Friday, August 1, 2014

Friday roundup (08-01-14)

Euro zone factory growth eases in July as inflation fades away (Reuters)

Banco Espirito Santo woes reignite eurozone fears as shares drop 80pc in two days: Worries over capital hole at Portugal's biggest bank raises doubts about eurozone banks (The Telegraph) Bailout time? Portugal braces for the worst (CNBC) BES edges closer to state aid as investors baulk at losses (Reuters) Espirito Santo Family’s Swift Fall From Grace Jolts Portugal (Bloomberg)

U.K. Manufacturing Grows at Slowest Pace in a Year (Bloomberg)

Usual suspects: Latin American countries are the most likely to default (The Economist blogs)

Disagreement surfaces among Fed hawks on when to tighten: Fisher sees movement but it is not enough for Plosser (Marketwatch) World is at inflexion point as Fed tightening looms by Ambrose Evans-Pritchard (The Telegraph blogs)

California’s Exceptional Drought Just Keeps Getting Worse (Bloomberg)

1,100 Layoffs Planned at Alpha Coal Mines in W.Va. (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.

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