Wednesday, August 20, 2014

Wednesday roundup (08-20-14)

Nobel economists say policy blunders pushing Europe into depression: German Chancellor Angela Merkel defends eurozone and says it is hard to manage a currency for 18 states by Ambrose Evans-Pritchard (The Telegraph)

Ambrose Evans-Pritchard: Euro Woe’s (McAlvany Weekly Commentary)  (Youtube)

Worse than the 1930s: Europe’s recession is really a depression (The Washington Post blogs)

QE will not be a magic potion for Eurozone woes: While the ECB takes comfort from what consumers say they expect inflation to be over the long term, a look at expectations as expressed in the bond markets shows a different picture (GulfNews)

There's only one cure for the eurozone's terminal disease [= allow the euro to collapse] (Business Spectator)

Angela Merkel scolds Italy and France over the faltering eurozone recovery: German chancellor claims stifled growth is due to countries running high deficits and breaking fiscal rules set by Brussels (The Guardian)

France Acknowledges Economic Malaise, Blaming Austerity (The New York Times)

As European deflation risks rise, Italy stands to suffer more (Xinhua)

Bank of England splits over rate hike for first time in 3 years (Reuters)

Household debt could tip [UK] economy back into recession (EveryInvestor)

Fed debates merits of earlier rate hike given U.S. jobs gains (Reuters)

'Severe' drought covers nearly 99.8% of California, report says (The Los Angeles Times)

Staples to Shut 140 Stores This Year as Sales Decline (Bloomberg)

What exactly is the Market Basket board doing? (The Boston Globe) Being of Service: Why Meaning and Mission Matter in Business (The Huffington Post)

     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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