Wednesday, December 9, 2015

Wednesday roundup (12-09-15)

Italy Needs a Cure for Its Bad-Debt Headache (BloombergView)

Biggest Bank in Denmark Warns 'Emergency' Rate Damage Is Growing (Bloomberg)

Businesses downgrade [UK] growth forecast as weak trade and manufacturing leave UK economy over-reliant on consumer debt (This is Money)

China sets yuan fixing at four-year low (CNBC) Chinese devaluation is a bigger danger than Fed rate rises: The yuan has fallen to the lowest in five years against the dollar. If China devalues in earnest, it will be an earthquake by Ambrose Evans-Pritchard (The Telegraph)

Behold The Deflationary Wave: How China Is Flooding The World With Its Unwanted Commodities (ZeroHedge blog)

Why Japan’s Economic Troubles Should Worry the U.S.: The country might not be worse [than the rest of the world], so much as early [with respect to the rest of the world]. (Fortune)

Bank of Canada willing to resort to below-zero interest rate in face of major economic crisis, Poloz says (The Financial Post)

Weak U.S. inventories seen weighing on fourth quarter growth (Reuters)

Eternal Debt: 1 in 5 Americans Expects to Die in the Red: Plenty of people think they'll be in the hole when they go to the grave, a new study says. (U. S. News & World Report)

Report slams Illinois' unsound budgeting practices (Reuters)

S.F. to see $99 million budget deficit next year, as pension costs soar (San Francisco Business Times blogs)

1,200 jobs axed as Birmingham City Council [in the UK] unveils yet more cuts (Birmingham Mail)

Rabobank to cut 9,000 jobs and shed assets to boost profit (Reuters)

     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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