Wednesday, May 27, 2015

Wednesday roundup (05-27-15)

Fossil industry faces a perfect political and technological storm: The IMF says we can no longer afford the economic wastage of fossil fuels, turning the green energy debate upside down as world leaders plan a binding climate deal in Paris by Ambrose Evans-Pritchard (The Telegraph)

EU Rules Prescribe More Austerity For Crisis-Weary Nations (The Wall Street Journal blogs)

Negative Rates in Europe Prompt Demand for Investment Safeguards (Bloomberg)

El-Erian: Greece 'accident' 55% to 60% probability (CNBC)



U.S. Urges European Leaders to Solve Greek Crisis Quickly (The New York Times) Lew adds his voice to warnings of a Greek 'accident' (CNBC) US warns against game of brinkmanship over Greece: Treasury secretary Jacob Lew says policymakers need to "double-down" and reach a deal that will secure Greece's future in eurozone (The Telegraph)

Greece looks to buy time for bailout talks with combined repayment to IMF: Eurozone officials close to talks with Athens say Greece could delay payment of €1.6bn until end of June as deadline looms for first instalment (The Guardian) Greece Risk Timeline -- Why July 20 Matters Most: Check out the key dates ahead... (Bloomberg)

Risk of Greece debt default rises as deadline looms (CBSMoneywatch)

Germany's Schaeuble sees no real progress in Greek debt talks - ARD (Reuters)

Italy central bank warns growth held back by credit crunch (Europe Online)

Finland embarks on 'painful' austerity blitz: Former PM takes finance minister job as Nordic country prepares for five years of belt-tightening (The Telegraph) Finland appoints eurosceptic, anti-bailout foreign minister (Reuters)

Recovery effort continues after flooding in Texas and Oklahoma; death toll rises to 19 (The Washington Post)

More seniors are going hungry (CNNMoney)

Rosenberg says strong possibility Fed does not raise rates this year (Reuters)

Big Banks Still Seen as Too Big to Fail, Fed’s Lacker Says (The Wall Street Journal blogs) Fed's Lacker says letting banks fail will restore market discipline (Reuters)

Overdraft fees top $1 billion at the big 3 banks [= JPMorgan Chase, Bank of America, and Wells Fargo] (CNNMoney)

Despite bond-selling spree, cities, states spending less on infrastructure (Marketwatch) Last Week Tonight with John Oliver: Infrastructure (HBO) [March 2] (Youtube)



Gulf Marine Fabricators Announces Layoffs at Local Headquarters (KIII)

     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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