Friday, October 30, 2015

Friday roundup (10-30-15)

Central Banks of World Unite! Pact Seen Needed to Spur Inflation (Bloomberg)

Euro zone inflation zero in October, pressure on for more ECB easing (Reuters)

Portugal risks becoming 'ungovernable' as conservative government set to collapse after just 11 days: Centre-right minority government on course to be shortest ever after president warns of "uncontrolled" instability (The Telegraph)

[In the UK,] Global economic downturn fears prompt high street gloom: Separate surveys find October sales undershot expectations, while shoppers are more uncertain on whether it is a good time for major purchases (The Guardian)

BoJ cuts growth, inflation view as Japan economy stalls (Agence France Presse)

Canada Just Lost The Most Jobs Since The Great Recession, Payroll Report Says (The Huffington Post)

Largest U.S. banks face $120 billion shortfall under new rule (Reuters) Fed’s New Rule Would Ease Strain From Dying Banks (The New York Times blogs)

“Too Big to Fail”: Megabanks Bigger than Ever, Nonprofits Growing Slower (Nonprofit Quarterly)

Louisiana’s budget deficit from last year pegged at $117M (The Associated Press)

Whittier faces $2.3 million budget deficit for next year (The Whittier Daily News of Whittier, California)

Husky cuts 1,400 jobs, posts $4.1-billion loss (The Globe and Mail of Toronto)

Chevron will slash as many 7,000 jobs following a plunge in profit (The San Jose Mercury News)

     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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