Thursday, July 31, 2014

Thursday roundup (07-31-14)

Euro zone inflation falls again amid deflation fears (CNBC) Eurozone inflation falls to lowest level in almost five years: The overall inflation rate of 0.4% in June was lower than economists had expected, and indicated the threat of eurozone deflation would continue (The Guardian)

[In France, Bank] BNP Paribas posts $5.7B loss after record US fine (CNBC)

[In Portugal,] Banco Espirito Santo posts loss of €3.58B [The Financial Times via] (CNBC)

Japan must hike sales tax again to conquer debt: IMF (The Japan Times)

Argentina Declared in Default by S&P as Talks Fail (Bloomberg) Argentina accuses US of judicial malpractice for triggering needless default: Country threatens to take US to The Hague after defaulting on its debts for the second time in 12 years by Ambrose Evans-Pritchard (The Telegraph) How Argentina’s Default May Trigger $29 Billion in Claims (Bloomberg) Tracking the impact of Argentina's debt default: Jim Rickards, Senior Managing Director at Tangent Capital, discusses whether Argentina's second default on its sovereign debt will have a contagion effect on global financial markets. (CNBC)

[In the United States] Too-Big-to-Fail Is Still Too Dangerous (Bloomberg)

Substituting Debt for Income Is Not Success--It's Failure on an Epic Scale by Charles Hugh Smith (Of Two Minds blog)

Students and parents borrowing less to pay for college (CNNMoney) Families are finding alternatives to student loans (The Washington Post blogs)

RadioShack's days are numbered (CNNMoney)

     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.

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