Wednesday, March 18, 2015

Tuesday-Wednesday Roundup (03-17/18-15)

Owing to loss of my Internet connection last evening, there was no post yesterday, making today's post a combined edition.

The Undebtors: Sworn Enemies of the Vampires of Debt by Charles Hugh Smith (of two minds blog)

The Eurozone Has Become A Glorified Debtors’ Prison [interview with Philippe Legrain, Senior Visiting Fellow in the London School of Economics' European Institute] (Social Europe)

The threat of Greece exiting the eurozone looms large: Morgan Stanley sees 25% risk of Grexit over next six months (Marketwatch)

Technical Talks on Greece's Bailout Not Going Well (Dow Jones Newswires)

Most Germans now favor Grexit as relations sour (CNBC) Greece rejects 'blackmail', seeks meeting with top EU leaders (Reuters) German finance minister accuses Athens of destroying trust: Tensions between two countries wound tighter after Wolfgang Schäuble launches verbal attack on Alexis Tsipras’s government (The Guardian) Greece and Germany — a relationship beyond repair (CNBC) How World War II figures in a new fight over Greek debt (McClatchy Foreign Staff)

Dijsselbloem Says [The Possibility Of Imposing] Capital Controls May Help Avert Grexit (Bloomberg)

Bank of England director: 'Greece will not in any realistic scenario repay its debts': Alex Brazier, executive director for financial stability strategy and risk, says political pressure means Greece will never run a budget large enough to repay its debts (The Telegraph) Greek Debt: Do the Right Thing (The Huffington Post) Greece and Europe: The Real Choice Is Win-Win or Lose-Lose (The Huffington Post)

‘Blockupy’ anti-austerity protest at ECB [in Frankfurt, Germany] turns violent: At least eight police officers are injured (Marketwatch) Anti-austerity protest turns violent in Germany (USAToday)

France will not hinder growth to rein in deficit - PM (Reuters)

France's National Front sees local election [this coming Sunday] as step on road to power (Reuters)

[Sweden's] Riksbank Cuts Rates Deeper Into Negative, Expands QE Program (Bloomberg) The currency wars have begun: Sweden’s Riksbank cut rates, expanded bond-buying program (Marketwatch)

Portugal's deficit target too ambitious, says IMF (Xinhua)

Bank of England expects low inflation to continue [in the UK]: Minutes of the March MPC meeting showed members are now concerned that a persistently strong pound could keep inflation well below the Bank’s 2% target for a prolonged period (The Guardian)

Cameron may be PM – but it’s Osborne who really runs this government: The embattled chancellor has emerged from the budget with his reputation enhanced. Win or lose in May, he will endure. (The Guardian)

Bank of Japan sees zero inflation in setback for 'Abenomics' (Agence France Presse)

Fed opens door wider for rate hike but downgrades economic outlook (Reuters) As Fed weighs a rate hike, US economy is looking a bit paler (The Associated Press) FORGET 2015: Morgan Stanley is now convinced rate hikes won't happen this year (The Business Insider) Hedge Funder Dalio Thinks the Fed Can Repeat 1937 All Over Again (Bloomberg)

The U.S. Economy Just Keeps Disappointing: Is the brutal cold winter driving the economic data lower? (Bloomberg)

Fannie, Freddie could need another bailout as risks rise: watchdog (Reuters)

[Meanwhile,] Millions of 'underwater' homeowners are trapped (CNBC)

San Bernardino has defaulted on $10 million in bond payments (Reuters)

General Mills Completes Plan To Cut About 800 Jobs (The Associated Press)

     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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