Wednesday, April 29, 2015

Wednesday roundup (04-29-15)

Negative interest rates put world on course for biggest mass default in history: More than €2 trillion-worth of eurozone government bonds trade on a negative interest rate. It's a bubble that is bound to end badly (The Telegraph)

Nepal earthquake: Homeless urgently need tents; death toll above 5,500 (CNN) Nepal earthquake: fears grow over fate of thousands near epicentre: Relief workers try to find out what has happened to 10,000 or more people in remote area of Gorkha district near border with Tibet (The Guardian) Nepal earthquake: UN launches $415m appeal (The BBC)

Moody's cuts Greece's rating to 'Caa2' as uncertainty rises (Reuters)

Bank of Japan keeps policy steady in 8-1 vote (CNBC)

Japan factory output down again, leaves the BOJ in tight spot (Reuters) Bank of Japan Holds on Boosting Stimulus Even With Inflation Vanishing (Bloomberg)

U.S. economy stumbles in first quarter as weather, low energy prices weigh (Reuters)

Small businesses are still recovering from recession but are also upbeat, survey shows (The Associated Press)

Homeownership rate drops to quarter-century low (Marketwatch)

The Old New Financial Risk [= "big banks with too much debt and too little equity capital on their balance sheets"] by Simon Johnson (Project Syndicate)

     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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