Monday, May 4, 2015

Monday roundup (05-04-15)

What does “economic collapse” really look like? [Jim Rickards interviewed] (GlennBeck)

Greece confronts eurozone exit as talks stall and money runs out (The Times of London) [The article is blocked to non-subscribers; the following syndicated version is also blocked by a paywall:] (The Australian)

EU, Greece Say Progress Made in Bailout Talks (The Associated Press)

Why it's time for debt-addled Greece to worry about the Finns: New Nordic finance minister will try and squeeze Greece to the edge of default, whoever gets the job (The Telegraph)

'Warning lights' flash over Greece and France as manufacturing stumbles: France and Greece remain the eurozone's laggards, with the former "locked in reverse gear" as manufacturing remains mired in contraction in April (The Telegraph)

[In the United States,] Schools in Kansas closing early due to $800 million state budget deficit (United Press International)

WorleyParsons cuts 2,000 workers and blames falling commodity prices: Engineering giant says its earnings for second half of 2014-15 likely to be 50% less than first half (The Guardian) "We should have reacted earlier," says WorleyParsons CEO as 2000 jobs cut (The Sydney Morning Herald)

Dow Chemical to cut up to 1,750 jobs as part of cost-cutting move (Marketwatch)

     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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