Thursday, April 16, 2015

Thursday roundup (04-16-15)

World’s Biggest Wealth Fund Says Monetary Risks at Historic High (Bloomberg)

Why The Eurozone Crisis Is Not Over (Visual Capitalist)

[UK bookmaker says] Bets are off on 'Grexit' as default fears grow (CNBC)

Greek crisis deepens as IMF shoots down hopes for payment relief: IMF chief Christine Lagarde says the Fund will not countenance a moratorium on debt repayments, as Greek finance minister Yanis Varoufakis heads to the White House by Ambrose Evans-Pritchard (The Telegraph) Greek Uncertainty a Backdrop to IMF Spring Meetings: Greece's finance minister says his country is looking for a 'compromise,' not to 'be compromised.' (US News & World Report)

‘Grexit’ sirens not blaring yet but endgame looms: Angela Merkel is unlikely to cut Greece out of the euro given years of EU integration by Arthur Beesley (The Irish Telegraph) Greek euro exit would be ‘Lehman Brothers squared’: economist [Jan. 5] (Marketwatch)

Greece’s Worsening Crisis Could Lead to Unintentional Eurozone Exit, Italy Minister Says: Italian finance minister says an ‘accident’ can happen under the pressure from its cash crisis (The Wall Street Journal)

Varoufakis says Greece has gone from Ponzi borrowing to Ponzi austerity (Marketwatch) Grexit dangers mount as Greece's Yanis Varoufakis warns of 'liquidity asphyxiation': The Greek finance minister said his country would not continue deception of 'Ponzi austerity' even if this means a showdown with creditors by Ambrose Evans-Pritchard (The Telegraph)

[Nonetheless] Greek PM Tsipras confident of EU deal despite friction over reforms (Reuters)

Closure of 'Alexandria' [derivatives] trade would cost Monte Paschi one billion euros (Reuters)

Our [= UK] household debt is as bad as Portugal: IMF says obsession with home ownership is burdening Britain's economic recovery (The Daily Mail)

The inequality bubble [in the US] is accelerating, worse than ‘29, even 1789 (Marketwatch)

The Student-Loan Problem Is Even Worse Than Official Figures Indicate (The Wall Street Journal blogs)

Hillary Clinton Said to Hire Former Wall Street Cop as Campaign CFO: Hillary Clinton will bring on one of Wall Street's fiercest critics to oversee her campaign's finances (Bloomberg) "Prior to joining Treasury, Chairman Gensler worked for 18 years at Goldman Sachs ..." (The US Commodity Futures Trading Commission) "From 1988 to 1997, Mr. Gensler was a Partner of The Goldman Sachs Group, LP, where he served in various capacities including Co-head of Finance, responsible for controllers and treasury worldwide." (Bloomberg)

If Elizabeth Warren Were Running for President, This Would Be Her Agenda (The Nation blogs)

Schlumberger to cut 11,000 more jobs (Reuters)

[UK supermarket] Morrisons slashes 720 office jobs but plans 5000 hires for the shop floor (The Independent)

     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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