Tuesday, July 29, 2014

Tuesday roundup (07-29-14)

Quote of the Day:

"Such an outpouring of goodwill for a millionaire CEO from hourly wage workers confounds our sense of how business in America works today." -- Journalist Luke O'Neil, in reference to employee demands that Arthur T. Demoulas be restored as CEO of Market Basket supermarkets (Slate)

IMF: Rising rates, emerging market slowdown could dampen global growth (The Washington Post blogs)

Russia sanctions threaten to blow euro zone off course (Reuters)

Euro zone efforts to boost inflation are full of hot air: ECB policymakers are short on tools — and time by Satyajit Das (Marketwatch)

Europe's bond yields lowest since 15th century Genoa on deflation, Russia risk: German, French and Dutch yields have been sliding for months as the eurozone recovery wilts and several countries flirt with recession by Ambrose Evans-Pritchard (The Telegraph) European bond yields enter the death zone (The Telegraph blogs)

German Bund Record Shows All Is Not Right in Euro Area (Bloomberg)

IMF's Christine Lagarde says Ukraine may need more aid (Agence France Presse)  [In fact, according to] IMF Chief: Ukraine May Need a New Bailout Strategy [Altogether] (The Wall Street Journal blogs)

‘Do no harm?’: Calls [in UK] for banking Hippocratic oath (CNBC) Virtuous Banking: Placing ethos and purpose at the heart of finance by David T. Llewellyn, Roger Steare, Jessica Trevellick (ResPublica)

A third of Americans delinquent on debt (USAToday)

California couple spends retirement funds paying off deceased daughter's $200,000 student debt: Lisa Mason died suddenly in 2007, but her $200,000 student loan bill didn't disappear. Her parents, Steve and Darnelle, have used up most of their savings paying off her debt while caring for her three children. 'Getting (my daughter) an education has encumbered me for the rest of my life,' Steve said. (The New York Daily News) Daughter suddenly dies, grieving parents hit with $200,000 in student loans (Fox13)

U.S. homeownership at 18-year low in second quarter (Marketwatch)

Osram to cut almost 8,000 jobs in switch to LED (Reuters)

Amgen Says It Will Cut More Than 2,400 Jobs Worldwide (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.

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