Sunday, May 24, 2015

Sunday roundup (05-24-15)

HSBC fears world recession with no lifeboats left: The world authorities have run out of ammunition as rates remain stuck at zero. They have no margin for error as economy falters by Ambrose Evans-Pritchard (The Telegraph)

Protests [from Paris to Ouagadougou] against GMO crops and pesticides target Monsanto, international agribusiness giant (Agence France Presse)

Unemployment is a big threat to eurozone economy (Marketwatch)

Greece to miss IMF payments amid fears of 'catastrophic' eurozone rupture: A Greek reversion to the Drachma would be an irreversible "disaster" for the entire euro project, Yanis Varoufakis warns (The Telegraph) Greece warns it is set to default on debt repayment loans: Interior minister says Athens simply cannot satisfy IMF deadline next month unless it works out a deal with eurozone creditors (The Guardian) Greece hasn't got the money to make June IMF repayment - interior minister (Reuters) Greece will not make June IMF repayment: interior minister [The Financial Times via] (CNBC)

The Heat Is on Greece’s Alexis Tsipras, From Inside and Out (The New York Times)

Default alone will not bring any deliverance for Greece: Greece may escape its current plight by first defaulting, and then exiting the euro, writes Roger Bootle (The Telegraph)

Greece’s misery shows we need Chapter 11 bankruptcy for countries: Argentina defaulted in 2001, and is still not free of its creditors. There needs to be a clear resolution to the blight of vulture funds and neverending austerity (The Guardian)

Study: 41 percent [of Americans] expect no Social Security benefits (CNBC)

What the left still doesn’t understand about Fox News: The impact of the cable profit behemoth on American political life is wildly exaggerated. (Politico) [A response to an item in the Friday roundup] (Economic Signs of the Times blog)

What Will Drive Illinois to Ask Washington for a Bailout (The Daily Signal)

Alabama's dilemma: choosing between gambling or taxes to plug budget deficit: The debate in the conservative state over asking voters to approve casinos and a lottery as an alternative to raising taxes is producing some unlikely bedfellows (The Guardian)

     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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