Thursday, August 21, 2014

Thursday roundup (08-21-14)

Nobel guru fears it may be nigh impossible to stop deflation [in the Western economies] by Ambrose Evans-Pritchard (The Telegraph blogs)

Euro zone business growth slows in August, prices fall: PMI -- [Rob Dobson, senior economist at Markit: "We are not seeing a recovery taking real hold as yet."] (Reuters) Euro zone business activity slips, missing forecasts (CNBC)

French economy going nowhere: now on track for nine straight months of zero growth: Surveys suggest that France's weak manufacturing sector deteriorated further this August, amid suggestions that the eurozone's "feeble recovery" is already over (The Telegraph)

Italy May Need More From Draghi as Debt Load Mounts: Euro Credit (Bloomberg)

Nobel winner Hansen on 'stunningly sluggish' recovery [in the US] (CNBC)

Justice Dept. announces nearly $17 billion settlement with Bank of America (The Associated Press) Why Bank of America probably won’t end up actually paying US$17B in mortgage securities settlement (The Associated Press)

U.S. regulators step up warnings to banks for poor risk-spotting (Reuters)

Chart of the Day: The Horrible Toll of the Recession on the Poor (Mother Jones)

GEA Group to Cut 1,000 Jobs in $133 Million Savings Program (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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