Monday, May 25, 2015

Monday roundup (05-25-15)

The world is drowning in debt, warns Goldman Sachs: Ageing populations mean countries' debt piles risk growing out of control, warns European head of Goldman Sachs Asset Management (The Telegraph)

How Iraq has left us with the biggest financial bubble in history: Iraq has been a catastrophe on many fronts, but its dire economic and financial consequences are only now becoming fully understood (The Telegraph)

How banks went from ‘too big to fail’ to ‘too big to nail’: Until bank directors fear for their pension and liberty when things go seriously wrong, nothing will change, argues Stephen Platt, author of Criminal Capital: How the Finance Industry Facilitates Crime (The Irish Times)

Greece to make debt payments 'for as long as possible' (France24)

Greek PM convenes emergency meeting of his bailout negotiation team: Tsipras says technical talks with Greece’s creditors would resume amid fears Athens is close to running out of money as €1.6bn IMF debt repayment looms (The Guardian)

Greece says wants to make debt payments but needs aid urgently (Reuters)

Greece Rules out Capital Controls If Bailout Talks Fail (The Associated Press)

Greece, The EU And The IMF Are Dancing With Death (Forbes)

Spain follows Greece as anti-austerity parties sweep local election: Spain’s political future has been thrown up in the air after local elections saw the dominance of its two big political parties destroyed, and sparked unwelcome comparisons with Greece (The Telegraph)

We're now in deflation [in the UK] and sorry, but it's not good news: Lots of economists are telling everyone that we shouldn’t worry about this negative inflation by David Blanchflower (The Independent)

Our $58 trillion love affair [in the United States] with debt, in one crazy chart [May 21] (CNBC)

     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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