Thursday, May 7, 2015

Thursday roundup (05-07-15)

Quotes of the Day:

"What worries me is that we don’t have a good macro-economic back-drop driving yields higher. We don’t see a reflationary recovery.” -- Peter Schaffrik, at RBC Capital Markets (The Telegraph)

"The world is still in the grips of a massive deflation, and that deflation is defined as collapse of velocity of money and the collapse of balance sheets of big banks and the expansion of central bank balance sheets." -- Max Keiser, commentator on Keiser Report: Royal 'Cramdowns' (E753) on Russia Today at 21:45 (Youtube)

Greece pays IMF loan but another, bigger one looms next week (The Associated Press) Greece Will Make Next Debt Payment, Varoufakis Says (The New York Times)

ECB Gives Greece Another Week to Make a Deal: "We intend to pay every creditor," says Varoufakis (Bloomberg)

France Says Greek Bailout Talks Headed in Right Direction (The Associated Press)

With funding deal elusive, Greece rides into storm (Reuters) Which Countries Stand to Lose Big from a Greek Default? (The Council on Foreign Relations blogs)

IMF Says China, Japan Weakness Threatens Asia-Pacific (The Wall Street Journal blogs)

If You’re Wondering If Hillary Is Turning Populist, Just Ask Her Banker Friends: Hillary Clinton is trying to recast herself as the future president of the people—but she’ll need more than a PR campaign to erase her long-standing ties to Wall Street. by Nomi Prins (The Nation)

Bernanke Inc.: Lucrative Life of a Former Fed Chairman (Bloomberg)

French nuclear group Areva to cut up to 6,000 jobs worldwide (Agence France Presse)

Siemens to cut 4,500 more jobs, keep unprofitable units (Reuters)

     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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