Thursday, February 26, 2015

Thursday roundup (02-27-15)

When do we decide that Europe must restructure much of its debt? by Michael Pettis (China Financial Markets blog)

Greece bailout saga strains German patience: Angela Merkel is likely to win the Bundestag vote to back the four-month bailout extension – but with grudging acceptance (The Guardian) Germany set to approve Greek bailout extension: Germany's parliament appears set to approve an extension of Greece's financial bailout. All eurozone member states must ratify the extension for it to take effect before Athens runs out of funds at the end of the month. (Deutsche Welle) Debt, drachmas and devaluation: A leading German economist has urged Athens to scrap its bailout deal and stop using the euro as lawmakers in Berlin gear up for a vote later this week aimed at keeping Greece in the common currency bloc. [Feb. 25] (Deutsche Welle)

Yanis Varoufakis interview: ‘Anything’s better than austerity': Greek finance minister insists deal with troika has not compromised his leftist principles (The Irish Times)

Greece Isn’t the Eurozone’s Only Political Headache: Greece and Europe have reached agreement, but political risk hasn’t gone away. Spain may yet pose headaches for investors (The Wall Street Journal)

Gas’s Drop Drives U.S. Into Deflation Territory: Consumer-price gauge shows 0.1% year-over-year decline in January, first since October 2009, amid sharp fall in gas costs (The Wall Street Journal) Key Measures Show Low Inflation in January (Calculated Risk blog)

Pew study: Americans still stressed despite improved economy (The Associated Press)

The US recovery story is a fraud: SocGen bear (CNBC)

When And Why Government Debt Could Become A Major Problem (Forbes)

Microsoft to cut 9,000 Nokia jobs in China (Marketwatch)

RBS to Cut More Than 1,000 Jobs at U.S. Trading Unit, CFO Says (Bloomberg)

KLM TO CUT UP TO 1000 JOBS (NL 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.

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