Thursday, December 10, 2015

Thursday roundup (12-10-15)

Germany heading for financial MELTDOWN set to sink the EU, says leading expert: WITH the biggest economy in Europe, Germany is the glue that underpins the eurozone but it could soon come unstuck. (The Express)

VW engineers reportedly began working on emissions cheat for U.S. market as early as 2005 (MLive) VW chairman: Main challenge is to win back trust (CNBC)

Greek deflation steady in November, prices down for 33rd straight month (Reuters)

Bail-in rules may undermine confidence in banking - Bank of Italy official (Reuters)

Portugal's new anti-austerity government makes more spending cuts in battle to lower deficit (The Associated Press)

BOE Keeps Rate at 0.5% as Oil and Wages Weigh on Inflation (Bloomberg)

Debt is like a dynamite, RBI Governor Raghuram Rajan warns corporates: Raghuram Rajan made it clear that despite the difficulties associated with debt, 'burying it is not an option'. (Kolkata)

[United States] Senate approves short-term bill to keep government running to Dec. 16 (Reuters)

America Imports Deflation On Cheap Oil, Strong Dollar (Investor's Business Daily)

Sharp drop in stock prices cuts US household wealth in Q3 for first time since 2011 (The Associated Press) U.S. household net worth falls to $85.2 trillion: Fed (Reuters)

Middle-class families, pillar of the American dream, are no longer in the majority, study finds (The Los Angeles Times) America’s Middle Class Is No Longer the Majority (The Wall Street Journal blogs) Middle class no longer dominates in the U.S. (CNNMoney) The American Middle Class Is Losing Ground: No longer the majority and falling behind financially (Pew Research Center)

Warning: Half of oil junk bonds could default (CNNMoney) Tick Tock: Time Running Out for Struggling Oil and Gas Drillers (OilPrice)

     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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