Monday, November 23, 2015

Monday roundup (11-23-15)

Europe recession 'could be permanent', think tank warns (The BBC)

Euro Area's Negative-Yielding Debt Tops $2 Trillion on Draghi (Bloomberg)

Pressured by dollar gains, commodities hit 13-year low (Reuters)

Four nations risk breaking EU budget rules in 2016: euro zone finmins warn (Reuters)

Greece cleared to get next batch of bailout loans (The Associated Press)

Portugal might be the next stop in the euro crisis (The Washington Post blogs)

Five years into austerity, Britain prepares for more cuts (Reuters)

UK budget deficit could be £40bn in 2020, academics warn: Ahead of chancellor’s autumn statement, City University report says Treasury has underestimated impact of welfare and department cuts (The Guardian)

Russia Declares Its Recession Has Ended Despite Continuing Low Oil Prices And Sanctions (International Business Times) Oops, Russia Recession Not Done Yet (Forbes)

Even After a Rate Hike, the Fed Will Probably Keep Rates Unusually Low for Years: Bond dealers expect the Fed to continue boosting inflation (Bloomberg)

Unemployment Debt Weighs on U.S. States 6 Years After Recession (Bloomberg)

Student Loan Debt Is a National Problem That Needs a Solution (AFL_CIO blogs)

Detroit Public Schools Bankruptcy Could Cost the State $3.4 Billion: Treasury report outlines what Michigan taxpayers would be liable for (Michigan Capitol Confidential)

HSBC To Cut 2,000 Jobs In Commercial Bank Unit: Europe's biggest lender is to cut 2,000 jobs in its commercial banking division as it battles to reduce costs, Sky News learns. (SkyNews) HSBC Said to Plan Cutting 2,000 Jobs in Commercial Bank Division (Bloomberg)

Oil Workers Brace For Fresh Layoffs, As Industry Wrestles With ‘Lower For Longer’ Crude Prices: Many workers losing their jobs today are expected to leave the Texas oil industry, or retire, before prices recover. (Houston Public Media) Oil companies brace for big wave of debt defaults (CNBC)

     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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