Tuesday, May 5, 2015

Tuesday roundup (05-05-15)

The entire world is addicted to debt (The Chicago Tribune)

Why The Powers That Be Are Pushing A Cashless Society (ZeroHedge blog) France Restricts the Movement of Gold, Cash, & Crypto-Currencies (Armstrong Economics)

European Commission slashes Greek growth forecast (CNBC)

Greece pushes for urgent Europe bailout deal: Greek ministers have launched a concerted effort to persuade European officials to release more bailout money as the government runs out of cash. (The BBC) Greek government takes aim at creditors over stalled bailout talks: Senior official lays blame on disagreements between EU and IMF as economic growth rate forecasts are slashed (The Guardian)

The [United States] recovery is stalling out again. Is the economy actually in … a recession? (The Washington Post blogs)

GOP approves budget, but that's just the easy part as showdowns loom (The Los Angeles Times) Senate, Along Party Lines, Passes Cost-Cutting Budget Blueprint (The New York Times) Senate passes budget despite impasse on spending (The Washington Post)

The Trans Pacific Partnership is a corporate hijacking: The former secretary of labor sounds the alarm bell about the Obama administration's newest investment treaty by Robert Reich (Salon) Extreme secrecy eroding support for Obama's trade pact: Classified briefings and bill-readings in basement rooms are making members queasy. (Politico) This Is EVERYTHING You Need To Know About The Trans-Pacific Partnership (The Libertarian Republic)

L.A. sues Wells Fargo, alleging 'unlawful and fraudulent conduct' (The Los Angeles Times) Los Angeles sues Wells Fargo, alleging fraud by employees (The Associated Press)

U.S. presidential hopeful Sanders: Break up the big banks (Reuters) He Won’t Win, So Why Is Bernie Sanders Running? (Newsweek)

Why Elizabeth Warren Makes Bankers So Uneasy, and So Quiet: The rollback of financial regulation is stalled. Income inequality is a campaign issue. Americans are still angry about the financial crisis. Things aren’t shaping up the way the big banks expected, and an important reason is one laser-focused senator from Massachusetts. (Bloomberg)

WHY CAN'T AMERICA HAVE GREAT TRAINS?: A Washington mystery. (National Journal)

Zoetis to Cut Up to 2,500 Jobs After Pressure From Bill Ackman (Bloomberg)

Organic Trumps Conventional Across the Board: Highlights from The Rodale Institute’s 30-Year Report (FoodTank)

People love chickens that are “vegetarian fed.” But chickens are not vegetarians. (The Washington Post blogs)

     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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