Wednesday, February 25, 2015

Wednesday roundup (02-25-15)

Germany Sells Five-Year Debt at Negative Yield [For the First Time Ever] (The New York Times blogs)

EU gives France to 2017 to cut deficit, Italy, Belgium in clear (Reuters)

Greek PM briefs party lawmakers on bailout pledges amid signs of rancor over concessions (The Associated Press) Greece to stop privatisations as Syriza faces backlash on deal: The Syriza leadership risks falling between two stools as it tries chip away at the austerity regime without triggering Greece's ejection from the euro by Ambrose Evans-Pritchard (The Telegraph)

China central bank newspaper warns of rising deflation risk (Reuters)

[US] Regulator warns of 'Armageddon' cyber attack on banks (USAToday)

Morgan Stanley Agrees to $2.6 Billion Mortgage Settlement (Bloomberg)

[Meanwhile,] BNY Mellon in forex settlement talks with U.S., N.Y. - sources (Reuters)

City schools face $60 million deficit even without state cuts [Feb. 17] (The Baltimore Sun)

RI on track to run $27M deficit this year: Gov. Raimondo's plan to eliminate shortfall coming next month (WPRI)

     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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