Tuesday, June 9, 2015

Tuesday roundup (06-09-15)

The evidence piles up: Austerity poisons economic growth (The Los Angeles Times)

World leaders plead with Greece to make bargain as 'time is very short': Angela Merkel and Barack Obama have urged Greece and its creditors to agree a deal as debt standoff becomes an international priority (The Telegraph)

Greek exit would trigger eurozone collapse, says Alexis Tsipras: Greek prime minister warns of ‘the beginning of the end of the eurozone’, but says a deal between Athens and creditors could be close (The Guardian) Greece deal nears as PM warns of eurozone collapse (Agence France Presse)

Greek contagion risks underestimated: World Bank (CNBC) [versus] Greek exit would not be problem for euro zone - ECB's Noyer (Reuters)

Greek leader seeks party backing as EU warns on cash deal hopes (Reuters)

Paul Volcker warns on health of US state finances [The Financial Times via] (CNBC) Volcker Sees Hidden Peril in State Budgets (The New York Times blogs) Volcker Alliance Calls for Truth and Integrity in State Budgeting Practices (The Volker Alliance)

103 Years Later, Wall Street Turned Out Just As One Man Predicted (ZeroHedge blog)

HSBC to shed 50,000 jobs in quest for higher payouts (Reuters) HSBC to Shed 50,000 Jobs in Overhaul of Global Business (The New York Times blogs)

S.Africa's Telkom to cut 4,400 jobs to contain costs - spokeswoman (Reuters)

     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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