Tuesday, February 10, 2015

Tuesday roundup (02-10-15)

McKinsey Study: More Debt & Not Much Deleveraging Since The Financial Crisis (Cliff Küle’s Notes blog) The world is in debt, not just Greece: There were numerous promises to tackle debt after the global financial crisis in 2007. But eight years on, consultancy McKinsey and Co says the world's debt mountain is now almost $200 trillion - up by $57 trillion. Kirsty Basset reports. (Reuters)

Tim Geithner: Europe in a worse spot than Japan (CNNMoney)

Denmark just joined the deflation club as it scrambles to defend its currency peg (The Business Insider) Danish bank charges ordinary customers for deposits as negative interest rates bite [The Wall Street Journal via] (Marketwatch)

Greece's last minute offer to Brussels changes absolutely nothing: Greece has escalated its demands while seeming to offer concessions, but at least it is smiling again by Ambrose Evans-Pritchard (The Telegraph)

What happens if Greece exits the eurozone? Three big questions explained (The Financial Post)

Greece threatens tilt to Russia and China unless Europe yields: “We have other ways of finding money. It could be the United States, it could be Russia, it could be China" said the Greek defence minister by Ambrose Evans-Pritchard (The Telegraph)

Q&A: What the $18 Trillion National Debt Means for the U.S. Economy (The Wall Street Journal blogs)

Halliburton to Cut Up to 6,500 Jobs (Houston Press blogs)

Oil layoffs could come back to haunt the industry -- ["energy companies could find themselves in a situation later where skilled workers are hard to replace"] (CNBC)

     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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