufakis says (CNBC) Eurozone risks collapse into prosperous north and stagnant south, warns Varoufakis (The Telegraph)

Deutsche Bank collapse could BURY EU as stocks plunge FURTHER in day two CARNAGE: THE Eurozone's banking system could implode, dragging the euro down with it, if Angela Merkel's government allows Deutsche Bank to fail, experts have warned, as the bank's share price hit new lows in this morning's trading. (The Express)

France unlikely to achieve 2017 deficit target: fiscal watchdog (Reuters)

Finland becomes third euro zone country to record negative 10-year yield [after Germany and The Netherlands] (Reuters)

Greece passes new reforms for fresh batch of bailout aid (Reuters)

Italy cuts growth outlook, hikes deficit, reverses debt pledge (Reuters)

Spain is the 6th Eurozone country to join the 100% debt-to-GDP ratio club: Greece, Italy, Portugal, Cyprus, Belgium, and now Spain (NewEurope)

Saudi chops wage, benefit bill in delicate pursuit of austerity (Reuters)

[In the United States,] Massive Cuts Proposed as Parma [Ohio] City School Board Faces $15-Million Deficit (Cleveland Scene)

IRS to eliminate more than 7,000 jobs as fewer people file paper tax returns (The Washington Post)

[British plumbing and heating supplier] Wolseley to cut 800 jobs and shut 80 branches in the UK (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.

Monday, September 26, 2016

Monday roundup (09-26-2016)

Global debt climbs towards fresh high as companies and countries keep on borrowing (The Telegraph)

Economic imbalances risk 'destabilising' euro zone: ECB's Draghi (Reuters) ECB's Mario Draghi savaged by MEPs over negative interest rates and 'debt economy': CHIEF of the European Central Bank (ECB) Mario Draghi received a savage dressing down from MEPs over monetary policies today, as tensions over the bloc's flagging economy grow between policymakers. (The Express) Mario Draghi and ECB go to WAR with Germany over how to save crumbling Eurozone: THE European Central Bank (ECB) chief has again clashed with Germany over how to save the ailing eurozone economy. (The Express)

The Deutsche Bank crisis could take Angela Merkel down – and the Euro (The Telegraph) Deutsche Bank shares hit record low on report Merkel won't help the troubled lender (CNBC)

Saudis shore up banks as slow financial crunch worsens by Ambrose Evans-Pritchard (The Telegraph) Saudi Arabia’s Monarch Scraps Bonuses, Cuts Minister Salaries (Bloomberg)

Rogoff: China is the biggest threat to the global economy right now (CNBC)

Sheila Bair Called the Financial Crisis. Here’s Her New Nightmare: The former FDIC chief went up against Wall Street in 2006. To her, the nation’s $1.4 trillion student debt is the disaster around the corner. (Bloomberg)

Commerzbank to cut 9,000 jobs in restructuring -Handelsblatt (Reuters)

Hundreds laid off at Chicago-based Motorola Mobility (The Chicago Tribune)

     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, September 25, 2016

Sunday roundup (09-25-2016)

Why financial security should be addressed in the first presidential debate [in the United States tomorrow night]: Trump and Clinton’s plans to prevent or respond to another financial crisis are an integral part of national security. But they probably haven’t even considered that (The Guardian)

Why It’s Getting Tougher to Sue Your Bank (DepositAccunts) Consumer Banking (The Pew Charitable Trusts)

     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, September 24, 2016

Saturday roundup (09-24-2016)




     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, September 23, 2016

Friday roundup (09-23-2016)

Euro zone business growth hits 20-month low, Germany loses momentum (CNBC) Eurozone slows as German growth falls behind France (The Telegraph)

"Deutsche Bank May Ultimately Need A State Bailout" - Handelsblatt (ZeroHedge blog)

Greece needs substantial debt relief, surplus targets unrealistic: IMF (Reuters)

The Bank of England is sounding the alarm on Chinese debt (The Business Insider)

[In the United States,] 'We're beyond crisis': Oregon's public pension problem brings official to tears (KVAL)

Mulberry's Allied Bank closed by Arkansas Banking Department (The Associated Press) Allied Bank of Mulberry AR had a troubled assets ratio of 213.5 percent. (BankTracker)

VW's MAN to cut 1,400 jobs at diesel-engine unit (Reuters)

SolarWorld will lay off 500 in Germany (The Portland Business Journal blogs)

     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, September 22, 2016

Thursday roundup (09-22-2016)

Regulators expect Monte dei Paschi to ask Italy for help - sources (Reuters)

The Implications Of The Italian Banking Crisis Could Be Disastrous (Forbes) COULD ITALY’S BANKING PROBLEMS SPARK A EUROZONE CRISIS? (International Banker) Italian banks will 'unravel' Europe: The "failed" Italian banking system, not Brexit, will be the trigger that finally "unravels" the European Union, says Westpac's chief economist. (InvestorDaily of Australia)

IMF says Portugal's recovery is running out of steam (The Associated Press) IMF says Portugal bailout only "qualified success", leaving unfinished business (Reuters)

Juncker issues WARNING SHOT to Spain: There will be NO MORE funds if debt isn't controlled: SPAIN has been warned by Brussels it could be refused a huge amount of financial support if it fails to get its budget deficit under control. (The Express)

China told to combat debt problem or face banking crisis: Ratings agency Fitch has added its voice to mounting concerns about financial instability in the Chinese economy. (CityAM) Fitch reveals the $2trillion black hole in China's economy that heralds a lost decade by Ambrose Evans-Pritchard (The Telegraph)

Commerzbank eyes thousands of job cuts in strategy revamp - sources [with one saying 5,000 cuts are "entirely plausible"] (Reuters)

Ericsson to end Swedish production and cut 3,000 jobs, reports say: Mobile telecoms firm will halt 140 years of manufacturing in home country as part of cost cuts, according to Swedish media (The Guardian)

Bayer-Monsanto deal 'danger for our food': French chefs (The Local)

     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, 09-22-16)

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.)

"The number of people who applied for U.S. unemployment-insurance benefits fell by 8,000 to 252,000 in the week that ended Sept. 17, the Labor Department reported." (Marketwatch)

U.S. Jobless Claims Fall Last Week to Lowest Level Since July: Number only slightly above a four-decade low touched in April (The Wall Street Journal)

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.