Wednesday, June 10, 2015

Wednesday roundup (06-10-15)

As clock ticks, Greece risks running out of friends (CNBC)

Greece, EU powers agree to step up debt talks as crunch looms (Reuters)

ECB allows more emergency funding for Greek banks: Weekly emergency lending total increased to €83 billion, biggest rise since Feb. 18 [The Wall Street Journal via] (Marketwatch)

S&P DOWNGRADES GREECE, WARNS IT'LL LIKELY DEFAULT WITHIN 12 MONTHS (The Business Insider)

Iceland put bankers in jail rather than bailing them out — and it worked (Vox)

The 'age of irresponsibility is over' says Bank of England head as he promises crackdown on rogue traders: Governor Mark Carney says the “age of irresponsibility” in the City of London is over (The Telegraph) [versus] 'I want Britain to be the best place for global bank HQs' - George Osborne's Mansion House speech in full: George Osborne put the financial sector at the forefront of his Mansion House speech on Wednesday night (The Telegraph)

Richard Russell – The Next Mega Disaster Is Already In Progress [= the drought in the Western part fo the United States] (King World News) Lake Mead About to Hit a Critical New Low as 15-Year Drought Continues in Southwest (EcoWatch)

Student-Loan Refinancing Boom Could Cost U.S. Taxpayers Billions (Bloomberg)

Student loan debt could destroy your retirement (Marketwatch)

     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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