Monday, December 21, 2015

Monday roundup (12-21-15)

Oil prices hit eleven-year low as global supply balloons (Reuters)

E.U. extends sanctions against Russia amid a growing split over their future (The Washington Post)

Spain faces weeks or months of uncertainty over who will govern country after splintered vote (The Associated Press) Election Marks Another Rejection of Austerity (The New York Times) Spain's Election Is Bad News for Europe's Budget-Deficit Police (Bloomberg) Political uprising in Spain shatters illusion of eurozone recovery: "Our message to Europe is clear. Spain will never again be the periphery of Germany. We will restore the meaning of sovereignty," said Podemos by Ambrose Evans-Pritchard (The Telegraph)

Italian bank rescue leaves bitter families marooned (Reuters) Bank of Italy Bails Out Four Banks by Martin Armstrong (Armstrong Economics)

Fears of new economic crash as British families run £40bn deficit: Fears UK's economic growth based on soaring levels of debt and could easily collapse (The Independent)

Medvedev Prepares Russia Lawsuit Against Ukraine Over Default (Forbes)

China Leaders Flag More Stimulus After Top Economic Meeting (Bloomberg)

Toshiba Plans to Cut 7,800 Jobs as It Warns of Huge Loss (The New York Times)

     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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