Tuesday, December 22, 2015

Tuesday roundup (12-22-15)

Eurozone austerity fanning populist flames, says Renzi [The Financial Times via] (CNBC)

Euro zone bailout fund approves 1 billion euro payout for Greece (Reuters)

Bank of Spain hikes growth forecasts despite election uncertainty (Reuters)

Italy approves austerity-easing budget: Despite risks of breaking EU fiscal rules, the Italian parliament has passed the nation's budget for 2016 offering tax breaks for companies and households, thus raising the government's previous deficit targets. (Deutsche Welle)

U.K. budget deficit widens as borrowing grows (Marketwatch)

U.S. economy set to grow less than 3% for the 10th straight year (Marketwatch) Third-quarter economic growth revised down slightly to 2% amid another tepid year of recovery (The Los Angeles Times)

US wild bee numbers decline as land is converted for biofuel (The BBC)

The Plutocrats Are Winning. Don’t Let Them!: The vast inequality they are creating is a death sentence for government by consent of the people. This is the fight of our lives and how it ends is up to us. (Moyers & company blogs)

Chevron slashes 1,200 jobs from Gorgon LNG project in Western Australia: Oil and gas company lays off about 530 electrical workers in last week and 700 boilermakers, pipe fitters, welders and trades assistants in the past two weeks (The Australian Associated Press)

     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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