Thursday, November 26, 2015

Thursday roundup (11-26-15)

Collapse of 'comatose' Schengen will wreck euro, admits Jean-Claude Juncker: Jean-Claude Juncker issues bleakest assessment yet of state of Schengen free-travel zone (The Telegraph)

Italy, France, Belgium vulnerable to shocks because of high debt, low growth: EU (Reuters)

Portugal's Socialist PM sworn in, president warns on budget (Reuters) Portugal's anti-austerity Left take power in watershed moment for the euro: The president threatened to sack the new government if it challenges the EU's Fiscal Compact, deemed a formula for economic depression by Keynesians by Ambrose Evans-Pritchard (The Telegraph)

Vedanta Zambia Unit to Cut 2,500 Jobs as It Shutters Copper Mine (Bloomberg)

Lloyds to cut 945 jobs as part of 3-year restructuring plan (Reuters)

French pharmaceutical firm Servier plans to cut 610 jobs (Reuters)

[In the UK,] Brighton and Hove Council to cut 540 jobs (ITV)

     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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