Monday, May 18, 2015

Monday roundup (05-18-15)

Greece says must strike debt deal in May as money runs low (Reuters) GREEK LEFT OVER-PLAYED THEIR HAND–NOW DESPERATE FOR EU DEBT DEAL (Breitbart) Greece nears ‘endgame’ as large June payments loom: Letter reveals Tsipras warned IMF of default risk (Marketwatch) A Greek Default May Be Close At Hand (Forbes) The 'endgame' is here as Greece gets crunched on 2 fronts (The Business Insider)

Greece debt crisis: Bank run gains pace as default fears grow: SAVERS are clearing cash out of Greek banks as the prospect of total economic meltdown is just days away. (The Express)

Eurozone crisis: EU's siege mentality looks likely to squeeze Greece: Athens’s capitulation to Brussels in the Greece debt crisis is only a matter of time once Alexis Tsipras and Syriza realise the rules of the game have changed [Project Syndicate via] (The Guardian)

Italy to make one-off payment to millions of pensioners (Reuters) Italy to pay pensioners over 2.0 billion euros in budget blow (Agence France Presse)

Portugal receives 3 offers in attempted privatization of debt-heavy national airline [= TAP] (The Associated Press)

UK inflation picked to turn negative for the first time in more than 50 years: Prospects of an annual dip in overall shop prices comes after last year’s halving of the oil price, a decline in raw materials costs and a drop in the cost of food (The Guardian)

China gets serious about reflation (The Financial Times blogs)

China Retakes Top Spot as the Biggest Foreign Owner of U.S. Debt (The Wall Street Journal blogs)

Japan machinery orders rise, but weak outlook hampers economic rebound (Reuters)

Wall Street is on the verge of saying 'recession' (The Business Insider)

Don’t Be So Sure the Economy Will Return to Normal (The New York Times)

U.S. Home Builders' Confidence Falls for Fourth Time in Five Months (Dow Jones Newswires)

USDA allocates $21 million to help farmers, ranchers [in eight states] battle drought (The Los Angeles Times)

Facing $1 billion deficit, Arizona cuts welfare program to most restrictive in nation (The Associated Press)

Rolls-Royce to Cut [600 More] Jobs at Marine Unit Amid Slowing Business (Bloomberg)

     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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