Thursday, May 28, 2015

Thursday roundup (05-28-15)

Finance Officials Focus on Economic Growth at Group of 7 Meeting (The New York Times) Greek crisis overshadows G7 growth talks (Reuters)

ECB fears 'abrupt reversal' for global assets on Fed tightening: The ECB’s financial stability report describes a 'fragile equilibrium' in world markets, with a host of underlying risks by Ambrose Evans-Pritchard (The Telegraph)

ECB Warns of Contagion Risk If Greece Deal Not Reached Fast (Bloomberg)

Varoufakis says Greece committed to reforms, rules out more austerity (Reuters)

IMF warns of Grexit risk as judgment day approaches: Christine Lagarde admits that she cannot 'preclude' a Greek exit from the eurozone as bail-out talks take Athens to the edge of the abyss (The Telegraph) Christine Lagarde's strong stance reveals weakness of Greek position: IMF chief’s comments that a Greek exit from the eurozone is a possibility show that the country’s creditors have tired of Syriza (The Guardian) IMF's Lagarde says still much work to do in Greek debt talks (Reuters)

Moody's says Greek euro exit would change nature of euro (Reuters)

[Maybe there's nothing to worry about right now?] Less than one-in-three chance of Greece leaving euro zone this year: Reuters poll (Reuters)

Greece could use 'Zambia' IMF repayment option [= combining replayments into a single payment at the end of the month] as progress on bailout deal unclear (The Associated Press)

Deflation is a “very real threat” to farming incomes [in the UK] warns NFU (Pig World - The Voice of the British Pig Industry)

[In Japan,] Abenomics Heads Toward Debt Meltdown, Reflation Enemies Warn (Bloomberg)

The median household [in the United States] is still worse off now than before the recession (Marketwatch)

How Healthcare Is Dooming the U.S. Economy (Three Charts) by Charles Hugh Smith (of two minds blog)

A customer left a $2,000 tip in a D.C. restaurant (CNNMoney)

J.P. Morgan Set to Lay Off 5,000 (Dow Jones Newswires)

     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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