Monday, December 28, 2015

Monday roundup (12-28-15)

Battered, bruised and jumpy — the whole world is on edge (The Financial Times)

Squeezed by Low Oil Prices, Saudi Arabia Cuts Spending to Shrink [$98 Billion] Deficit (The New York Times) Saudis Plan Unprecedented Subsidy Cuts to Counter Oil Plunge (Bloomberg) If Saudi Arabia Abandons Its Currency Peg, Investors Should Worry [Dec. 21] (The Street) Saudi riyal in danger as oil war escalates: “If anything happens to the riyal exchange peg, the consequences will be dramatic," warns the country's exchange rate guru by Ambrose Evans-Pritchard (The Telegraph)

Japan's Industrial Output Drops For the First Time in Three Months (Bloomberg)

[In the United States,] The Credit Crunch Is Back: Banks Scramble To Collateralize Loans To Record Levels (ZeroHedge blog)

Davidowitz: Many Stores Will Go Broke at End of Year: Davidowitz & Associates Founder and Chairman Howard Davidowitz discusses U.S. retailing. He speaks on "Bloomberg Surveillance." (Bloomberg)

Honey, I Shrunk the Middle Class: Perhaps 1/3 of Households Qualify by Charles Hugh Smith (of two minds blog)

Puerto Rico is on the brink of a big default (CNNMoney)

     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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