Wednesday, July 30, 2014

Wednesday roundup (07-30-14)

Global QE ends as China opens second front in bond tapering: China's central bank, and others, have become "major players on world equity markets", effectively fuelling stock bubbles in much the same way they previously fuelled credit bubbles by Ambrose Evans-Pritchard (The Telegraph)

Europe Won't Admit It's Spiraling Into Deflation (BloombergView)

Spanish economy powers ahead, but deflation clouds outlook (Reuters)

Bank of England Sets Tough Rules for Banker Bonuses (The New York Times blogs) Bank of England imposes 7-year bonus clawback on errant bankers (Reuters) Bank of England Speaks Out In A Language The City Understands: Money (Forbes)

Record number of people [in UK] opt for insolvency after becoming overwhelmed by debts despite signs of economic recovery (The Daily Mail)

Ukraine economy shrinks faster as conflict takes its toll (Reuters)

Japan’s Output Drops Most Since 2011 as Consumers Spend Less (Bloomberg)

Argentina, holdout creditors still without deal: minister (Reuters)

GDP grows 4% in the second quarter [in the US]: Isn’t that good news? (Communities Digital News)

Unprecedented California Drought Restrictions Go Into Effect (Time)

SMA Solar to Cut 600 More Jobs as It Lowers Full-Year Forecast (Bloomberg)

Cargill to close Milwaukee beef facility, cut 600 jobs (The Milwaukee Journal Sentinel)

Companies proclaim water the next oil in a rush to turn resources into profit: Mammoth companies are trying to collect water that all life needs and charge for it as they would for other natural resources (The Guardian)

Brazil farmers say GMO corn no longer resistant to pests (Reuters) Brazil: Pest resistance to Bt maize in third year of cultivation (GMWatch) Brazilian farmers demand Monsanto refund their money for GMO crops that don't work (Russia Today)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (WalkByTheWay) GMO FREE USA (Facebook)

     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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