Friday, August 22, 2014

Friday roundup (08-22-14)

Draghi Calls for Less Austerity and More Stimulus in Europe (The New York Times) Draghi says ECB ready to adjust policy if inflation drops further (Reuters)

Europe Fears Banks Lack Cash Cushion to Cover Bad Loans (The New York Times blogs)

Italy’s Downward Spiral (Project Syndicate)

Portugal’s public debt rises to 223.27 billion euros in first half (MacauHub)

Argentina debt plan ruled 'illegal' in US court (The BBC)

Yellen Emphasizes Caution as Fed Considers Raising Rates (The New York Times) Something new in Yellen’s speech: ‘Pent-up wage deflation’ (Marketwatch blogs)

63 trillion gallons of groundwater lost in drought, study finds (The Los Angeles Times)

     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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