Monday, April 6, 2015

Monday roundup (04-06-15)

Those who control the fate of the euro have opted for a sticking-plaster approach: Instead of a durable solution, those who control the fate of the euro have opted for a sticking-plaster approach, says Colm McCarthy: When a piece of equipment fails the options are to fix it decisively, scrap it, or patch it up with half measures. The eurozone architecture is a piece of economic policy equipment, it is clearly not working and the strategy is to devise one temporary fix after another. (The Irish Independent)

Greek Economy Risks Slipping Back Into Recession, Say Analysts: Slow progress in bailout negotiations spreads uncertainty through country (The Wall Street Journal)

IMF's Lagarde: Greece will make April 9 debt payment (Marketwatch)

Greece needs deal with lenders on April 24 -finance minister to paper (Reuters)

Greece considering nationalising its banks and issuing new currency unless EU nations back down over austerity, sources claim (The Belfast Telegraph)

What Austerity Looks Like Inside Greece [March 31] (The New Yorker)

Dangers Lurk in Fed's Zero Rate Policy by Christopher Whalen (The American Banker)

Beneath California Crops, Groundwater Crisis Grows (The New York Times)

Oil layoffs slowed in March, but firms still say 12,800 jobs will get axed (FuelFix blog)

Illinois employers plan for more than 2,800 layoffs (The Chicago Tribune)

Home care provider GeminiCares plans to cut 701 state jobs (The Journal Sentinel of Milwaukee, Wisconsin)

     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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