Tuesday, September 2, 2014

Tuesday roundup (09-02-14)

Limits to Growth was right. New research shows we're nearing collapse: Four decades after the book was published, Limit to Growth’s forecasts have been vindicated by new Australian research. Expect the early stages of global collapse to start appearing soon (The Guardian)

As ECB looms, we’re already in the red zone (CNBC) David Blanchflower: The European Central Bank is a crawling tortoise – six years behind the curve on stimulus (The Independent) There are good reasons to pump the eurozone with money – but whether it will work, as quantitative easing did in the UK, is far from certain: The rationale for action is clear - growth has more or less stopped (The Indepedent)

Europe Crisis Is Resistant to Medicine of Low Rates (The New York Times)

Reforms to dominate Greek talks in Paris, debt relief talks later-source (Reuters)

Ukraine Economy at Risk, May Need Another Bailout (The Associated Press)

Fed: US consumers have decided to 'hoard money' (CNBC)

'Mortgage crisis' is coming this winter: Bove (CNBC)

Eric Cantor Lands $3.4 Million Investment Banking Job (Newsweek) What Eric Cantor Is Really Going to Do on Wall Street (New York Magazine)

Derivatives Guru Janet Tavakoli [Interviewed by the BBC] ["First of all, I think all investors should be very leery of confidence in our global leaders. ... We've seen a massive flood of money going to Washington to the extent that we have bought off regulators and have bought off Congress ... [And the result is that the 'malefactors'] will put on risks without being careful about how they are putting them on."] (Cliff Küle’s Notes blog) (The BBC)

[Australian supermarket chain] Coles to cut 600 jobs at Melbourne headquarters: reports (The Australian Broadcating Corporation)

[The Australian] Red Cross to lose 500 jobs after Coalition cuts asylum seeker case load: Chief executive ‘deeply disappointed’ over immigration department’s decision to slash assistance and support programs (The Australian 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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