Wednesday, June 17, 2015

Wednesday roundup (06-17-15)

Global Water Shortage: Study Says Third of Aquifers Running Dry (NBCNews)

The End of Bonds? Look Out Below 2015.75 (Armstrong Economics)

Europe’s secret fear about Greece (Marketwatch)

Greeks admit they will default at the end of the month as central bank turns on government: Prime minister Alexis Tsipras says he is ready to assume responsibility for his government’s negotiating stance as “uncontrollable crisis” beckons (The Telegraph) Burden of debt to IMF and European neighbours proves too much for Greece: With Greece admitting it doesn’t have the money to make repayments to the IMF, will debt relief have to be an essential part of any rescue deal? (The Guardian)

Greece says deal on debt crisis unlikely at Thursday talks (The BBC)

Tsipras Vows to Reject Unfair Deal as EU Braces for Collapse (Bloomberg) The odds of a Greek default just spiked: Syriza has Greek public opinion on its side and is in no mood to compromise (Marketwatch)

Greek central bank warns of 'Grexit' (CNBC) Greece's future in EU in doubt if talks fail, central bank warns (Reuters)

"Lehman Weekend" Looms For Greece As Europe Readies "Emergency" Sunday Meeting (ZeroHedge blog)

Tsipras to meet Putin over bailout loan as fears of Greek exit from EU mount: Greek prime minister, who has criticised sanctions against Kremlin, will meet Russian leader amid speculation that Greece may leave both eurozone and EU (The Guardian)

Italy’s Reforms at Risk From Outside Forces: Italian eyes are turned more anxiously than most to the Greek crisis (The Wall Street Journal)

Greek debt burden can be eased if they 'give something' - Irish minister -- [[but] "... the timeframe is very tight now and ... on tight timeframes accidents can happen."] (Reuters)

UK starts planning for 'serious economic risks' of Greek exit from euro: British chancellor George Osborne says government is taking ‘all steps’ to protect Britain amid fears that Greece is on verge of debt default (The Guardian)

British holidaymakers going to Greece warned cash machines could be SWITCHED OFF: BRITISH holidaymakers heading to Greece this summer are being warned cash machines in the debt-stricken country may be TURNED OFF as it careers towards bankruptcy. (The Express)

Federal Reserve: [US] Rate hike likely before year-end (The Washington Post blogs)

Government debt threatens to send U.S. economy into death spiral, CBO warns (The Washington Times)

In the Warren vs. Dimon Feud, It’s Warren, Not Even Close: The problem isn’t Dimon’s mansplaining. It’s that Warren is telling a truth no one else will tell: Big banks aren’t free-market at all. (The Daily Beast)

Many low-income Americans can’t even afford to rent (Marketwatch)

National Oilwell Varco to cut 1,500 Norwegian jobs (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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