Friday, May 29, 2015

Friday roundup (05-29-15)

Former U.S. Treasury Official Dr. Paul Craig Roberts Warns Black Swans Will Engulf The World: “It’s A Perfect Storm” (King World News)

Greece, EU partners pressed to resolve debt crisis at G7 finance meeting: The US and Japan pressed Greece and its European partners to resolve Athens' debt crisis and avoid rattling the Eurozone and the global economy. (Agence France Presse)

Jacob Lew Warns Time Is Running Out to Reach Greek Debt Deal (The New York Times)

"The Greek Endgame Is Here": Probability Of IMF Default Now 70%, Says Deutsche Bank (ZeroHedge blog)

Greece slides back into recession, data confirm (Marketwatch)

Spain’s Syriza Moment: Spanish voters are ready to boot the corrupt establishment parties from office. It’s about time. (Foreign Policy)

Deficit [in Argentina] soars to 58B pesos in first quarter (The Buenos Aires Herald)

Economy in U.S. Shrinks for Third Time Since Expansion Began (Bloomberg)

Chicago PMI falls back into negative territory in May (Marketwatch)

U.S. Government Is Extracting Legal Fines From Banks (Cliff Küle’s Notes blog)

[Detroit] Bankruptcy judge 'deeply concerned' about unfunded pensions (The Associated Press)

[Meanwhile] States Turn To Pension Ponzi Scheme To Close Funding Gaps (ZeroHedge blog)

California’s largest lake is slipping away amid an epic drought (The Washington Post)

     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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