Monday, June 15, 2015

Monday roundup (06-15-15)

Quote of the Day: "Many policymakers and market observers assert that the risk of the Fed raising rates too early exceeds that of moving too late. This is the specter of 1937, when the Fed raised rates prematurely and exacerbated the Great Depression." -- Michael Arone, managing director and chief investment strategist at State Street Global Advisors, in an analysis for clients entitled "Why the Federal Reserve Needs to Bury the Ghost of 1937". (CNBC)

Greece on 'brink of disaster;' calls emergency meeting (CNBC)

Greece poised on the verge of catastrophic debt default as bailout talks collapse (The Independent)

Will Greece's Irresponsibility Lead To Global Meltdown? (Investors Business Daily)

Why this week is vital for Greece and the eurozone: Athens and EU finance ministers remain at loggerheads but if an agreement is not reached by this weekend there are many long-term consequences (The Guardian)

Greece accuses Europe of plotting regime change as creditors draw up ultimatum: The European Commission braces for a “state of emergency” in Greece, fearing social unrest and a break-down of basic supplies by Ambrose Evans-Pritchard (The Telegraph) Greece, creditors dig in after debt talks founder (Reuters)

Time running out to stop Greece leaving euro: Hollande (The BBC)

‘The ball lies firmly with Greece’: ECB’s Draghi (CNBC)

Without IMF, German parliament won't back any Greece deal - Kauder (Reuters)

What Happens if Greece Misses Payments? (The Wall Street Journal blogs)

Greece must be saved for the sake of Europe by Timothy Garton Ash (The Globe and Mail of Toronto)

Why can’t Greece just declare bankruptcy? by Joseph E. Stiglitz and Martin Guzman (Marketwatch)

Russia cuts interest rates from 12.5% to 11.5% (The BBC)

U.S. manufacturing sector said to be in a technical recession (Marketwatch) US factory output down in May, hurt by oil refining cuts (The Associated Press)

Gap to close 175 North American stores (CNNMoney)

     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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