Friday, September 26, 2014

Friday roundup (09-26-14)

Debt forgiveness could ease eurozone woes: Any solution to Europe’s economic woes that does not involve large-scale debt forgiveness is doomed to failure (The Guardian blogs)

Fearing political crisis, Greece plots escape from bailout (Reuters)

Low inflation fuels caution at Fed over rate rises (Reuters)

Tapes showing meek oversight of Goldman are about to rock Wall Street (The New York Post) Whistleblower’s tapes suggest the Fed was protecting Goldman Sachs from the inside (Vox)
What If the Regulators Are As Bad As the Banks? (New York) ["... this is simply the way the New York Fed was designed to behave. The system of 12 Federal Reserve banks ... has always existed for the benefit of the commercial and investment banks that created the system ..."] (Politico) The Secret Goldman Sachs Tapes by Michael Lewis (BloombergView) Inside the New York Fed: Secret Recordings and a Culture Clash: A confidential report and a fired examiner’s hidden recorder penetrate the cloistered world of Wall Street’s top regulator—and its history of deference to banks. by Jake Bernstein (ProPublica) 16 Important Facts From The Startling Accusations About Goldman And The New York Fed (The Business Insider)

Bill Gross Leaves Pimco, Reportedly Under Pressure, to Join Janus (The New York Times blogs) Gross' sudden Pimco exit may quicken outflows to rivals (Reuters) Gross exit ripples bond market (CNBC)

Christie pension commission warns of shortfalls [in the state of New Jersey] (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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