Monday, May 23, 2016

Monday roundup (05-23-2016)

Euro-Area Growth Seen Slowing as Outlook Clouds Amid Weak Orders (Bloomberg)

Failed Greek bailout forces more rescue talk from Europe (CNBC)

While euro zone banks regain footing, Italian lenders still in shambles (The Globe and Mail of Toronto)

Austria rejects far-right presidential candidate after cliffhanger election (CNBC) The Guardian view on the Austrian presidential elections: disaster narrowly averted [Editorial] (The Guardian)

‘Massive Bailout’ Needed in Debt-Saddled China, Analyst Chu Says (Bloomberg)

Markit PMI shows U.S. manufacturers stagnant: May Markit flash index dips to 50.5 from 50.8; production declines (Marketwatch)

The ‘scariest chart out there’ looms over pivotal week for markets (Marketwatch) ["I predict that the current level of household net worth is not sustainable."] (Hedgeye)

The college debt crisis is even worse than you think: We tell students they need a bachelor’s degree to get ahead. But for too many, the numbers no longer add up. (The Boston Globe)

Why Trump Might Win: Some Americans welcome the presumptive GOP nominee's brand of anti-politics, which rewrites everything we thought we knew about the process. by Robert Reich (Moyers & Company)

No, Paul Ryan, Austerity Will Not Fix the Starving Puerto Rican Economy: House Republicans want to let an unelected “control board” impose brutal cuts on people who have already suffered enough. (The Nation) [versus] Chapter 9 bankruptcy isn’t the only option for Puerto Rico (National Review)

     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, May 22, 2016

Sunday roundup (05-22-2016)

Saudi financial crisis 'could leave oil at $25’ as contractors face being paid in IOUs by Ambrose Evans-Pritchard (The Telegraph)

Greek Lawmakers Narrowly Approve Austerity Legislation (The New York Times)

Results of Austrian presidential vote too close to call: Direct ballots have been counted but absentee votes are still to come from Austria's run-off vote for a president. Far-right leader Norbert Hofer and former Greens politician, Alexander Van der Bellen are neck and neck. (Deutsche Welle)

How corporate America bought Hillary Clinton for $21M (The New York 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, May 21, 2016

Saturday roundup (05-21-2016)

EU's Greek Debt Deal: The Money Has Already Been Lost, Argument Is Over How To Recognise That Fact (Forbes) Greece Braces for More Austerity Amid EU-IMF Quarrel About Debt (Bloomberg)

No Reason to Cry Over Spilt Milk [in the United States] When It’s This Cheap (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.

Friday, May 20, 2016

Friday roundup (05-20-2016)

Greece is 'very close' to debt deal, says Pierre Moscovici (The Telegraph) [Meanwhile US] Treasury’s Lew Presses Germany to Find “Meaningful Debt Relief” for Greece: Lew’s words underscore Washington’s concerns that Greece remains a major risk to global growth (The Wall Street Journal)

Italy Needs Oil Price Rise to Reduce Deflation Risk, Istat Says (Bloomberg)

Austria could gain first far-right president since World War II this weekend (CNBC)

Brazil sees massive fiscal gap, plans austerity measures (Reuters) Brazil’s Meirelles Says Economy Worse Off Than He Imagined (Bloomberg)

Pensions may be cut to 'virtually nothing' for 407,000 people (CNNMoney)

Nokia cuts more than a thousand jobs in Finland (Reuters)

Diversified Machine plant to cut 500 jobs in Bristol [Indiana] (The Associated Press)

     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, May 19, 2016

Thursday roundup (05-19-2016)

The real problem with negative interest rates? They are a stealth tax: Someone has to pay for negative rates, either banks, borrowers or depositors (Marketwatch)

Portugal banks have to offload bad loans, assets, need EU waiver (Reuters)

It's Official. Bank of England Speeches Are Actually Impenetrable (Bloomberg)

[In the United States] A Former Banker’s Push to End ‘Too Big to Fail’ (The New York Times)

KCTCS cuts 500 faculty, staff positions (The Lexington Herald-Leader)

     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, 05-19-16)

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 in mid-May fell by 16,000 to 278,000 — with most of the drop concentrated in New York — in a reassuring sign the labor market is still fairly healthy." (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, May 18, 2016

Wednesday roundup (05-18-2016)

Keiser Report: World Economy Manias (E914) [Interview with Steve Keen] (The Keiser Report)



EU cuts Italy 'unprecedented' slack on budget rules (Agence France Presse)

Spain’s Debt Jumps Most in Century, Topping 100% of GDP: Chart (Bloomberg)

China's Communist Party goes way of Qing Dynasty as debt hits limit by Ambrose Evans-Pritchard (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.