Thursday, June 11, 2015

Thursday roundup (06-11-15)

IMF walks out of Greece bailout talks: Lender says its negotiating team are going home to Washington due to a lack of progress in narrowing key differences with Athens (The Guardian) I.M.F. Recalls Negotiators as Deadline Looms for Greek Deal (The New York Times)

EU issues final warning to Greece as last-ditch talks achieve nothing: The Greek interior ministry has ordered governors and mayors to transfer all cash reserves to the central bank as bankruptcy closes in by Ambrose Evans-Pritchard (The Telegraph) Here we go again: Greek talks 'well away from an agreement' (CNBC)

Looming debt default threat alarms Ukraine’s creditors (Agence France Press-JIJI)

California is flush with cash. So why the warnings to prepare for recession? (The Los Angeles Times) Even a modest recession would wreak havoc on California's budget -- ["California was America’s Greece in 2009."] (The Business Insider)

     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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