Thursday, May 21, 2015

Thursday roundup (05-21-15)

Why Europe Will Lead the Charge to Eliminate Cash – the Next Step in a Global Meltdown (Armstrong Economics)

Eurozone Economy Continues to Grow Modestly, Survey Finds (The New York Times) ECB head Draghi: Growth is ‘too low everywhere’ in Europe (The Associated Press)

EU considers another bailout extension for Greece: reports (Marketwatch) [versus] Greece, creditors not in talks on extending bailout: Commission (Reuters)

Greek optimism about imminent deal not justified: Schaeuble (Reuters)

Until Europe writes down Greece's debt, the drama will continue to run (The Independent) History tells us how the Greek drama could end (CNBC)

Grand bargain emerging on Europe as Germany adjusts to Cameron victory: 'Everybody is very aware that Britain is the next big problem on the horizon. The mood is that we’ve got to save the British from themselves,' says Friends of Europe by Ambrose Evans-Pritchard (The Telegraph)

EU chief warns Ireland on need to reduce public debt: European Commission vice-president Jyrki Katainen – reforms best in benign conditions (The Irish Times)

Obama's trade deal clears key Senate hurdle (CBSNews) Senate Narrowly Advances President Obama's Trade Bill: Here’s Why It Was So Close (ABCNews)

Obama Trade Agenda Clears Elizabeth Warren Opposition Again (International Business Times) I’ve Read Obama’s Secret Trade Deal. Elizabeth Warren Is Right to Be Concerned. (Politico)

No. 4 House Democrat Says Obama Doesn’t Have Trade Votes (Bloomberg)

Fast Track a Bad Deal for Farmers and Our Food System, 110+ groups say (Institute for Agriculture and Trade Policy)

Fewer Homes for Sale Makes U.S. Housing Recovery Painstaking (Bloomberg)

5 questions for Hillary Clinton on Wall Street (CNN)

Murray Energy expects to lay off up to a quarter of workforce [= up to 1,800 workers] (Trib Total Media)

[UK's] Magnox to cut up to 1,600 jobs at nuclear power sites (The BBC)

HealthPlus to lay off 500, sell state contracts (The Detroit News)

     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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