Wednesday, May 6, 2015

Wednesday roundup (05-06-15)

Ex-Bank of England chief sees eurozone in deep trouble: Mervyn King was Bank of England governor from 2003 to 2013 - before, during, and after the global financial crisis. He sees four main policy options for resolving the eurozone's problems - and all four are nasty. (Deutsche Welle)

Greek debt default avoided after €200m payment to IMF: Fears that Greece would run out of funds this week and miss a €2bn public sector pay and pensions bill alongside the IMF payment prove unfounded (The Guardian)

ECB Said to Raise Cap on Emergency Liquidity for Greek Banks (Bloomberg) E.C.B. Doubts Add to Uncertainties on Greek Debt Lifeline (The New York Times)

'Anglo-Saxons' would rip Europe apart after a Grexit, says Juncker: Commission president says Grexit exposes the euro to huge danger as capitalist forces would try to dismantle the EU "piece by piece" (The Telegraph)

Swedish central bank head says reason to worry about deflation (Reuters)

Romania Warns of Summer Deflation Threat After Surprise Rate Cut (Bloomberg)

Brexit threat looms over Britain's election and Europe's fate: David Cameron is perhaps the only man who can ultimately prevent Britain breaking away from the EU by Ambrose Evans-Pritchard (The Telegraph)

Biggest U.S. Productivity Drop in Decades Sends Ugly Profit Omen (Bloomberg)

Illinois governor says no bailout for Chicago (Reuters)

Chicago teachers 'highly insulted' over request for 7 percent pay cut (The Chicago Sun-Times)

Sen. Sanders would break up banks considered too big to fail (USAToday) Bernie Sanders Proposes Bill to Break Up Big Banks and Pressure Hillary Clinton: Similar to legislation he introduced in previous years, when Democrats controlled the U.S. Senate, the bill has little chance of advancing. (Bloomberg)

Elizabeth Warren’s Challenge to Hillary Clinton (The New Yorker)

No Wrongdoing Here, Just 6,300 Corporate Fines and Settlements by Charles Hugh Smith (of two minds blog)

[South African] Post Office turnaround plan to shed over 5,000 jobs (Cape Business News)

Layoffs [of 592 employees] coming to Conduit Global (WREG)

     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.

No comments:

Post a Comment