Thursday, February 12, 2015

Thursday roundup (02-12-15)

Central banks take extreme action to stave off deflation (The Financial Times)

Sweden cuts rates below zero and starts QE (The BBC) Sweden cuts rates below zero as global currency wars spread: Morgan Stanley warns that the world is revisiting the “ghosts of the 1930s” as one country after another tries to steal a march on others by devaluing first by Ambrose Evans-Pritchard (The Telegraph)

Iceland convicts bad bankers and says other nations can act (Reuters)

Greece debt talks to resume Monday after breakdown (USAToday) Tsipras and Merkel prepare for showdown after Greece 'torpedoes' joint statement: Alexis Tsipras will clash with Angela Merkel at an EU summit today after the Greek prime minister personally intervened to block a provisional agreement between his country and the eurozone on Wednesday night (The Telegraph)

Greece agrees to talk to creditors in EU debt progress (Reuters)

Will Greece Ever Get Out of Debtor’s Prison? (The New York Times blogs)

UK heading for deflation says Bank of England Governor Mark Carney: Mark Carney says that while inflation is set to enter negative territory, that UK should not fear deflationary spiral (The Telegraph)

[Meanwhile] Household debt [in the UK] to grow three times faster than wages (Ekklesia)

Americans don’t buy claim of improved economy; still in recession, 65% say (The Washington Times)

Harvard study: Dodd-Frank actually made “Too Big to Fail” even bigger (Hot Air)

Canada's Cenovus Energy to cut 800 jobs as losses deepen (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.

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