Tuesday, March 31, 2015

Tuesday roundup (03-31-15)

Consumer Prices in Eurozone Decline Again, but So Does Unemployment (The New York Times)

Greece fails to reach initial deal on reforms with lenders (Reuters) Merkel, Hollande say time short for Greek economic plan (ekathimerini) Here's the 'ugly scenario' that's about to happen if Greece doesn't get a bailout deal (The Business Insider)

Angela Merkel faces euro rebellion as senior official resigns over Greek bail-out support: Deputy leader of Angela Merkel's sister party steps down over financial aid for Greece (The Telegraph)

Guess What Happened When JPMorgan's CEO [Jamie Dimon] Visited Elizabeth Warren's Office [at the US Senate] (The Huffington Post)

US Steel to Idle Part of Minntac; 680 Layoffs Expected (The 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.

Monday, March 30, 2015

Monday roundup (03-30-15)

MAULDIN: The world is on a debt binge, but there's no such thing as a free lunch (The Business Insider)

Fears of a new global crash as debts and dollar’s value rise: As Greece puts the finishing touches to its latest round of cuts, some economists are increasingly alarmed about the signals from the world economy (The Guardian)

Euro zone deflation top risk for world ratings: Fitch (CNBC)

Greece's bailout talks are still going nowhere as the country runs out of money (The Business Insider)

[In its annual stress test,] Bank of England puts global recession at heart of doomsday scenario (The BBC) Bank of England stress tests to include feared global crash: Scenarios to gauge UK banks’ ability to weather economic shocks include a dramatic slowdown in China and prolonged period of global deflation (The Guardian)

Russia’s oligarchs head for London as rouble collapses: Some of Russia's wealthiest individuals are looking to leave the country for London and Switzerland as the economy faces a sharp recession (The Telegraph)

Will China derail the global recovery? (The Hill blogs)

US economy stalled in first quarter: Economists (CNBC)

     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.

Sunday, March 29, 2015

Sunday roundup (03-29-15)

Greek Bailout Proposals Lack Necessary Detail, Officials Say: Eurozone finance ministers unlikely to meet before mid-April to give Athens more cash (The Wall Street Journal)

Greek Markets Show All at Risk Should Mistake Trigger a Default (Bloomberg)

Weak capital ties Italian banks to bad debts (Reuters)

Deflation Danger Rings Wake-Up Call to East Europe Central Banks (Bloomberg)

David Blanchflower: Don’t believe those who tell you deflation [in the UK] is good news (The Independent)

The U.S. economy is showing cracks (CNNMoney)

Half of Americans are saving next to nothing (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.

Saturday, March 28, 2015

Saturday roundup (03-28-15)

Eurozone can't survive in current form, says PIMCO: Single currency area must become a "United States of Europe" in order to secure its future, says manager of world's largest bond fund (The Telegraph)

Portugal pushes for closer euro zone integration (Reuters)

Janet Yellen: U.S. economy not good enough yet (CNNMoney)

Unofficial Problem Bank list decline to 349 Institutions in March, Q1 2015 Transition Matrix (Calculated Risk blog)

     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.

Friday, March 27, 2015

Friday roundup (03-27-15)

Countries Still Have Way Too Much Debt: Whalen: Kroll Bond Rating Agency Senior Managing Director and Head of Research Christopher Whalen discusses the European and U.S. economies, Greece's debt bailout and why he says QE isn't going to work. He speaks to Bloomberg's Manus Cranny and Caroline Hyde on "Countdown." (Bloomberg)



ECB's Weidmann says euro zone debt in 'danger zone': Debt in the euro zone has entered the "danger zone", the head of Germany's Bundesbank said on Friday, calling for banks' exposure to the debt of individual countries to be capped. (The Irish Independent)

Low interest rates causing 'huge problems' in Germany: Schaeuble (Reuters)

Greece submits reform proposals to eurozone creditors – with a warning: As the EU, ECB and IMF pore over Athens’s latest attempt to unlock financial aid, minister says country is prepared to go it alone ‘if things do not go well’ (The Guardian)

Fitch downgrades Greece amid uncertainty over new government's bailout reforms (The Associated Press)

Portugal's public debt reaches over 130 pct of GDP last year (Xinhua)

Japan nears deflation as consumer prices stop rising (The BBC)

Brazil's economy sputters, grows 0.1% in 2014 (Marketwatch)

Mexico Keeps Key Rate at Record Low 3% on Economic Weakness (Bloomberg)

Yellen says rate increase may be warranted later in year (The Washington Post)

Note To Senator Warren: Citigroup Is Spying On You (FoxBusiness)

Senate Takes Swing at Big Banks (The Wall Street Journal blogs)

"I'm Not Stupid" Monsanto Lobbyist Refuses To Drink Weedkiller After Proclaiming "It Won't Hurt You" (ZeroHedge blog) Lobbyist Claims Monsanto's Roundup Is Safe To Drink, Freaks Out When Offered A Glass (Youtube)



     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.

Thursday, March 26, 2015

Thursday roundup (03-26-15)

[Global] Financial Markets Becoming More Fragile, Says Bank of England: Central bank joins regulators and investors voicing concern about market liquidity (The Wall Street Journal) BOE Sees Liquidity Dangers as Greece Threatens Market Stability (Bloomberg)

Risk-shy banks and companies keep euro zone credit on tight leash (Reuters)

Pressure rises on Greece as savers drain bank deposits (The Associated Press) Deposits in Greek banks fell by $8.60 billion in February: ECB data (Reuters)

Data show how Greek bank run loomed before bailout extension deal [The Financial Times via] (CNBC)

Greece maintains claim to 1.2 bln euros in euro zone bailout fund (Reuters)

What Alexis Tsipras Must Do to Keep Greece in the Eurozone: It will soon become clear [= in "the next few days"] if Greece is going to stay in eurozone. (The Wall Street Journal)

Saudi battle for Yemen exposes fragility of global oil supply: OPEC's oil giant has daggers drawn with Iran, is encircled by enemies, and now faces a failed state on its southern border by Ambrose Evans-Pritchard (The Telegraph)

Alberta Budget Deficit [in Canada's Biggest Oil-Producing Region] Soars to Record on Oil Collapse (Bloomberg)

The End of a Cycle in Latin America and its Associated Risks (The Brookings Institution)

Things that will happen if Venezuela implodes (CNBC)

U.S. Home Prices Are Surging 13 Times Faster Than Wages: You can blame investors for that (Bloomberg) Wage growth lags far behind home prices, report finds (The Los Angeles 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.

Is it a recovery yet? (Weekly report, 03-26-15)


A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"The number of people who filed new applications for benefits at their state unemployment offices, known as initial claims, fell by 9,000 to a seasonally adjusted 282,000 in the period stretching from March 15 to March 21." (Marketwatch)

Jobless Claims in U.S. Decline to Lowest Level in Five Weeks (Bloomberg)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, March 25, 2015

Wednesday roundup (03-25-15)

Is public debt a problem around the world?: Global debt—the money owed by the world's businesses, governments and households—now stands at almost $200 trillion. It has grown by almost $60 trillion since the global financial crisis of 2008. Almost half of that $60 trillion is made up of government debt. So should we be worried? Keri Phillips investigates. (The Australian Broadcasting Corporation)

Greece fails in bid for early cash release [to help stave off potential bankruptcy next month], reforms awaited (Reuters)

Taiwan Rate-Rise Forecasts Ditched Amid Deflation, Global Easing (Bloomberg)

Spending by U.S. businesses fell for a sixth straight month in February [Reuters via] (Fortune) Factories in U.S. Feel Pain of Rising Dollar, Slump in Oil (Bloomberg)

The Republican Budget Opens Taxpayers' Wallets to Bail Out Wall Street - Again (The Huffington Post)

Emergency Managers Say Atlantic City Must Make Big Budget Cuts: Report says city needs to slash workforce, make other cuts to close $101 million budget shortfall (The Wall Street Journal) Atlantic City bankruptcy ‘inevitable’, source says (PolitickerNJ)

Wells Fargo to cut 1,000 jobs, shut Milwaukee home-lending office (Reuters)

GE expands job cuts at Lufkin oil unit to 575 from 330 (Reuters)

Worthington Industries to lay off 555 nationwide, including 80 in Fairfield County: Strong dollar, reductions in oil and gas industry pressure company (The Columbus Dispatch of Columbus, Ohio)

     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.

Tuesday, March 24, 2015

Tuesday roundup (03-24-15)

The world's next credit crunch could make 2008 look like a hiccup: Is this why central bankers are so scared of raising interest rates? (The Telegraph)

Economic Crisis in France: France doesn't seem able to escape its debt troubles. Despite that, the European Commission has given the country more time to reduce its deficit – but that hasn't stopped the brain drain of young professionals. (Deutsche Welle)

Greece to run out of cash by April 20 without fresh aid - source (Reuters)

George Soros: Greece is now a lose-lose game: It's possible that the troubled country will leave the eurozone, according to the billionaire investor (The Telegraph)

Ukraine Credit Rating Cut to Second-Lowest Level by Moody’s (Bloomberg)

Ukraine needs 'significant' debt reduction: source close to debt talks (Reuters) Ukraine pleads for quick restructuring of debts: Finance minister Natalie Jaresko wants to see debt cut and interest on remainder reduced so Ukraine can move towards stability (The Guardian) Ukraine Asks Creditors to Reach Deal Now or Risk Bigger Cuts (Bloomberg) Kremlin heads for collision course with Ukraine over debt haircut: Kiev’s finance minister insists the country has no choice but to restructure $3bn owed to Moscow (The Telegraph)

Fed's Bullard says zero U.S. rates no longer appropriate (Reuters) Fed's Bullard sees roaring boom for US economy, but nasty shock for markets: Investors are betting that the Federal Reserve will take its time before pulling the trigger on interest rate rises. Fed insiders warn that this may be a mistake. by Ambrose Evans-Pritchard (The Telegraph)

The Economics of California's Drought: What happens when the country's largest state runs low on water? (The Atlantic)

Poland's Alior to lay off up to 1,000 workers after merger with Meritum (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.

Monday, March 23, 2015

Monday roundup (03-23-15)

Central Banks Warn of Bad Outcomes as Weak Inflation Goes Global (Bloomberg)

REPORT: Greece's government has only 2 weeks until the money runs out (The Business Insider)

'Impossible' for Greece to service debt, Tsipras warns Merkel: FT (Marketwatch)

Tsipras, Merkel display goodwill, little sign of debt progress (Reuters)

Despite Regulatory Advances [in the United States], Experts Say Risk Remains a Danger to Large Banks (The New York Times blogs)

     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.

Sunday, March 22, 2015

Sunday roundup (03-22-15)

Sarkozy staves off the French far right (The Independent)

Greek PM warns Merkel of 'impossible' debt obligation: FT (Reuters)

In Greece, Syriza Struggles to Deliver Promises as Money Runs Out (The New York Times)

Falling energy and food prices push UK towards deflation: Analysts expect inflation is likely to have fallen to 0.1% with some predicting that figures could show a negative reading (The Guardian) Households set for spending power boost as inflation is set to near ZERO per cent - but spectre of deflation hangs over Britain (This is Money)

Britons borrow more than ever before: The economic recovery and increased job security has seen borrowing exceed pre-recession levels, Pricewaterhousecoopers says (The Telegraph) Average UK household to be £10,000 in debt by end of 2016: Report warns that people’s complacency over their ability to manage their borrowing could lead to resurgence in bad debt (The Guardian)

     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.

Saturday, March 21, 2015

Saturday roundup (03-21-15)

Liquidity crisis could spark the next financial crash: Traders warn of a global credit 'meltdown' if corporate bond markets don't improve (The Telegraph)

World faces 40% water shortfall in 15 years: U.N. (Marketwatch)

France is Europe's 'big problem', warns Mario Monti: Gallic nation threatens to blow Europe's Franco-German axis apart, warns former Italian prime minister (The Telegraph)

Early Greek election, referendum possible if EU rejects debt plan: Varoufakis (Reuters) The bailout crisis: Germany’s view of how Greece fell from grace: Athens’ defiance of austerity demands and recalling of wartime atrocities have angered Germans already worried about rising nationalism and economic decline. (The Guardian) The bailout crisis: why Greece is content to put the blame on Germany: Berlin is cast by Athens as the fount of its troubles, but Greek politicians must bear part of the blame (The Guardian)

Greece Continues That Slide Towards Grexident [= Greece leaving the Euro by accident] (Forbes)

Protesters march against austerity measures in Madrid: ‘March for dignity’ comes on the eve of a closely-watched regional election in Andalusia in southern Spain (The Guardian)

Students protest in Montreal over government austerity measures (The Montreal Gazette)

[In the United States,] FDA approves genetically modified apples and potatoes for consumption (The Los Angeles Times)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (WalkByTheWay) GMO Free USA (Facebook) Millions Against Monsanto by OrganicConsumers org (Facebook)

     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.

Friday, March 20, 2015

Friday roundup (03-2015)

Profound changes needed to make the Eurozone work: ONE of the more intractable problems in the formation of the United States of America was how to limit the power of the large States. The states in question were New York and Virginia. (The Irish Independent)

Far right set to win in France in weekend elections (CNBC)

EU commits $2.15 billion to help Greek poor deal with crisis (The Associated Press) Greek PM says Merkel agreed to forget previous bailout commitments: reports (Marketwatch) Greece says it will send list of reforms, stick to agreed plan: Merkel: Proposals need to go further, says German leader [The Wall Street Journal via] (Marketwatch) Merkel sets strict terms for Greek aid, Juncker flags EU cash (Reuters)

[United States Sen.] Elizabeth Warren Strikes Back Against New GOP Efforts to Weaken Dodd-Frank: The senator, joined by Obama allies and architects of the financial regulations, are slamming the House’s proposed budget. (The National Journal)

We’re Frighteningly in the Dark About Student Debt (The New York Times)

U.S. oil rig count falls to lowest since March 2011 - Baker Hughes (Reuters)

Next wave of energy job cuts could be executives (The Houston Business Journal)

     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.

Thursday, March 19, 2015

Thursday roundup (03-20-15)

Eurozone wage growth slows, raising deflation fear (Marketwatch)

Fears of Greek Debt Default Overshadow European Union Gathering (The New York Times) EU leaders say Greece commits to listing specific reforms soon in exchange for more money (The Associated Press)

Why Are the Germans So Hellbent on Austerity?: If Germany doesn’t loosen up, the euro might not survive. (The Nation)

Interest rates may be cut, suggests Bank of England chief economist: Andrew Haldane’s view on tackling deflation risk strikes markedly different tone to governor Mark Carney, who said it would be foolish to cut rates now (The Guardian) [Indeed,] Minutes to last meeting show Bank of England policymakers were unanimous in keeping rates low (The Associated Press)

Ireland sells debt at negative yields for the first time: The Government is being paid for the first time to borrow on the markets. (The Irish Independent)

Japan’s Recovery Is Complicated by a Decline in Household Savings (The New York Times)

Japan's Sharp to cut 6,000 jobs in global restructuring: source (Reuters)

10 Charts [Drawn From Federal Reserve Economic Data (FRED)] Which Show We Are Much Worse Off Than Just Before The Last Economic Crisis (The Economic Collapse blog)

     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.

Is it a recovery yet? (Weekly report, 03-19-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims edged up by 1,000 to a seasonally adjusted 291,000 in the period stretching from March 8 to March 14, the Labor Department said Thursday." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, March 18, 2015

Tuesday-Wednesday Roundup (03-17/18-15)

Owing to loss of my Internet connection last evening, there was no post yesterday, making today's post a combined edition.

The Undebtors: Sworn Enemies of the Vampires of Debt by Charles Hugh Smith (of two minds blog)

The Eurozone Has Become A Glorified Debtors’ Prison [interview with Philippe Legrain, Senior Visiting Fellow in the London School of Economics' European Institute] (Social Europe)

The threat of Greece exiting the eurozone looms large: Morgan Stanley sees 25% risk of Grexit over next six months (Marketwatch)

Technical Talks on Greece's Bailout Not Going Well (Dow Jones Newswires)

Most Germans now favor Grexit as relations sour (CNBC) Greece rejects 'blackmail', seeks meeting with top EU leaders (Reuters) German finance minister accuses Athens of destroying trust: Tensions between two countries wound tighter after Wolfgang Schäuble launches verbal attack on Alexis Tsipras’s government (The Guardian) Greece and Germany — a relationship beyond repair (CNBC) How World War II figures in a new fight over Greek debt (McClatchy Foreign Staff)

Dijsselbloem Says [The Possibility Of Imposing] Capital Controls May Help Avert Grexit (Bloomberg)

Bank of England director: 'Greece will not in any realistic scenario repay its debts': Alex Brazier, executive director for financial stability strategy and risk, says political pressure means Greece will never run a budget large enough to repay its debts (The Telegraph) Greek Debt: Do the Right Thing (The Huffington Post) Greece and Europe: The Real Choice Is Win-Win or Lose-Lose (The Huffington Post)

‘Blockupy’ anti-austerity protest at ECB [in Frankfurt, Germany] turns violent: At least eight police officers are injured (Marketwatch) Anti-austerity protest turns violent in Germany (USAToday)

France will not hinder growth to rein in deficit - PM (Reuters)

France's National Front sees local election [this coming Sunday] as step on road to power (Reuters)

[Sweden's] Riksbank Cuts Rates Deeper Into Negative, Expands QE Program (Bloomberg) The currency wars have begun: Sweden’s Riksbank cut rates, expanded bond-buying program (Marketwatch)

Portugal's deficit target too ambitious, says IMF (Xinhua)

Bank of England expects low inflation to continue [in the UK]: Minutes of the March MPC meeting showed members are now concerned that a persistently strong pound could keep inflation well below the Bank’s 2% target for a prolonged period (The Guardian)

Cameron may be PM – but it’s Osborne who really runs this government: The embattled chancellor has emerged from the budget with his reputation enhanced. Win or lose in May, he will endure. (The Guardian)

Bank of Japan sees zero inflation in setback for 'Abenomics' (Agence France Presse)

Fed opens door wider for rate hike but downgrades economic outlook (Reuters) As Fed weighs a rate hike, US economy is looking a bit paler (The Associated Press) FORGET 2015: Morgan Stanley is now convinced rate hikes won't happen this year (The Business Insider) Hedge Funder Dalio Thinks the Fed Can Repeat 1937 All Over Again (Bloomberg)

The U.S. Economy Just Keeps Disappointing: Is the brutal cold winter driving the economic data lower? (Bloomberg)

Fannie, Freddie could need another bailout as risks rise: watchdog (Reuters)

[Meanwhile,] Millions of 'underwater' homeowners are trapped (CNBC)

San Bernardino has defaulted on $10 million in bond payments (Reuters)

General Mills Completes Plan To Cut About 800 Jobs (The 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.

Monday, March 16, 2015

Monday roundup (03-16-15)

"An 'Old-Fashioned' Recession Is Spreading Across The World," Billionaire Hedge Fund Manager Warns (ZeroHedge blog)

Draghi’s Latest Pledge Pushes Yields Closer to Zero (excerpt) (Dr Ed's Blog)

The Greek Problem Is That It's Already In Breach Of The Bailout Deal (Forbes)

Spain pressures Greece to keep promises in debt crisis (Agence France Presse)

Germany wants to kick Greece out of the eurozone (The Business Insider) [versus] Germany still wants to keep Greece in euro zone - spokesman (Reuters) Merkel invites Greek PM to Berlin as tensions simmer (Reuters)

Bailout fund head says all govts want Greece in euro zone - Le Monde (Reuters) French EU Commissioner Moscovici: 'A Grexit Would Be a Catastrophe': In an interview, EU currency commissioner Pierre Moscovici, 57, discusses efforts in Brussels to ensure that Greece remains in the euro zone and why he believes a Greek exit would be a disaster for Europe. (Spiegel Online)

Italy public debt up to 2.166 trillion, near record [March 13] (Gazzetta del Sud)

Portugal’s public debt reaches 231.1 billion euros (macauhub)

As British Election Nears, Cameron Promises Another Dose of Austerity (The New York Times)

India wholesale price deflation accelerates much more than expected (International Business Times)

Bank of Japan to maintain aggressive stimulus, recovery view (Reuters) BOJ Must Adopt Pay Goal as Deflation Looms, Price Professor Says (Bloomberg)

US to hit debt ceiling again, and this time could be worse (CNBC) What a Debt-Limit Showdown in Congress Could Cost the U.S. Economy: Here's what's at stake if this year's debt-limit deliberations give us déjà vu (Bloomberg) As Government Hits Debt Ceiling, Treasury Taps Federal Pensions (The Fiscal Times)

Manufacturing output takes surprise dip in February (Reuters) Factory Cutbacks in February Held Back U.S. Growth: Economy (Bloomberg)

     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.

Sunday, March 15, 2015

Sunday roundup (03-15-15)

Fed may open door to higher interest rates (USAToday)

NASA scientist says one year left of California water supply (WFTV) California has about one year of water left. Will you ration now? (The Los Angeles 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.

Saturday, March 14, 2015

Saturday roundup (03-14-15)

Currency wars threaten Lehman-style crisis: Inside the new European Central Bank headquarters in Frankfurt, central bankers are increasing the chances of another Lehman-style crisis (The Telegraph)

Ukraine Gets A Bailout -- Still Needs More Support (Forbes)

     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.

Friday, March 13, 2015

Friday roundup (03-13-15)

The price of oil is heading down again after 'head fake' rally; price of gas likely to follow (The Associated Press) IEA sees renewed pressure on oil prices as glut worsens (Reuters)

Varoufakis unsettles Germans with admission Greece won't repay debts (Reuters) Greco-German relations reach breaking point as ECB warned to stop 'asphyxiating' Athens: Both sides trade insults as Yanis Varoufakis chastises ECB and Germany accuses Leftist government of "squandering trust" [March 12] (The Telegraph)

Majority of Germans Want Greece Out of Eurozone (Newsweek)

Greece debt talks are too slow, says EC chief Juncker (The BBC)

Greek defense minister: If Greece leaves euro zone, Spain and Italy would be next (Reuters)

EU executive warns of Grexit 'catastrophe', urges euro solidarity (Reuters)

Polish Deflation Deepens as February Drop Tops Estimates (Bloomberg)

Producer prices [in the United States] fall for 4th straight month in sign of low inflation (The Los Angeles Times) Wholesale Prices in U.S. Unexpectedly Fall for Fourth Month (Bloomberg) U.S. producer inflation is less than zero (Marketwatch)

Consumer sentiment misses expectations in March (CNBC)

Into the breach again: U.S. debt to hit legal limit on Monday (Marketwatch) As U.S. hits debt limit, Treasury takes steps to extend borrowing (The Los Angeles Times)

U.S. Is Seeking Billions From Global Banks in Currency Manipulation Settlement (Bloomberg)

Roughly 1,600 layoffs coming at Cypress/Spansion after merger — report (Silicon Valley Business Journal)

     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.

Thursday, March 12, 2015

Thursday roundup (03-12-15)

Commerzbank Pays $1.45 Billion To Settle U.S. Criminal Case, Defer Prosecution (Forbes) Commerzbank of Germany to Pay $1.5 Billion in U.S. Case (The New York Times blogs)

France in deflation as German prices rebound: Prices in Germany and France developed out of sync in February, reflecting a gap in growth levels for Europe's two largest economies. While Germany's recovery is gaining momentum, France looks increasingly stuck. (Deutsche Welle)

Serbia Cuts Main Rate to Fight Recession, Deflation Threat (Bloomberg)

Household debt hits new high [in Canada] as country's financial stability questioned (The Globe and Mail of Toronto) Canadians borrowing much more than their disposable income (Digital Journal)

Retail sales fall for third straight month [in the United States] (USAToday)

     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.

Is it a recovery yet? (Weekly report, 03-12-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims fell by 36,000 to 289,000 in the seven days extending from March 1 to March 7, the Labor Department said Thursday, reversing a sharp uptick last month that was likely triggered by a spate of bad weather." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, March 11, 2015

Wednesday roundup (03-11-15)

Global finance faces $9 trillion stress test as dollar soars: The world is more dollarized today that any time in history, and therefore at the mercy of the US Federal Reserve as rates rise by Ambrose Evans-Pritchard (The Telegraph) Here's what Fed interest rate hikes mean (CBSMoneywatch) The Fed Blew It by Charles Hugh Smith (of two minds blog) Global dollar credit: links to US monetary policy and leverage by Robert N McCauley, Patrick McGuire and Vladyslav Sushko [report mentioned in the Telegraph article] (Bank for International Settlements)

Greek Debt Talks Are Tested by Fraying Ties With Germany (The New York Times)

IMF Approves $17.5Bn Credit Program for Ukraine (The Associated Press) IMF aims for 'immediate' stabilization with latest Ukraine bailout deal (Reuters)

Barclays Says Russia Sliding Into 'Deep' Recession (Forbes)

China economic data weaker than expected, fuels policy easing bets (Reuters) Is China Quietly Continuing Its Massive Economic Stimulus? (The Voice of America)

South Korea cuts interest rate to record low 1.75%: South Korea's central bank made a surprise quarter-percentage point cut to its benchmark interest rate on Thursday (Mar 12), taking it to an all-time low of 1.75 per cent, reflecting continued concerns over deflation and the pace of growth. (Agence France Presse)

Ericsson cuts 2,200 Swedish staff as part of savings program (Reuters)

Areva says [it plans] to cut 1,500 jobs in Germany (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.

Tuesday, March 10, 2015

Tuesday roundup (03-10-15)

European Union grants France two year deficit extension (The BBC)

Facing cash crunch, Greece set to tap into bank rescue fund - sources (Reuters)

Germany used legal tricks to avoid WW2 reparations: Greece (Reuters)

Spain Faces Challenges to Meet Deficit Target as Elections Loom (Bloomberg)

China Focus: Consumer prices pick up in Feb., but deflation risk looms (Xinhua)

​America's skyrocketing credit card debt (CBSMoneywatch)

White House Floats Bankruptcy Process for Some Student Debt: Current law largely prohibits federal, private loans from being discharged in bankruptcy (The Wall Street Journal)

Target layoffs will hit 1,700 today, with another 1,400 jobs going unfilled (The Star Tribune of Minneapolis, Minnesota) Target eliminating more than 3,000 jobs (The Associated Press)

Aerojet to cut 10 percent of workforce [= 500], including 250 jobs in Sacramento area (The Sacramento Bee)

     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.

Monday, March 9, 2015

Monday roundup (03-09-15)

From bust to boom: How the world became addicted to debt: Mapped: Eight years on from the financial crisis, the global economy is still awash with record levels of debt. Click on the countries to find who's in the red and who's in the black (The Telegraph)

Euro Area Pushes Greece to Open Books as Talks Resume (Bloomberg) Greece’s Debt Talks Will Move to More Technical Level (The New York Times) Eurozone Warns Greece to Stop Wasting Time on Reforms Plan (The Associated Press) Defiant Greece at daggers drawn with EU creditors: If Greeks are forced to choose between a restoration of their dignity or continued Troika humiliation, they will chose dignity, says the Greek prime minister by Ambrose Evans-Pritchard (The Telegraph)

Will debt negotiations force Greece into Russia's orbit?: Former U.S. Ambassador to Greece Daniel Speckhard argues that European finance ministers are missing the forest for the trees when it comes to the Greek debt crisis. (Fortune)

The One Chart You Need to Predict the Future by Charles Hugh Smith (of two minds blog)

Fed Unveils Headache Free QE Math (Tavakoli Structured Finance)

Credit Agricole's LCL to cut over 1,600 jobs (Reuters)

Sasol Cuts 1,500 Jobs as Oil Price Slumps: Petrochemicals company also slashed its dividend, though its second-half net profit jumped (The Wall Street Journal)

Sony Mobile Cuts 1,000 Jobs at Unit in Sweden (The Associated Press)

$10 Million [Job-Creation] Subsidy Allows Time Inc. To Cut Over 900 Jobs With No Penalty (The Huffington Post)

U.S. Steel to lay off up to 614 workers at Lorain Tubular Operations (The Chronicle-Telegram of Elyria, Ohio)

     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.

Sunday, March 8, 2015

Sunday roundup (03-08-15)

Creditors Reject Greece's Reform Proposals (Bloomberg)

Greek warning: With no rescue funds, 'there could be problems' (The Los Angeles Times)

Early Greek election, referendum possible if EU rejects debt plan: Varoufakis (Reuters)

Japan’s Emergence From Recession Weaker Than First Thought (Bloomberg) Japan growth revised down as business investment drops, keeps BOJ pressured (Reuters)

This is not a democracy: How the 1 percent rigged the game: Money is speech, dollars have more influence than people -- it's time to be honest about the plutocracy we live in (Salon)

     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.

Saturday, March 7, 2015

Saturday roundup (03-07-15)

Juncker urges EU to face up to 'serious' Greek troubles (Agence France Presse)

Austria is fast becoming Europe's latest debt nightmare: A mini-Greece is about to go off in Europe's heartlands, and markets don't even know it (The Telegraph)

Lew to Congress: US hits debt limit on March 16, needs to be raised ASAP (CNBC)

Inside the Powerful Lobby Fighting for Your Right to Eat Pizza: Other corners of the fast-food industry have folded against public pressure for healthier choices. Not pizza (Bloomberg)

     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.

Friday, March 6, 2015

Friday roundup (03-06-15)

3 of the world's most powerful money managers are saying some scary things about the world (The Business Insider)

Unemployment in France hits 16-year-high; still rising: The second-largest economy in the Eurozone has been battling a ballooning deficit, sputtering economic growth and faltering confidence in President Francois Hollande. (United Press International)

Europe holds 'noose around Greek necks' as Athens scrambles to make debt payments: Alexis Tsipras says the European Central Bank is strangling the Greek economy as panic grips the cash-strapped government (The Telegraph)

Greece Poised for Recession as Uncertainty Takes Its Toll (The Associated Press)

Greece wants immediate talks with Troika on bailout, eyes follow-up deal (Reuters)

Greece's new promises to the Eurozone: we'll hire tourists and cleaners as undercover tax inspectors and license online gambling (The Independent)

Why the markets are haunted by the spectre of deflation: With consumer spending, interest rates and bond yields all anchored at low levels, are we [in the UK] on the brink of a damaging long-term deflationary spiral? (The Telegraph)

Strong U.S. jobs report raises pressure on Fed to boost rates: Economy adds 295k jobs; drop-outs help lower rate to 5.5 percent (The Washington Times) The New Jobs Report Shows Janet Yellen’s Quandary in a Nutshell (The New York Times) Data brings more focus on timing of U.S. rate hike (Reuters)

Fed: Banks could lose $490 billion in next crisis (CNNMoney)

SAP to cut 2,250 posts while creating similar number in refocusing (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.

Thursday, March 5, 2015

Thursday roundup (03-05-15)

The Global Problem: Monetary Policy Can't Fix an Economy's Structural Problems by Charles Hugh Smith (of two minds blog)

This is what happens when countries default on their debts (The Business Insider)

Global Crude Oil Production Growth Grinding To A Halt (OilPrice)

Why oil will be rangebound for the time being: Jim Rickards, chief global strategist at West Shore Funds, expects oil prices to trade between $50-60 for a year or two as Saudi Arabia attempts to put the U.S. shale frackers out of business. (CNBC)



Eurozone QE Is Here. What Could Possibly Go Wrong? (The Wall Street Journal blogs)

How banks may have rigged the Bank of England scheme built to keep them alive: In 2007, the Bank of England introduced a liquidity programme to help the banks. The SFO is now investigating whether this was manipulated (The Telegraph)

U.S. factory orders fall for sixth straight month (Reuters)

No, the Banks Aren’t Losing (Pro Publica)

Small Quaker Group Takes Aim at Big Bank and Wins (The Huffington Post)

We don’t know for sure that pesticides are killing the bees. But we know enough to worry. (The Washington Post)

     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.

Is it a recovery yet? (Weekly report, 03-05-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims climbed by 7,000 to 320,000 in the period stretching from Feb. 22 to Feb. 28, the Labor Department said Thursday." (Marketwatch)

Initial jobless claims unexpectedly jump to nine-month high (The Los Angeles Times)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, March 4, 2015

Wednesday roundup (03-04-15)

[Global] Fund Managers Face Tougher Rules on Too-Big-to-Fail Firms (Bloomberg)

ECB Buying Turns Yields Negative on $24 Billion of Covered Bonds (Bloomberg)

Euro zone rebuffs Spanish talk of new Greek bailout (Reuters) Greece Struggles to Make Debt Math Work Amid Bailout Standoff (Bloomberg)

Poland’s Central Bank Slashes Rates to Combat Deflation Risk: Key interest rate cut by 50 basis points to 1.50% in response to falling prices (The Wall Street Journal)

Ukraine's economy teeters towards collapse (CNNMoney)

Bank of England in Money Market Inquiry (The New York Times blogs) Did City crisis cause Bank of England to break the law? Bank could face criminal investigation into how it propped up lenders at start of credit crunch (The Daily Mail)

Bank of England flags up 50 potential cases of market rigging: Mark Carney says 42 cases have been sent to FCA following forex-rigging scandal and new Bank policies for staff to raise suspicions (The Guardian)

Chinese central bank looks at deflation risk (The Australian)

Liquidity evaporates in China as 'fiscal cliff' nears: Unless China changes course, it is set to tighten fiscal policy by 5.5pc of GDP this year, five times Britain's austerity dose annually since the Lehman crisis by Ambrose Evans-Pritchard (The Telegraph)

Chicago in talks with banks to avert swap payments (Reuters)

Pennsylvania Governor Calls for $3 Billion Bond for Pensions (Bloomberg)

Puerto Rico’s debt crisis: A Lehman moment for the island (The Hill blogs)

     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.