Wednesday, June 3, 2015

Wednesday roundup (06-03-15)

Global Watchdog Warns on Economic Growth, Cuts US Forecast (The Associated Press) O.E.C.D. Sees Slow Recovery Worldwide (The New York Times)

Zurich Is Stained: FIFA and the Sports Crime of the Century (Grantland)

ECB sees growth faltering as it presses on with QE (Reuters) Draghi Says QE Working Well; Seeks ‘Full Implementation’ (Bloomberg)

German and French ministers call for radical integration of eurozone: Social democrat Sigmar Gabriel and French economics minister Emmanuel Macron call for embryo euro area budget and fiscal powers (The Guardian)

Greek debt crisis agreement in sight - Tsipras (The BBC) Greek PM meets EU's Juncker as debt drama nears climax (Agence France Presse) EU's Moscovici hails signs of 'genuine progress' in Greece negotiations: While talks in Brussels have reportedly yielded progress, EU leaders are emphasizing that more work must be done to reach a deal with Greece. Athens faces two debt repayments of nearly 2 billion euros this month alone. (Deutsche Welle)

Seeking compromise deal, Greece warns it might skip IMF payment (Reuters)

Euro bailout chief: Difficult to say how negotiations with Greece will end (Reuters)

Greece to face ultimatum from eurozone and IMF: Greece’s creditors reported to have drafted broad lines of an agreement after Angela Merkel’s mini-summit failed to make a breakthrough (The Guardian)

[But] Greece and Eurozone Send Positive Debt-Deal Signals (The New York Times) France, Germany agree to ease budget targets in debt deal: Greek govt (Agence France Presse)

Europe must make up its mind - does it want Greece in or out?: From all sides, the EU is under siege as never before (The Telegraph)

Europe has no choice - it has to save Greece: Even if Greece leaves the euro, Europe has to ensure the country's economy thrives. Otherwise it puts the entire EMU project at risk by Ambrose Evans-Pritchard (The Telegraph) EU dream set to unravel as defiant Greece REFUSES to pay back massive debts: DEFIANT Greece has confirmed it WILL default on its massive debts unless eurozone officials back down on demands for savage spending cuts. (The Express)

Polish deflation to persist in coming months - c.bank (Reuters)

Albert Edwards: Yen Collapse Will Lead To "New Round Of Currency Turmoil", Deflation In US And Eurozone (ZeroHedge blog)

Millions of Canadians risk losing ‘retirement of their dreams,’ study warns (The Globe and Mail of Toronto)

Jamie Dimon Is Now a Billionaire, and He Got There in an Unusual Way (Bloomberg) Jamie Dimon’s a billionaire and you’re not: The biggest defender of Too Big banks has joined the most elite wealth club. Unfortunately, average Americans have reasons not to cheer his success. (The Seattle Times) How to become a billionaire like Jamie Dimon (Marketwatch)

Bill Clinton’s Wall Street cash puts wife in an ethical spot (McClatchy Washington Bureau)

Illinois Legislative Session Ends, but Battles Over Deficit and Taxes Are Only Beginning (The New York Times) Illinois lawmakers scurry through bills; but no budget deal (The Associated Press)

The End of the Safe Deposit Box for Wealth Storage (Doug Casey's International Man)

     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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