Tuesday, April 14, 2015

Tuesday roundup (04-14-15)

Richard Russell – Big Money Is Preparing For A Devastating Worldwide Collapse (King World News) Banks are deliberately paying to lose money on huge chunks of European government debt (The Business Insider)

Rise in Eurozone Savings Rate Sounds Deflation Alarm (The Wall Street Journal blogs)

Greece Is Risk for Euro Area as Contagion Possible, Knot Says (Bloomberg)

Euro Armageddon? Greece prepares for debt default - set to trigger eurozone financial melt: Greece is getting ready to default on its debt, a move that would send the Eurozone into meltdown. (The Daily Express) IMF close to giving up on Greece after official admits bail-out negotiations are ‘not working’ and the country ‘prepares to default on next debt repayment’ (The Daily Mail) [But] Greece denies default accusations (The BBC)

Varoufakis sets up date with Obama to break Greece's debt stalemate: Finance Minister will meet with President Barack Obama in Washington on Thursday as EU officials warn a release of bail-out cash remains far away (The Telegraph)

Sterling falls as UK narrowly misses deflation (CNBC)

'Timebomb' UK economy will explode after election, says Albert Edwards: Bearish City strategist says coalition has left economy ‘up to its eyeballs in macro manure’ by failing to cut deficit, and that sterling will suffer (The Guardian) ALBERT EDWARDS: The UK economy 'is a ticking time bomb' (The Business Insider)

IMF fears 'cascade' of woes as Fed crunch nears: Dollar shock looms for emerging markets as Fed poised to raise rates much more sharply than markets expect by Ambrose Evans-Pritchard (The Telegraph)

Triple-digit oil price won't be back for years, feds say (The Houston Chronicle)

The demise of GE Capital: Why Dodd-Frank isn't nearly tough enough (The Week)

Unsafe and Unsound Banks [editorial] (The New York Times) If Big Banks fail again, will Uncle Sam come to the rescue? You bet (FirstPost)

Sheila Bair's 'Bullies of Wall Street': The former FDIC head has written a young adult novel on the financial crisis. Here’s an excerpt. (Fortune)

UC study: Public aid goes mainly to working families (The Los Angeles Times) Poverty-level wages cost U.S. taxpayers $153 billion every year (PhysOrg)

One Company’s New Minimum Wage: $70,000 a Year (The New York Times) Is it genius or crazy to introduce a $70,000-a-year minimum wage? (Marketwatch)

Arlington GM supplier to begin laying off 589 workers in June (The Star-Telegram of Fort Worth, Texas)

     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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