Tuesday, March 3, 2015

Tuesday roundup (03-03-15)

This New Libor 'Scandal' Will Cause A Terrifying Financial Crisis (Forbes)

Only mass default will end the world's addiction to debt: As global debt rises off the scale, creditors stand to take a huge hit in a threatened tsunami of defaults (The Telegraph)

Debt guarantees heap pressure on Austria's Carinthia (Reuters) Holders of Bonds Linked to Hypo Alpe-Adria-Bank Face Steep Losses: Even if guaranteed by the Carinthia regional government, Austria’s finance minister says (The Wall Street Journal) Eurozone faces first regional bankruptcy as debt debacle stalks Austria's Carinthia: Fitch has stripped Austria of its AAA rating, adding that 'within a short space of time the debt dynamics of Austria have deteriorated significantly' by Ambrose Evans-Pritchard (The Telegraph)

Ouch! Russians could spend 55% of income on food (CNBC)

U.S. manufacturing growth slows to 13-month low - ISM (Reuters)

J.P. Morgan, Justice Department reach $50 million robo-signing settlement: Bank to make payments to more than 25,000 homeowners [The Wall Street Journal via] (Marketwatch)

RBS cutting up to 14,000 investment banking jobs by 2019: The move, reported by Financial Times, comes as the struggling U.K. bank backs away from its investment banking business. (Fortune)

Target to Cut ‘Several Thousand’ Jobs Over the Next 2 Years: The company is restructuring to save $2 billion (Time)

Obama Administration approves GMO tree to be planted without regulation or oversight (Natural News)

     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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