Monday, June 8, 2015

Monday roundup (06-08-15)

Europe's leaders must think big: for G7, read global not just Greece: Rising debt is a problem for nearly all the world's developed economies. Tackling it must be a priority (The Independent) The $60 Trillion Problem And A World That Is Headed For Total Devastation (King World News)

Europe’s innovation deficit isn’t disappearing any time soon (The Washington Post blogs)

Bank of France's Noyer Says Greece Talks at 'Extremely Urgent' Stage (Dow Jones Newswires) [At the same time,] Greek exit would not be problem for euro zone - ECB's Noyer (Reuters)

Greece, creditors consider extending eurozone bailout until March [The Wall Street Journal via] (Marketwatch)

Deutsche Bank chiefs quit after rate-fixing and cover-up scandals: The announcement comes just weeks after US and UK regulators fined Deutsche a record $2.5bn [June 7] (The Independent)

Italy sells off ancient lighthouses and fortresses to cut debt: Private investors to receive leases of up to 50 years on historic properties to convert them into luxury resorts, in scheme to raise more than €2bn by 2017 (The Telegraph)

Turkey becomes first domino for emerging market debtors as politics split country: Turkey's currency plunges to all-time low after electorate vote for change in move that has exposed 'existential' threat to the country's debt-laden economy by Ambrose Evans-Pritchard (The Telegraph)

CBI cuts outlook for UK economic growth but backs continued austerity: The business lobby group’s leader, John Cridland, says a sharp slowdown at the start of 2015 mustn’t compromise the government’s programme of cuts (The Guardian)

China Deflation Risks Linger, Underscoring Weak Local Demand (Bloomberg)

Slide in China's May imports signal need for more stimulus (Reuters)

China’s Exports Decline for a Third Month in Drag on Growth (Bloomberg)

IMF official warns of market disorder from Fed rate hike (Reuters)

OECD indicators cast doubt on U.S. rebound (Marketwatch)

Top CEOs lower their economic outlook, plan less spending and hiring (The Los Angeles Times) CEOs lukewarm on economy, says survey (USAToday)

Egg rationing in America has officially begun (The Washington Post blogs)

Pesticides harm wild bees, pollination in N.Y. orchard crops (PhysOrg)

Boots to slash 700 jobs at its UK offices as it looks to restructure after merger with US chain Walgreens (This is Money)

     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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