Friday, May 22, 2015

Friday roundup (05-22-15)

Greece's new currency would be 'rubbish': Citi's Buiter (CNBC)

'Grexit' poses medium-term risks to euro: Italy (Agence France Presse)

Secret Bank of England taskforce investigates financial fallout of Brexit: News of undercover project emerges after Bank staff accidentally email details to the Guardian including PR notes on how to deny its existence (The Guardian)

IMF urges Japan to take 'bold action' on reforms, debt mess (The Associated Press)

Fed on track to hike rates as economic headwinds wane - Yellen (Reuters)

The Agency That Barely Moves: The SEC is paralyzed by politics and poor leadership, staffers say (Bloomberg)

How Fox News Changed American Media and Political Dynamics (The Big Picture blog) [Meanwhile, back at the ranch:] The GOP Is Dying Off. Literally. (Politico)

Providence faces potential budget deficit of $11.5 million (The Providence Journal of Providence, Rhode Island)

Puerto Rico’s Debt Payments Set to Take Up 16% of Next Budget (Bloomberg)

Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises (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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