Saturday, May 9, 2015

Saturday roundup (05-09-15)

Germany sees no Greek debt deal on Monday, warns against default (Reuters) German Finance Minister Warns of Possible Default by Greece -- Report (The Dow Jones Newswires) Greece out of time and out of money yet remains defiant: THE Greek government has ruled out reforms to its pension or labour system, a move that in effect bankrupts the country and could send it crashing out of the euro as early as next week. (The Sunday Express)

No 'Plan B' for Greece in debt talks, top EU official says (Reuters)

Greek leader faces revolt by party hardliners as debt showdown looms: Alexis Tsipras’s bid to delay a €750m loan repayment may fail, prompting a struggle with those who voted for him (The Observer)

China April inflation muted, fuels calls for more easing (Reuters)

China faces gigantic debt pile amounting to 282% of GDP (International Business Times)

[In the United States,] Nearly Half of States Expect to Confront Big Budget Gaps (The Associated Press)

Study: Social Security in REALLY bad shape (USAToday)

Edgebrook Bank, IL, Closed by Regulators – Fifth Bank Failure of 2015 [as posted here yesterday] (Problem Bank List)

     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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