Thursday, December 31, 2015

Thursday roundup (12-31-15)

EU's trillion euro bank bail-outs are over: Taxpayers will no longer have to foot the bill for failing lenders as new bail-in laws call time on 'too big to fail' (The Telegraph) Happy New Year — Bail-In Passed for Europe’s Banks by Martin Armstrong (Armstrong Economics blog) A Crisis Worse than ISIS? Bank “Bail-Ins” Begin…”Your Life Savings Could be Wiped out in a Massive Derivatives Collapse”. by Ellen Brown (Global Research)

Head of Swiss Army Sees Rising Civil Unrest & Calls Upon the Country to Arm Itself by Martin Armstrong (Armstrong Economics blog)

     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.

Is it a recovery yet? (Weekly report, 12-31-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"New applications for U.S. unemployment benefits jumped by 20,000 to 287,000 in the seven days ended Dec.26. This is the largest weekly increase since February. Claims are at their highest level since the week of July 4." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, December 30, 2015

Wednesday roundup (12-30-15)

Global growth will be disappointing in 2016 - IMF's Lagarde (Reuters)

Puerto Rico will default on $37m in debt on New Year's Day, governor confirms: Island commonwealth faces close to $1bn in interest payments in 2016 but governor says it will do ‘all it can’ to avoid shutting down government services (The Guardian) Governor: Puerto Rico to Default on $37M in Interest Due (The Associated Press) [But] Puerto Rico avoids [a more massive] loan default by dipping into cash reserves (The Washington 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.

Tuesday, December 29, 2015

Tuesday roundup (12-29-15)

In Russia, Recession Takes Bite Out of Holiday Feast (The Associated Press)

A dire thought: ‘Canada may never have escaped recession’ (The Globe and Mail of Toronto)

[In the United States,] Missouri and a dozen other states deal with flooding (CNN)

Which Are Death Spiral States? (Forbes)

Brazil primary budget deficit swells, debt seen climbing (Reuters)

DuPont to Cut 1,700 Delaware Jobs Before Dow Chemical Merger (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.

Monday, December 28, 2015

Monday roundup (12-28-15)

Battered, bruised and jumpy — the whole world is on edge (The Financial Times)

Squeezed by Low Oil Prices, Saudi Arabia Cuts Spending to Shrink [$98 Billion] Deficit (The New York Times) Saudis Plan Unprecedented Subsidy Cuts to Counter Oil Plunge (Bloomberg) If Saudi Arabia Abandons Its Currency Peg, Investors Should Worry [Dec. 21] (The Street) Saudi riyal in danger as oil war escalates: “If anything happens to the riyal exchange peg, the consequences will be dramatic," warns the country's exchange rate guru by Ambrose Evans-Pritchard (The Telegraph)

Japan's Industrial Output Drops For the First Time in Three Months (Bloomberg)

[In the United States,] The Credit Crunch Is Back: Banks Scramble To Collateralize Loans To Record Levels (ZeroHedge blog)

Davidowitz: Many Stores Will Go Broke at End of Year: Davidowitz & Associates Founder and Chairman Howard Davidowitz discusses U.S. retailing. He speaks on "Bloomberg Surveillance." (Bloomberg)



Honey, I Shrunk the Middle Class: Perhaps 1/3 of Households Qualify by Charles Hugh Smith (of two minds blog)

Puerto Rico is on the brink of a big default (CNNMoney)

     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.

Sunday, December 27, 2015

Sunday roundup (12-27-15)

Economists warn of threat to eurozone from higher US rates (The Financial Times)

Obamacare plans put big dent in customers' wallets (CNBC)

Trump left his mark on Atlantic City — for better and for worse (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.

Saturday, December 26, 2015

Saturday roundup (12-26-15)

What is stopping the Bank of England from raising interest rates in 2016?: Now that the Fed has pulled the trigger on an interest rate rise, all eyes are on Threadneedle Street to see when the UK will follow (The Telegraph)

A nation in debt: [UK] Households are paying off home loans at a sharply slower rate (This Is Money)

[In the United States,] Pennsylvania, Illinois Usher In The New Year With Record Budget Impasses (ZeroHedge blog) Illinois Record Budget Impasse Makes It Worse for the State's Pension Disaster (Bloomberg) Pennsylvania at Modern Record for Its Longest Budget Impasse (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.

Friday, December 25, 2015

Friday roundup (12-25-15)

Ukraine backs 2016 budget with deficit agreed with IMF (Reuters) Ukraine Approves Budget, Paving Way for IMF Bailout Cash: Parliament approves budget in line with IMF requirement following standoff (The Wall Street Journal)

     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.

Thursday, December 24, 2015

Thursday roundup (12-24-15)

Can Spain weather its post-election political transtion? (The Washington Post)

Debt splurge: UK households, shoppers and big firms are borrowing more: Credit card lending surges as Britain's consumer-led recovery gathers steam (The Telegraph)

Puerto Rico edges back towards default precipice (Reuters) Puerto Rico needs debt restructuring authority: U.S. Treasury Secretary (Reuters) Expecting Bailout, Puerto Rico Pays $120 Million in Christmas Bonuses (Breitbart)

     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.

Is it a recovery yet? (Weekly report, 12-24-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial claims dropped by 5,000 to a seasonally adjusted 267,000 in the period running from Dec. 13 to Dec. 19, the Labor Department said Thursday." (Marketwatch)

U.S. jobless claims near 42-year low as labor market tightens (Reuters)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, December 23, 2015

Wednesday roundup (12-23-15)

Cheap oil kicks euro zone inflation expectations to lowest since October (Reuters)

Don't bet on a happy new year for Greece (CNBC)

Spain has rejected austerity. So what does it do now? (The Spectator blogs)

Bank fight highlights weakness of Portugal’s left-wing alliance: Portugal’s Socialist government needed help from the right to approve bank deal. (Politico)

UK economic growth revised down to quarterly 0.4 percent in Q3 (The Associated Press) Slowing UK growth leaves Bank of England unhurried on rates (Reuters)

Japan government approves $800 billion budget that aims to spur growth, contain debt (Reuters)

Sales of New Homes in U.S. Were Weaker Than Forecast in November (Bloomberg) The Housing Recovery Was Just Cancelled (Again) Due To 5 Months Of Downward Revisions (ZeroHedge blog) Is there more trouble hidden in November’s new home sales data?: New home sales rise in November…sorta (HousingWire)

[Meanwhile] [Existing] Home sales drop sharply in November as closing process lengthens (USAToday)

     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.

Tuesday, December 22, 2015

Tuesday roundup (12-22-15)

Eurozone austerity fanning populist flames, says Renzi [The Financial Times via] (CNBC)

Euro zone bailout fund approves 1 billion euro payout for Greece (Reuters)

Bank of Spain hikes growth forecasts despite election uncertainty (Reuters)

Italy approves austerity-easing budget: Despite risks of breaking EU fiscal rules, the Italian parliament has passed the nation's budget for 2016 offering tax breaks for companies and households, thus raising the government's previous deficit targets. (Deutsche Welle)

U.K. budget deficit widens as borrowing grows (Marketwatch)

U.S. economy set to grow less than 3% for the 10th straight year (Marketwatch) Third-quarter economic growth revised down slightly to 2% amid another tepid year of recovery (The Los Angeles Times)

US wild bee numbers decline as land is converted for biofuel (The BBC)

The Plutocrats Are Winning. Don’t Let Them!: The vast inequality they are creating is a death sentence for government by consent of the people. This is the fight of our lives and how it ends is up to us. (Moyers & company blogs)

Chevron slashes 1,200 jobs from Gorgon LNG project in Western Australia: Oil and gas company lays off about 530 electrical workers in last week and 700 boilermakers, pipe fitters, welders and trades assistants in the past two weeks (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.

Monday, December 21, 2015

Monday roundup (12-21-15)

Oil prices hit eleven-year low as global supply balloons (Reuters)

E.U. extends sanctions against Russia amid a growing split over their future (The Washington Post)

Spain faces weeks or months of uncertainty over who will govern country after splintered vote (The Associated Press) Election Marks Another Rejection of Austerity (The New York Times) Spain's Election Is Bad News for Europe's Budget-Deficit Police (Bloomberg) Political uprising in Spain shatters illusion of eurozone recovery: "Our message to Europe is clear. Spain will never again be the periphery of Germany. We will restore the meaning of sovereignty," said Podemos by Ambrose Evans-Pritchard (The Telegraph)

Italian bank rescue leaves bitter families marooned (Reuters) Bank of Italy Bails Out Four Banks by Martin Armstrong (Armstrong Economics)

Fears of new economic crash as British families run £40bn deficit: Fears UK's economic growth based on soaring levels of debt and could easily collapse (The Independent)

Medvedev Prepares Russia Lawsuit Against Ukraine Over Default (Forbes)

China Leaders Flag More Stimulus After Top Economic Meeting (Bloomberg)

Toshiba Plans to Cut 7,800 Jobs as It Warns of Huge Loss (The New York 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.

Sunday, December 20, 2015

Sunday roundup (12-20-15)

This is how much money exists in the entire world, in one chart: There is $1.2 quadrillion invested in derivatives alone. (Marketwatch)

Europe's year from hell may presage worse to come (Reuters)

After jumping over one hurdle, Greece faces another with pensions (CNBC)

Left-wing parties take the lead in Spanish elections (Reuters) Spain's ruling party [wins the most votes but] could be out after big vote for upstarts, government prospects uncertain (The Associated Press)

U.S. gas prices fall to lowest in more than six years: survey (Reuters) Gas falls to $2 a gallon (CNNMoney)

Illinois and Pa. are 170 days overdue on their budgets [Dec. 18] (CNNMoney)

Inside the Billion-Dollar Battle for Puerto Rico’s Future (The New York 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.

Saturday, December 19, 2015

Saturday roundup (12-19-15)

Slowing Boat From China Provides Clue to Health of World Trade (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.

Friday, December 18, 2015

Friday roundup (12-18-15)

International Energy Agency sees 'peak coal' as demand for fossil fuel crumbles in China: 'The golden age of coal seems to be over. Given the dramatic fall in the cost of solar and wind, the question is whether coal prices will ever recover' by Ambrose Evans-Pritchard (The Telegraph)

The Inside Story of Syriza’s Struggle to Save Greece: Exclusive interviews with the party’s top players shed light on the eurozone showdown. (The Nation)

Taiwan central bank cuts interest rates again (Marketwatch)

[United States] Congress clears bill averting shutdown (CNN) Congressional Republicans deflect attacks from their own presidential candidates (The Washington Post)

Money Velocity Is Crashing--Here's Why (of two minds blog)

Giving: A look around the globe at people in need and the help that many have given to try to make their lives better. From donations to volunteering time, many contribute hoping to make a difference. (The Boston Globe)

Citigroup Plans at Least 2,000 Job Cuts Next Month (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.

Thursday, December 17, 2015

Thursday roundup (12-17-15)

Wage Growth Slows Sharply Across Eurozone: German workers received a sharp increase in the third quarter, but countries such as Spain and Portugal saw little benefit (The Wall Street Journal)

Chinese firms' profits hit record lows, face harmful deflation - survey (Reuters)

[In the United States,] Fed will have to reverse gears fast if anything goes wrong: Janet Yellen has taken a huge gamble raising rates alone in the world, with manufacturing in recession and the dollar already too strong for comfort by Ambrose Evans-Pritchard (The Telegraph)

Massive Downsizing In Oil Sector Brings Acute Pain For The Holidays (National Public Radio)

Hey, Republican establishment: it's time to panic (Vox)

     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.

Is it a recovery yet? (Weekly report, 12-17-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial claims fell by 11,000 to a seasonally adjusted 271,000 in the seven days running from Dec. 6 through Dec. 12, the Labor Department said Thursday." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, December 16, 2015

Wednesday roundup (12-16-15)

Shipping Index Plunges to Fresh Record Amid China Steel Slump (Bloomberg)

After Portugal Upset, Spain Braces for Messy Ballot Result (The Associated Press)

Will Bank of England follow Fed rate hike in 2016? (CNBC)

Fed raises interest rates, citing ongoing U.S. recovery (Reuters)

Why Very Low Interest Rates May Stick Around (The New York Times)

Banks raise prime rates; Wells Fargo moves to 3.5% (CNBC)

Obama opens White House doors to forge CEO alliances (Reuters) Which Corporations Own The White House (ZeroHedge blog)

How Marco Rubio is quietly killing Obamacare (The Washington Post)

Congress offers no lifeline as Puerto Rico heads toward default (The Washington Post) Governor of Puerto Rico Warns of Looming Default Without Bankruptcy Plan (The New York 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.

Tuesday, December 15, 2015

Tuesday roundup (12-15-15)

Greek parliament approves reforms to unlock bailout funds (Reuters)

Bank Runs In Italy (Cliff Küle's Notes blog)

Spain: 2 Upstart Parties Set to Rock Spain's Political Boat (The Associated Press)

Portugal's New Govt Starts Reversing Austerity Measures (The Associated Press)

China's Economic Growth Rate Is Seen Falling Until at Least 2018 (Bloomberg)

[In the United States,] Fed opens meeting [expected] to put an end to crisis era policy [Wednesday afternoon] (Reuters) Here's how long it's been since the Fed raised rates [9 1/2 years] (CNNMoney) This will be the biggest question when the Fed starts raising rates (The Washington Post blogs)

Will A Fed Interest Rate Hike Slow The Housing Recovery? (National Public Radio)

Volkswagen to shed 600 temporary jobs at German plant to cut costs (Reuters)

     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.

Monday, December 14, 2015

Monday roundup (12-14-15)

Oil prices sink below $35 on fears of more Iran oil (CNNMoney) Emergency Opec meeting aired as Russia braces for sub-$30 oil: Oil markets are becoming dangerous with no grown-up in charge. Spare capacity is wafer-thin, despite the glut, and any upset could trigger an oil shock by Ambrose Evans-Pritchard (The Telegraph)

Angela Merkel warns eurozone crisis is far from over after 'year of crises': German Chancellor Angela Merkel reflects on a year of turmoil, including the Greek crisis and Paris terror attacks (The Telegraph)

Le Pen Vows Strong Return Despite Far Right's Failure in French Election (The Voice of America)

Deflation hits 11 big Italian cities: Annual rate down from 0.3% in October (ANSA)

Korean economy mired in growing debt, slowing exports (The Korea Herald)

Canada’s household debt burden hits record high in third quarter (The Globe and Mail of Toronto)

"War Games" [in the United States] Show Fed Worried About Commercial Real Estate, Interest Rates; Fed Weighs Consequences of "Macroprudential Tools" (Mish's Global Economic Trend Analysis blog)

Hillary Clinton Is Whitewashing the Financial Catastrophe: She has a plan that she claims will reform Wall Street—but she’s deflecting responsibility from old friends and donors in the industry. (The Nation)

Ted Cruz using firm that harvested data on millions of unwitting Facebook users: Documents reveal donor-funded US startup embedded in Republican’s campaign paid UK university academics to collect psychological profiles on potential voters (The Guardian)

Fannie and Freddie’s Government Rescue Has Come With Claws: Since 2008, the mortgage giants have been held to far more punishing standards than the big banks, opening the door to an attempted Wall Street takeover. (The New York Times)

Toshiba to cut up to 7,000 jobs: Nikkei (Reuters)

Shell Plans To Cut 2,800 Jobs After It Takes Over BG Group (National Public Radio)

     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.

Sunday, December 13, 2015

Sunday roundup (12-13-15)

Good Luck Getting Your Money Out When the Next Crisis Hits (ZeroHedge blog)

Half of all renters [in the United States] can't afford the rent (CNNMoney)

Report: Most states providing less K-12 funding than before Great Recession (The Washington 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.

Saturday, December 12, 2015

Saturday roundup (12-12-15)

French regional election [on Sunday] tests far-right strength (Reuters)

What would happen in a region ruled by France's far-right? (Reuters)

Get Ready for $2 Gasoline Again (Bloomberg)

Nearly Half of Youth Say 'American Dream' Is Dead: Harvard Poll: The survey also found that young voters are more supportive of Bernie Sanders than Hillary Clinton. (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.

Friday, December 11, 2015

Friday roundup (12-11-15)

Oil skids toward 11-year low as IEA warns of worse glut (Reuters) 4 reasons crude-oil prices are in a nasty death spiral—again (Marketwatch) Russian Finance Ministry sees oil price around $40-$60 for next 7 yrs (Reuters) Russia plans $40 a barrel oil for next seven years as Saudi showdown intensifies: 'We will live in a different reality,' said a top Kremlin official. The message is aimed squarely at Saudi Arabia in a war for market share by Ambrose Evans-Pritchard (The Telegraph) The Fed oil deflation problem (ResourceInvestor)

Hope for eurozone’s smooth recovery is fading fast: Policy decisions leave economies weak and deeper in debt by Satyajit Das (Marketwatch)

Greece, EU/IMF lenders agree on reforms to unlock new bailout funds: minister (Reuters)

A New Glass-Steagall Would Be Too Good for Banks to Pass Up (American Banker)

DuPont to cut 5,000+ jobs ahead of Dow merger (The Philadelphia Inquirer blogs)

     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.

Thursday, December 10, 2015

Thursday roundup (12-10-15)

Germany heading for financial MELTDOWN set to sink the EU, says leading expert: WITH the biggest economy in Europe, Germany is the glue that underpins the eurozone but it could soon come unstuck. (The Express)

VW engineers reportedly began working on emissions cheat for U.S. market as early as 2005 (MLive) VW chairman: Main challenge is to win back trust (CNBC)

Greek deflation steady in November, prices down for 33rd straight month (Reuters)

Bail-in rules may undermine confidence in banking - Bank of Italy official (Reuters)

Portugal's new anti-austerity government makes more spending cuts in battle to lower deficit (The Associated Press)

BOE Keeps Rate at 0.5% as Oil and Wages Weigh on Inflation (Bloomberg)

Debt is like a dynamite, RBI Governor Raghuram Rajan warns corporates: Raghuram Rajan made it clear that despite the difficulties associated with debt, 'burying it is not an option'. (Kolkata)

[United States] Senate approves short-term bill to keep government running to Dec. 16 (Reuters)

America Imports Deflation On Cheap Oil, Strong Dollar (Investor's Business Daily)

Sharp drop in stock prices cuts US household wealth in Q3 for first time since 2011 (The Associated Press) U.S. household net worth falls to $85.2 trillion: Fed (Reuters)

Middle-class families, pillar of the American dream, are no longer in the majority, study finds (The Los Angeles Times) America’s Middle Class Is No Longer the Majority (The Wall Street Journal blogs) Middle class no longer dominates in the U.S. (CNNMoney) The American Middle Class Is Losing Ground: No longer the majority and falling behind financially (Pew Research Center)

Warning: Half of oil junk bonds could default (CNNMoney) Tick Tock: Time Running Out for Struggling Oil and Gas Drillers (OilPrice)

     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.

Is it a recovery yet? (Weekly report, 12-10-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial claims jumped by 13,000 to 282,000 in the period ended Dec. 5, the Labor Department said Thursday. This was the highest level since the week of July 4." (Marketwatch)

U.S. jobless claims at five-month high; import prices fall (Reuters)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, December 9, 2015

Wednesday roundup (12-09-15)

Italy Needs a Cure for Its Bad-Debt Headache (BloombergView)

Biggest Bank in Denmark Warns 'Emergency' Rate Damage Is Growing (Bloomberg)

Businesses downgrade [UK] growth forecast as weak trade and manufacturing leave UK economy over-reliant on consumer debt (This is Money)

China sets yuan fixing at four-year low (CNBC) Chinese devaluation is a bigger danger than Fed rate rises: The yuan has fallen to the lowest in five years against the dollar. If China devalues in earnest, it will be an earthquake by Ambrose Evans-Pritchard (The Telegraph)

Behold The Deflationary Wave: How China Is Flooding The World With Its Unwanted Commodities (ZeroHedge blog)

Why Japan’s Economic Troubles Should Worry the U.S.: The country might not be worse [than the rest of the world], so much as early [with respect to the rest of the world]. (Fortune)

Bank of Canada willing to resort to below-zero interest rate in face of major economic crisis, Poloz says (The Financial Post)

Weak U.S. inventories seen weighing on fourth quarter growth (Reuters)

Eternal Debt: 1 in 5 Americans Expects to Die in the Red: Plenty of people think they'll be in the hole when they go to the grave, a new study says. (U. S. News & World Report)

Report slams Illinois' unsound budgeting practices (Reuters)

S.F. to see $99 million budget deficit next year, as pension costs soar (San Francisco Business Times blogs)

1,200 jobs axed as Birmingham City Council [in the UK] unveils yet more cuts (Birmingham Mail)

Rabobank to cut 9,000 jobs and shed assets to boost profit (Reuters)

     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.

Tuesday, December 8, 2015

Tuesday roundup (12-08-15)

Oil down 1 percent after hitting 2009 lows (Reuters)

Air France Sees Slow Rebound From Attacks After $54 Million Hit (Bloomberg)

[United States Republican Presidential Candidate] Donald Trump's Muslim Bashing Aids Cause of Terror Networks, Say Experts (NBCNews) Why Trump is playing right into ISIS' hands by Jonathan Russell, head of policy for the anti-radicalization think tank Quilliam (CNN) Fascism is all the rage in Europe, and it’s coming to America: Neo-fascism is on the rise in Europe, and there are echoes of it in Donald Trump's increasingly dangerous rhetoric (Salon)

Anglo American to shed 85,000 jobs (CNNMoney) Mining giant Anglo American to cut 85,000 jobs in 'radical' restructuring (USAToday)

Slumping Morgan Stanley eliminates 1,200 jobs (CNNMoney)

     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.

Monday, December 7, 2015

Monday roundup (12-07-15)

Even Cheaper Gas? Oil Prices Are Dropping to Pre-Recession Levels (Time) Oil tumbles to lowest level in 7 years (CNNMoney)

French Far Right Victory Brings Eurozone Disaster Closer: Europe’s pivotal economy has less than 18 months to change its political course. (Fortune) Euro regime is working like a charm for France's Marine Le Pen: Marine Le Pen swept 55pc of the working class vote, stealing the Socialist base from under their noses with radical Left policies by Ambrose Evans-Pritchard (The Telegraph) The reason for the far right’s success in France? It’s the economy, stupid. (The Washington Post)

The French to Surrender ALL Rights [in Wake of Terror Attack]? by Martin Armstrong (Armstrong Economics blog)

Tsipras says IMF behavior in Greek crisis not constructive (Reuters)

SA edges closer to junk rating (The Sunday Times of Johannesburg, South Africa)

Hillary Clinton: How I’d Rein In Wall Street (The New York Times) Elizabeth Warren backs [at least in part] Hillary Clinton’s op-ed on Wall Street reform (Boston)

The Latest Revolving Door Farce: Bernanke, Trichet And Gordon Brown To Form Pimco Advisory Board (ZeroHedge blog)

Cuba nears deal with Paris Club on debt forgiveness (Reuters)

National Oilwell Varco to cut another 900 Norwegian jobs (Reuters)

Monsanto on trial for crimes against nature and humanity (The Ecologist)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (TheBoycottList) GMO Free USA (Facebook) Millions Against Monsanto by OrganicConsumers org (Facebook)

     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.

Sunday, December 6, 2015

Sunday roundup (12-06-15)

Terrorist threat will force countries to tear up EU budget laws: Pierre Gramegna says "challenging and long lasting" impact of the terrorist and refugee crises means countries have "no choice" but to ramp up spending (The Telegraph)

Schengen Agreement on the Verge of Extinction by Martin Armstrong (Armstrong Economics blog)

French far-right makes major breakthrough to top regional elections (Reuters) Polls put far right National Front on top in French elections (The Associated Press)

Greek parliament approves austere budget for 2016 (Reuters) Shortage of trust threatens Greece's comeback (Reuters)

Real Estate has Peaked by Martin Armstrong (Armstrong Economics blog)

     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.

Saturday, December 5, 2015

Saturday roundup (12-05-15)

The party is over for oil by Daniel Yergin (CNBC)

ECB lowered stimulus ambitions after hitting opposition - sources (Reuters)

Why the Fed Has to Raise Rate by Charles Hugh Smith (of two minds blog)

Why This Sucker Is Going Down…….Again! by David Stockman (David Stockman's Contra Corner blog)

     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.

Friday, December 4, 2015

Thursday-Friday roundup (12-03&04-15)

I took a break yesterday, but I am back today.

World food prices fall 1.6 percent in November: FAO (Reuters)

OPEC Unity Shattered as Saudi-Led Policy Leads to No Limits (Bloomberg) OPEC fails to agree production ceiling after Iran pledges output boost (Reuters) OPEC to keep pumping crude, sheds symbolic output ceiling (Fuel Fix blogs) OPEC is at war - and it's sending shockwaves around the world (CNNMoney) Paralysed Opec pleads for allies as oil price crumbles: The cartel is no longer able to steer prices and risks going the way of the Texas Railroad Commission. The oil market has become a jungle by Ambrose Evans-Pritchard (The Telegraph)

ECB to extend QE until at least March 2017, buy regional government bonds (CNBC) Draghi: 'No particular limit' to ECB policy tools (CNBC) Mario Draghi riles Germany with QE overkill: Markets threw a tantrum because they did not get instant gratification, but the ECB's radical stimulus is unprecedented by Ambrose Evans-Pritchard (The Telegraph)

ECB cuts interest rate, to unveil more eurozone stimulus (The Associated Press) Europe Could Derail America’s Economic Recovery: Central banks around the world are moving in different directions (Time)

Why Negative Interest Rates Are Becoming the New Normal (The New York Times)

Eurozone economic growth slows more than seen (Marketwatch)

Despite recovery, a big spike in U.S. poverty rates (CBSMoneywatch)

Housing Bubble 2 in One Chart by Charles Hugh Smith (of two minds blog)

We still haven’t gotten rid of too-big-to-fail banks by Simon Johnson (Marketwatch)

Superbug known as ‘phantom menace’ on the rise in U.S. (The Washington Post) End of Antibiotics Grows Near As Drug-Resistant Gene with Epidemic Potential Is Found in Animals, Meats, and Humans (Mercola)

Newport News Shipbuilding to lay off 738 workers (WGNT)

     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.

Is it a recovery yet? (Weekly report, 12-03-15)

Posted Dec. 4, one day late.

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims rose 9,000 to a seasonally adjusted 269,000 in the period from Nov. 22 to Nov. 28, the Labor Department said Thursday." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, December 2, 2015

Wednesday roundup (12-02-15)

Near zero eurozone inflation hands ECB 'green light' for fresh stimulus boost: Mario Draghi, president of the European Central Bank, expected to announce new measures to promote growth and fight low inflation (The Telegraph) Eurozone inflation data raises prospect of fresh ECB stimulus: European Central Bank could expand quantitative easing and cut deposit rate further, while Fed is expected to raise US rates after strong job growth figures (The Guardian)

Black Friday was a debt disaster [in the UK]: On Black Friday we got it all wrong - buying on a whim, spending too much, and going into debt (AOL Money UK)

Look Out Below: the Real Economy [in the United States] Just Hit Stall Speed by Charles Hugh Smith (of two minds blog)

Watch for U.S. recession, zero interest rates in China next year, Citi says (Reuters) Citigroup: The Best Predictor of a U.S. Recession Will Resurface Sooner Than You Might Think: A U.S. recession is more likely than not in 2016, according to some strategists at the bank. (Bloomberg)

"Time To Hike Rates?" The Last 2 Times ISM Manufacturing Was Here, The Fed Unleashed QE1 & QE3 (ZeroHedge blog)

[Corporate] Defaults soar to recession levels, fueled by cheap oil (CNNMoney)

America's poor are still heavily in debt (CNNMoney)

Goldman Warns of Brazil Depression After GDP Plunges Again (Bloomberg)

The world’s favorite fruit is slowly but surely being driven to extinction (Quartz)

     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.

Tuesday, December 1, 2015

Tuesday roundup (12-01-15)




Oil Resumes Decline as OPEC Ministers Gather for Policy Meeting (Bloomberg) Oil Plunge Raises Fears of Societal Unrest [in countries such as Algeria, Iraq, Libya, Nigeria, and Venezuela] (FoxBusiness)

China factory activity slumps to three-year low (CNNMoney)

For third consecutive quarter, U.S. CEOs cautious on economy: poll (Reuters) CEO Confidence Goes From Bad to Worse (FoxBusiness) Economic expectations of top U.S. CEOs sink to three-year low (The Los Angeles Times)

Some Express Skepticism of Fed Limits on Next Bailout (FoxBusiness)

The Coming Great Recession, Brought to You by the Healthcare Cartel by Charles Hugh Smith (of two minds blog)

More Atlantic City casinos may close, says Moody's (CNNMoney)

As debt crisis deepens, Puerto Rico's fate in the balance (CBSMoneywatch)

Brazil recession deepens, worst annual drop on record (Reuters) Brazil dives deeper into recession (CNNMoney)

Gulfstream laying off 1,100 employees (The Savannah Morning News of Savannah, Georgia)

Volvo to lay off 734 workers at plant in Pulaski County (The RoanokeTimes of Roanoke, Virginia)

     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.

Monday, November 30, 2015

Monday roundup (11-30-15)

EU to 'break up unless flaws fixed’ [says Yanis Varoufakis, the economist and former Greek finance minister] [The Australian Business Review via] (Business Spectator)

Greece aims for debt relief deal in Feb 2016 after reforms done (Reuters)

Italy’s Bad Debt Experience (The Market Mogul)

Bank of England says [British] households bingeing on cheap credit cards and personal loans at fastest rate since before financial crisis (This Is Money)

Russia risks higher budget deficit, must make choices - Finance Minister (Reuters)

New Fed rule limits its crisis bailout powers (Reuters) Fed officially ends too-big-to-fail lending (USAToday)

Wall Street Banker Brazenly Admits To Loving Bernie Sanders (Dealbreaker) Meet the Wall Street Banker Backing Bernie Sanders (TheTakeAway)

Brazil posts biggest ever primary deficit for October (Reuters)

Gigaset to cut 550 jobs by end of 2018 (Reuters)

     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.

Sunday, November 29, 2015

Sunday roundup (11-29-15)

Greek central bank chief says need political consensus to end debt crisis (Reuters)

Australia's budget deficit to blow out by additional $38bn by 2019, report finds: Deloitte Access Economics report calls for spending cuts and says the worsening bottom line is ‘90%’ the fault of the Chinese economy, but partly also down to the Senate (The Guardian)

GOP in panic over Trump (The Hill)

     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.

Saturday, November 28, 2015

Saturday roundup (11-28-15)

Japan's Debt Trap Won't Fix Itself (BloombergView)

     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.