Monday, March 9, 2015

Monday roundup (03-09-15)

From bust to boom: How the world became addicted to debt: Mapped: Eight years on from the financial crisis, the global economy is still awash with record levels of debt. Click on the countries to find who's in the red and who's in the black (The Telegraph)

Euro Area Pushes Greece to Open Books as Talks Resume (Bloomberg) Greece’s Debt Talks Will Move to More Technical Level (The New York Times) Eurozone Warns Greece to Stop Wasting Time on Reforms Plan (The Associated Press) Defiant Greece at daggers drawn with EU creditors: If Greeks are forced to choose between a restoration of their dignity or continued Troika humiliation, they will chose dignity, says the Greek prime minister by Ambrose Evans-Pritchard (The Telegraph)

Will debt negotiations force Greece into Russia's orbit?: Former U.S. Ambassador to Greece Daniel Speckhard argues that European finance ministers are missing the forest for the trees when it comes to the Greek debt crisis. (Fortune)

The One Chart You Need to Predict the Future by Charles Hugh Smith (of two minds blog)

Fed Unveils Headache Free QE Math (Tavakoli Structured Finance)

Credit Agricole's LCL to cut over 1,600 jobs (Reuters)

Sasol Cuts 1,500 Jobs as Oil Price Slumps: Petrochemicals company also slashed its dividend, though its second-half net profit jumped (The Wall Street Journal)

Sony Mobile Cuts 1,000 Jobs at Unit in Sweden (The Associated Press)

$10 Million [Job-Creation] Subsidy Allows Time Inc. To Cut Over 900 Jobs With No Penalty (The Huffington Post)

U.S. Steel to lay off up to 614 workers at Lorain Tubular Operations (The Chronicle-Telegram of Elyria, Ohio)

     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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